Daily Archives: November 27, 2015

Organ Donation : National Organ Transplant Programme

Ministry of Health and Family Welfare of Govt of India on 27-November, 2015 Need to dispel Myths, Misconception, Superstitions surrounding Organ Donation: J P Nadda Nationwide Registry for Organ and Tissue Donation launched While noting that donating organs is a gift of life and is an altruistic, egalitarian and essentially moral act, Shri J P… Read More »

Gurgaon and Bhopal get Best Road Safety Initiative Award

Ministry of Urban Development of Govt of India on 27-November, 2015 Gurgaon Police and Bhopal Traffic Police get Best Road Safety Initiative Award Raipur, Karnataka RTC, Rajkot, BEST Mumbai facilitated transport initiatives MoS for Urban Development Shri Babul Supriyo presents Urban Mobility India Awards Sikkim, Jaipur, Indore, Coimbattore and NOIDA commended for urban mobility initiative… Read More »

Pilot project for developing greenbelt along National Highways

Ministry of Road Transport & Highways of Govt of India on 27-November, 2015 NHAI approves pilot project for developing strategically designed greenbelt along National Highways NHAI has approved a pilot project submitted by National Environmental Engineering Research Institute (NEERI), Nagpur for undertaking scientific studies on designing greenbelts along national highways.  The project will be implemented… Read More »

Loan Assistance worth Rs. 5,536 crore to India for Chennai Metro Rail Project (IV) and Ahmedabad Metro Project

Ministry of Finance of Govt of India on 27-November, 2015 India and Japan exchange Notes for Japan’s Official Development Loan Assistance worth Rs. 5,536 crore to India for Chennai Metro Rail Project (IV) and Ahmedabad Metro Project The Notes were exchanged here today between Mr. S. Selvakumar, Joint Secretary, Department of Economic Affairs, Government of… Read More »

Overwhelming response for Sovereign Gold Bond Scheme

By Press Information Bureau of  Government of India Ministry of Finance 27-November-2015 18:26 IST Overwhelming response received from the retail investors for Sovereign Gold Bond Scheme (SGB) ; 63,000 applications received for a total of Rs 246.20 crore by the Banks and Post Offices for 917 kgs of gold; Number of decisions taken to improve… Read More »

Date of failure is relevant for the purpose of Imposing penalty : Supreme Court

Facts of the Case :- Initial Summons to the Respondent was dated 23.7.2002.   (Thus SEBI’s summons to respondent to furnish required documents prior to 29-10-2002.) The Respondent sought time till 20.8.2002 to provide the documents and information sought by the Appellant, and thereafter sought further time till 31.8.2002 and then 30.9.2002.SEBI sent a reminder letter… Read More »

Depreciation is allowed even before the date of Inauguration if the Asset is ready to use

Facts of the Case The assessee-company was engaged in the business of publishing of news papers. As per the Director’s report the company has commenced its business on 27.10.2007. The assessee has claimed depreciation for an amount of Rs.3,45,43,794 which includes depreciation at the rate of 15% amounting to Rs.76,87,348 on opening WDV of plant and… Read More »

Income from project before commissioning are capital receipts : Supreme Court

Brief Facts of the Case ;- Assessee-company was in process of constructing and erecting its plant and had not started any business during relevant assessment years .Three heads under which the assessee has received certain amounts. These are the i) rent charged by the assessee to its contractors for housing workers and staff employed by… Read More »

ICAI issue Exposure draft on AS 8

Issued by Accounting Standards Board The Institute of Chartered Accountants of India Exposure Draft Accounting Standard (AS) 8 Accounting Policies, Changes in Accounting Estimates and Errors Last date for the comments: 7th December, 2015

Annual turnover of the stock broker for registration fee include the entire transaction ; Supreme Court

Issue :-  Interpretation of the term ‘annual turnover’ as it finds mention in the Explanation after paragraph 3 of Schedule III to the Securities & Exchange Board of India (Stock Brokers & Sub-brokers) Regulations, 1992 (for brevity, ‘the Regulations’). The aforesaid Explanation reads as follows : “Explanation. – For the purpose of paragraphs 1, 2 and… Read More »