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Judgment Search Results Home > Cases Phrase: securities contracts regulation amendment act 2007 section 2 amendment of section 2 Court: authority for advance rulings Page 1 of about 34 results (0.056 seconds)

Oct 01 2007 (TRI)

Timken France Sas Vs. Director of Income-tax

Court : Authority for Advance Rulings

Reported in : (2008)BusLR60

..... in share market notwithstanding the availability of cost inflation index to the latter. 1. the act has, therefore, amended section 112 of the income-tax act to limit the tax on long term capital gains at 10% of the capital gain on securities as defined in section 2(h) of the securities contracts (regulation) act, 1956 and listed in recognized stock exchanges in india before allowing adjustment for cost inflation index ..... a direct answer to the question of interpretation of the particular words used in the proviso.12.4. another point - debentures are also included within the definition of "securities" in section 2(h) of the securities contracts (regulation) act, 1956. debentures listed in a recognized stock exchange in india fall within the domain of the proviso to s, 112(1) though such listing seems to be rare ..... the tax payable by the assessee.the explanation defines "listed securities" for the purposes of sub-section (1) of section 112. listed securities means, according to the explanation, the securities as defined in clause (h) of section 2 of the securities contracts (regulation) act, 1956. under section 2(h) of the said act, securities include shares, scrips, stocks, bonds, debentures, debenture stock or other marketable securities of like nature in or of any incorporated company or .....

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Oct 01 2007 (TRI)

Timken France Sas Vs. Director of Income-tax (international Taxation) ...

Court : Authority for Advance Rulings

..... investors in share market notwithstanding the availability of cost inflation index to the latter. 41.2. the act has, therefore, amended section 112 of the income-tax act to limit the tax on long term capital gains at 10% of the capital gain on securities as defined in section 2(h) of the securities contracts (regulation) act, 1956 and listed in recognized stock exchanges in india before allowing adjustment for cost inflation ..... a direct answer to the question of interpretation of the particular words used in the proviso. 12.4. another point - debentures are also included within the definition of ??securities ? in section 2(h) of the securities contracts (regulation) act, 1956. debentures listed in a recognized stock exchange in india fall within the domain of the proviso to s, 112(1) though such listing seems to be rare ..... payable by the assessee ? . (emphasis supplied) the explanation defines ??listed securities ? for the purposes of sub-section (1) of section 112. listed securities means, according to the explanation, the securities as defined in clause (h) of section 2 of the securities contracts (regulation) act, 1956. under section 2(h) of the said act, securities include shares, scrips, stocks, bonds, debentures, debenture stock or other marketable securities of like nature in or of any incorporated company or .....

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Jan 08 2007 (TRI)

Fidelity Northstar Fund and ors.

Court : Authority for Advance Rulings

..... section 30 of the sebi act; finance act 1993 which inserted section 115ad in the act for the purpose of levy of income tax at concessional rate on the income of fiis from securities and capital gains arising from their transfer, (we shall advert to this provision presently); financial exchange management act, 1999 (for short 'the fema'); foreign exchange management (foreign exchange derivative contracts) regulations ..... amended from time to time. chapter ii of these regulations deals with the registration of fii. it is provided in regulation 3(1) that no person shall buy, sell or otherwise deal in securities ..... regulation act ..... 2 ..... 2 ..... 2 ..... (2) ..... securities ..... acted ..... regulations ..... regulation 18 of sebi regulations ..... regulation (3) of regulation ..... regulations (security) of 2000. the expression, investment on repatriation basis is defined in clause (vi) of regulation 2 of fem regulations (security ..... (2) ..... amendment ..... in securities ..... contracts ..... 2 ..... securities ..... securities ..... 2 ..... securities ..... section 13 of the general clauses act 1897 in all central acts and regulations ..... section 245n of the act ..... section 6 of the act ..... securities in india through brokers and the securities ..... section 245q(1) of the income-tax act, 1961 (for short 'the act ..... 2 ..... section 115ad of the income-tax act ..... securities. it is registered under the investment company act ..... regulation 11(2) of fem regulations (security) of 2000 provides that an authorized dealer may allow the remittance of sale proceeds of a security ..... section 115ad of the income tax act, 1961 (hereinafter referred to as the "ita")? 2 .....

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Sep 27 2004 (TRI)

In Re: Fidelity Advisor Series

Court : Authority for Advance Rulings

Reported in : (2004)192CTRAAR201

..... , fii regulations, 1995.29. we have carefully gone through the custodian agreement dated july 1, 2001, entered into between each of the investment companies and the global custodian brown brothers harriman and company. various clauses of article ii (which includes powers and duties of custodian) embody copious scheme of investment dealing with security purchases (section 2.03); exchange of securities (section 2.04); sales of securities (section 2.05); ..... and fees for included services).15. in regard to capital gains, article 13 provides that with the exception of the gains dealt within article 8 (shipping and air transport) each contracting state, i.e., india, as well as the usa, may tax "capital gains" in accordance f with the provisions of its domestic law, i.e., under the indian ..... property described in paragraph 3(b) of article 12 (royalties and fees for included services). except as provided in article 8 (shipping and air transport) to this convention each contracting state may tax capital gains in accordance with the provisions of its domestic law." 12. a plain reading of para. 1 of article 7, suggests that the profits of ..... to determine the aforementioned question. in the instant case, the applicant was registered as an investment company under the investment company act, 1940 of the usa. the purpose of setting up of the company as mentioned in article ii of the amended and related declaration of trust dated april 18, 2001, is : "the purpose of this trust is to provide investors .....

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Sep 27 2004 (TRI)

Fidelity Advisor Series Viii Fidelity Advisor Emerging Asia Fund Vs. D ...

Court : Authority for Advance Rulings

..... regulation 16 (1) of sebi, fii regulations 1995. we have carefully gone through the custodian agreement dated july 1, 2001 entered into between each of the investment companies and the global custodian brown brothers harriman and company. various clauses of article ii (which includes powers and duties of custodian) embody copious scheme of investment dealing with security purchases (sec. 2.03); exchange of securities (sec. 2.04); sales of securities (sec. 2 ..... 3(b) of article 12 (royalties and fees for included services). article ?? 13 (gains) except as provided in article 8 (shipping and air transport) to this convention, each contracting state may tax capital gains in accordance with the provisions of its domestic law. 12. a plain reading of para 1 of article 7, suggests that profits of an enterprise ..... included services). 15. in regard to capital gains, article 13 provides that with the exception of the gains dealt with in article 8 (shipping and air transport) each contracting state i.e. india as well as usa may tax ??capital gains ? in accordance with the provisions of its domestic law i.e. under the indian income tax ..... to determine the aforementioned question. in the instant case, the applicant was registered as an investment company under the investment companys act, 1940 of usa. the purpose of setting up of the company as mentioned in the article ii of the amended and related declaration of trust dated april 18, 2001, is: ??the purpose of this trust is to provide investors a .....

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Jul 12 2011 (TRI)

Bourbon Offshore Asia Pte. Ltd. Vs. Director of Income-tax(internation ...

Court : Authority for Advance Rulings

..... to the business enterprise that takes up the project. section 44bb would come into play only if the applicant goes out of the purview of section 9(1) (vii) of the act read with explanation 2 thereof. it is submitted that though the amendment to section 44bb and 44da was made effective from 1 april, 2011, the amendment is clarificatory in nature and should be read into ..... to transocean offshore international ventures ltd. (toivl) in india. toivl is providing various offshore drilling and support services to oil and natural gas corporation ltd. (ongc). for execution of the contract, toivl has entered into a uniform time charter vessel agreement with the applicant. being a time charter agreement, the entire operation, navigation and management of the vessel provided on hire ..... offshore drilling and support services to ongc, the applicant has provided 4 vessels to tovil to be used on east and west coast of india. for the purposes of section 44bb of the act, the vessels provided are covered under the definition of ??plant ..... in the case of rolls royce pvt. ltd. 2007-tii-03-sc-ukhand-intl. 7. there is no dispute that the applicant is engaged in the business of providing offshore oil and gas marine subsea services. it also offers range of offshore oil service vessels to global oil and gas industry. under the contract with tovil, who in turn is providing various .....

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Sep 11 2008 (TRI)

Anapharm Inc. Vs. Director of Income-tax (international Taxation), Mum ...

Court : Authority for Advance Rulings

..... of analysis to the indian pharmaceutical companies. the services provided by the applicant would fall within the definition of term ??fees for technical services ? as per section 9 of the income-tax act, 1961 ( ??the act) and ??fees for included services as defined in the article 12 (4) of dtaa. hence the fees paid by the indian clients to the applicant ..... the reference drug which is already available in the market. the applicant has devised various methods / protocols for carrying out the evaluation work, which are in conformity with international regulations, such as international committee for harmonization, good clinical practices, good laboratory practices, etc. the reports produced by the applicant are acceptable to the regulatory authorities, including us food ..... dtaa. 6. the director of income-tax (international taxation), mumbai is the jurisdictional commissioner in this case. he has submitted his comments vide his letter dated 24.09.2007 in which he has referred to certain provisions of the agreements which the applicant has entered into with sandoz private limited and ranbaxy research laboratories respectively, and has drawn ..... mr. a. sinha, j. anapharm inc., a company incorporated in canada, has filed this application. 2. the applicant states that it is a contract research organization which provides clinical and bioanalytical services to assist pharmaceutical companies around the world in the development of new drugs or generic copies of drugs already being marketed .....

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Oct 10 2008 (TRI)

Ge Strategic Investments India Aifacs Building Vs. Commissioner of Inc ...

Court : Authority for Advance Rulings

..... by way of interest, is nothing other than what the parties treated it to be so. it clearly answers the definition of ??interest in section 2(28a) of the act as well as article 11 of the treaty. 6. first, let us see, what is meant by the term ??debenture. debenture is not ..... in the specified manner. article 6 says that until conversion, the bondholders shall be entitled to the rights of the secured/unsecured creditors of the company as provided under the companies act, including the right to receive interest on due date and the right to receive proceeds on redemption of bonds on the ..... currency in cash on half yearly basis irrespective of the fact that the applicant makes profits or not. the rate of interest is specified in the amended agreement. the applicant further submits that as per the agreement, the bonds are treated as debt instruments till their conversion into equity shares. until ..... applicant is a non-banking financial company incorporated in india. it makes investments in various businesses in india and abroad in the form of securities including shares, stocks and debentures. for the purpose of funding its business activities in india, the applicant proposes to borrow money from gecc ..... obligation or covenant to pay. this obligation or covenant is in most cases at the present day accompanied by some charge or security. ? the high court then observed that ??in the ordinary business sense, a debenture is generally understood to be a document ? ? ., acknowledging a debt .....

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May 15 2007 (TRI)

Enercon (India) Limited Vs. Commissioner of Customs (import)

Court : Authority for Advance Rulings

..... wrote the judgment for himself and two other learned judges, after having referred to section 12 of the customs act and sections 2 & 3 of the customs tariff act analyzed and delineated the scope of section 3(1). the following observations are worth quoting: section 3(1) of the customs tariff act, 1975 provides for levy of an additional duty. the duty is, in ..... in the said regulations 7.1. project imports regulations, 1986 were framed by the central board of excise and customs and the provisions thereof will be referred to later.7.2 notification no. 21/2002-cus dated 01.03.2002 (as amended from time to time) has been issued under sub-section (1) of section 25 of the customs act. it exempts the ..... time.contractual documents normally exchanged between buyer and seller in commerce such as order and acceptance containing sufficient particulars of the transaction can also be treated as 'deed of contract'.12. they are in a way linked with the answer to question no. 1. where the imports fall under tariff heading no. 9801, the two notifications, ..... borrowed. it was held by the high court that under the first proviso to section 8 of the indian income tax act, 1922, the whole of interest on such part of borrowed capital as was expended on the purchase of both types of securities should be deducted. it was also held that under the second proviso the whole ..... on the three questions is given and the application is disposed of.pronounced in the open court of the authority on this 15th day of may, 2007. .....

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Aug 30 2007 (TRI)

Mr. Jasbir Singh Sarkaria Vs. Commissioner Concerned

Court : Authority for Advance Rulings

..... possession is allowed to be taken or retained in part performance of a contract, of the nature referred to in section 53a of the transfer of property act, 1882. now sub-clause (v) and (vi) have been inserted in section 2(47) to prevent avoidance of capital gains liability by recourse to transfer of ..... iii) to obtain water, sewage disposal and electricity connections. the developer is also authorized to borrow money for meeting the cost of construction on the security and mortgage of land falling to the developer's share. the other clauses in the gpa are not relevant for our purpose. the gpa unequivocally ..... develop a residential group housing colony on the land in question. such licence has to be issued under the provisions of haryana development and regulation of urban areas act, 1975 and the rules. 8th march, 2006 is the date on which such licence was issued. it is in the nature of ..... if 'possession' referred to in clause (v) is to be understood as exclusive possession of the transferee/developer, then, the very purpose of the amendment expanding the definition of transfer for the purpose of capital gains may be defeated. the reason is this: the owner of the property can very well ..... in the circumstances of the case, the capital gains accrue/arise to the applicant (assessee) partly during the assessment year 2006-07, assessment year 2007-08 and the assessment year 2008-09 respectively, on receipt of consideration amount in proportion to its payment by the developer, who is allowed to .....

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