Corporate Law Reporter - The Daily Journal

RBI releases clarifications to the queries on the Guidelines for Licensing of New Banks in the Private Sector

The Reserve Bank of India today released on its website, clarifications to queries on the Guidelines for Licensing of New Banks in the Private Sector. The Reserve Bank of India released the Guidelines for Licensing of New Banks in the Private Sector on its website on February 22, 2013. Following the issue of the guidelines, RBI… Read More

CBDT™s Scrutiny Guidelines – Section 143(3) assessment not valid if case has been picked up contrary to guidelines

CLR Editorial Notes: In the Assessment Year 2006-07, the assessee filed a ROI declaring income of Rs. 3.97 crore. The case was selected for scrutiny under clause 2(v)(b) of the Scrutiny Guidelines issued by the CBDT. The said clause of the Scrutiny Guidelines provided that a case had to be selected for compulsory scrutiny if… Read More

Index of Eight Core Industries as of April, 2013

The summary of the Index of Eight Core Industries (base: 2004-05) is given at the Annexure. The eight core industries have a combined weight of 37.90% in the Index of Industrial Production (IIP). The combined Index was 152.2 in April, 2013 with a growth rate of 2.3% compared to5.7% growth in April, 2012. The decline in the growth rate in April, 2013 was mainly on account… Read More

Government to Provide Support for Infrastructure Development for Mountaineering in NER

The Secretary, Ministry of Development of North Eastern Region (DoNER) Shri U.K. Sangma said that the Government will provide all possible support for infrastructure development for mountaineering in North Eastern Region. He said this while interacting with media and the mountaineers of the 1st North East India on top of the World (Mt. Everest) Expedition 2013 here today. Shri Sangma said… Read More

Cauvery Issue – First Meeting of the Supervisory Committee Held

The 1st Meeting of the Supervisory Committee (SC) on Cauvery held here in New Delhi today under the chairmanship Water Resources Secretary Dr. S. K. Sarkar. The meeting was convened inter alia, to establish the procedures for conducting its business and was in pursuance to the Supreme Court™s direction dated 10th May,2013 wherein the directions have been issued for the constitution of a Supervisory Committee under the… Read More

Direct Benefit Transfer Scheme for LPG Consumers

Dr Moily launches Direct Benefit Transfer Scheme for LPG Consumers at Tumkur (Karnataka); Andhra CM flags-off DBTL at Hyderabad DBTL Scheme Commences in 18 Districts from 1st June 2013. In line with the decision of the Government of India to launch Direct Benefit Transfer for LPG (DBTL) Scheme in 20 high Aadhaar coverage districts from 01.06.2013, the Minister of Petroleum &… Read More

Provisional Accounts of the Union Government for the Year 2012-2013 Released

Fiscal Deficit is 4.9 Percent, Revenue Deficit 3.6 Percent and Effective Revenue Deficit 2.5 Percent of GDP during the Period Office of the Controller General of Accounts (CGA) has compiled the accounts of the Union Government for the year 2012-2013 and brought out its results on provisional basis. The fiscal indicators for the year 2012-13 as percentage… Read More

Salient Features of Defence Procurement Procedure- 2013

The Salient features of the DPP- 2013, promulgated by MoD are as follows: 1. The first major change that has been brought in relates to the introduction of the ˜preferred categorisation™ in the following order; Buy(Indian), Buy & Make(Indian), Make(Indian), Buy & Make, Buy(Global). While seeking the approval for Ãccord of Necessity (AoN) in a… Read More

MoD Promulgates Defence Procurement Procedure- 2013

The Ministry of Defence has promulgated the Defence Procurement Procedure 2013. The new procedure which takes effect from today, aims to balance the competing requirements of expediting capital procurement, developing a robust indigenous defence sector and conforming to the highest standards of transparency, probity and public accountability, while laying a strong emphasis on promoting indigenisation… Read More

FII™s securities transactions™ profits cannot be assessed as business profits™

CLR Editorial Note: An appeal was placed with the Tirbunal by the assessee which was directed against an earlier order of the CIT(A) Mumbai for the assessment year 2007-08. The appeal was made on the following grounds :- 1. Based on the facts and circumstances of the case, the learned Commissioner of Income-tax (Appeal) [CIT(A)] erred in upholding… Read More

DGFT Amendment in Paragraph 2.1.2 of the Foreign Trade Policy

TO BE PUBLISHED IN THE GAZETTEE OF INDIA EXTRAORDINARY PART II, SECTION -3, SUB SECTION (ii) GOVERNMENT OF INDIA MINISTRY OF COMMERCE AND INDUSTRY DEPARTMENT OF COMMERCE NOTIFICATION No. 14 (RE-2013)/2009-2014. New Delhi, Dated : 31 May, 2013 S.O. (E) - In exercise of powers conferred by Section 5 read with Section 3(2) of the Foreign Trade (Development & Regulation) Act,… Read More

CBEC Tariff Notifications Dated 31st May 2013

[TO BE PUBLISHED IN PART-II, SECTION-3, SUB-SECTION (ii) OF THE GAZETTE OF INDIA, EXTRAORDINARY] Government of India Ministry of Finance (Department of Revenue) (Central Board of Excise and Customs) Notification No. 57/2013-CUSTOMS (N. T.) New Delhi, the 31st of May, 2013 10 Jyaistha, 1935 (SAKA) S. O. (E). In exercise of the powers conferred by sub-section (2)… Read More

Amendment of Income-tax Rules, 1962 – Insertion of Rules 6AAD & 6AAE and Form nos. 3C-O & 3CP

S.O. 1393(E) - In exercise of the powers conferred by section 295 read with sub-section (1) of section 35CCC of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:- 1. (1) These rules may be called the Income-tax (Fourth Amendment) Rules, 2013. (2) They shall… Read More