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Rule 37 amendment - Implications for taxpayersI-T - Re-opening of assessment merits being upheld where assessee never filed ITRs and where assessee is found to have indulged in heavy cash transactions: HCCommittee of Experts onSustainable Finance submits report to IFSCAI-T - Provisions of clause (b) of Section 148A of I-T Act allow 30 days' time for an assessee to file reply to SCN : HCWHO product alert on cough syrup - Probe rolled outI-T - Re-assessment upheld where at time of original assessment, AO was unaware of assessee being accomodation entry operator & it was later discovered that certain transactions escaped assessment: HCRevenue Deficit Grant of Rs 7,183 Cr released to 14 StatesI-T - Amended provisions of Section 154 cannot be applied with retrospective effect in respect of AY which precedes year of amendment of provisions : ITATNational Lok Adalat to be held on Nov 12 across IndiaI-T - Previous history of assessee must be taken into consideration by lower authorities while providing order: ITATDRI seizes 23.23 kg gold being smuggled through N-E Borders, 4 heldI-T - Reassessment initiated on basis of borrowed satisfaction without any independent application of mind by AO, merits to be quashed: ITATGovt amends ethanol-blended petrol scheme - project to be completed within 2 yrs from disbursement of loan by Mar 31, 2023GST - Law doesn't require payment of tax to be made more than once in respect of self-same goods - Respondent ought not to collect tax for second time - Refund ordered: HC66 Child deaths in Gambia - WHO issues alert against India-made 4 cough syrupsGST - Revenue authorities should act sensibly - Causing unnecessary impediment to the free flow of goods and vehicles does cause an unnecessary hindrance to economy: HCIMF boss sees gloomy outlook for global economy, deepening recessionGST - Question whether any amount is owed to petitioner is a highly disputed question of fact - Court declines to exercise its extraordinary jurisdiction: HCIBM to pump in USD 20 bn in chip and quantum computing factory in NY StateCus - The direction as of First Appellate Authority as to remand is set aside and Adjudicating Authority is directed to provisionally release the goods in question: CESTATLawsuit paused; Musk gets time till Oct 28 to wrap up Twitter dealCX - Third party record and statement of Director of M/s PIL cannot be used against appellant both for non-joinder of parties and also failure on part of Revenue to examine Sh. Pankaj Agarwal as its witness in adjudication proceedings: CESTATGovt notifies Credit Guarantee Scheme for Start-upsThai daycare horror - 23 children out of 37 killed by drug-addict sacked police officerAustralian scientists keen to grow plant on moon by 2025Yet another USD 100 mn crypto-theft of Binance coin reportedGoogle unveils new phones and watches; eyes Apple’s marketBiden fine-tunes policy on marijuana; past federal offences chopped offTruss finally says Macron is a ‘friend’ & UK to work closely with France on many issuesLast month mass killing - Suspect killed 11 including his brother, says Canadian PoliceKarnataka HC tosses out Xiaomi’s petition to unfreeze funds locked by EDCBIC notifies Customs exchange rates w.e.f Oct 7, 2022World Bank losing recession-battered optimism; scales down India’s GDP growth to 6.5%Global Economy: A 'leaf' turning from Summer Green to Autumn Red!Nobel in literature awarded to French author Annie Ernaux for her memoire 'The Years’GST - To fructify government's vision of Ease of doing business, officers need to be efficient and accountable: HCDRI seizes heroin worth Rs 80 Cr at Mumbai AirportExport Freight - Taxable from 01.10.2022The ABG Shipyard case - Interplay Between Ibc And Customs ActI-T- Assessee is not eligible to exemption u/s 54B where investment is made in name of grandson of assessee : ITAT
 
Atal Innovation Mission invites applications for setting up Incubation Centres

By TIOL News Service

NEW DELHI, AUG 02, 2022: ATAL Innovation Mission (AIM), NITI Aayog today launched Call for Applications for its two leading programs Atal Incubation Centre (AIC) and Atal Community Innovation Centre (ACIC). The call for applications is a step to expand the current ecosystem of incubators and to provide them with access to global benchmarks and best practices.  

Both the programs envision to create and support the innovation ecosystem in the country by establishing world-class institutions which shall help budding entrepreneurs of the country.

AIC is an initiative of the AIM, NITI Aayog to foster innovation and entrepreneurial spirit while creating a supportive ecosystem for start-ups and entrepreneurs in India. Each AIC is supported with a grant of up to INR 10 crores over a period of 5 years. Since 2016, AIM has established 68 Atal Incubation Centres across 18 states and 3 UTs which have supported more than 2700 startups.

ACIC is envisaged to serve the unserved/underserved areas of the country with respect to the start-up and innovation ecosystem. Each ACIC is supported with a grant of up to INR 2.5 crores over a period of 5 years. AIM has established 14 Atal Community Innovation Centres across the country.

These AICs and ACICs will play a pivotal role in enriching the start-up and entrepreneurship ecosystem of India and echo the anthem of Atmanirbhar Bharat.

While launching the call for applications, CEO NITI Aayog Mr. Parameswaran Iyer said "Innovation is an unparalleled driving force for development and the drive for innovation has to be coupled with social entrepreneurship". He also reasserted the Hon. Prime Minister's vision of tackling the country's challenges by innovating for India and Innovating from India.

Mission Director AIM, NITI Aayog Dr. Chintan Vaishnav in his speech said "Becoming a 5 trillion economy as a nation will require a lot of impetus and support from the startup ecosystem and we at Atal Innovation Mission are committed to that vision. Today we see much more focused and inclusive incubation initiatives which will provide access to all sectors of the economy".


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