The government introduced a retrospective clarification to the Income-Tax (I-T) Act, 1961, virtually amending the law to ensure that cross-border transactions such as the $11.08 billion (around Rs55,735 crore today) Vodafone-Hutchison deal are taxable. The Supreme Court had ruled this deal as not being taxable in India. The amendment becomes crucial because a review petition by the government on this case is pending before the Supreme Court, which might now have...
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Supreme Court to examine constitutional validity of nuclear civil liability law by J Venkatesan
The Supreme Court will examine the constitutional validity of the Civil Liability for Nuclear Damage Act, 2010, which limits the liability of an operator in the event of a nuclear disaster to Rs. 1,500 crore. A Bench of Chief Justice S.H. Kapadia and Justices A.K. Patnaik and Swatanter Kumar on Friday issued notice to the Centre on a writ petition filed jointly by Common Cause; the Centre for Public Interest Litigation;...
More »Azad killing not a fake encounter: CBI
-The Hindu The Central Bureau of Investigation told the Supreme Court on Friday that the killings of Cherukuri Rajkumar alias Azad, spokesperson of the Communist Party of India (Maoist), and journalist Hemchandra Pandey by the Andhra Pradesh police on the night of July 1, 2010 were not a fake encounter as alleged in the petitions filed in the court. The CBI made the submission in its final investigation report filed before a...
More »Mukherjee’s budget: giving ‘aam aadmi’ a wide berth-Liz Mathew
The common man, whose concerns were at the heart of the Congress-led United Progressive Alliance’s two successful election campaigns, doesn’t seem to be the focus of finance minister Pranab Mukherjee’s budget. Experts and political analysts say the aam admi doesn’t appear to be the dominant concern anymore, prompting speculation about Congress party chief Sonia Gandhi’s role. She has thus far been setting the UPA’s social agenda through the National Advisory Council...
More »Economic Survey: MGNREGA coverage rises to 5.49cr households in '10-11
-Moneycontrol.com The coverage under the MGNREGA has consistently increased from 4.51 crore households during 2008-09 to 5.49 crore households during 2010-11 with averaged employment of 47 persondays per household. Average wage has consistently increased from Rs 65 in 2006-07 to Rs. 100 in 2010-11. Women person days have been 48% during the last three years against the stipulation of 1/3 as per the Act. This is stated in Economic Survey 2011-12,...
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