The Ministry of Civil Aviation has set up an Independent Accident Investigation Committee on 26.5.2011 to ensure independent, fair and transparent investigation of accidents. This Committee will work under oversight of Ministry of Civil Aviation. The Committee will have following functions and responsibilities:- Draw up a formal procedure for the notification of an accident of serious incident.
Retirement fund body EPFO will appoint the multiple fund managers to manage its huge corpus of Rs 3.5 lakh crore by July 31, a month ahead of its latest deadline. Employees’ Provident Fund Organisation (EPFO) will be able to wind up the process of appointment of fund managers by July 31, a Labour Ministry official said.
) The government has modified the guidelines for filling board-level vacancies in state-owned companies in time and also to help the Central Public Sector Enterprises (CPSEs) to improve performance. Under the new guidelines issued by the Public Enterprises Selection Board (PESB), the exercise to appoint board level functionaries would be initiated 16 months prior to the anticipated date of vacancy.
As many as eight Indian-origin persons, including those working with Tatas and Bharti group, have been named among 40 young leaders of the global telecom industry. Indians featured in the ’40 under 40′ list by Global Telecoms Business (GTB), a telecommunications magazine, include Srinivasa Addepalli of Tata Communications, Pankaj Agrawal (Aircel), Ajay Chitkara (Bharti Airtel), Gauri Raizada (Tata Teleservices) and Rene Meza (Airtel Kenya), Mukesh Bavisi (Exponential-e), Udit Mehrotra (Shyam Networks) and Upendra Poranki (Nokia Siemens Networks).
Sebi is set to reopen its probe into multi-crore IPO scam of 2003-2006, after more than a year of declaring as ‘null and void’ the charges made by its own committee against depository NSDL and others in the matter. Sebi will discuss afresh in its next board meeting on June 30 a two-member committee’s investigation report on the scam, except the part where the market regulator itself was accused of failing in its regulatory role, sources told PTI.
Titanor Components Ltd Vs ACIT, Panaji -(High Court of Bombay at Goa) – The power conferred by Section 147 does not provide a fresh opportunity to the AO to correct an incorrect assessment made earlier unless the mistake in the assessment so made is the result of a failure of the assessee to fully and truly disclose all material facts necessary for assessment. Indeed, where the assessee has fully disclosed all the material facts, it is not open for the AO to re-open the assessment on the ground that there is a mistake in assessment. Moreover, it is necessary for the AO to first observe whether there is a failure to disclose fully and truly all material facts necessary for assessment and having observed that there is such a failure to proceed under Section 147. It must follow that where the AO does not record such a failure he would not be entitled to proceed under Section 147.
Dy. DIT, Ernakulam Vs Adi Sankara Trust ( ITAT Cochin)- Income Tax – Sections 11, 12A, 32(1) – When assessee, a charitable body, has already claimed deduction for acquisition of capital assets as application of money, the further claim of depreciation on the same assets would amount to double benefits and can not be allowed.
CIT v Gujarat Safai Kamdar Vikas Nigam (High Court of Gujarat at Ahmedabad) – It was a scheme envisaged for implementation of certain Government programmes in particular, to uplift the living condition of manual scavengers and other Safai Kamdars involved in similar activities. Though exact words may not have been used that the funds made available are directed to form the corpus of the Corporation and to be used for such purpose, the entire purport of the scheme has to be gathered from the reading of the scheme as a whole. If so done, it leaves no doubt in our mind that the funds were made available to the Corporation for implementing the scheme in a particular manner. The assessee Corporation was not th sole trustee. The Scheduled Caste Development Board was also liable for implementation of the scheme to be supervised by a Committee headed by the Deputy Minister which included other Government officials. To our mind, the Tribunal committed no error in holding that the grant in question fulfills the requirement of section 11(d)(1) read with section 12(1) of the Act. In the result, tax appeal is dismissed.
The 194th meeting of the Central Board of Trustees, EPF, which was the eleventh regular meeting of the present Board, was convened here today. The Board deliberated upon a proposal for further extension of the selection process of the new fund managers for a period of two months effective from 01.07.2011. The Board also stipulated that the Employees’ Provident Fund Organisation EPFO would finalize the selection of fund managers before the expiry of the extended period. Till such time the State Bank of India would continue as fund manager of EPFO corpus.
The Institute is organizing a Campus Placement for the fresher members for job and for students for 15 Months Training on Wednesday, the 30th June 2011 at ICSI-SIRC House, No 9, Wheat Crofts Road, Nungambakkam,Chennai-600034. The following process will be followed: 1. Name of the participating companies will be announced at the Campus.
