The tax department on Friday came out with draft norms for introduction of a range concept for calculating an Arms Length Price for valuing transactions between related entities for the purpose of taxation. The Central Board of Direct Taxes has proposed to use multiple year data for determining the price. At present, only one year's data is used for calculating the price.
PFA
CLB dismisses petition filed u/s 237 of Companies Act, 1956 ('Act') seeking investigation into affairs of respondent co., holds that petitioner had no locus-standi to file the extant petition, as it was not a shareholder, creditor, contributory, a person aggrieved or related in any manner to respondent co.; Notes that petitioner was only a shareholder in the company which had advanced an unsecured loan, thus the creditor co. was the aggrieved party u/s 237, not the petitioner being a mere 'stranger'; Referring to facts of case, also holds that Sec.237 does not permit a 'fishing expedition' in the company's affairs and states the CLB ought to exercise powers on proper facts and circumstances considering its far-reaching consequences, which are absent in present case; Interprets phrase 'any other person(s)' in sec. 237 (relating to the eligibility to file petition u/s 237), states that it includes 'parties aggrieved' and not 'strangers' for filing such petition; Holds that petition is time-barred on account of inordinate, unexplained delay and laches, observes that petitioner's allegations are based on an isolated transaction in respondent's balance sheet and states that "it is a settled proposition of law that doctrine of delay and latches is applicable to proceedings under Cos. Act filed before the CLB":Mumbai CLB
HC grants ad-interim injunction against Kunal Kohli's ('defendant') film 'Phir Se', as he used plaintiff's script of 'R.S.V.P.' film shared with him, which involved the concept of second marriage between two divorcees, holds it as breach of confidence; Observes uncanny similarities between characteristics of protagonists of both films, denouement of overall plot etc, states that the defendant used "kernal of the plot or the story contained in the confidential information", rejects defendant's contention that similarities between two scripts were based on pure chance; Holds that though there were other elements which formed key elements of defendant's film, "But with all these dissimilarities, and differences in expression, the use of the essential elements of the screenplay of 'R.S.V.P.' still impinges upon the Plaintiffs' right to have the trust or confidence protected"; Dismisses defendant's contention that plaintiff's concept of second marriage between two divorcees could not be subject matter of copyright or law of confidence, observes that though in plaintiff's screenplay personalities of protagonists, their individual responses to their respective divorces are all known/ commonplace individual components, their unique combination lends 'novelty' / 'uniqueness' to the material; Holds that "whereas the copyright in a published work protects the expression of an idea or plot, in the case of breach of trust or confidence, the idea or plot itself, if sufficiently developed, is entitled to protection..", relies on co-ordinate bench ruling in Beyond Dreams Entertainment Pvt. Ltd. Vs. Zee Entertainment Enterprises Ltd:Bombay HC
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