News Update

CIC decides proceedings not to abate even if complainant diesGovt sets up Panel to update Voluntary Guidelines on Social, Environmental & Economic Responsibilities of Business12 lakh pax electric cars sold in 2017; up by 58% from 2016: UNCommerce Department to get new homeI-T - Interest income earned by assessee on account of fixed deposits for maintaining infrastructural facilities is not liable to be treated as income for deduction u/s 80IA: ITATCentre invites views on draft CSR guidelinesCanada passes bill to legalise use of marijuana from Oct 17, 2018GST - Govt modifies procedure for interception of conveyances for inspection of goods in movement & confiscation of such goodsVAT - Writ Court cannot step into shoes of Appellate Authority when, assessee has failed to respond to revision notice and also to discharge its onus to prove that its registered business place was shifted to different venue: HCIncome Tax - Prevalent market rate of rent is by itself no basis to reject actual rate of rent property: ITATGovt appoints Mr M K Sinha as new Joint Secy - TRU-IIDrive Against Shell Companies - A cul-de-sac!Exercising emergency powers u/s 8A of CTA, 1975, Central government increases import duties on goods falling under Chapters 7, 8, 28, 38, 72 & 73Liquor licences: Undoubtedly Taxable before as well as after GST Roll outMSME - Commercial credit exposure highest in last five quarters: SurveyMCA invites comments on Draft on cross-border insolvencyCCI gives nod to acquisition of Monsanto by Bayer AGSmuggling racket busted - Delhi DRI nabs 8 persons & seizes gold worth Rs 2.1 CroreShillong is selected as 100th city under Smart City MissionCBDT notifies PFC & Railway Finance Corp 54EC Capital Gains BondsGST Metered (See 'JEST GST on GST Home Page')
Cabinet nod for leasing part of Pragati Maidan for hotel

By TIOL News Service

NEW DELHI, JUNE 13, 2018: THE Cabinet has approved the Commerce Ministry's mega proposal to lease out 3.70 acres of land at Pragati Maidan. The land would be monetised on long-term lease hold basis for 99 years for construction and running of a hotel by a third party including private sectors.

The funds raised through a transparent competitive bidding process would be utilised by the India Trade Promotion Organisation (ITJPO) to finance the Integrated Exhibition-cum-Convention Centre (IECC) project which is essential for both Central & State Govts to hold Summit Level Meetings and Exhibitions or Events for trade promotion. It was was approved by the CCEA in January 2017 at an estimated cost of Rs 2254 crore.

IECC project envisages construction of a world class state-of-the-art Exhibition-cum-Convention Centre with a seating capacity for 7,000 pax, exhibition, space of over 1,00, and a basement parking for 4,800 vehicles. Traffic decongestion measures in and around the Pragati Maidan will also lead to decongestion of the area. The work for IECC project as well as the traffic decongestion solutions is in full swing. ITPO has stated that the entire project is expected to be completedby September 2019. IECC project will benefit Indian trade and industry, and help increase India's foreign trade.