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Government Approves 1 Proposal of Foreign Direct Investment
Further to para 5 of the Press Release dated May 31, 2013, wherein it was stated that decision of the 2 (Two) proposals will be communicated separately, Government has approved 1 Proposal of Foreign Direct Investment amounting to Rs. 7.00 crore approximately. Following 1 (One) proposal has been approved. Sl. No. Name of the applicant Particulars of the proposal FDI/NRI… Read More
PM announces 1000 crore rupee disaster relief for Uttarakhand
Following is the text of Prime Minister, Dr. Manmohan Singh™s statement to the media after an aerial survey of disaster affected areas of Uttarakhand: Earlier today, Smt. Sonia Gandhi, Chairperson, UPA and I undertook an aerial survey of the rain and flood-affected areas of Uttarakhand. We saw for ourselves the large scale devastation that has… Read More
Achieving Professional Excellence
Address given by Shri P. Vijaya Bhaskar, Executive Director, Reserve Bank of India at the Silver Jubilee Function of Institute of Chartered Secretaries of India (ICSI) at Mumbai on June 15, 2013 I. Introduction At the outset, I thank the organisers of the Silver Jubilee Function of Institute of Chartered Secretaries of India (ICSI) for… Read More
SC verdict: Payments To LIC Towards Group Gratuity funds is allowed
CIT vs. Textool Co. Ltd (Supreme Court) Ratio of the Case: Though section 36(1)(v) requires a direct payment to a gratuity trust fund, payments made to the LIC Group Gratuity Scheme for the benefit of the employees is also allowable. CLR Editorial Notes: The assessee in question had set up a gratuity fund which was… Read More
Withdrawal of exemptions to SEZs cannot be treated as a breach of Doctrine of Promissory Estoppel
Mindtree Limited vs. UOI (Karnataka High Court) CLR Editorial Notes: As a corollary to the Special Economic Zones Act, 2005 (˜SEZ Act™), section 115JB(6) and section 115-O (6) were inserted to ensure that the SEZs are exempted from paying Minimum Alternate Tax (MAT) on book profits and taxes on distributed profits [Dividend Distribution Tax ("DDT")].… Read More
Section 194C TDS does not apply to contract manufacturing agreements
CIT vs. Silver Oak Laboratories P. Ltd (Supreme Court) CLR Editorial Notes: The assessee in this case related to Section 194C, is a manufacturer of pharmaceutical products. The assessee entered into various agreements with multiple manufacturers who manufactured items according to the specifications provided by the assessee. The Assessing Officer held that the transaction between… Read More
Corrigendum notification regarding 24×7 Customs Operation at Major Ports and Airports
CORRIGENDUM - 2 F. No. 450/25/2009 - Cus IV Government of India Ministry of Finance Department of Revenue Central Board of Excise and Customs ****** New Delhi, Dated 14th June 2013 To, All Chief Commissioner of Customs All Chief Commissioner of Customs (Preventive) All Chief Commissioner of Customs and Central Excise All Commissioners of Customs /… Read More
DGFT Prohibits import of milk and milk products from China
To be Published in the Gazette of India Extraordinary Part-II, Section - 3, Sub-Section (ii) Government of India Ministry of Commerce & Industry Department of Commerce Udyog Bhawan Notification No. 23 (RE 2013)/2009-2014 New Delhi, Dated the 18th June, 2013 Subject: - Prohibition on import of milk and milk products from China. S.O. (E): In exercise… Read More
DGFT Amendment Notification relating to export of edible oils
(To be Published in the Gazette of India Extraordinary Part-II, Section - 3, Sub-Section (ii)) Government of India Ministry of Commerce & Industry Department of Commerce Udyog Bhawan Notification No 22 (RE 2013)/2009-2014 New Delhi, Dated : 18 June, 2013 Subject: Amendment in Notification No 39(RE-2012)/2009-14 dated 25th March, 2013 relating to export of edible… Read More
Change of Guard: Shri Manikrao H. Gavit Takes Charge as Minister of State for Social Justice & Empowerment
Shri Manikrao H. Gavit took over as the Minister of State for Social Justice & Empowerment here today. He was welcomed by the Secretary and other senior officers of the Ministry. Born on 29 October 1934, Shri Manikrao H. Gavit is a Member of Parliament from the Nandurbar constituency in Maharashtra. Read More
Change of Guard: Shri Oscar Farnandes is New Minister for Road Transport and Highways
Shri Oscar Fernandes has taken over as new Union Minister for Road Transport and Highways here today. Shri Fernandes is a Rajya Sabha member (INC) from Karnataka. Earlier, he has held the charge of Minister of State (Independent Charge) for the Ministry of Statistics and Programme Implementation, the Ministry of Youth Affairs, the Ministry of Overseas… Read More
Change of Guard: Shish Ram Ola Takes over as New Union Minister Labour and Employment Minister
Shri Shish Ram Ola has taken over as new Union Minister Labour and Employment Minister here in Shram Shakti Bhawan New Delhi today. Shri Ola is a Lok Sabha member (INC) from Jhunjhnu Constituency of Rajasthan and has already handled this portfolio from May 23, 2004 to November 27, 2004 in the UPA-I tenure. Speaking on… Read More
Change of Guard: Girija Vyas takes charge as New Minister for Housing & Urban Poverty Alleviation
Ms. Girija Vyas, took over as the new Minister for Housing and Urban Poverty Alleviation (M/oHUPA), here today. She was welcomed by the senior officers of the Ministry. While briefing the media, after assumption of office, Ms Girija Vyas said social service is always her priority area and will utilize each minute available for alleviation… Read More
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