FINER has welcomed the recent Supreme Court judgment providing major relief to the north eastern industries. In a statement issued in Guwahati on Saturday, the business chamber said that the judgment would end an ambiguity.
A division bench of the Supreme Court comprising Justice Kurian Joseph and Justice Rohinton Fali Nariman dismissed the revenue’s appeal against the judgment of Gauhati High Court allowing tax exemption on operational subsidies.
The Gauhati High Court in the case of C.I.T. V/s. Meghalaya Steels Ltd. had held that various subsidies such as transport, power, interest & insurance given to the industries of the NER were operational subsidies and would qualify for deduction U/s.80IB/80IC of the Income Tax Act, 1961.
Upholding the judgment of the Gauhati High Court, the Supreme Court has held that all these subsidies are revenue receipts which are reimbursed to the assessees for elements of cost relating to manufacture and sale of their products. Therefore, there was a direct nexus between the profits and gains of the industrial undertaking and reimbursement of such subsidies.
The Supreme Court has thus put an end to the controversy which was pending since last 10-12 years and has threatened the very existence of industries of the region. P. Chidambram, Senior Advocate and Ex-Finance Minister, S. Ganesh, Senior Advocate, Ramesh Goenka, Amit Goenka and Kavita Jha advocates appeared for the assessees and i Radhakrishnan Senior advocate represented the Revenue.
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Guwahati: The Assam Don Bosco University buzzed with creativity and entrepreneurial spirit over the past two days as the Innovation, Design and Entrepreneurship (IDE) Bootcamp for Student Innovators and Teachers concluded.
The event, held on April 9th and 10th, welcomed participants with an opening address by Pushpanjalee Konwar. Chief Guest Prof. Amarendra Kumar Das of IIT Guwahati ignited the minds of the young innovators with a talk on agricultural design and fostering innovative ideas.
Mayur Madhukar Borkar then outlined the purpose of the bootcamp and its potential to equip participants with valuable skills. Dr. R. Sujatha kicked off the interactive sessions, dividing...
The Indian Institute of Information Technology Guwahati (IIITG) hosted the fourth edition of its annual Rongali Bihu festival, BOHAGI, on April 7th, 2024. Held at the institute's campus near Tech City, Bongora, the event aimed to promote Assamese culture among students, faculty, staff, and their families from across India.
BOHAGI 2024 featured cultural competitions organized by the IIITG Cultural Board, attracting students from various Assamese colleges. This fostered cultural interaction within the academic community and resonated with the "Ek Bharat Shrestha Bharat" initiative, promoting national unity.
The celebration focused on enriching knowledge about Assamese folk culture,...
Udalguri: In a move seen as part of the Election Commission's efforts to ensure impartiality during the upcoming Lok Sabha polls, Udalguri Deputy Commissioner (DC) and District Election Officer (DEO) Dr. Sadnek Singh was transferred on Tuesday.
An order signed by Jadav Saikia, Secretary to the Government of Assam's Personnel (A) Department, reassigned Dr. Singh as Additional Secretary to the Government of Assam's Animal Husbandry and Veterinary Department.
Replacing Dr. Singh is IAS officer Javir Rahul Suresh, who previously served as Joint Secretary to the Government of Assam's Animal Husbandry and Veterinary Department and held the additional charge of Director of Animal Husbandry...
On the occasion of his birth centenary this year, Jyotiprasad Medhi Award in Mathematical Sciences is announced by his family. Professor Jyotiprasad Medhi was a world renowned scholar in Statistics who was born on 1st July 1924 in Ramdia, Assam. He received his D.Sc. (with Tres Honorable) from the University of Paris (Sorbonne) in 1956 and returned to Assam to teach at Gauhati University where he later became the Head of the Department in Statistics, Dean of Faculty of Science, and Acting Vice-Chancellor. His textbooks on Stochastic Processes and Queueing Theory are widely used for teaching in many academic institutions around the world. He passed away on 3rd February 2017 at the age of 92...
Panbaree Machans, Kaziranga: The inaugural Smily Academy XP drew to a successful close yesterday, marking the departure of participants from four continents to their respective countries. The five-day event, held amidst the breathtaking landscapes of Panbaree Machans, Kaziranga, focused on immersive learning experiences with indigenous communities to develop innovative solutions to local and global challenges, aiming to inspire a new generation of "eco-preneurs".
Conceived as a special project of the Indigenous People’s Climate Justice Forum, founded by esteemed figures such as climate activist Rituraj Phukan and Padma Shree Jadav Payeng, the Forest Man of India, Smily Academy garnered...
In a groundbreaking move towards sustainable agriculture and the preservation of indigenous livestock, Saras Dairy, under the guidance of Joraram Kumawat, Minister of Animal Husbandry, proudly unveils its latest offering: pasteurized camel milk. This initiative, achieved through collaboration with Bahula Food Pvt Ltd and Urmul Seemant Samiti, signifies a pioneering step in the realm of public-private partnerships dedicated to supporting herders and safeguarding the invaluable camel population.
Gratitude is extended to all stakeholders, including Mahant Pratap Puri, MLA Pokhran, and Dr. Bhawani Singh Rathore, Animal Husbandry Director, for their indispensable contributions. Recognition is...
Assam Times (.org) ("Assam Times", "we", "us", or "our") respects the privacy of our users ("you", "your"). This Privacy Policy describes the types of information we collect from and about you when you visit our website (the "Website") and how we use that information.
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In a landmark move, participants of the International Conclave on Water, Hill Lives, and Future, convened in Shillong on February 9th and 10th, 2024, have jointly adopted the "Shillong Declaration." This declaration underscores the critical interlinkages between water resources and hill ecosystems, emphasizing a holistic approach towards achieving sustainable development in these regions.
The vital role of water as a critical resource and the need for enhanced resilience around water in hilly terrains, as underscored by the declining water table and spring water levels, waning traditional water systems, retreating, and polluting rivers, changing rainfall patterns, increase...
Jaisalmer, Rajasthan: Today marks the commencement of the 3rd edition of Maru Manthan, a transformative forum orchestrated by the Desert Resource Centre and Urmul, in collaboration with desert communities. Held on February 9th and 10th, 2024, in the heart of Jaisalmer, Rajasthan, Maru Manthan stands as a beacon for celebrating the indomitable spirit of the desert and fostering sustainable solutions amidst its challenges.
The forum draws together an illustrious lineup of organizations and individuals dedicated to desert conservation and community empowerment. Representatives from esteemed entities such as the Foundation for Ecological Security, Ministry of Lowlands & Irrigation (...
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