Reforms in Power Distribution a Must – Mos for Power
The Minister of State (IC) for Power, Government of India Sh. Jyotiraditya Madhavrao Scindia has said that a refocus on the investment in power sector is the need of the hour as India™s investment is linked to this sector. While inaugurating a Conference on Restructuring Debts of DISCOMS™ for Sustainable Power Growth here today the… Read More
CLR Snippets:: Additional Judges Appointed to the High Court of Andhra Pradesh
In exercise of the powers conferred by clause (1) of Article 224 of the Constitution of India, the President has appointed (i) Shri Adavalli Rajasheker Reddy, (ii) Shri Ponugoti Naveen Rao, (iii) Shri Sarasa Venkatanarayana Bhatti, (iv) Shri Akula Venkata Sesha Sai and (v) Shri Challa Kondandaram Chowdary, as Additional Judges of the High Court… Read More
MCA Directs Distribution of Monies realized from Assets of Defunct Companies
Shri Sachin Pilot Directs Expeditious Distribution of Rs 3,270 Crore, Realized from the Assets of Defunct Companies, to Claimants Corporate Affairs Minister ShRI Sachin Pilot took a meeting of the Official Liquidators (OLs) attached with different High Courts here yesterday to take stock of their work relating to dissolution and winding up of companies. It… Read More
CLR Snippets:: Judges Appointed to the Supreme Court
In exercise of the powers conferred by clause (2) of Article 124 of the Constitution of India, the President has appointed Shri Justice Arjan Kumar Sikri, Chief Justice of the Punjab & Haryana High Court and Shri Justice Sharad Arvind Bobde, Chief Justice of the Madhya Pradesh High Court, as Judges of the Supreme Court… Read More
FCI Raises Rs. 5000 Crore through Bonds
The Food Corporation of India (FCI) has raised Rs.5000 crore by issue of taxable bonds backed by Government of India Guarantee to meet its additional working capital requirement. Bond issue was opened on 21.03.2013 and closed on 22.03.2013. The Bonds are of two tenures i.e., 10 years (Rs.300 crore) and 15 years (Rs.4700 crore). The… Read More
Kerala Finance Bill, 2013-14 Salient features and Operational instructions
No.C1-33000/12/CT Office of the Commissioner of Commercial Taxes Tax Tower, 8th Floor, Karamana, Thiruvananthpauram 695002 Dtd.02-04-2013 CIRCULAR No.4 / 2013 Sub:- Kerala Finance Bill, 2013-14 - Salient features and Operational instructions - reg. Kerala Money Lenders Act, 1958 01. The license fee of money lenders was enhanced from Rs.5,000/- to Rs.10,000/-. Kerala General Sales Tax… Read More
Over Thousand Participate in First Ever Hackathon Organized by Planning Commission
The Planning Commission concluded the Twelfth Plan Hackathon on 7th April, which is the first ever attempt of its kind by any Ministry in Government of India. This 32-hour marathon event was held in ten locations across the country and saw a total of 217 submissions from over a thousand participants in these locations. In… Read More
West Bengal Plan for 2013-14 Finalized
The Annual Plan for the year 2013-14 for the state of West Bengal was finalised here today at a meeting between Deputy Chairman, Planning Commission, Mr.Montek Singh Ahluwalia and Chief Minister of West Bengal, Smt. Mamata Banerjee. The plan size has been agreed at Rs.30,314crore. In his comments on the plan performance of the State,… Read More
“Bonafide Mistake” in filing returns does not call for penalty u/s 271(1)(c)
CLR Editorial Note: In this case, the assessee had filed a return of income in which two mistakes were committed (i) The assesssee claimed depreciation of Rs.1.70 crores instead of Rs. 1.05 crores due to a calculation mistake, (ii) the assessee had sold its garment manufacturing machine and had suffered a loss of Rs.21.68 lakhs… Read More
Arms Length Pricing – Adjustment cannot be made to the entire entity turnover/ profits
Ratio of the Case: With relation to the Transfer Pricing regime, Arms Length Pricing should be determined on segment-wise profits & not at an entity level. In such a case, adjustments cannot be made to the entire entity turnover or profits. CLR Editorial Notes: The assessee had entered into several international transactions with its Associated… Read More
MoC Speak :: Demands Internal Balance in the Trade Facilitation Proposal
Anand Sharma Demands Internal Balance in the Trade Facilitation Proposal Calls for LDC Package as Part of Bali Ministerial Meets Key WTO Ambassadors in Geneva The Union Minister for Commerce, Industry and Textiles Shri Anand Sharma, in a frank exchange on roadmap to Bali Ministerial with key Ambassadors to WTO in Geneva today, made a… Read More
Trade Credits for Imports into India Review of all-in-cost ceiling
RBI/2012-13/475 A.P. (DIR Series) Circular No. 98 April 9, 2013 To, All Category - I Authorised Dealer Banks Madam / Sir, Trade Credits for Imports into India Review of all-in-cost ceiling Attention of Authorized Dealer Category-I (AD Category-I) banks is invited to A.P. (DIR Series) Circular No.28 dated September 11, 2012 and A.P. (DIR Series),… Read More
TRAI extends date for comments on Consultation Paper
Extension of date for receipt of comments on TRAI™s consultation paper on Issues relating to Media Ownership The Telecom Regulatory Authority of India (TRAI) released a consultation paper on Issues relating to Media Ownership on 15th February, 2013, inviting written comments from the stakeholders by 8th March, 2013 and counter-comments by 15th March 2013, which… Read More
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