"15 March 2017" Archive

Governor can suspend PSC Member only after reference of matter by President to SC

Dr (Smt) Mangala Sridhar Vs The State of Karnataka (Karnataka High Court)

The Constitution contemplates various scenarios in which a Governor can exercise his discretion dehors the aid and advice of the Council of Ministers, as for example, the powers under Article 174(2): dissolution of legislative assembly; Article 356: advising the President for proclamation of emergency; Article 167: calling for information...

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NPAs slowed down in Q4 of Current Financial Year: FM

FM: Rate of increase of Non Performing Assets (NPAs) has slowed down in the last Quarter of the Current Financial Year; Government is taking sector specific measures to deal with the problem of NPAs;...

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Posted Under: Corporate Law |

Average cost method of valuing inventories is an accepted method

CIT Vs Uday M. Ghare (Bombay High Court)

Having heard Mr. Pinto at some length and perusing with his assistance the order, dated 19­7­2013, passed by the Income Tax Appellate Tribunal, “F” Bench, Mumbai in Income Tax Appeal No.4125/Mum/2012 for the Assessment Year 2009-­10, we are of the view that the same does not raise any substantial question of law....

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Penalty cannot be levied for bonafide mistakes in making wrong claim

Wadhwa Estate & Developers India Pvt. Ltd Vs ACIT (ITAT Mumbai)

Aforesaid appeal by the assessee is directed against order dated 30th December 2015, passed by the learned Commissioner (Appeals)– 53, Mumbai, confirming penalty imposed of Rs. 2,57,246, under section 271(1)(c) of the Income Tax Act, 1961 (for short the Act) for the assessment year 2011-12....

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EPF contribution exemption to Singapore citizens working in India

File No. IWU/7(14)2008/Singapore/20803 (14/03/2017)

Special Provision in respect of International Workers-- Exemption granted under the Comprehensive Economic Cooperation Agreement between the Republic of India and the Republic of Singapore (CECA-2005) to Singapore citizens working in India from contributing to social security schemes in India - Clarification regarding....

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Constitution not allow a MP to make defamatory statement outside Parliament

Narinder Batra & Anr Vs. Kirti Azad (Delhi High Court)

It was held that Article 105(2) though gives immunity in respect of everything said in Parliament but subject to the limitation that it should have been said during the sitting of Parliament and in the course of business of Parliament....

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NCALT penalises for non-appointment of whole time secretary

M/s. Gopala Polyplast Ltd. & Ors. Vs Registrar of Companies, Ahemdabad, Gujarat

The Appellant being not satisfied with the compounding of fine has challenged the order dated 30th September, 2016 passed by National Company Law Tribunal, (hereinafter referred to as the Tribunal), Ahmedabad Bench, in TP No.154/621A/NCLT/AHM/2016 (New), CA No.90/621A/CLB/MB/2013 (Old)....

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Posted Under: Corporate Law | |

Change of date of birth of Employees Pension Fund member-Reg.

No.Pension-ll/instructions/Guidelines/2016-17/33314 (10/03/2017)

vide Head Office letter no. Pension-l/lnstructions/Guidelines/2016/ 11900 dated 07.10.2016 it was directed that the request for change in date of birth must have approval of RPFC in charge of the Region....

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Enemy Property (Amendment and Validation) Act, 2017

NO. 3 OF 2017 (14/03/2017)

(1) This Act may be called the Enemy Property (Amendment and Validation) Act, 2017. (2) Save as otherwise provided in this Act, it shall be deemed to have come into force on the 7th day of January, 2016....

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CBEC clarifies on classification of ‘Saree’ under CETA, 1985

Circular No. 1054/03/2017-CX (15/03/2017)

Whether the goods described as 'Saree' which has undergone further processing such as embroidery, stitching of lace and tikki etc. and stitched with two or more kinds of fabrics is classifiable as Saree under Chapter 54 or as made-ups under Chapter 63 of the Central Excise Tariff Act, 1985....

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