News
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.
Country by Country Reporting (CbCR)
28 三月 2016
This reporting requirement has been brought in this budget in line with the recommendations of BEPS Action 13 and effective from April 1, 2016 (AY 2017-18).
Foreign investment in Indian companies – Amendments
04 三月 2016
The Reserve Bank of India (RBI) has amended the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India)
Start-up India initiative - ‘Start-up’ defined
04 三月 2016
The Department of Industrial Policy and Promotion (“DIPP”), in order to bring uniformity in the implementation of the “Start-up India” initiative, has identified certain enterprises to be considered as “start-ups”.
Continuance of MD who is over 70 years of age - Special Board resolution required
04 三月 2016
Noticing glaring differences in the data and results depicted by the two research reports, casting a serious doubt on their authenticity and neutrality, Competition Commission of India (CCI) on 10-2-2016 has held that fluctuating market share figures of the various players show that the competitive landscape in the relevant market is quite vibrant and dynamic. The dispute related to the market share of radio taxi aggregators in the relevant market of Delhi.
Competition law – Contradictory reports on market share show vibrant competition
04 三月 2016
Noticing glaring differences in the data and results depicted by the two research reports, casting a serious doubt on their authenticity and neutrality, Competition Commission of India (CCI) on 10-2-2016 has held that fluctuating market share figures of the various players show that the competitive landscape in the relevant market is quite vibrant and dynamic.
Rectification proceedings before IPAB without permission of Court trying infringement suit
04 三月 2016
Deliberating on the question as to whether prior permission of the Court is necessary under Section 124(1)(b)(ii) of the Trade Marks Act, 1999 for rectification of a registered trademark, during the pendency of a suit, the Larger Bench of the Delhi High Court on 5-2-2016