Corporate Law Reporter - The Daily Journal

DoT announces separate Auctions will be held for the Balance Spectrum in 1800 MHZ Band

The Supreme Court of India vide its Order dated 2nd February, 2012 in WP (Civil) No.423 of 2010 quashed the licenses and allocation of spectrum granted on or after 10.1.2008 pursuant to two press releases issued on 10.1.2008. It further ordered grant of license and allocation of spectrum in 2G band in 22 Service Areas… Read More

A Real Estate Trader can also claim benefits under section 54F

CLR Editorial Note: It was observed that the source of income of the assessee was mainly from the business of purchase and sale of plots/lands. It was ruled that such an assessee cannot be debarred from purchasing and holding some plots/land as capital asset and claim benefit u/s 54F. ----------------------------------------------------------- IN THE ITAT JODHPUR BENCH… Read More

Regulatory Amendments advised by Insurance Advisory Committee for IRDA Act with respect to Appointed Actuary

IRDA (APPOINTED ACTUARY) (FIRST AMENDMENT) REGULATIONS, 2013 - AMENDMENT IN REGULATION 3 AND INSERTION OF REGULATION 11 NOTIFICATION F.NO.IRDA/REG/4/62/2013, DATED 7-2-2013 In exercise of the powers conferred by section 114A of the Insurance Act, 1938 (4 of 1938) read with sections 14 and 26 of the Insurance Regulatory and Development Authority Act, 1999 (4 of… Read More

KVAT clarifications on whether development, construction’ and sale of residential apartments is a taxable transaction

PROCEEDINGS OF THE AUTHORITY FOR CLARIFICATION AND ADVANCE RULING UNDER SECTION 60 OF THE KARNATAKA VALUE ADDED TAX ACT, 2003 READ WITH RULES 163 TO 165 OF THE KARNATAKA VALUE ADDED TAX RULES, 2005 M/s. CHALET HOTELS PRIVATE LIMITED TIN: 29660859748 JURISDICTIONAL ASSESSING AUTHORITY: ACCT, LVO-20 - Bangalore ORDER NO.AR.CLR.CR. 4/2012-13 DATED 01.10.2012 The applicant is… Read More

Inadvertent Error in the order of CESTAT

While deciding an appeal by the Revenue, Hon'able HC noticed an inadvertent error that: In appeal, the learned Tribunal accepted the appeal of the assessee. Challenge in the appeal by the assessee before the Tribunal was in respect of the payment of interest and penalty. It is the said amount which was set aside by… Read More

Government to set up a Subcommittee of Experts to work towards a Draft National Conservation Policy

Government has decided to constitute a subcommittee of experts to work towards a draft National Conservation Policy. Chairing the meeting of the National Empowered Committee (NEC) of the National Mission of Manuscripts (NMM) here, Minister of Culture Smt. Chandresh Kumari Katoch lauded the performance and work of the NMM. She said there is a need… Read More

Budget Session of Parliament Commencing on 21st February 2013

Shri Kamal Nath addresses Press Conference on Budget Session of Parliament Commencing on 21st February 2013 The Budget Session, 2013 of Parliament (13th Session of the Fifteenth Lok Sabha and the 228th Session of the Rajya Sabha) will commence on Thursday, the 21st of February, 2013 and subject to exigencies of Government Business, the Session… Read More

‘Fees for Technical Services’ provided through automated processes with no human skill intervention, needs no tax deduction

CLR Editorial Notes: The case is related to certain Lab tests carried out overseas (Germany), by appellant for their equipment The tests were carried out by automated processes and only the test certificate was handed over by a Human. The IT Department AO noted that this has been classified under Fees for Technical Services and hence comes under the… Read More

FEMA clarifications with respect to Import of precious and semi precious stones

RBI/2012-13/418 A.P. (DIR Series) Circular No.83 February 20, 2013 To All Category - I Authorised Dealer Banks Madam / Sir, Foreign Exchange Management Act,1999 - Import of precious and semi precious stones- Clarification Attention of Authorised Dealer Category I (AD Category I) banks is invited to the provisions contained in A.P.(DIR Series) Circular No.34 dated… Read More

Date of Results for Company Secretaries Examination December, 2012 announced

The result of Foundation Programme (Old Syllabus), Executive Programme and Professional Programme Examinations held in December, 2012 is scheduled to be Declared at 11.00 a.m. On 25th February, 2013. The results along with individual candidate™s subject-wise break-up of Marks will be available on the institute™s website. Formal e-result-cum-marks statement will be uploaded on the website… Read More

Compliance Certificate by Practicing Company Secretary for listing of SMEs

In recognition of the role of SMEs in economic development of the country, Securities and Exchange Board of India (SEBI) and the Stock Exchanges have laid down a conducive regulatory framework for raising resources by SMEs from the market, keeping in view the interests of investors. According to the framework, a SME meeting with the… Read More

Appointment of Baddi, in Himachal Pradesh as an Inland Container Depot

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)] GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 22/2013 - Customs (N.T.) New Delhi, dated the 20th February, 2013 G.S.R¦..(E) . - In exercise of the powers conferred by clause (aa) of sub-section (1) of section 7 of the Customs… Read More

Custom clarifications regarding inclusion of Visakhapatnam Airport in the list of ports permitted for exports and imports under Export Promotion Schemes

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)] GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 4/ 2013 - Customs New Delhi, dated 14th February, 2013 G.S.R. 86(E) In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962… Read More