CIT v. Meghalaya Steels Ltd. (2011) 332 ITR 91 (Gauhati High Court) -The Supreme Court, in Liberty India v. CIT [2009] 317 ITR 218, observed that section 80-IB provides for deduction in respect of profits and gains “derived from the business” of the assessee and accordingly, the Parliament intended to cover sources of profits and gains not beyond the first degree. There should be a direct nexus between the generation of profits and gains and the source of profits and gains, the latter being directly relatable to the business of the assessee. Any other source, not falling within the first degree, can only be considered as ancillary to the business of the assessee.
The fees payable by the members of the Institute have been revised by the Council with effect from 1st April, 2012 from the financial year 2012-2013 onwards as follows:
First meeting of SEBI’s International Advisory Board-Securities and Exchange Board of India (SEBI)’s International Advisory Board (IAB) held its first meeting in New Delhi today. SEBI constituted the IAB in September, 2011. The role of the IAB will be to guide SEBI and, in doing so, bring in the global experiences and emerging developments and challenges. The IAB will meet twice in a year.
Diesel car buyers may have to shell out more with the Finance Ministry considering the imposition of higher excise duty on such vehicles in the upcoming Budget likely to be unveiled sometime in March. In order to discourage consumption of subsidised diesel by personal vehicle owners, the Petroleum Ministry had suggested the imposition of higher duty on the purchase of diesel cars to the Finance Ministry.
