PGC NEWSLETTER FOR 27 FEB,2014

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PGC NEWSLETTER FOR 27 FEB,2014

  1. 1. PGC NEWSLETTER 27th February 2014 THOUGHT OF THE DAY “WINNING STARTS AT YOUR BEGINNING” MARKET UPDATES ECONOMICS NEWS • Reserve Bank of India Governor Raghuram Rajan has continued his crusade against inflation, arguing his high interest rate policy is to make things better and that those arguing for inflation targeting at the RBI are not "nutters". • The Cabinet will consider the finance ministry’s proposal to call off the conciliation talks with UK-based Vodafone relating to the Rs 20,000-crore tax dispute. CORPORATE LAW UPDATES • The Supreme Court on Wednesday issued a non-bailable warrant against Sahara group promoter Subrata Roy after he failed to comply with its last week’s directions to appear personally. • SEBI: Where appellant company furnished documents relating to issuance of debenture belatedly, since issue was to employees and their relatives/associates on private placement basis, penalty was to be restricted. RBI / TAX LAW UPDATES • IT: Where there was a concurrent finding of facts from Commissioner (Appeals) and Tribunal that payment regarding Transportation charges was genuine and revenue had no adverse material, there was no reason to interfere order of both appellate authorities. • IT: Since excise duty collected by assessee was neither offered as income nor claimed as deduction in earlier year, provision of section 41(1) was not applicable. PGC NEWSLETTER27th February 2014 SENSEX 20,986.99 134.52 CNX NIFTY 6,238.80 38.75 DOLLAR/ RUPEE 61.97 0.01 MCX SILVER 46632.0 -2.49 MCX GOLD 30,030.0 -210.0 MCX CRUDE OIL 6398.0 1.48 Dow Jones Industrial Average 16,198.41 18.75 Nasdaq Composite 4292.06 4.47 1

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