Corporate Law Reporter - The Daily Journal

Auction of Government of India Dated Securities

Ref.No.IDMD /3001/08.02.032/2012-13 April 29, 2013 All Scheduled Commercial Banks All State Co-operative Banks/All Scheduled Primary (Urban) Co-operative Banks /All Financial Institutions/ All Primary Dealers. Dear Sirs, Auction of Government of India Dated Securities Government of India have offered to sell (re-issue) (a) 7.83 percent Government Stock 2018 for a notified amount of Rs.3,000 crore (nominal)… Read More

CLR Snippets | RBI releases Data on ECB / FCCB for March 2013

The Reserve Bank of India has today released the data on External Commercial Borrowings (ECB) and Foreign Currency Convertible Bonds (FCCB), both through Automatic Route and Approval Route, for the month of March 2013. Ajit Prasad Assistant General Manager Press Release : 2012-2013/1797 Read More

Retrospective operation of Section 80IA(4) is valid as per amendment

CLR Editorial Notes: In this case, a retrospective amendment made in Sec 80IA(4) of the IT Act, was challenged by the appellant, on the following grounds: (i) it was a fresh levy of tax, (ii) no reasons were given to support the retrospective levy, (iii) the period of retrospective operation was long and so it… Read More

Settlement Commission has no jurisdiction to grant immunity or waiver from the statutory liability to pay interest

Ratio of the Case: With effect from 1 June 2007 an amended provision was brought into force by which the Settlement Commission cannot any longer grant a waiver or immunity from the liability to pay interest. CLR Editorial Notes: The Petitioner is this case had challenged an order of the Settlement Commission under section 127 C (5) of… Read More

Section 11AC penal provision can be invoked on an intent to evade payment duty

CLR Editorial Notes: This is an Appeal filed by the Appellant against an Order-in-Appeal filed by the Department for a penalty on Excise duty payments. The Appellant is engaged in the manufacture of Electric Meters; during the period June 2005 to May 2007 they have received small quantity of Electric Meter for trading purpose and the same were traded. In… Read More

Cenvat Rule 6 – In case of clearances to SEZ units, No reversals are required

CLR Editorial Notes: In this appeal filed by the assessee, the challenge was against a demand raised on the appellant in terms of Rule 6(3) of the CENVAT Credit Rules 2004 for the period from July to December 2008. During the said period, the appellant (a unit in the domestic tariff area) had cleared their products to… Read More

Foreign company is liable for MAT u/s 115JB

CLR Editorial Notes: The applicant, a Mauritius company, sold shares of Burroughs Wellcome (India) Ltd. The resultant capital gains were not chargeable to tax under the India-Mauritius DTAA. The AAR had to consider whether, as the Applicant had no income chargeable to tax in India, (a) the transfer pricing provisions were applicable to its, (b) section 115JB (MAT) was… Read More

KVAT notification on Production of Statutory Forms prescribed under CST Act, 1956 at the time of assessment/re-assessment for the year 2005-06

GOVERNMENT OF KARNATAKA (Commercial Taxes Department) No: ADCOM (l&C)/DC(A3)- CR-85/2012-13 Office of the Commissioner of Commercial Taxes (Kamataka), l-Floor,VTK-1, Kalidasa Road, Gandhinagar, Bangalore-560009, S: 080-22264495, Fax: 080-22263595, Date 15-03-2013. To All the Joint Commissioners of Commercial Taxes (Admn) VAT Divisions in the State Sir, Sub: Production of Statutory Forms prescribed under CST Act, 1956 at… Read More

Local Procurement Policy under Jawaharlal Nehru National Solar Mission Phase-I

Under the local procurement conditions stipulated for solar photovoltaic (SPV) power projects allotted under Jawaharlal Nehru National Solar Mission Phase-I specific scheme implemented through NVVN, it was made mandatory for projects based on crystalline silicon technology to use modules manufactured in India in case of projects selected in batch-1 during FY 2010-11 and to use… Read More

India Opportunities Venture Fund

India Opportunities Venture Fund (IOVF) as announced in the Union Budget 2012-13 has been operationalised by Small Industries Development Bank of India (SIDBI) with effect from August 1, 2012. The IOVF envisages enhancing the availability of equity / risk capital to micro, small and medium enterprises (MSME) sector. IOVF provides direct assistance to MSMEs as well as indirect assistance… Read More

President Speak :: CPSEs have potential for Investments for capacity Expansion and Strategic Assets Creation

Central Public Sector Enterprises have the Potential to make Investments for capacity Expansion and Strategic Assets Creation PRANAB MUKHERJEE The President Confers the SCOPE Meritorious Awards on the Public Sector Day Shri Pranab Mukherjee, President of India, presented the SCOPE Meritorious Awards in Specialized Fields to the Central Public Sector Enterprises (CPSEs) here today on… Read More

Anand Sharma Assures Support to Textiles, Plantation and Manufacturing in Southern States

The Union Minister of Commerce, Industry & Textiles Shri Anand Sharma today reviewed industry-related issues with the state governments of Tamil Nadu, Kerala, Andhra Pradesh and Karnataka, in Kovalam, Kerala. Senior officers from the Department of Commerce and Industry, Government of India made presentations on National Manufacturing Policy, recent changes in Foreign Direct Investment regime,… Read More

Committee on Pharmacists

The Ministry of Finance had constituted a Fast Track Committee to address the pay structure of certain common category posts of pharmacists. The Committee had recommended that the entry grade of Pharmacists in Central Government should remain at grade pay of Rs. 2800 in the pay band PB-1. However, on completion of 2 years service… Read More