Corporate Law Reporter - The Daily Journal

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

Gujarat Plan for 2013-14 Finalized

The Annual Plan for 2013-14 for the State of Gujarat was finalised today at a meeting between Shri Montek Singh Ahluwalia, Deputy Chairman, Planning Commission and Shri Narendra Modi, Chief Minister of Gujarat. The Plan size has been agreed at Rs. 59,000 crore which includes the central assistance to the State Plan of about Rs.… Read More

India Signs Loan Agreement with World Bank for US$ 255 Million for National AIDS Control Project-IV

An agreement for loan of US$ 255 million (equivalent) from World Bank for the National AIDS Control Project (NACP-IV) was signed here today between India and the World Bank. Shri Nilaya Mitash, Joint Secretary, Department of Economic Affairs, Ministry of Finance signed on behalf of the Government of India and Mr.Onno Ruhl, Country Director, World Bank… Read More

High Court Explains Why Section 43B applies To Employees PF

Ratio of the case: Due date in Section 36(1)(va) for payment of employees™ Provident Fund, ESIC etc contribution should be read with section 43B(b) to mean due date for filing ROI CLR Editorial Notes: The assessee collected employees™ Provident Fund contribution for payment to the provident fund authorities. However, the amount was not paid to the provident… Read More

Section 54/54F deductions are allowed for purchase of multiple independent house units

Ratio Decidendi: The Andhra Pradesh High Court decided in this case that the ITAT Special Bench Verdict on purchase of multiple under Section 54/54F is not good law. A purchase of two residential flats entitles the buyer to an exemption u/s 54 of the IT Act with respect to capital gains on sale of the properties. CLR… Read More