News
No patent to numbering device – IPO invokes Section 3(b)
27 四月 2016
Indian Patent Office at New Delhi has refused to grant patent in an application titled ‘Method and device for controlling the position of the numbering wheels of a numbering device’.
Nomination of director - Acceptance of deposits by Indian companies
26 四月 2016
The Reserve Bank of India has clarified that keeping deposits with an Indian company by persons resident outside India in accordance with Section 160 of the Companies Act, 2013 is a current account (payment) transaction and, as such, does not require any approval from Reserve Bank.
Penalty for violation of SEBI provisions – Absence of definitive stand of SEBI
26 四月 2016
Observing that Securities and Exchange Board of India (SEBI) was not in a position to take a definite stand on the question as to whether violation of Section 12A(b)&(c) of the SEBI Act and violation of Regulation 3(c)&(d) of SEBI (Prevention of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 2003 constitute one offence or two offences, the Securities Appellate Tribunal has set aside the Order of the SEBI.
CCI to observe principles of natural justice while disagreeing with DG report
26 四月 2016
Observing that Competition Commission of India (CCI) had, at no stage of the proceedings, after the receipt of investigation report, given any notice to the appellants indicating/incorporating the reasons for its disagreement with the findings/conclusions recorded by the Jt.
Stamp duty on inter-state amalgamations – Court Order represents ‘instrument’
26 四月 2016
The full bench of the Bombay High Court has held that two orders of two different High Courts pertaining to the same scheme of amalgamation are independently different instruments, since the said orders of the High Courts are upon two different petitions by two different companies.
‘Integrated Declaration’ under the Indian Customs Single Window project
15 四月 2016
In furtherance to the Indian Customs Single Window project, wherein online permissions are being obtained from various govt.
Valuation – Cost of process carried out at job-worker’s premises after clearance
15 四月 2016
The Supreme Court has held that cost relating to bullet proofing of jeeps, undertaken outside the factory by job-workers after clearance of the not-yet bullet-proofed jeeps, is not to be included in the value of jeeps for the purpose of levy of Central Excise duty.
Power to extend period for passing assessment order to be exercised within limitation period
15 四月 2016
Supreme Court of India has held that when the normal period of limitation for passing assessment order by the Assessing Officer was three years, as per the provisions, the power to extend the period could be exercised within the said period of three years and not after the expiry of this limitation period.
BSS not covers procurement on behalf of group companies under cost sharing arrangement
15 四月 2016
CESTAT, Mumbai has held that when services are procured for use by several group companies, Valuation Rules do not stipulate any condition as to one on one identification of service recipient and service provider in order to fall within the ambit of 'Pure Agent'.
Subsidies to reimburse cost incurred in manufacturing and selling products – Profits ‘derived’ from business
28 三月 2016
Interpreting the term ‘profits derived from business’ the Supreme Court on 9-3-2016 held that as long as profits and gains emanate directly from the business itself, the fact that the immediate source of the subsidies is the Government would make no difference.