Govt. notifies Rules regarding Fair market value and reporting requirement for Indian concern

Under section 9 of the Income-tax Act, 1961 (the Act), any income arising from transfer of any share of or interest in a foreign company or entity that derives its value substantially from the assets located in India, is deemed to accrue or arise in India.. For this purpose, following were to be prescribed: the manner of computation of fair market value (FMV) of Indian and global assets of...

CBDT issues new set of FAQs to clarify queries regarding Income Declaration Scheme, 2016

The Income Declaration Scheme, 2016 provides an opportunity to persons who have not paid full taxes in the past to come forward and declare their undisclosed income and assets. The Scheme came into effect on 1st June, 2016. Declarations under the Scheme may be filed upto 30th September, 2016. Vide Circular No. 17 dated 20th May and Circular No. 24 dated 27th June, 2016 the Board has...

‘Advocates’ Association’ of Patna HC decides not to fill up BCI Verification Form

In an interesting turn of developments, General Body of ‘Advocates’ Association’ of Patna High Court has taken a decision not to fill up Verification Form as mandated by Bar Council of India. The verification regarding the credentials of the Advocates was made mandatory as per Verification Rule of 2015 by Bar Council of India. It has been further decided to intervene in the matter...

Provisions of Sick Industrial Companies (Special Provisions) Act would prevail over the provisions of Companies Act: SC [Read Judgment]

The Supreme Court of India in M/s Madura Coats Limited v M/s Modi Rubber Limited has ruled that provisions of Sick Industrial Companies (Special Provisions) Act, 1985 would prevail over the provisions of the companies act.The M/s. Madura Coats Limited was aggrieved by the impugned judgment and order dated 20/05/04 of the Division Bench of the High Court of Allahabad which allowed the...

SC extends time for completing BCI ‘Verification’ Process by three months [Read Order]

The Supreme Court of India has allowed Bar Council of India three more months  for completing   “verification” Process of Advocates under Certificate and Place of Practice (Verification) Rules 2015, by three months.A Division Bench comprising of Justices Pinaki Chandra Ghosh and Amitava Roy also will hear the petition challenging the Rules after four weeks and meanwhile the Stay...

Court cannot appreciate the entire evidence de novo in a routine manner while hearing Criminal Appeals: SC [Read Judgment]

A two Judge Bench of the Supreme Court has held that the Supreme Court cannot appreciate the entire evidence de novo in a routine manner while hearing Criminal Appeals, and that too when the conviction is based on concurrent findings of two courts.The Two Judge Bench of Justices Abhay Manohar Sapre and Ashok Bhushan has further held that It is only when the Court comes to a conclusion that...

Arbitration proceedings not barred under Section 69(3) of the Partnership Act: SC [Read Judgment]

Arbitral Proceedings will not come under the expression “other proceedings” of Section 69(3) of the Partnership Act, the Court held.The Supreme Court in M/s Umesh Goel vs.Himachal Pradesh Cooperative Group Housing Society Ltd. has held that the expression “other proceedings” in Section 69(3) of the Partnership Act does not include Arbitration Proceedings and the ban imposed under...

Cabinet considers Model Shops and Establishments (Regulation of Employment and Conditions of Service) Bill, 2016

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has considered the Model Shops and Establishment (Regulation of Employment and Conditions of Service) Bill, 2016. The Bill will now be sent to States/UTs to enable them to modify their individual Acts, if they so desire either by adopting the said Bill as it is or after modifying its provisions as per their requirements. This...

Cabinet approves Implementation of the recommendations of 7th Central Pay Commission

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the implementation of the recommendations of 7th Central Pay Commission (CPC) on pay and pensionary benefits. It will come into effect from 01.01.2016.In the past, the employees had to wait for 19 months for the implementation of the Commission’s recommendations at the time of 5th CPC, and for 32 months at...

Monsoon session of Parliament to be from July 18 to August 12, 2016

Shri M.Venkaiah Naidu discusses legislative agenda with about 30 MinistersGovernment hopeful about passage of GST Bill during Monsoon session; Shri Naidu appeals for support.The Cabinet Committee on Parliamentary Affairs today recommended convening of Monsoon session of Parliament this year from July 18 till August 12, 2016 subject to exigencies of government business. This was informed by...

LIMB will help in organizing otherwise scattered Information at one single database; Law Minister

A two day workshop for nodal officers of all the ministries to provide hands on training on its ambitious Legal Information Management & Briefing System (LIMBs) began here in New Delhi. Inaugurating the workshop Union Law & Justice Minister Shri D.V.Sadananda Gowda said his ministry as conscience keeper of the Government, has taken several initiatives which include cleansing...

NIA Special Court rejects Bail Application of Sadhvi Pragya Thakur in 2008 Malegaon blasts Case

The Special NIA Court in Mumbai Today has dismissed the Bail Application filed by Sadhvi Pragya Thakur, an accused in the 2008 Malegaon blasts Case in which eight persons were killed and more than 100 people were injured.Last month the National Investigation Agency had filed a supplementary charge sheet exonerating Sadhvi Pragya and five others from the charges under the Maharashtra Control...