North Chennai project on final stage of approval

  Mahindra Lifespace Developers Ltd, the real estate and infrastructure arm of diversified business conglomerate Mahindra Group is in the final stage of getting approval for its upcoming project in North Chennai. Mahindra Lifespace Developers Ltd, through its subsidiary Mahindra World City Developers Ltd has signed a Joint Venture with Japan’s Sumitomo Corporation to set up an industrial park at Ponneri in North Chennai. “Our North Chennai project is in the last leg of approval. It is actually in NH-5. First phase will be of 250 acres”, Mahindra Lifespace Developers Ltd, CEO, Sangeeta Prasad told reporters here. Stating that the project would be taken up in phases, she said compared to their first project Mahindra World City in Singaperumalkoil near Chennai, the second project will be “industrial cluster”. On the

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Wind tariff falls to all-time low of Rs 3.46 per unit

  Wind power tariff dropped to a record low of Rs 3.46 per unit today in an auction of 1,000 MW capacity conducted by Solar Energy Corporation of India (SECI). This is another major development for clean enegy after solar power touched all-time low of Rs 2.97 per unit earlier this month for Reva solar Park. “Mytrah Energy, Green Infra Wind Energy, Inox Wind Infrastructure Services, Ostro Kutch Wind and Adani Green Energy have emerged as lowest bidders. All these five firms have quoted Rs 3.46 per unit rate for the 1,000 MW capacities on block,” a source said. The source added that the aggressive bidding, which started yesterday, went on till around 0200 hrs today despite an advisory issued by industry body to avoid bold bids. The Indian Wind

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Hyundai to introduce 8 new products in India by 2020: CEO

  Leading automaker Hyundai Motor has planned to expand its product line up in domestic market with the launch of eight new products by 2020, a top official said today. “During the National Dealer Conference in Seoul, South Korea, we had announced new products for the Indian market for the next four years from 2017-2020 for a strong market leadership with sustainable growth,” Hyundai Motor India, Managing Director and CEO, Y K Koo told reporters here. “We will expand and strengthen our product line with eight new launches equipped with new technologies out of which, three will be new segment products and five will be full model change, apart from regular product enhancements and facelifts,” he said. Besides introduction of new models, Koo said, the company would introduce new technologies

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CCI rejects complaint against Great Eastern Energy Corp

  The Competition Commission has dismissed allegations of unfair business practices made against Great Eastern Energy Corporation Ltd (GEECL) with regard to supply of coal bed methane gas. The complaint was filed by an employee of SRMB Srijan Ltd, which had a Gas Sale and Purchase Agreement (GSPA) with GEECL. Both entities are based in West Bengal. Among others, it was alleged that GEECL had unreasonable terms and conditions in the agreement and charged discriminatory prices. In May, 2011, SRMB had signed the pact with the company. To assess whether there have been anti-competitive issues or not, the Competition Commission of India (CCI) considered ‘market for supply of CBM to industrial customers in Asansol-Raniganj-Durgapur industrial area’ as the relevant one. Dismissing the complaint, the CCI said a uniform pricing may

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Nearly 500 people arrested for staging demo against PM

  Nearly 500 members of various outfits were arrested here today when they attempted to stage a demonstration against Prime Minister Narendra Modi during his visit to unveil a 112-foot Adiyogi face at the Isha Yoga centre. Some black balloons were also released into the air by a section of the protesters as Modi was travelling to the venue near here by a helicopter, police said. The protesters raised slogans against Modi for his alleged failure in protecting farmers’ interests and for not taking action against the Isha Yoga for alleged encroachment of tribal land for construction of the face, police said. During the protest held in front of a tehsildar office here, they also sought the Centre’s intervene to prevent construction of check dams across river Bhavani by Kerala.

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TDS cannot deducted from Tips received by Hotel Employees: Case Law

  In a recent judgment by ITAT, TDS cannot be deducted from tips received by hotel employees. The assessee company is engaged in the business of chain of hotels. Survey operation under section 133A of the Income Tax Act, 1961 was carried out at the business premises of the assessee company at Hotel -The Oberoi, New Delhi. During the survey proceedings, it was noticed that the assessee company was in receipt of extra amount known as “TIPS” paid by the guests in cash or through credit cards at the time of settlement of bills in appreciation of good services provided by the service staff. On disbursal of this amount to the employees by the hotel, no tax was deducted. The Assessing Officer required the assessee to explain why under the

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Foreign Exchange (Compounding Proceedings) Amendment Rules, 2017

  MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 20th February, 2017 G.S.R. 151(E).—In exercise of the powers conferred by section 46 read with sub-section (III) of section 15 of the Foreign Exchange Management Act, 1999 (42 of 1999), the Central Government hereby makes the following rules further to amend the Foreign Exchange (Compounding Proceedings) Rules, 2000, namely:— 1. (1) These rules may be called the Foreign Exchange (Compounding Proceedings) Amendment Rules, 2017. (2) They shall come into force on the date of their publication in the Official Gazette. 2. In the Foreign Exchange (Compounding Proceedings) Rules, 2000, in rule 8, in sub-rule (2), the following proviso shall be inserted, namely:- “Provided that with respect to any proceeding initiated under rule 4, if the Enforcement Directorate is of the

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CBDT SOP for Service Litigation & Vigilance related Court matters

  C-18011(S)/70/2017-SO(V&L) Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes 23rd February, 2017 To All the Pr. Chief Commissioner of Income Tax/Pr. DGIT(HRD) Pr. DGIT(System), Madam/Sir Subject: Standard Operating Procedure (SOP) for handling Court matters in service litigation including vigilance related matters– reg. In the recent past, litigation in service related matters including disciplinary matters have seen an inordinate increase. The number of Court cases including appeals in Hon’ble High Courts and Hon’ble Supreme Court are rising steadily. Many of these cases are lost in Court as either the department is unable to project the facts involved before the court properly and/or because there is an inordinate delay in filing of appeal or the Government’s response. 2. CBDT is deeply concerned about the delay and quality of

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Non acceptance of tax under PM Garib Kalyan Yojna (PMGKY)-regarding

  F.No. 370/06/2016-IT(B) Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North Block, New Delhi Date: 22nd February, 2017 To, All Pr. Chief Commissioners of Income-Tax Subject:- Non-acceptance of Tax under PM Garib Kalyan Yojna (PMGKY) —regarding. Madam/Sir, I am directed to say that it has been brought to the notice of the Board that many banks are not accepting payments of tax/surcharge/penalty under the Prime Minister Garib Kalyan Yojna (PMGKY) due to lack of awareness of prescribed challan and certain technical reasons. 2. Accordingly, the matter was referred to Principal Chief Controller of Accounts. CBDT, for issuance of suitable directions to all the authorized banks for accepting the payment under the Scheme. The 0/o Pr. CCA, CBDT vide its letter No. 101/22/PCCA/287/RC/2017 dated 20.02.2017 had issued

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Section 391(2) closure of place of business by a Foreign Company

General Circular No. 01/2017 F. No. 1/23/2013-CL-V Government of India Ministry of Corporate Affairs 5th Floor, ‘A’ Wing, Shastri Bhawan, Dr. R. P. Road, New Delhi   Dated: 22th February, 2017 To All RDs, All ROCs, The Stakeholders. Sub: Section 391(2) closure of place of business by a Foreign Company. – reg. Sir, Sub-Section (2) of Section 391 of the Companies Act, 2013, states that the provisions of Chapter XX shall apply mutatis mutandis for closure of the place of business of a foreign company in India as if it were a company incorporated in India. These provisions have been brought into force on 15th December, 2016. Stakeholders have sought clarification with regard to scope of application of the said sub-section. 2. The matter has been examined in the Ministry and it has

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