Daily Archives: October 10, 2015

ADDITIONAL DOCUMENTS FOR PROOF OF ADDRESS FOR PREVENTION OF MONEY LAUNDERING

By | October 10, 2015

AMENDMENT TO PREVENTION OF MONEY LAUNDERING (MAINTENANCE OF RECORDS) RULES, 2005 – ADDITIONAL DOCUMENTS FOR LIMITED PURPOSE OF PROOF OF ADDRESS CIRCULAR DBR.AML.BC.NO.104/14.01.001/2014-15, DATED 11-6-2015 Please refer to Rule 14(i) and proviso to Rule 2(d) at Sr.No.4 of Annex to our circular DBOD.AML.BC.No.26/14.01.001/2014-15 dated July 17, 2014, on the applicability of ‘simplified measures’ to verify… Read More »

AMENDMENT IN RULES FOR PREVENTION OF MONEY LAUNDERING

By | October 10, 2015

PREVENTION OF MONEY LAUNDERING (MAINTENANCE OF RECORDS) AMENDMENT RULES, 2015 – AMENDMENT IN RULES 2, 9 & 10 AND INSERTION OF RULE 9A NOTIFICATION NO.4/2015 [P.12011/5/2011-SO(ES.CELL)]/GSR 544(E), DATED 7-7-2015 In exercise of the powers conferred by sub-section (1) read with clauses (i), (j), (jj), (jjj) and (k) of sub-section (2) of section 73 of the… Read More »

FOREIGN INVESTMENT IN INDIA

By | October 10, 2015

FOREIGN INVESTMENT IN INDIA MASTER CIRCULAR NO.15/2015-16, DATED 1-7-2015 Foreign investment in India is governed by sub-section (3) of Section 6 of the Foreign Exchange Management Act, 1999 read with Notification No. FEMA 20/2000-RB dated May 3, 2000, as amended from time to time. The regulatory framework and instructions issued by the Reserve Bank have… Read More »

FDI IN COMPANIES ENGAGED IN TOBACCO RELATED ACTIVITIES

By | October 10, 2015

INVESTMENT IN COMPANIES ENGAGED IN TOBACCO RELATED ACTIVITIES A.P. (DIR SERIES 2015-16) CIRCULAR NO.2, DATED 3-7-2015 Attention of Authorized Dealer Category-I (AD Category-I) banks is invited to Annex A of Schedule 1 to the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000 notified vide Notification No. FEMA.20/2000-RB… Read More »

Assessee’s failure to verify genuineness of labour charges led to rejection of its books of account

By | October 10, 2015

Where assessee failed to verify genuineness of opening and closing balance of labour charges payable or furnish details called for by Assessing Officer, rejection of books of account was justified   IN THE ITAT CHANDIGARH BENCH ‘A’ Income-tax Officer v. Ashok Kumar BHAVNESH SAINI, JUDICIAL MEMBER AND T.R. SOOD, ACCOUNTANT MEMBER IT APPEAL NO. 340… Read More »

Independent directors shall be included in the total number of directors ?

By | October 10, 2015

 Whether independent directors shall be included in the total number of directors for the purpose of sub-section (6) and (7) of section 152 of the Companies Act, 2013? Section 152(6) of the Companies Act, 2013 provides that unless the Articles of Association provide for retirement by rotation of all directors at every annual general meeting,… Read More »

CENVAT Credit on Banking Service and Technical Inspection Service is admissible to exporter of diamonds

By | October 10, 2015

Bank Charges in relation to business of manufacture and export of goods, whether pertaining prior to manufacture or after manufacture, are eligible for credit under rule 2(l) or refund under Notification No. 17/2009-ST CESTAT, MUMBAI BENCH Commissioner of Central Excise, Puna-I v. Rosy Blue (India) (P.) Ltd. M.V. RAVINDRAN, JUDICIAL MEMBER AND C.J. MATHEW, TECHNICAL… Read More »

Provision for loss on transit breakage being contingent in nature, not allowable: HC

By | October 10, 2015

In case of assessee, engaged in business of manufacture and sale of India Made Foreign Liquor (IMFL), provision made for transit breakage was to be regarded as liability of contingent nature and as such was not an allowable deduction under section 37(1) HIGH COURT OF DELHI Seagram Distilleries (P.) Ltd. v. Commissioner of Income-tax-III, New… Read More »