Corporate Law Reporter - The Daily Journal

ICSI Program on Drafting in Mumbai

ICSI to organise a program on Drafting on July 17, 2011 ICSI to organise a program on Drafting on July 17, 2011, Sunday from 10.00 a.m to 6.00 p.m at the ICSI CCGRT Conference Hall, Plot No. 101, Sector 15, Institutional Area, CBD Belapur, Navi Mumbai; with lunch and background material. Clearly drafted documents are expected to improve compliance… Read More

Deduction available to Contractor who merely develops and does’nt operate the infrastructure facility

Laxmi Civil Engineering Pvt Ltd vs. ACIT (ITAT Pune) S. 80-IA(4) deduction available even to contractor who merely develops but does not operate & maintain the infrastructure facility Relying on the judgement of the Larger Bench in B. T. Patil & Sons 126 TTJ 577 (Mum), the assessee™s claim for deduction u/s 80-IA(4) was denied by the Tribunal on… Read More

National Workshop on Role of Central Board of Workers Education organised in Delhi

Union Minister of Labour and Employment Shri Mallikarjun Kharge inaugurated a two day National Workshop on Role of Central Board of Workers Education in Awareness Generation of Mahatma Gandhi National Rural Employment Guarantee Act MNREGA in New Delhi. Shri Mallikarjun Kharge said that rural population in general and rural working people in particular have to… Read More

Direct Tax collections increases in 2010-11, reaching nearly to Rs.4,46,000 crore: Finmin

The Union Finance Minister Shri Pranab Mukherjee said that direct tax collections now account for more than 56 per cent of the total revenue collections of Central Government, making the tax system more progressive than it ever was in the history of independent India. The Finance Minister Shri Mukherjee said that direct tax collections have… Read More

India achieves major breakthrough in solar thermal cooling system technology

Minister of New & Renewable Energy, Dr. Farooq Abdullah on 1st July 2011 inaugurated the world™s highest efficiency solar thermal cooling system at the Solar Energy Centre in Gurgaon in Haryana. Minister of Power, Shri Sushilkumar Shinde was also present on the occasion. The new 100 kw Solar Air-Conditioning System works at 30% higher efficiency… Read More

GOI and World Bank sign US$200 million to strengthen the Local Government of Kerala

To strengthen the capacity of gram panchayats and municipalities in Kerala, an IDA credit of US$200 million was signed between the Government of India and the World Bank in Thiruvananthapuram yesterday. The Kerala Local Government and Service Delivery Project will fund improvements in local infrastructure to help Kerala usher in second-generation reforms towards greater decentralization… Read More

Prime Minister™s Shram Awards, 2010 awarded to 76 workers

The Government of India today announced the Prime Minister™s Shram Awards for the year 2010 to be awarded to 76 workers employed in the Departmental Undertakings & Public Sector Undertakings of the Central and State Governments and Private Sector Units employing 500 or more workers in recognition of their distinguished performances, innovative abilities, outstanding contribution… Read More

Income Tax (Sixth Amendment) Rules, 2011

CLR Note: Firm required to furnish the return in Form ITR-5 or an individual or HUF required to furnish the return in Form ITR-4 MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification New Delhi, the 1st July, 2011 INCOME TAX S.O.1497(E)- In exercise of the powers conferred by Section 295 read… Read More

Customs Notification No. 46/2011- Coal and Limestone

Government of India Ministry of Finance (Department of Revenue) (Central Board of Excise and Customs) Notification No. 46/2011-CUSTOMS (N. T.) New Delhi, 7th July, 2011 16 Asadha, 1933 (SAKA) S. O¦ (E) In exercise of the powers conferred by clause (d) of sub-section (1) of section 7 of the Customs Act, 1962 (52 of 1962), the… Read More

Sh. Salman Khursheed takes Charge as New Law & Justice Minister

Shri Salman Khursheed assumed charge of office as Minister of Law & Justice today. Speaking on the occasion, the Minister said that his priority would be to continue with the important work and reforms being done by his predecessor. Amongst the other priorities, the Minister listed that the Lokpal Bill, the Food Security Bill, the… Read More

Dr. M.Virappa Moily takes charge of Ministry of Corporate Affairs

Dr. M.Virappa Moily today took charge as the new Corporate Affairs Minister here in Shastri Bhawan, New Delhi. Shri D.K. Mittal, Secretary Corporate Affairs and other senior Officials in the Ministry were present on the occasion. Later addressing the media persons the minister said he will strive for the smooth paasage of the Companies… Read More

Profit is taxable on completion of each milestone in case of turnkey contracts – ITAT Delhi

Raytheon Company vs. DDIT (ITAT Delhi) The assessee, a USA company, entered into two separate contracts with AAI, one for supply of equipment and the other for rendering installation and training services. The AO & CIT(A) held (i) that the two contracts were an indivisible works contract, (ii) that as the supply involved embedded software, the… Read More

Siva Industries & Holdings Ltd vs. ACIT (ITAT Chennai)

Siva Industries & Holdings Ltd vs. ACIT (ITAT Chennai) Assessee filed an appeal against the order of Assessing Officer The Tribunal had to consider two issues (i) whether where investments are made in shares funded partly by borrowings, the interest on the borrowings can be disallowed u/s 14A even if no tax-free dividend has been received… Read More