Companies & Sectors
Cairn faces Rs.10,200 crore tax penalty in India
New Delhi : British oil major Cairn Energy plc said on Thursday it faces a Rs.10,200 crore penalty from Indian income tax department in a dispute on applying retrospective tax of Rs.29,000 crore on it.
 
"The Indian tax department on February 4, 2016 issued a final assessment order, levying Rs.10,200 crore plus interest back dated to 2007 up to Rs.18,800 crore," the company said in a circular on Wednesday to its investors in London.
 
The latest order is based on a draft assessment note of January 22, 2014 on alleged capital gains Cairn made in a 2006 reorganisation of its India business.
 
The Edinburgh-based Cairn Energy still holds 9.8 percent equity stake in Cairn India through its UK Holdings Ltd (CUHL), after it sold majority stake in it to the London-based Vedanta mining group for $8.67 billion in 2011 though it raised Rs.8,616 crore ($1.9 billion) through a initial public offering (IPO) in mid-2006.
 
"The aggregate amount of Rs.29,000 crore excludes any applicable penalty, which may also be applied to the final assessment (potentially up to 100 per cent of the final assessment order, excluding interest)," Cairn said.
 
Asserting that it would contest the assessment proceedings, the company said it was pursuing its rights to appeal against the order under the Indian law on the retrospective tax and penalty, besides protecting its assets from any legal action.
 
The IT department notice was issued before (February 4) Finance Minister Arun Jaitley in his budget speech on February 29 made a one-time offer to waive interest and penalty if companies paid the principal amount to settle the retrospective tax disputes.
 
The circular also mentioned that the company had on March 11 filed a notice of dispute under the UK-India Investment Treaty to protect its legal position and shareholder interests.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Engineering aspirants to now need 75 percent marks in Class 12 boards
New Delhi : Aspirants for the Joint Entrance Examination (JEE) for premier engineering institutes from 2017 onwards will be required to score 75 percent marks in their Class 12 board exams, an official statement said on Thursday.
 
"For the candidates to qualify in the JEE, they shall have secured at least 75 percent marks or be in the top 20 percentile in the 12th class examination conducted by respective Boards. For Scheduled Castes and Scheduled Tribes students, this condition shall be relaxed to 65 percent marks," said the human resource development ministry statement.
 
"The performance of the students in the 12th class examination shall be a crucial parameter for determining the eligibility of the student for the JEE," it said, adding that this decision was taken after examining the report of the Ashok Misra committee and considering the public feedback, and had been notified in the JEE pattern from 2017.
 
The present system of giving 40 percent weightage for the Class 12 marks in calculating the ranks in the main round of JEE has also been done away with, it said but all other JEE systems shall remain unchanged.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Congress challenges Aadhaar bill as money bill in SC
New Delhi : Congress leader Jairam Ramesh on Thursday said he has filed a writ petition in the Supreme Court challenging the Aadhaar bill being classified as a money bill.
 
The Lok Sabha had ealier rejected all the five amendments to the Aadhaar bill recommended by the Rajya Sabha and passed the bill by voice vote.
 
The Aadhaar (Targeted Delivery of Financial and Other Subsidies, Benefits and Services) Bill, 2016 was passed after Finance Minister Arun Jaitley sought to allay apprehensions of the Opposition concerning the bill.
 
"I have filed a writ petition challenging Aadhaar bill as a money bill in the Supreme Court. It is important because declaring the Aadhaar bill as money bill violates Article 110 of the Constitution and has grave implications for the future of the Rajya Sabha itself," said Ramesh.
 
"We are likely to get the date of hearing on April 15," he added. 
 
The Congress and other opposition parties had made a strong pitch against the overall nature of the bill in the Rajya Sabha.
 
Since it was introduced as money bill by the government, the Aadhaar bill was passed by parliament. As per constitutional provisions, the Rajya Sabha has limited powers with respect to money bills.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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COMMENTS

Param

11 months ago

when congress wanted to put aadhar in place, bjp was opposing it. now bjp has managed to put it in place, congress is opposing it. what kind of jokes do we pay these MPs to play???

Ankur Agarwal

11 months ago

Shame on this fellow Jairam Ramesh and his Party.

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