A contract can only arise if there is the animus contrahendi between the parties. Without the expressed or implicit intention that a contract should emerge as a result of the language or conduct of the alleged parties, no contractual obligations can be said to exist and be capable of enforcement.
Taxation is just a sophisticated way of demanding money with menaces.
All,With so many news items related to FDI, we might as well call this an FDI-SPECIAL issue! Indian Government machinery is active regulating foreign investment in the country in various sectors
– consolidating existing rules, relaxing approval limits, considering higher investment ceilings, discussing opening up of hitherto barred sectors and mulling over FDI in newer forms of business.Post Budget representations and clarifications continue as usual as captured in the update on Service Tax. The increased VAT rates in Karnataka have added to the discomfort of the common man who is already reeling under an unusually hot Summer.
No long articles included this time to add to your discomfort. Take it easy and just read the notifications and news articles!
Consolidated FDI Policy
The Ministry of Commerce and Industry has released a consolidated circular on Foreign Direct Investment (FDI) replacing earlier Press Notes/Press Releases/Clarifications on FDI issued by DIPP which were in force and effective as on March 31, 2010. The present consolidated circular will be effective from 1st April, 2010 and will be replaced by another updated consolidated circular on 30th September, 2010.
FDI hike in Defence Production under consideration
The Commerce Minister Mr. Anand Sharma has hinted
out that the Government is planning to hike FDI
limit in Defence Production. At present FDI in this
sector is permissible upto 26%.
CCEA approval only for FDI above Rs. 1200 crores
Proposals for foreign investment requiring prior approval from the Government of India as laid down in the FDI policy, with investment below Rs. 1200 crores will be considered by the Foreign Investment Promotion Board (FIPB), Ministry of Finance and FDI above Rs. 1200 crores of Foreign Investment will be placed before CCEA.
Download Press Release
Amendments to the Equity Listing Agreement
Securities and Exchange Board of India (SEBI) has made amendments to listing conditions laid down in Equity Listing Agreement, to bring more transparency and efficiency in disclosure requirements of listed entities.
Service Tax on Railway Freight only from July
The proposal for levy of Service Tax on goods transported over the railway network from 1st April, 2010 has been deferred to be implemented only from 1st July, 2010.
Exclude land value from Service Tax
The Institute of Chartered Accountants of India (ICAI), Urban Development Ministry and CREDAI are clamouring for exclusion of land value from the proposed Service Tax on the realty sector in the Budget 2010 – 2011 stating that land is a state subject for imposition of Tax.
Note: The contents
of this News Letter are only a summary and has not dealt with
any issue in detail. Any action taken or proposed to be taken
must be in consultation with professionals and not merely based
on the articles / news updates. Lex Valorem disclaims all
liability on action taken without professional advice