Corporate Law Reporter - The Daily Journal

CBEC Corrigendum to Circular on Single Revolving Bank Guarantee

Circular No. 5/2013-Cus F.No. DGEP/G&J/27/2012 Govt. of India Ministry of Finance, Department of Revenue, Central Board of Excise & Customs Directorate General of Export Promotion February 6, 2013 All Chief Commissioners of Customs/Central Excise, All Commissioners of Customs/ Central Excise. Madam/ Sir, Sub: Single Revolving Bank Guarantee for Different Transactions for Import of Silver or… Read More

ITAT Mumbai settles dispute regarding dis-allowance of expenses relating to exempt income under section 14A

CLR Editorial Notes: The case is related to a dispute regarding dis-allowance of expenses relating to exempt income under section 14A of the Act. Under the said provisions, the dis-allowance of expenses relating to exempt income is required to be computed as per Rule 8D. The Hon'ble High Court of Bombay had earlier adjudged in… Read More

Gujarat HC judgement on assessment of escaped income if the original reason has been dropped

IN THE HIGH COURT OF GUJARAT AT AHMEDABAD TAX APPEAL NO. 964 of 2011 TO TAX APPEAL NO. 967 of 2011 FOR APPROVAL AND SIGNATURE: HONOURABLE MR.JUSTICE AKIL KURESHI and HONOURABLE MS JUSTICE SONIA GOKANI ================================================================ ================================================================ COMMISSIONER OF INCOME TAX-II....Appellant(s) Versus MOHMED JUNED DADANI....Opponent(s) ================================================================ Appearance: MR MANAV A MEHTA, ADVOCATE for the Appellant(s)… Read More

MoF Speak :: Urges Printing and Minting Corporation to Diversify

PRESS INFORMATION BUREAU GOVERNMENT OF INDIA *** MOS (FINANCE) URGES SPMCIL TO FOCUS ITS MARKETING ACTIVITIES TO SOURCE NEW BUSINESS OPPORTUNITIES AND DIVERSIFY INTO UNEXPLORED NEWER BUSINESS AREAS New Delhi: Magha 22, 1934 February 11, 2013 Shri Namo Narain Meena, Minister of State (MoS) for Finance, Govt. of India urged Security Printing and Minting Corporation… Read More

GoI signs a $60 million credit agreement with World Bank for Watershed development project

PRESS INFORMATION BUREAU GOVERNMENT OF INDIA *** GOVERNMENT OF INDIA AND WORLD BANK SIGN $60 MILLION FOR KARNATAKA WATERSHED DEVELOPMENT PROJECT II PROJECT TO IMPROVE GOVERNMENT WATERSHED OPERATIONS IN 930 MICRO WATERSHEDS COVERING 465,000 HA ACROSS 7 DISTRICTS OF KARNATAKA; 160,000 FARMER HOUSEHOLDS TO BENEFIT New Delhi: Magha 22, 1934 February 11, 2013 The Government… Read More

RBI releases its monthly Bulletin for February 2013

RBI releases its monthly Bulletin for February 2013 The Reserve Bank today released the February 2013 issue of its monthly Bulletin. The Bulletin contains the Statement on Third Quarter Review of Monetary Policy 2012-13, the fifteenth C. D. Deshmukh Memorial Lecture, the first Prof. Tendulkar Memorial Oration and regular features, viz., speeches of the top… Read More

Banking as a Fundamental Right of People – Deputy Governor, RBI

Banking as a Fundamental Right of People! (Address by Dr. K.C. Chakrabarty, Deputy Governor, Reserve Bank of India, at the 27th National Conference of the AIBEA at Kochi on February 9, 2013) 1. Com. Rajen Nagar, President and Com. C H Venkatachalam, General Secretary of All India Bank Employees Association (AIBEA), Shri P. Sainath, Rural… Read More

State Food Ministers Conference to Discuss National Food Security Bill

The Union Food Ministry has called a meeting of State Food Ministers on February 13 to have detailed consultations on National Food Security Bill before it is again placed in the Parliament. The National Food Security Bill, to provide a statutory framework for assured food security to all was introduced in Lok Sabha on 22nd… Read More

Opening of NRO accounts by individuals of Bangladesh Nationality

All related circulars are being attached here for reference. RBI/2012-13/414 A.P.(DIR Series) Circular No. 82 February 11, 2013 To All Authorised Dealer banks and Authorised banks Madam / Sir, Opening of NRO accounts by individuals of Bangladesh Nationality Attention of all the Authorised Dealer banks and Authorised banks (Authorised banks) is invited to Paragraph… Read More

FM Speak :: Need for non-intrusive tax administration

Government Once again urges all Tax Payers to Disclose their true income and pay Appropriate Taxes within the Current Financial Year; Nodal Cell set up to Capture the Response and take Follow-up Action; an Online Monitoring System to Ensure Follow-up Action and Track Return Filing and Tax Payment of the Target Segment The Union Finance… Read More

Relaxation of additional fees and extension of last date in filing of various forms with the MCA

Circular No.. L./2013 No.17/187/2011-CL.V Government of India Ministry of Corporate Affairs 5th Floor, 'A' wing, Shastri Bhawan Dr. R.P. Road, New Delhi-110 001 Dated the: 8th February, 2013 To, All Regional Directors, All Registrars of Companies, All Official Liquidators, All Stakeholders. Sub:-Relaxation of additional fees and extension of last date in filing of various… Read More

CLB dismissed Company Petition filed under Sec 397 and 398 (oppression and mismanagement)

CLR Editorial Notes: The case refers to a Company Petition (CP) filed under sections 397 and 398 (oppression and mismanagement). The Company Law Board has held that that the consideration of oppression and mismanagement arises only if the petitioners are found to be shareholders of the company. Hence the issue being held against the company and… Read More

MCA will waive additional fees owing to non-smooth functioning of its website

The following message has been displayed on the home page of the Ministry of Corporate Affairs. The Ministry acknowledges that services on MCA 21 are not of the fullest satisfaction of the stakeholders for last few days. The Ministry is seized of the matter and taking all necessary steps for smooth functioning of MCA 21.… Read More