Government on Wednesday justified its decision to neutralise the impact of Supreme Court decision in the Vodafone case by amending the Income Tax Act with retrospective effect suggesting it was to prevent outflow of Rs 40,000-Rs 50,000 crore from the exchequer.
Chennai Metro Rail Limited (CMRL), hereinafter referred to as the Client, is the Special Purpose Vehicle of the Government of Tamil Nadu and the Government of lndia for implementation of Phase 1 of the Chennai Metro Rail Project. The GoI and GoTn have approved a Metro Rail project for Chennai in January 2009 with a total budget of INR 14600 crores (US $3 Billion). The project aims to alleviate the traffic problems of the city and reduce vehicular pollution. The Client intends to invite Tenders for Consultants to carry out an Internal Audit function initially for a period of 1 year and will be renewed subject to the performance.
In partial modification of this office order of even number dated 11th May, 2012; and upon consultations of the collegium of the Income Tax Appellate Tribunal consisting of the President and two senior-most Vice Presidents, the transfer of Ms. Sushma Chowla, Judicial Member, Chandigarh Benches to Pune Benches is cancelled in public interest. Ms. Sushma Chowla, Judicial Member will continue to function from Chandigarh Benches.
ORDER [NO. F-46-AD(AT)2012], DATED 11-5-2012 In pursuance of the consultations of the collegium of the Income Tax Appellate Tribunal consisting of the President and two senior-most Vice Presidents, the following Members of the Income Tax Appellate Tribunal are hereby transferred, in public interest, in the same capacity to the Bench(es) of the Income Tax Appellate Tribunal as shown against their names, with effect from 28th May, 2012: –
ATTENTION: CAT LEVEL-1 STUDENTS APPEARING FOR EXAM ON 24.6.2012 All the CAT Level-1 students appearing for June’12 CAT Examination are hereby informed that in order to familiarise them with the new pattern of CAT Level-l exam two mock tests are scheduled at their respective CAT Study Centre/ROCC on the below mentioned dates:
Group to examine the circular dated 12th August, 2011 of Reserve Bank of India regarding eligibility for statutory audit of private/foreign banks vis-à-vis public sector banks simultaneously and suggest the way forward for taking up the matter with the concerned authorities
If I have to deposit fees for filing appeal, what should I do? Corporate Assessee:- In case you have to deposit appellate fees, copying charges or other miscellaneous payments, tick box 0020, thereafter tick box ‘400 Regular Tax’ under ‘Type of Payment’ and fill up the amount to be paid in ‘Others’ column under ‘Details of Payment’.
In this case, the assessee had exchanged old flat with new flat to be constructed by the builder under development agreement which amounts to transfer under section 2(47) of the Act. Thus, the only other condition which is required to be satisfied is that assessee either purchases a new residential flat within the prescribed limit or constructs a new residential flat within a period of 3 years from the date of transfer.
Rajya Sabha on 16.05.2012 returned the ‘Finance Bill 2012′, as passed by the Lok Sabha without making any amendment to the bill.
The Financial Advisers, who are on the Board of CPSEs, are requested to emphasize the benefits of listing, as mentioned in the above D.O. letter, and get the CPSEs listed in compliance with the disinvestment policy. Further, Financial Advisers are requested to advise the CPSEs that consequent to listing such Companies would be better able to tap the capital market for capital expenditure requirements instead of depending on Government finances.
