Legal & Tax Updates 08.04.2010

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Custom Order Appointing Common Adjudicating Authority in the case of M/s Health Impex, New Delhi and others

Posted: 07 Apr 2010 08:34 PM PDT

In exercise of the powers conferred under the Notification No. 01/2003-Customs (N.T.) dated 3rd January, 2003 read with Notification No. 37/2003-Customs (N.T.) dated 3rd June, 2003 issued under sub-section (1) of section 4 of the Customs Act, 1962...

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Amendments in Arbitration and Conciliation Act 1996

Posted: 07 Apr 2010 07:40 PM PDT

Dr.M.Veerappa Moily, Minister of Law and Justice will release a paper on Proposed Amendments in Arbitration and Conciliation Act, 1996 here tomorrow. The Arbitration and Conciliation Act, 1996 deals with law relating to domestic arbitration,...

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Three PWC partners leave the firm

Posted: 07 Apr 2010 07:31 PM PDT

Even as the churn at professional advisory firms continues, PricewaterhouseCoopers India, the countries largest in this space, has again seen at least three partners leave the firm to pursue growth opportunities elsewhere. Consulting and accounting...

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Reduction in timelines between IPO closure and listing: SEBI press release

Posted: 07 Apr 2010 07:12 PM PDT

Reduction in timelines between issue closure and listing.SEBI, in its continuing endeavour to make the existing public issue process more efficient, proposes to reduce the time between public issue closure and listing to 12 days from existing of up...

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FM may exclude Land Value may from the proposed service tax on under construction house

Posted: 07 Apr 2010 07:08 PM PDT

The finance ministry may exclude land value from the ambit of a new tax on under-construction houses, potentially taking the sting out of the proposed levy after it ran into a storm of protests from the real estate sector and exposed fissures within...

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Are we ready for IFRS?

Posted: 07 Apr 2010 06:44 PM PDT

Over 150 countries have implemented or announced plans to migrate to International Financial Reporting Standards (IFRS). India proposes to adopt IFRS from the accounting period starting April 2011 or later. The uniformity in accounting and...

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Appointment of ISA Qualified Members for Review of ITT Centres of ICAI

Posted: 07 Apr 2010 06:29 PM PDT

Applications are invited from ISA qualified members having working experience of five years to review the functioning of ITT centres of the ICAI. The member should preferably be from Proprietary firms/ Partnership firm with a maximum of three...

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Expenses incurred to earn agricultural income cannot be allowed as expenditure in computing the business income

Posted: 07 Apr 2010 06:18 PM PDT

If there was a surplus of agricultural income in the hands of the assessee for these impugned assessment years, there would have been no question of claiming expenses by way of deduction or question of allowing the same as deduction in computing the...

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Income Tax raids on 45 sugar mills across the country

Posted: 07 Apr 2010 03:44 AM PDT

The Income Tax (I-T) department sleuths conducted simultaneous raids on 45 sugar mills spread in 17 places across the country on Wednesday. The I-T department cracked the whip following a recent Headlines Today report that showed how sugar mills...

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Investor Protection & role of the Securities Appellate Tribunal

Posted: 07 Apr 2010 02:43 AM PDT

Need for having separate laws meant for the securities market surfaced in the late eighties which became a reality in early nineties. Orderly development and protection of investors became the objective of the Government without which the capital...

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With Regards, 
CA Sandeep Kanoi 
Website: http://www.taxguru.in/ 
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