Day: April 14, 2016

Writing “Yes, I am Satisfied” by Addl. CIT establishes that he has not recorded proper satisfaction/approval, before issue of notice u/s 148

No sooner than a week after, holding that merely writing “yes” or “approved” and affixing signature by CIT) was not the required satisfaction (ITA No. 5311/Del/2013 dated 07/04/2016), ITAT delhi Bench has again held that writing “Yes, I am Satisfied”  by Addl. CIT  establishes that he has not recorded proper …

KPO Services provider could not be a comparable for benchmarking international transactions entered into by an entity rendering BPO services

In a recent judgment, ITAT Delhi has held that Knowledge Process Outsourcing Services (KPO Services) provider could not be be considered as a comparable for benchmarking international transactions entered into by an entity rendering business process outsourcing (BPO) services including collections/call centre services and other back office support services for …

SEBI Discussion Paper on “Brightline Tests for Acquisition of ‘Control’ under SEBI Takeover Regulations

Discussion Paper on “Brightline Tests for Acquisition of ‘Control’ under SEBI Takeover Regulations” Objective 1. This discussion paper seeks comments of the public for certain proposals related to Brightline Tests for Acquisition of ‘Control’ under the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (hereinafter referred to …

Acceptance of deposits by Indian companies from a person resident outside India for nomination as Director 160 of the Companies Act, 2013

RBI/2015-16/371 A.P. (DIR Series) Circular No.59 April 13, 2016 To All Authorised Dealer Banks Madam / Sir, Acceptance of deposits by Indian companies from a person resident outside India for nomination as Director Attention of Authorised Dealers Banks is invited to Regulation 3 of the Foreign Exchange Management …