MoCIT Speak :: Indo-Japan must collaborate more in the Information Technology space
Shri Kapil Sibal: India and Japan can Partner using their Strengths in Software and Hardware India and Japan can partner using their strengths of Indian expertise in software and Japanese expertise in hardware, and explore the upcoming markets. For this end, dedicated teams between the two countries would be required. This was stated by Shri… Read More
Memorandum of Agreement for Reviving Crafts Heritage
National Culture Fund, Rural Electrification Corporation (REC) and Sewa Federation Sign Memorandum of Agreement for Reviving Crafts Heritage and providing sustainable livelihood to the Artisans A Memorandum of Agreement (MoA) forging partnership between NCF/REC/SEWA Federation was signed here today for the project Reviving Crafts Heritage and Providing Sustainable Livelihood to the Artisans. The MoA was… Read More
International Conference on Inclusive Urban Planning
The Ministry of Housing and Urban Poverty Alleviation (M/oHUPA), Government of India is organizing a two day International conference on Inclusive Urban Planning on 18-19th February 2013 at Vigyan Bhavan. The conference is a part of the series of such events organized every two years, where publication of India Urban Poverty Report is an immediate… Read More
Mandatory for Cooperative societies claiming deduction under section 80P to file Returns
CLR Edictorial Notes:- In view of mandatory provisions of section 139(1) (Return of Income) of the Income Tax Act, 1961, read along with section 80A(5) (Where the assessee fails to make a claim in his return of income for any deduction under section 10A or section 10AA or section 10B or section 10BA or under any provision of this Chapter under the heading "C.”Deductions… Read More
Ministry taking measures to resolve issues with MCA 21 e-Governance Portal
Ministry of Corporate Affairs Taking Necessary Measures to Resolve the Temporary Difficulties in the Ministry™s MCA 21 e-Governance Portal The Ministry of Corporate Affairs is taking necessary measures to resolve the temporary difficulties that have arisen in the MCA 21 e-Governance portal of the Ministry. At the same time, in order to alleviate the problems… Read More
Section 43(1) of IT Act cannot be invoked if extra price paid for acquiring Assets
CLR Editorial Notes:- Explanation 3 to section 43(1) can't be invoked for computing actual cost of assets merely because assessee has paid some extra price for acquiring that asset unless other conditions of such explanation stand satisfied References: Section 43 (1) Definitions of certain terms relevant to income from profits and gains of business or profession.… Read More
Issue of taxability of a revocable share transfer as deemed gift u/s 4(1)(c) of the Gift-tax Act
IN THE SUPREME COURT OF INDIA CIVIL APPELLATE JURISDICTION CIVIL APPEAL NO. 3914 OF 2010 Satya Nand Munjal ¦..Appellant Versus Commissioner of Gift Tax ¦..Respondent WITH CIVIL APPEAL NO. 3915 OF 2010 J U D G M E N T Madan B. Lokur, J. 1. Civil Appeal No. 3914/2010 (Assessee: Satya Nand Munjal) and Civil… Read More
Inter unit transfers of goods or services within same assessee should be recorded at market value
CLR Editorial Notes:- Only where there is some inter unit transfer of goods or service between various units of the same assessee, then it has to be ensured that recording of such transfer of goods or services should be at market value of such goods or services on the date of transfer. ---------------------------------------------- 2013-ITS-79-ITAT-Cadila Healthcare… Read More
Delhi Declaration on Traditional Medicine for the South-East Asian Countries
The two-day International Conference on Traditional Medicine for South-East Asian Countries concluded with Adoption of Delhi Declaration In New Delhi today. The Delhi Declaration is as follows: A. We, the Health Ministers of South-East Asian countries, representing the Governments of Bangladesh, Bhutan, India, Nepal, Minister of Indigenous Medicine, Sri Lanka, and Vice Minister of Health,… Read More
DGCI urges license holders to launch new drugs within 6 Months or else face cancellations
F.No.12-01/12DC Pt- 127 Directorate, General of Health Services (Office of DCG(I)), FDA Bhawan, Kotla Road, new Delhi Dated : 10.01.2013 To All State Drug Controllers Sub: Cancellation of permission / license in case an applicant/ manufacturer who fails to launch their product for marketing in the country within a period of six months from obtaining the permission / license from CDSCO regarding. Sir, Under the… Read More
RBI sets up Technical Committee on Services/Facilities for the Exporters
Given the current global and Indian scenario and the importance of export sector in the overall context, the Reserve Bank of India has constituted a technical committee to examine issues relating to difficulties being faced by exporters with regard to availability of credit, transaction costs, insurance and factoring and other procedural hassles in their dealings… Read More
Charges incurred for installation of machinery given on lease is capital in nature
CLR Editorial Notes: This case refers to an IT assessment of a Telecom Services company (engaged in promotion and establishing telecom services and allied activities). The assessee objected to the Tribunal's order of placing an installation expenditure and software expenses being capital in nature. The Hon'ble ruled that the charges incurred for installation of machinery reflected under head… Read More
NSDL does not have jurisdiction to adjudicate claim of ownership with respect to demated shares
CLR Editorial Notes: This is an Appeal under Section 10F of the Companies Act, 1956. The Hon'ble High Court of Mumbai has ruled that the National Securities Depositories Limited is not empowered to decide and/or adjudicate the claim of title in respect of demated shares. Any dispute with regard to the ownership and/or title of any share… Read More
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