US Launch Orders to ISRO During October 2015, Antrix Corporation Limited (Antrix), the commercial arm of Indian Space Research Organisation (ISRO), has signed Launch Services Agreement with M/s. PlanetIQ, an American Company, for launching two of their satellites on-board ISRO’s Polar Satellite Launch Vehicle (PSLV). These satellites are meant for studying certain weather parameters. This… Read More »
Safety concerns of new nuclear power plants There have been some apprehensions among some groups or section of people regarding safety of Nuclear Power Plants (NPPs). The concerns are adequately addressed by Nuclear Power Corporation of India Limited (NPCIL), adopting a multi-pronged approach through an on-going exhaustive public awareness programme to allay the fears and… Read More »
Facts of the case The Respondent Assessee filed a return of income on 2nd December 2003 showing a loss of Rs. 96,19,890. The return was processed under Section 143(1) of the Act at the return amount. An order for refund of Rs. 20,16,957 was issued. Subsequently, the Assessing Officer (‘AO’) passed an order recording ‘reasons… Read More »
Issue Whether assessee is entitled to deduction under section 54E in respect of the capital gain arising on the transfer of a capital asset on which depreciation has been allowed and which is deemed as short-term capital gain under section 50 of the Income-tax Act, 1961 ? Held The benefit of section 54E will be… Read More »
Issue Assessee had for the subject assessment year inter alia disclosed an amount of Rs.7.12 Crores as deemed short term capital gain under Section 50 of the Act. This deemed short term capital gain arose on account of the sale of depreciable assets. This deemed short term capital gain was set off against brought forward… Read More »
Information System Audit – Assessment Test (ISA – AT) Members are hereby informed that the next Information Systems Audit (ISA) Course Assessment Test (Old as well as New Syllabus) (which is open to the members of the Institute) will be held on 20th March, 2016 (Sunday) from 10.30 AM to 2.30 PM (IST) at the… Read More »
Source : Reserve Bank of India RBI/2015-16/328 DBR.No.Ret.BC.79/12.07.138A/2015-16 February 25, 2016 All Scheduled Commercial Banks Dear Sir, Inclusion of “National Bank of Abu Dhabi PJSC” in the Second Schedule to the Reserve Bank of India Act, 1934 We advise that the “National Bank of Abu Dhabi PJSC” has been included in the Second Schedule to… Read More »
Source Reserve Bank of India RBI/2015-16/329 DBR.No.Ret.BC.80/12.07.104A/2015-16 February 25, 2016 All Scheduled Commercial Banks Dear Sir, Alteration in the name of “Bank Internasional Indonesia” to “PT Bank Maybank Indonesia TBK” in the Second Schedule to the RBI Act, 1934 We advise that the name of “Bank Internasional Indonesia” has been changed to “PT Bank Maybank… Read More »
Rehabilitation of Manual Scavengers The Self Employment Scheme for the Rehabilitation of Manual Scavengers (SRMS) has been revised in accordance with the provision of “Prohibition of Employment as Manual Scavengers and their Rehabilitation Act 2013” (MS Act, 2013) to provide the following benefits to the identified manual scavengers and their dependants. (i) Onetime cash assistance… Read More »
Cases of Atrocities Against SCS Article 17 of the Constitution of India has abolished ‘untouchability’ forbade its practice and made enforcement of any disability arising therefrom as an offence punishable in accordance with law. An Act of Parliament namely, the Protection of Civil Rights Act, 1955 prescribes punishment for enforcement of any disability arising from… Read More »