M/s Sesa Goa Ltd (SGL) was ordered to be investigated by the SFIO on 23.10.2009 u/s 235 of the Companies Act, 1956. Based on the recommendations made by the SFIO in its investigation report prosecutions under Sections 147 and 395 of the Companies Act, 1956 have been filed in Court while prosecution for the violation u/s 211 is being filed. Further a reference is being made to the Institute of Chartered Accountants of India to initiate disciplinary action against the statutory auditors of the company for professional misconduct under schedule I and II of the Chartered Accountants Act, 1949.
Cut and polished diamonds sent abroad and re-imported after certification/ grading by the laboratories/ agencies as notified in the Foreign trade Policy have been exempted from two percent basic customs duty with effect from 9.3.2012. The exemption is a facilitation measure to ensure that the domestic cutting and polishing industry does not suffer additional duty […]
Enquires are being received as to whether the examination for the Paper – 4 of Professional Competence Examination (PCE) and Paper – 3 of Integrated Professional Competence Examination (IPCE) Cost Accounting and Financial Management which is scheduled to be held on 8th May, 2012 has been postponed or not.
The Union Finance Minister Shri Pranab Mukherjee said that the monetary authority in India has on 17th April 2012 reversed the policy rates for the first time, after a gap of nearly three years. He said that he hopes this will help in investment revival and contribute to strengthening of business sentiments. On the fiscal front, the Finance Minister said that we are committed to bring down the subsidy bill below 2% of GDP in 2012-13 and to 1.75% of GDP in next three years. Shri Mukherjee was making Introductory Remarks before addressing a Press Conference in Manila, Philippine today.
The Ministry of Corporate Affairs has set up a Committee to develop the roadmap for future implementation of Extensible Business Reporting Language (XBRL). This Committee comprises of XBRL experts and representatives from the corporate sector as well as the Institute of Chartered Accountants of India (ICAI). The terms of reference of the Committee are as under:
On a review of developments in the global financial markets and current macro-economic conditions, the Reserve Bank has taken the following measures to ease foreign currency flows as also to enhance the availability of export credit in foreign currency:
. Government constituted a Group of Ministers (GoM), on 6th January, 2011 with the approval of the Prime Minister, to consider measures that can be taken by the Government to tackle corruption. One of the terms of reference (ToR) of the GoM was to consider and advise on – Fast tracking of all cases of public servants accused of corruption”. The Group of Ministers, while considering this ToR, observed that it is imperative that cases of sanction for prosecution should be decided expeditiously and within the timeframe of 3 months. The GoM, therefore, recommended that:-
important thing to appreciate here is that the provision created is on account of ascertained liability and the same should logically be excluded out of the calculation of book profits Clause (c) of Explanation (1) of Section 115JB. If the argument of the AO is accepted then every creation of provision will lead to dilution/reduction in the value of assets as a general class and therefore would not be deductible from book profit.
With regard to the assessee’s claim for exemption under section 10(1) of the Act in respect of agricultural income, the only aspect that clinches the nature of the agricultural income is whether agricultural operations were carried out or not. Once it was established that such agricultural activities were carried out by the assessee, assessee was entitled for exemption in respect of such agricultural income under section 10(1) of the Act, irrespective of any violation of the statutory provisions as alleged by the Assessing Officer in the instant case. Such infraction of the statutory provisions may expose the assessee to the risks of being penalized or punished under the relevant statutes, but the same do not change nature of the agricultural income, and as such, cannot be fatal to the assessee’s claim for exemption under section 10(1) of the Act.
FDI is not permitted in Real Estate Business. However, as per paragraph 6.2.11 of ‘Circular 1 of 2012 – Consolidated FDI Policy’ of the Department of Industrial Policy & Promotion (DIPP), FDI upto 100 per cent is permitted under the automatic route for Townships, housing, built-up infrastructure and construction development projects (which would include, but not be restricted to, housing, commercial premises, hotels, resorts, hospitals, educational institutions, recreational facilities, city and regional level infrastructure), subject to certain conditions.
