Last week saw a series of financial scams in the state of Rajasthan and Jaipur in particular. The reason for all such financial scams is obvious – greed of making the quick buck at both ends. Investors as well as the company floating such schemes. So long as the cycle continues smoothly, it’s fine but the moment defaults start occur, the writing on the wall becomes clear. It is a universal fact that one should not expect abnormal returns as one can not earn returns which are exceptionally higher than what the market can deliver. If we are able to understand this, we will realize that no one on this earth can fetch you higher than market returns – not even God. Yes, it can happen only in a game of chance or winning a lottery.
In this legal analysis, understand if interest paid by H.P. Housing Board is considered damages or interest under the Income-tax Act.
M/s. Rudraksh Developers Vs. ITO (ITAT Ahemdabad)- The facts involved in the case of the assessee are similar to the facts in the case of Radhe Developers (supra) and accordingly we are of the view that the assessee has acquired the dominant over the land and has developed the housing project by incurring all the expenses and taking all the risks involved therein. We may mention here that, in our opinion, the decision in the case of Radhe Developers (supra) will not apply in a case where the assessee has entered into the agreement for a fixed remuneration merely as a contractor to construct or develop the housing project on behalf of the landowner.
The pension on fixed rates is provided to the employees retiring under the Provident Fund (PF) scheme. The Central Government had constituted an Expert Committee for reviewing the Employees Pension Scheme, 1995 entirely including revision of Pension. The Expert Committee submitted its report to the Central Government on 5th August, 2010 and the recommendations of the Committee were placed before the Central Board of Trustees, Employees’ Provident Fund [CBT (EPF)] for consideration on 15th September, 2010.
November, 26th 2011 The Gurgaon police have arrested a Mumbai-based Chartered Accountant (CA) and three bouncers for allegedly assaulting an advocate inside the court premises on Friday. Vijay Vaishnav had come to the court with the bouncers to attend a hearing, police said. A resident of Lokhandwala, he married a woman from Kendriya Vihar in […]
The following steps have been taken by the Employees’ Provident Fund Organisation to recover the outstanding amount: 1. Attachment and sale of movable and immovable properties of the defaulting establishments. 2. Appointment of receiver to run the business of the defaulting establishments. 3. Arrest and detention of defaulter. 4. Prosecution of defaulters before courts of law.
The following enhancements have been released. These enhancements do not impact the instance documents which have already been filed on the MCA21 portal. This version of the tool needs to be downloaded by only those stakeholders who are facing the below mentioned issues. In case the instance document has been successfully validated and pre-scrutinised from the existing version of the tool (Ver 1.1), the same shall be allowed to be filed on the MCA portal.
The States of Andhra Pradesh, Arunachal Pradesh, Bihar, Chhattisgarh, Goa, Gujarat, Haryana, Himachal Pradesh, Karnataka, Kerala, Madhya Pradesh, Maharashtra, Meghalaya, Mizoram, Orissa, Rajasthan, Sikkim, Tamil Nadu and Tripura have already taken necessary legislative measures providing for compulsory registration of marriages. Other States except the State of Nagaland are in the process of achieving this end.
Why so much ado about an ‘efficient payment system’? Are Indian payment systems efficient? The importance of payment and settlement systems could be gauged from the IMF publication ‘Central Banking Lessons from the Crisis’ (May 27, 2010) which states that: ‘The crisis would have been much more severe had central banks not taken efforts to introduce robust payment and settlement systems, including for foreign exchange, over the two decades ahead of the crisis. The systemic impact of failure of a financial institution depends critically on the robustness of the infrastructure underpinning those markets in which it is active. Central banks, which in many cases are engaged in oversight of these systems, should play an important role in this regard, in cooperation with securities regulators and supervisors of individual institutions’
Had stipulated incorporation of barcodes (1 D) encoding unique product identification code (GTIN), Batch Number, Expiry Date and Unique Serial Number on export consignments of pharmaceuticals and drugs with effect from 01.10.2011. It is clarified that the above barcoding requirement is applicable only in respect of finished pharmaceutical products i.e. medical formulations and not Bulk drugs/APIs/Intermediates.
