Home Highlights October 2011 Year 2011 This

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1. The circular issued by SEBI on Industry Standards for verification of market rumors mandates top listed entities to comply with Regulation 30(11) of LODR Regulations....

2. SEBI introduced a special call auction mechanism for price discovery of listed Investment Companies (ICs) and Investment Holding Companies (IHCs) due to infrequent...

3. Central Government notified the All Industry Rates of Duty Drawback Schedule w.e.f. 1.10.2017 - Notification

4. LTCG - Entitled to the benefit of proviso to section 112(1) on sale of equity shares of a listed company - admittedly, the assessee is a non-resident and JIL is a listed...

5. Except entries/ products listed in the Annexure, the additional 2% benefits under MEIS will be available for entries/products mentioned in Public Notice

6. The circular extends the outer timeline for annual disclosures under Regulation 91C(1) and annual impact report under Regulation 91E(1) of SEBI (Listing Obligations and...

7. Refund of unutilzed cenvat credit - Rule 5 of CCR - Notification no. 5/2006 - amendment appears to have done away with 1:1 correlation between input and final product...

8. Manufacture - Merely because the product is used in the plastic industry, it cannot be held that a new product has emerged..... - AT

9. Offshore Supply Contracts were executed and concluded outside India, hence no income deemed to accrue or arise in India as per Section 9(1) and DTAA provisions. Receipts...

10. Non-collection of TCS u/s 206C - there is no ambiguity that the seller of forest product is required to collect tax on forest produce. But the “Minor Forest Product” are...

11. Consideration of Resolution Plan from Non-Listed Applicants - Authority of CoC to Modify Invitation for Expression of Interest (EOI) - The NCLAT upheld Regulation...

12. Penalty u/s 271(1)(c) - Disallowance of interest expenditure under section 43B as well as disallowance export product development expenses - Just because the assessee...

13. Agricultural income - exemption u/s 10(1) - Merely because instead of horizontal use on soil, vertical space is used, does the growth of mushrooms stand apart from...

14. Classification of imported goods - Bentonite Clay - from 1-1-2007 onwards, when there is no specific inclusion, in view of Note 1 to Chapter 25 which excludes products...

15. Reversal of CENVAT Credit - exempted product/by-product - Any input/input services contained in any by-product/waste/refuse, Cenvat Credit cannot be varied or denied....