Finance Minister Pranab Mukherjee’s decision to increase the tax concession on construction of real estate complexes from 67 per cent to 75 per cent of the gross value of property, including land value, has been welcomed by the industry and analysts.
The Securities and Exchange Board of India plans to tighten the rules for transfer of sub-accounts by foreign institutional investors. Sebi defines sub-accounts as entities that include foreign companies, foreign individuals and institutions, funds or portfolios established or incorporated outside India, on whose behalf FIIs propose to make investments in India.
Honourable Supreme Court on Friday issued notices to the Centre and 14 life insurers on a petition by market regulator Securities and Exchange Board of India seeking transfer of cases from high courts relating to Unit Linked Insurance Products.
Government on Friday said that ICICI Bank and HDFC Bank cannot be called Indian-owned banks, setting at rest the debate generated over the nationality of the top two private sector lenders. At best, the two can be called as Indian-controlled banks,” DIPP secretary R P Singh said when asked about the government’s stand in the wake of the two seeking clarifications on the matter.
Ashoka Buildcon vs. ACIT (Bombay High Court) :-An assessment order u/s 143(3) was passed on 27.12.2006. A reassessment order u/s 147 was passed on 27.12.2007. A show-cause notice u/s 263 was issued by the CIT on 30.4.2009 in respect of issues that werenot the subject matter of the reassessment order. The s. 263 notice was time-barred if reckoned from the date of the assessment order but was within time if reckoned from the reassessment order.
In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1of 1944), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance [More…] (Department of Revenue), No. 8/2003-Central Excise, dated the 1st March, 2003, published in the Gazette of India, Extraordinary, vide number G.S.R. 138(E), dated the 1st March, 2003, namely:-
In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), read with sub-section(3) of section 85 of Finance Act, 2005 (18 of 2005), the Central Government, on being satisfied that it is necessary in the public interest so to do,
I have been writing articles continuously on section 397/398 of the Companies Act, 1956 touching complicated and interesting areas as I feel. I am of the strong opinion that for good corporate growth, the law governing corporates or the companies should be clear and there should be an “effective redressel mechanism”.
