Corporate Law Reporter - The Daily Journal

New policy initiatives to promote investment in the Electronics System Design and Manufacturing sector

Shri Kapil Sibal, Union Minister of Communications and IT met Ambassadors and Heads of Chambers of Commerce of Countries which are leaders in the electronics sector here today. He shared the new policy initiatives launched by the Government to promote investment in the Electronics System Design and Manufacturing (ESDM) sector. US, UK, Germany, Belgium, Finland,… Read More

Imposition of MAT on SEZs

The provisions of Minimum Alternate Tax (MAT) have been made applicable to Special Economic Zone (SEZ) Developers and Units with effect from 1st April, 2012. The imposition of MAT on SEZs has brought the book profits of SEZ units and developers under the ambit of Sec 115JB of the I-T Act, 1961. The investment in… Read More

Notification for setting up of seven Mega Leather Clusters

As part of the Pre-Union Budget memorandum for the leather sector for the year 2011-12, the Council for Leather Exports (CLE) had requested the Government of India for announcement of the Mega Leather Cluster scheme in the Union Budget 2011-12 and its subsequent notification for setting up of seven Mega Leather Clusters in various states.… Read More

FDI Cap in Various Sectors

The Government has put in place an investor friendly Foreign Direct Investment (FDI) policy, under which FDI, up to 100%, is permitted, on the automatic route, in most sectors/activities. FDI policy is reviewed on an ongoing basis, with a view to making it more investor friendly. Significant changes in the FDI policy regime have been… Read More

Schemes for Development of Industries in North-Eastern Regions

The Government has announced a fiscal package of incentives namely North East Industrial Policy (NEIP), 1997 for development of industries in North Eastern Region. A fresh package of incentives has been announced under North East Industrial and Investment Promotion Policy (NEIIPP), 2007 to give further boost to industrialization in North East Region.Benefits available under NEIIPP,… Read More

Task Force for Export Promotion

The last meetings of Government-Industry Joint Task Force (GIJTF) and Board of Trade (BoT) were held on 21.12.2012 and 22.3.2013 respectively. In the Meeting of Government-Industry Joint Task Force (GIJTF) , issues pertaining to the growth of manufacturing industry including availability of raw material, power, infrastructure bottlenecks, cost of credit were discussed. In of Board… Read More

Accreditation by APEDA

Presently, there are seven Government Certification Bodies accredited under NPOP in India, the names of which are as given below: 1) Rajasthan Organic Certification Agency (ROCA), Jaipur. 2) Chhattisgarh Certification Society, India (CGCERT), Raipur. 3) Tamil Nadu Organic Certification Department (TNOCD), Coimbatore. 4) Madhya Pradesh State Organic Certification Agency, Bhopal. 5) Odisha State Organic Certification Agency (OSOCA), Bhubneshwar. 6) Export Inspection Agency (EIA) New… Read More

Share of Export Sector in GDP

Exports have always played an important role in the economic development of most countries. This is evident even in Indian case from the continuous upward movement of percentage share of merchandise exports in the overall GDP of India from 13.9 percent in 2009-10 to 16.0 percent in 2010-11 and 17.7 percent in 2011-12. As per… Read More

Gifted shares to a subsidiary company appeared to be a method to avoid tax

CLR Editorial Note: The Applicant, a Singapore based company, gifted the shares of a firm, Bharath Wind Farm Ltd, an Indian company, to its 99.61% subsidiary Orient Green Power Ltd, another Indian company. As the gift was made prior to the enactment of section 56(2)(viia) and there was no consideration received, it was claimed that there was no… Read More

Pendency of PIL Appeal does not mean liability to pay income tax is over

CLR Editorial Note: The assessee was a dealer in liquor distributing the rectified spirit to various retail vendors on behalf of the Government. By a Government Order dated 12-5-1992, the amount payable to the assessee was enhanced, consequently, the assessee was entitled to a sum of Rs.2,06,33,600/-. In terms of the Government Order, the said amount was… Read More

Income filed in HUF capacity cannot be taxed again for the individual in the HUF

CLR Editorial Note: This case refers to an assessment of investments held. The assessee is objecting in confirming the assessment of capital gain of the assessee™s HUF in his individual capacity and also assessing the interest income belonging to HUF (Hindu Undivided Family) in the individual capacity of the assessee. It was noticed that the ancestral… Read More

Winding up petition cannot be admitted authenticity of complaint cannot be established

CLR Editorial Note: Petitioner, a company incorporated under the Companies Act, 1956, for short ˜Act™ carrying on business of manufacture of rubber moulded and extruded products. A payment was not made to it in one of its supplies and on further notices too there was no payment. The petitioner invoked Section 434 r/w 433 (e) and (f) of… Read More

The Tribunal is empowered to rectify its own mistake in an order

Ratio of the Case: The tribunal is empowered enough to rectify its own mistake in an order passed earlier on coming to know of it. It can also replace the order with either the correct one or with another one. CLR Editorial Notes: In the entire scenario, it was noted, that a wrong order got issued due to… Read More