UPDATES FROM TAX GURU (in this message: 5 new items) Revenue Department wants excise duty, octroi, purchase tax, local, alcoholic beverages and petroleum products under the ambit of GST Advance Ruling in the case of Star Television on taxation of cross-border merger Recent Tribunal rulings on transfer pricing issues in the case of Global Vantedge Pvt. Ltd and Quark Systems Pvt. Ltd. Income cannot be reassessed on a mere change of opinion Ministry of Corporate Affairs issues roadmap for IFRS conversion in India Revenue Department wants excise duty, octroi, purchase tax, local, alcoholic beverages and petroleum products under the ambit of GST Posted: 25 Jan 2010 07:56 PM PST The Revenue Department has submitted its comments on the goods and services tax discussion paper, which was released by the State Finance Minister's Committee on November 10. It wants excise duty, octroi, purchase tax, and local taxes to be brought... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] Advance Ruling in the case of Star Television on taxation of cross-border merger Posted: 25 Jan 2010 07:46 PM PST This article summarizes a recent ruling of the Authority for Advance Rulings (AAR) [2010-TIOL-01-ARA-IT] in the case of Star Television Entertainment Ltd. (STEL), 2 other group entities and 3 of their shareholders (together referred to as... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] Recent Tribunal rulings on transfer pricing issues in the case of Global Vantedge Pvt. Ltd and Quark Systems Pvt. Ltd. Posted: 25 Jan 2010 07:23 PM PST The Delhi Tribunal, in the case of Global Vantedge Pvt. Ltd. (Taxpayer) [2010-TIOL¬24-ITAT-DEL], has held that the total amount of adjustment made, along with the arms length price (ALP) already reported by the Taxpayer, cannot exceed the total... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] Income cannot be reassessed on a mere change of opinion Posted: 25 Jan 2010 07:10 PM PST In a recent ruling Supreme Court (SC) [2010-TIOL-06- SC-IT-L13] in the case of Kelvinator of India Ltd. (Taxpayer) held that income cannot be reassessed on a mere change of opinion, as that would imply conferring arbitrary powers on the Tax... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] Ministry of Corporate Affairs issues roadmap for IFRS conversion in India Posted: 25 Jan 2010 06:56 PM PST On 22 January 2010, the Ministry of Corporate Affairs (MCA) issued a press release setting out the roadmap for International Financial Reporting Standards (IFRS) convergence in India. The roadmap requires IFRS to be made applicable in a phased... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] With Regards,  CA Sandeep Kanoi  Website: http://www.taxguru.in/  Get LEGAL & FINANCIAL UPDATES FROM TAX GURU delivered by emai

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