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Govt Proposes Goods and Service Tax on Alcohol Products

New Delhi (ABC Live): The Government proposes to impose Goods and Service Tax (GST) on alcohol products except alcoholic liquor for human consumption. It is proposed in Constitution (122nd Amendment) Bill, 2014 that tobacco will be subjected to GST along with the Central Excise Duty. However, the rate of duty to be charged on this product will be decided by …

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MCA Notifies Corporate Social Responsibility Policy Rules 2014

New Delhi (ABC Live):The Ministry of Corporate Affairs has notified Companies (Corporate Social Responsibility Policy) Rules, 2014 (http://www.mca.gov.in), which prescribes the format for disclosure of utilisation of Corporate Social Responsibility (CSR) funds by the companies. There are no specific tax exemption/concessions to companies under the Income Tax Act, 1961 for expenditure incurred by companies towards CSR. However, spending by companies on …

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Justice Tirath Singh Thakur Becomes 43rd Chief Justice of India

New Delhi (ABC Live):Shri Justice Tirath Singh Thakur was sworn in as 43rd  Chief Justice of the Supreme Court of India in a ceremony held today (December 3, 2015) at Rashtrapati Bhavan. He made and subscribed to the oath of office before the President. Born on 04th January, 1952. He was enrolled as a Pleader in October, 1972 and joined …

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State of Himachal Pradesh and ors Vs Ashwani Kumar and ors

REPORTABLE IN THE SUPREME COURT OF INDIA  (CIVIL APPELLATE JURISDICTIONCIVIL APPEAL NO. 6015 OF 2009) State of Himachal Pradesh and others         Appellant(s) versus Ashwani Kumar and others                                 Respondent(s) J U D G M E N T |M.Y. Eqbal, J.: This appeal by  special  leave  is  directed  against  judgment  dated 7.5.2007 passed by  the  Division  Bench  of  the  High  Court  of  …

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Government Seeks Public Opinion on Income Computation and Disclosure Standards

New Delhi (ABC Live): Indian Government has asked Stake Holders and General Public to bring-out Issues/Points by 15th December, 2015 which in their opinion require further Clarification/Guidance for proper Implementation of the Provisions of the Income Computation and Disclosure Standards (ICDS). Sub-section (1) of Section 145 of the Income-tax Act, 1961 provides that the income chargeable under the head “Profits …

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Elektron Lighting Systems Vs Shah Investments Financial Developments

REPORTABLE IN THE SUPREME COURT OF INDIA CIVIL APPELLATE JURISDICTION CIVIL APPEAL NOS.  9151-9152 OF 2015 (Arising out of S.L.P. (Civil) Nos. 34129-34130 of 2014)   Elektron Lighting Systems  Pvt. Ltd. and Anr.                               …..Appellants Versus Shah Investments Financial Developments and   Consultants   Pvt.   Ltd   and    Ors.    Etc. .….Respondents J U D G M E N T Prafulla C. Pant, J. These  …

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Brij Bihari Singh Vs Bihar State Financial Corporation and others

Brij Bihari Singh  Vs Bihar State Financial Corporation and  others IN THE SUPREME COURT OF INDIA CIVIL APPELLATE JURISDICTION CIVIL APPEAL NO. 1217 OF 2011   Brij Bihari Singh                                  ……………………Appellant(s) versus Bihar State Financial Corporation and  others ………..Respondent(s) J U D G M E N T |M.Y. Eqbal, J.: The appellant was working on the post of Assistant General Manager  …

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India to Observe 26th November As Its Constitution Day

New Delhi (ABC Live): The Government has decided to observe 26th November as ‘Constitution Day. On the day in 1949, the constitution was adopted which came into force on January 26, 1950 marking the beginning of a new era in the history of India.  This year, the country is celebrating 125th birth Anniversary of Dr. B. R. Ambedkar . The ‘Constitution Day’ will be …

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SEBI Notifies REIT Regulations 2014

New Delhi (ABC Live): The SEBI (Real Estate Investment Trusts) Regulations, 2014 (“REIT Regulations”) have been notified, vide notification No. LAD-NRO/GN/2014-15/11/1576 dated September 26, 2014 http://www.sebi.gov.in/cms/sebi_data/attachdocs/1411722678653.pdf In exercise of the powers conferred by section 30 read with section 11 and 12 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), laying down a framework for Real …

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SEBI Notifies InvIT Regulations 2014

New Delhi (ABC Live): The SEBI (Infrastructure Investment Trusts) Regulations, 2014 (“InvIT Regulations”) have been notified, vide a notification no  LAD-NRO/GN/2014-15/10/1577 dated September 26, 2014 http://www.sebi.gov.in/cms/sebi_data/attachdocs/1411722495005.pdf In exercise of the powers conferred by Section 30 read with Section 11 and 12 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), laying a framework for Infrastructure Investment …

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