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DoT restrained from banning 3G roaming pacts of telcos
Air India to sell, leaseback Dreamliners
Investor Guidance Aviation Notes |
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DoT restrained from banning 3G roaming pacts of telcos
The sectoral tribunal issued notice to the Department of Telecom, asking it to file a reply by December 31. It asked the telecom operators - Bharti Airtel, Vodafone, Idea Cellular, Tata Teleservices and Aircel - to file rejoinder over DoT’s reply within three days. They also have to submit their 3G ICR agreements to TDSAT. "Till the next date fixed (January 3), the respondent (DoT) is restrained from taking any coercive steps against petitioners (telecom companies) to enforce the impugned order dated December 23, 2011," said the TDSAT in its order. The Telecom Disputes Settlement and Appellate Tribunal also turned down the plea of DoT to restrain the operators from adding new 3G customers till the next hearing. The tribunal has directed to put the matter up for framing of issues on February 2. TDSAT's order followed a special hearing over a batch of petitions filed by Airtel, Vodafone and Idea. The tribunal also allowed two other operators Aircel and Tata Tele to become party to the case. Yesterday, DoT had issued notices to the telecom firms saying their 3G roaming pacts are illegal and sought their response within a day. Senior advocate Abhishek Manu Singhvi, representing Vodafone, submitted that the operators hold Unified Access Services Licence (UASL) which allows them to offer all types of services including voice, data and video. "There is no other licence required by any operators for providing any type of access service, including any high-speed data service (3G)," said Singhvi, adding that UASL also allows them to enter into roaming agreements with other operators. Terming yesterday's DoT order to stop 3G ICR within 22 hours as "arbitrary and illegal", Singhvi said no show-cause notice was issued to the operators
and "elements of fair play were violated". He added that they were not given a chance to be heard and to put forward their views which is against the principles of natural justice. DoT has failed to follow the minimal parameters of "good governance", he said. DoT also opposed the apprehensions of the operators that the consumers will be affected if 3G ICR pacts are stopped.
— PTI Wrong Number
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Air India to sell, leaseback Dreamliners
New Delhi, December 24 While the first of these much-delayed planes would be delivered by the American manufacturer in January, the second one would come in March, the third in April and two each in May and June, official sources said. The Air India Board has already decided to go for sale of these aircraft to a lessor and immediate leaseback under an operating lease of 12 years with an option to extend the period, the sources said.Under sale and leaseback arrangement, one party sells a property to a buyer who immediately leases it back to the seller. The arrangement allows the initial buyer to make full use of the asset while not having capital tied up in it. The sources said the airline required interim bridge financing for a period ranging between 6-12 months to accept delivery of the first two B 787-8 planes and has invited offers from banks and financial institutions to arrange for $230 million or equivalent of cost
of two planes. The bridge loan facility would be repaid on conclusion of the sale and leaseback arrangement, they
said. — PTI |
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Investor Guidance
Q: I live in a rented accommodation in Thane and have purchased an under-construction property in Mumbai. Can I claim HRA benefit (since I am staying in a rented place) and tax benefits for the under-construction property.
I work in Mumbai and somebody informed me that HRA benefit and home loan benefit can't be claimed in my case. But the benefits of home loan repayments can be taken after a period of 3 years from the date of possession of my new house. — Dhyanand A: The basic principle behind claiming the HRA deduction is that you ought to be paying rent. In other words, without paying rent, you cannot get deduction on HRA. In your case, since you are paying rent, you may claim the HRA deduction. Coming to home loan benefit (deduction on interest), the same would be available to you once the house is completed and in your possession. Interest paid during the construction period may be claimed in five equal instalments beginning from the year in which the house is completed. Note that the combined limit for pre-possession interest as well as the interest paid on the loan during the year of possession is Rs 1,50,000. Deduction u/s 54F
Q: By profession I am an agriculturist. 1) I have sold urban agricultural land to a layout developer for Rs 20,00,000. The agreement to sell was done on 12.04.2007 and sale deed was entered into on 3.3.2009. 2) I invested in another agricultural land on 11.06.2008 for Rs 5,77,960 in the name of my son, who is working in a small factory as a helper. However, during assessment, the AO added back Rs 5,77,960 on the grounds that it was purchased before the sale of agricultural land and it is in the name of son. 3) The AO also rejected claim u/s. 54F regarding cost of plot purchased on 11.07.2007 for Rs 4,12,925 on the grounds that is much before the sale of agricultural land and not within one year before the sale of agricultural land. Is the contention of the AO correct? — Prathamesh Patil A: Yes, it would seem so. U/s 54B, capital gains from transfer or sale of agricultural land used by the assessee or his parents for agricultural purposes for at least two years immediately preceding the date of transfer, are not to be included in the gross total income provided the assessee has purchased any other agricultural land within 2 years after the date of transfer or sale. Your sale deed of the original land was in the year ’09. Hence the purchase of agricultural land (in the name of the son) was not ‘within 2 years after the date of transfer or sale’. The date of agreement to sell is immaterial and inconsequential. Even if the land was purchased after the date of sale of the original land, you would not have been eligible to the exemption since it is your son and not you who has purchased the land.
The authors may be contacted at wonderlandconsultants@yahoo.com |
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Aviation Notes
Ronald Banerjee, a Lucknow boy, became a helicopter pilot of an exceptional skill and tenacity with his own efforts and talent. He flew both civil and Air Force aircraft with distinction. He achieved a record of 20,000 flying hours in helicopter flying - a record unlikely to be broken in near future.
Banerjee flew all types of aircraft -single and twin-engine, in all kinds of weather, particularly in eastern hilly areas, for 48 years in the Indian Air Force and ARC (Air Force Research Centre) before bidding adieu to flying recently. When asked in ARC that he was fit enough to continue flying, he said: "Enough is enough". "I have enjoyed every moment of my flying, including bewitching and exciting experiences on compassionate duties and in the company of VVIPs, from July 17, 1963, to August 12, 2011,” said highly satisfied Banerjee. “I had some hilarious moments in the cockpit with VVIPs on board the aircraft,” he said while on a short visit to Delhi from Saharanpur. It was a mere luck that Banerjee became a pilot. After the 1962 Chinese aggression, the government felt that Indian 'jawans' should possess 'military discipline'. He was among the chosen students to do 60 hours of 'powered flying' in various clubs. He chose Lucknow’s Hind Flying Club, which was owned by Raja Bhadari and its chief pilot was
Capt PP Tikku. In March 1965, Banerjee was enrolled as a cadet in the Indian Air Force at Coimbatore for ground training. He underwent flying and other required training at different centres on varying aircraft. He had night training at Jodhpur before becoming a pilot officer on December 31, 1967. Banerjee has some unforgettable memories when he flew VVIPs like President Giani Zail Singh and Prime Minister Indira Gandhi on official assignments in Air Force helicopters. When an aircraft commanded by HS Sekhon was over Kamakhya Temple, the then President Giani Zail Singh sent an envelope with Rs 100 to be dropped at the temple. The commander had passed the envelope to co-pilot Banerjee. In MI-8 helicopters, two pilots sit on either side while a flight engineer occupies the centre seat. As the envelope got deposited at the right spot, Banerjee, in excitement, slapped the thigh of the President, who was occupying the seat of the flight engineer. When he came to know that it was President, he felt embarrassed at his action, but the President took the 'accidental incident' philosophically. He had several such incidents during his 48-year flying career. |
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New Delhi, December 24