Monthly Archives: June 2012

CCI imposes penalty of INR 6200 on cement manufacturers for price cartelization

The Competiton Commission of India imposed a hefty penalty of INR 6200 crore (1.1 billion USD approx.) on ten (10) leading cement manfacturers of India, including ACC, Ambuja Cements, Ultratech and Jaypee Cements and Cement Manufacturers’ Association for indulging in … Continue reading

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Highlights of Annual Supplement 2012-13 to Indian Foreign Trade Policy 2009 -14

2 % INTEREST SUBVENTION SCHEME: Continuation and Expansion Two per cent Interest Subvention Scheme was available only to Handlooms, Handicrafts, Carpets and SMEs till 31st March 2012. Now this would be continued till 31st March 2013. It is also being … Continue reading

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Payment made from one NRI to another outside India; Section 195 of IT Act will not apply as held in Vodafone International Holdings B.V. by the Supreme Court: ITAT Mumbai

In may be one of the first rulings after the recent amendment to Section 9(1)(vi) of Income Tax Act (“Act”) by Finance Act, 2012 with effect from April 1, 1976, Income Tax Appellate Tribunal (Mumbai) held that the payment paid … Continue reading

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Information cannot be disclosed u/A 28 India-Singapore DTAA in absence of strong connection between requested information & India’s tax laws: Singapore HC

In a recent ruling, Singapore High Court held that information cannot be disclosed under Article 28 of India-Singapore Double Taxation Avoidance Agreement to Comptroller of Income Tax (Singapore) in absence of strong connection between requested information & India’s tax laws. … Continue reading

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CBDT asked to explain issues relating to Income Tax returns and TDS: Delhi HC

Delhi High Court took judicial notice of the numerous difficulties and harassment faced by Income Tax assessees countrywide due to the faulty processing of the Income Tax Returns and the Tax Deducted at Source and demanded an answer to the … Continue reading

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