• NATIONAL NEWS

Govt considering to amend Registration Act to make registration mandatory for lease under 1 year

Govt is considering to make it mandatory to register "lease" documents even for the period less than one year. Consequently, an amendment has been proposed to Registration Act striving to redefine "lease" and struck down the provisions providing that lease for a period of less than one year need not to be registered.

CBEC exempts specified taxable services from service tax leviable

CBEC has notified a list of taxable services exempted from whole of the service tax leviable thereon under section 66B of the Finance Act, 1994.

Exemption to taxable service of renting of an immovable property from service tax leviable

Exemption to the taxable service of renting of an immovable property, from so much of the service tax leviable thereon u/s.66B of Finance Act, 1994, as is in excess of service tax calculated on a value which is equivalent to gross amount charged for renting of such immovable property less taxes on.

Calcutta HC Declares Singur Land Rehabilitation and Development Act, 2011 Unconstitutional

Calcutta High Court has held that Singur Land Rehabilitation and Development Act 2011 passed by the West Bengal govt enabling it to recover singur land from Tata Motors is not constitutionally valid.

Madras HC: Block specified web links through which copyrighted material was being shared, not sites

Madras HC has ruled that content owners should give ISPs the specified web links through which the copyrighted material was being shared so that the ISPs could block them while clarifying that earlier order of the court against piracy should not be used to block the entire site.

Karnataka HC grants anticipatory bail to former chief minister BS Yeddyurappa

Karnataka HC has granted anticipatory bail to former chief minister BS Yeddyurappa and his kin in connection with the illegal mining case. CBI is investigating bribery charges against him on the apex court directives.

Competition Commission of India fines Indian cement companies for cartelisation

CCI has imposed a hefty fine on Indian cement companies for alleged violation of provisions of section 3 and 4 of the Competition Act observing that the act of opposite parties in limiting and controlling supplies in the market is not only detrimental to the cause of consumer but also to the whole economy.

Guidance Paper on service tax: New approach intended to take country and economy a step closer to GST

The Finance Minister has released the Guidance Paper on new approach to service tax marking the culmination of the year long efforts made by the Govt to introduce a negative list based comprehensive approach to taxation of services as a part of the Budget exercise. 

Ministry of information and broadcasting modifies June 30 deadline for digital TV to 31 October

Ministry of information and broadcasting has decided to modify June 30 deadline for digital TV by four months to 31 October saying that all TRAI regulation for digital addressable systems will come into effect from 1 November, 2012.

Delhi Court grants bail to Abu Salem in a Extortion case

Delhi Court has granted bail to Abu Salem in a 2002 extortion case. However, he would remain in judicial custody as he is facing trial in other cases also.

Power Ministry to Finalise New Bidding Norms

The power ministry is likely to finalise the amended bidding guidelines for new electricity generation projects striving to fast- track the award of new thermal projects.

Policy Relating to FII Investments in Govt Securities and Long-Term Infrastructure Bonds Rationalized

Govt has reviewed the policies relating to FII Investments in Government Securities, Corporate Bonds, Long-Term Infra Bonds and ECB of Indian Companies and QFI and modified them while introducing new scheme for ECB borrowings.

SC agreed to examine ethicality of strike by doctors

SC has agreed to examine the plea filed by the NGO alleging that strike by doctors violates several provisions of MCI's ethic code, which includes maintaining good medical practices and promise not to neglect the patient.

Singur Land Rehabilitation and Development Act, 2011 held to be unconstitutional and void

Calcutta HC has ruled that Singur Land Rehabilitation and Development Act, 2011 is a law relating to acquisition and further it appears to us that without having assent from the President of India the Singur Act is hit by Article 254(1) of the Constitution of India.

'Offshore supplies contract' & 'onshore services & supplies contract' to be viewed as integrated: ITAT Kolkata

ITAT Kolkata has ruled that mere fact that the assessee has incurred a loss on onshore activities cannot be reason enough to show, or even indicate, that the value of the onshore activities was deliberately kept at a lower amount to avoid taxability in India.

MCA Extends Time for Filing Annual return by Limited Liability Partnership

MCA has extended the time for filing Annual return by Limited Liability partnership upto 31st July, 2012 while clarifying that the time limit of 60 days shall be read as 122 days for filing of Form 11 by LLPs in respect of the FY ending on 31st March, 2012.

RBI Notifies Changes in FDI norms

In order to bring uniformity in the sectoral classification position for FDI as notified under the Consolidated FDI Policy Circular with the FEMA Regulation, RBI has notified the changes in FDI norms as attached herewith.

Standing committed report on Companies Bill, 2011 presented in Lok Sabha

The Standing Committee on Finance in the Lok Sabha has presented a comprehensive Fifty-seventh report on the Companies Bill, 2011. The report was presented to the Hon'ble Speaker of the Lok Sabha on 26.06.2012.

Guj HC declares bar on sale of farmland to outsiders as discriminatory

Gujarat HC has ruled that a farmer from anywhere in India can now purchase agriculture land in the state while declaring state govt policy putting prohibiting purchase of agricultural land by farmers from other states discriminatory.

CBDT releases draft guidelines regarding implementation of General Anti Avoidance Rules

CBDT has released the draft guidelines regarding implementation of General Anti Avoidance Rules (GAAR) in terms of section 101 of the Income Tax Act, 1961 as formulated by Committee constituted under the Chairmanship of the Director General of the Income Tax (International Taxation).

RBI releases Draft Payment System Vision Document 2012-15 for Public Comments

RBI has released the draft Payments System Vision Document 2012-15 envisages by ways and means of ensuring that "payment and settlement systems in the country are safe, efficient, interoperable, authorised, accessible, inclusive and compliant with international standards". Accordingly, it proposes to "proactively encourage electronic payment systems for ushering in a less-cash society in India" as its Vision.

BIS Finalises Standards for Street Food Vendors

In order to safeguard public health and promote the confidence of consumer over the entire spectrum of food industry, Bureau of Indian Standards has finalized an Indian Standard on basic requirements for street food vendors as food safety is a major concern with street foods.

MP HC: A eunuch cannot qualify as a woman to contest election from a seat reserved for women

MP HC has cancelled the election of a eunuch as mayor from a seat reserved for scheduled caste women holding that a eunuch cannot qualify as a woman to contest election while upholding the lower court verdict.

SEBI relaxes norms governing offer for sale (OFs) and Institutional Placement Programme (IPP)

SEBI has eased the norms governing offer for sale (OFs) and Institutional Placement programme to help companies smoothly conduct share-sales to achieve the required minimum 25 per cent public shareholding requirement.

International News

US Court dismisses patent suit filed by Apple against Motorola

US district court has dismissed the patent suit filed by the Apple against Motorola alleging that Motorola's phones infringes patent owned by it. US court has ruled that Apple cannot pursue an injunction against Motorola.

US Supreme Court upholds healthcare law as enacted by Obama

US Supreme Court has upheld the healthcare law requiring most of the Americans to maintain "minimum essential" health insurance coverage marking biggest change to the US health system since Medicare and Medicaid were established in 1956.