West Bengal

Ministry of Corporate Affairs – Special Task Force Constituted in the SFIO to Investigate

Special Task Force Constituted in the SFIO to Investigate The Affairs of Certain Chit Fund Companies The Ministry of Corporate Affairs has taken note of the misuse by certain Chit Fund Companies who have raised huge sums of money from the public at large. The State Governments are the appropriate authorities for regulation of such… Read More

Tags: Chit fundCorporate Affairs MinistryFrench Section of the Workers' InternationalKolkataSerious Fraud Investigation OfficeSFIOSpecial Task ForceWest Bengal

CLR Snippets :: Government’s Stand on Generic Drugs

The subject matter of granting patent rights to individuals and companies is regulated by the Patents Act, 1970 administered by the Department of Industrial Policy & Promotion in the Ministry of Commerce & Industry. That Department has informed that the said Act, as amended in the year 2005, already establishes a fair balance between the… Read More

Tags: Andhra PradeshChandigarhDepartment of Industrial Policy & PromotionHimachal PradeshJammu and KashmirMinistry of Commerce & IndustryPatent ActWest Bengal

Anand Sharma Launches 21 New Textiles Parks

The Union Minister for Commerce, Industry and Textiles, Shri Anand Sharma launched 21 New Textile Parks approved under Scheme for Integrated Textile Parks (SITP) here today. These new parks take the total number to 61 parks as 40 Parks were sanctioned earlier. The Scheme for Integrated Textiles Parks (SITP) has been instrumental in development of… Read More

Tags: Anand SharmaAndhra PradeshCabinet of IndiaHimachal PradeshIndiaTripuraUttar PradeshWest Bengal

BRGF (Backward Regions Grant Fund) Approved by Cabinet Committee

The Cabinet Committee on Economic Affairs has given its approval to: (i) continue the special plan for Bihar in the remaining four years 2013-14 to 2016-17 of the Twelfth Five Year Plan with a total allocation of Rs.12,000 crore for the entire Twelfth Five Year Plan period, (ii) continue the special plan for the KBK… Read More

Tags: BiharBundelkhandFive-year plans of the People's Republic of ChinaMadhya PradeshOdishaTwelfth Five Year PlanUttar PradeshWest Bengal

CG notification on maximum deduction to eligible institutions u/s 35AC

NOTIFICATION NO. 97/2012 [F.NO. V. 27015/4/2012-SO(NAT.COM]]/S.O. 627(E), DATED 12-3-2013 In exercise of the powers conferred by sub-section (1), read with clause (b) of the Explanation to section 35AC of the Income Tax Act, 1961 (43 of 1961), the Central Government, on the recommendations of the National Committee for Promotion of Social andEconomic Welfare, hereby notifies the institutions approved by the… Read More

Tags: ChennaiIndiaKolkataMaharashtraMumbaiTaluka MavalThe Income-tax Act 1961West Bengal

Non-Compete Fee is not eligible for depreciation or amortisation over non-compete period

Ratio Decidendi: Non-Compete Fee, paid to the seller on acquisition of their business , is not eligible for depreciation or amortisation over the non-compete period, as done when  calculating revenue deduction. CLR Editorial Note: The assessee and subsequent appellant acquired the glass manufacturing business from Piramal Enterprises Ltd. and entered into a non-compete agreement with them for… Read More

Tags: AppealBusinessCITCLR Editorial NoteDelhi High CourtPiramal EnterprisesSupreme CourtWest Bengal

Ministry of I&B Monitoring Digital Switch Over in 38 Cities

Ministry of I&B Monitoring Digital Switch Over in 38 Cities ; 15 Cities Achieve Nearly 100 % Digitization ; 85% Digitization Target Achieved during Phase II of Das The Ministry of Information and Broadcasting has been consistently monitoring the progress made regarding the switch over of Analogue Cable Television signals to Digital mode as part of Digitization… Read More

Tags: Cable televisionChandigarhDigitizingDirect-broadcast satelliteMinistry of Information & BroadcastingMultiple system operatorTelevisionWest Bengal

West Bengal Plan for 2013-14 Finalized

The Annual Plan for the year 2013-14 for the state of West Bengal was finalised here today at a meeting between Deputy Chairman, Planning Commission, Mr.Montek Singh Ahluwalia and Chief Minister of West Bengal, Smt. Mamata Banerjee. The plan size has been agreed at Rs.30,314crore. In his comments on the plan performance of the State,… Read More

Tags: AhluwaliaBengalChairmanIndiaMamata BanerjeeMontek Singh AhluwaliaPlanning CommissionWest Bengal

DBTS (Direct Benefits Transfer System) scope to be expanded

PM to review expansion of scope of DBTS (Direct Benefits Transfer System) The Prime Minister is holding a meeting of the National Committee on DBT to review the rollout of the Direct Benefits Transfer (DBTS) system so far and the approaches and strategies being adopted for expansion into new districts and schemes. The Direct Benefits… Read More

Tags: DBTDBTSDirect Benefit TransferDirect Benefit Transfer SystemFinancial servicesIndiaOdishaUnique Identification Authority of IndiaUttarakhandWest Bengal

ADB to grant loan for improving Rural Roads in Some Indian States

ADB & GoI sign Loan Agreement for Improvement of Rural Roads ADB and the Government of India Sign A $ 252 Million Loan to Continue improving Rural Roads in the States of Assam, Chhattisgarh, Madhya Pradesh, Odisha, and West Bengal The Asian Development Bank (ADB) and the Government of India today signed here a $252… Read More

Tags: ADBAsian Development BankAssamChhattisgarhGovernment of IndiaIndiaMadhya PradeshMinistry of Rural DevelopmentOdishaWest Bengal

Special Bench verdict on TDS deduction u/s 40(a)(ia) binding despite suspension by High Court

CLR Editorial Note: This case refers to the non-acceptance of a TDS deduction claim U/s 40(a)(ia) made by an assessee on hiring charges paid to a dumper and subsequent appeal made by the assessee to the Kolkata Bench of the ITAT. The assessing had officer disallowed the claim on the ground that the assessee had not… Read More

Tags: Andhra Pradesh High CourtAppealIncome taxIncome Tax Case LawIndiaITATKolkataSupreme CourtTDSWest Bengal

Sanction of Scheme u/s 394 of Companies Act constitutes an “instrument” and “conveyance” within the meaning of the Stamp Act

CLR Editorial Notes: In the present case the aforementioned companies filed petitions before the High Court of Calcutta seeking exclusion of payment of stamp duty on transfer of properties pursuant to a sanction of Scheme under the Companies Act. The High Court of Calcutta has held that an order sanctioning a scheme of amalgamation or… Read More

Tags: Companies ActMaharashtraRuby SalesSANJIB BANERJEESchemeStamp dutySupreme CourtWest Bengal

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