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Law Updates :
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CS Rajiv Bajaj
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Date: 9th July 2014
THOUGHT OF THE DAY
Opportunities multiply
as they are seized.
Law Updates :
· Minister of State for Corporate Affair informed that social welfare
expenditure by companies towards promotion of sports like the
rural and national sports would be considered as a CSR activity.
· FDI will be allowed only in railway infrastructure, that there will
be foreign direct investments (FDI) in the Railways and seeking
Cabinet approval.
· FEMA : Where in petition for compounding of offences
were mainly against acquisition of shares and any order in
petition would affect rights of applicant in respect of shares,
applicant was to be impleaded as a party in that petition.
· The Securities and Exchange Board of India has taken to task
asset management companies (AMCs) for parking unutilised
corpus in money market instruments which were not part of
their schemes' investment mandate
PROFESSIONALS INPUTS:
· IT : Prior to 1-4-2005, local authority could approve a housing
project without or with commercial use to extent permitted
under Development Control Rules and, therefore, an assessee
would be entitled to deduction under section 80
respect of profits derived from approved project including profits
from sale of commercial space
· IT: Where assessee-trust was constituted under Major Ports
Trusts Act, 1963 for administration, control and management of
various port activities, said activities being in
public utility within meaning of section 2(15), assessee's
application seeking registration under section 12A was to be
allowed
· Where in terms of agreement, petitioner bank credited account
of respondent company immediately by amount of
issued by third party after charging an agreed price, in view of
fact that said cheques were subsequently dishonoured when
being presented for encashment and respondent failed to make
good sum covered by those cheques, a case for winding up was
made out against respondent-company.
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THOUGHT OF THE DAY
Opportunities multiply
informed that social welfare
expenditure by companies towards promotion of sports like the
l sports would be considered as a CSR activity.
FDI will be allowed only in railway infrastructure, that there will
be foreign direct investments (FDI) in the Railways and seeking
FEMA : Where in petition for compounding of offences allegations
were mainly against acquisition of shares and any order in
petition would affect rights of applicant in respect of shares,
applicant was to be impleaded as a party in that petition.
The Securities and Exchange Board of India has taken to task
) for parking unutilised
corpus in money market instruments which were not part of
2005, local authority could approve a housing
project without or with commercial use to extent permitted
under Development Control Rules and, therefore, an assessee
would be entitled to deduction under section 80-IB(10) in
its derived from approved project including profits
trust was constituted under Major Ports
Trusts Act, 1963 for administration, control and management of
various port activities, said activities being in nature of general
public utility within meaning of section 2(15), assessee's
application seeking registration under section 12A was to be
Where in terms of agreement, petitioner bank credited account
of respondent company immediately by amount of cheques
issued by third party after charging an agreed price, in view of
fact that said cheques were subsequently dishonoured when
being presented for encashment and respondent failed to make
good sum covered by those cheques, a case for winding up was

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Railway Budget 2014: Highlights
On Thursday, the new government led by Prime Minister Narendra Modi
presented its maiden budget -- its first big policy statement on how it intends to
overhaul an economy saddled with slow growth and weak public finances.
Railway Minister Sadananda Gowda presented the Rail Budget in the Parliament
yesterday. Here are the highlights:
Grateful to honourable PM Narendra Modi for having given me this opportunity
and for entrusting me with this responsibility .Honesty is the first chapter in the
book of wisdom. It gives me immense pleasure to present my first Railway
Budget flooded with suggestion for new trains, new railway lines. We now target
to become the largest freight carrier in the world. Indian railways carry only
31% of the total freight in the country. It is a challenge we have to face 5 lakh
crore required each year for the next ten years for ongoing projects alone.
Social obligation of Railways in 2013-14 was Rs. 20,000 crore. The more
projects we add the thinner we spread our resources. The fare revision was
tough but a necessary decision - it will bring Indian Railways an additional
revenue of 8,000 crores. Indian Railways carries more than the entire
population of Australia in a day. This state of affairs in railways needs immediate
course correction. Gross traffic receipts in 2013-14 was Rs. 1.3 lakh crore,
operating ratio was 94 per cent. Indian Railways spent Rs. 41,000 crore on
laying of 3,700 km of new lines in last 10 years. Future projects to be financed
on public-private partnership model. Plans to attract investment from domestic
and foreign players in infrastructure; focus to be on aggressive indigenisation.
Propose to hike budgetary plan outlay to Rs.47, 650 crore. FY15 passenger fare
revenue pegged at Rs.44, 600 crore. Pre-cooked meals by reputed brands, focus
on cleanliness and passenger feedback. Outsource cleaning activities at 50
major stations, separate housekeeping wing for cleanliness and sanitation.
CCTVs to be used for monitoring cleanliness. RO Drinking water at stations and
trains. Corporates encouraged to adopt stations for better maintenance and
upkeep. 17,000 Railway Protection Force personnel to be available soon.
Introduction of women RPF constables, coaches meant for women to be
escorted for greater safety.
Bullet Train:
Indian Railways on course to fulfill its long cherished dream. Proposed to a
Bullet train on the Ahmedabad - Mumbai sector. Higher speed for existing trains
will be achieved by upgrading the present network.23 projects underway in
North-East. Propose to allocate higher funds than previous year for these
projects.