Advances paid for purpose of purchase and/or acquisition of plant/machinery, and land/building amount to utilization by assessee of capital gains under section 54G SUPREME COURT OF INDIA Fibre Boards (P.) Ltd. v. Commissioner of Income-tax, Bangalore A.K. SIKRI AND ROHINTON FALI NARIMAN, JJ. CIVIL APPEAL NOS. 5525 – 5526 OF 2005 AUGUST 11, 2015 A… Read More »
PR. Commissioner of Income Tax Vs. Shri Jai Shiv Shankar Traders Pvt. Ltd., I.T.A. No. 519/2015, Date of Order: 14.10.2015, High Court of Delhi Whether it is mandatory to issue notice u/s 143(2) subsequently to return filed u/s 148 of the Income Tax Act, 1961? Held Yes The decision of this Court in CIT v.… Read More »
PR. Commissioner of Income Tax Vs. E-funds International India Pvt. Ltd., I.T.A. No. 607/2015, Date of Order: 06.10.2015, High Court of Delhi Whether AO is correct while not allowing deduction under Section 10A to the Assessee either for the same or any subsequent assessment year where assessee had claimed deduction under Section 80HHE of the… Read More »
Early Recognition of Financial Distress, Prompt Steps for Resolution and Fair Recovery for Lenders: Framework for Revitalising Distressed Assets in the Economy – Review of the Guidelines on Joint Lenders’ Forum (JLF) and Corrective Action Plan (CAP) RBI/2015-16/214 DNBR.CC.PD.No. 070/03.10.01/2015-16 October 29, 2015 To All Non-Banking Financial Companies (NBFCs) Madam/ Sir, Early Recognition of Financial… Read More »
RBI/2015-16/215 A. P. (DIR Series) Circular No. 23 October 29, 2015 To, All Category – I Authorised Dealer Banks Madam / Sir, No fresh permission/ renewal of permission to LOs of foreign law firms- Supreme Court’s directions The Hon’ble Supreme Court vide its interim orders dated July 4, 2012 and September 14, 2015, passed in… Read More »
RBI/2015-16/216 A.P. (DIR Series) Circular No. 24 October 29, 2015 To, All Authorised Dealer Category – I Banks Madam/Sir Subscription to National Pension System by Non-Resident Indians (NRIs) Attention of Authorised Dealers Category – I (AD Category – I) banks is invited to the Foreign Exchange Management (Transfer or Issue of Security by a Person… Read More »
RBI/2015-16/217 FMRD.DIRD.5/14.03.007/2015-16 October 29, 2015 All market participants Dear Sir/Madam Secondary Market Transactions in Government Securities – Short Selling This has reference to circular IDMD.No.03/11.01.01(B)/2005-06 dated February 28, 2006, as updated vide circulars IDMD.No/11.01.01(B)/2006-07 dated January 31, 2007, IDMD.DOD.No.3165 /11.01.01(B)/ 2007-08 dated January 1, 2008, IDMD.PCD.14/14.03.07/2011-12 dated December 28, 2011, IDMD.PCD.21 /14.03.07/2011-12 dated June 21,… Read More »
Amendment to Prevention of Money Laundering (Maintenance of Records) Rules, 2005 – Submitting ‘Officially Valid Documents’ – Change in name on account of marriage or otherwise RBI/2015-16/213 DBR. AML.BC. No. 46/14.01.001/2015-16 October 29, 2015 The Chairpersons/ CEOs of all Scheduled Commercial Banks/ Regional Rural Banks/ Local Area Banks/ All India Financial Institutions/ all NBFCs/ All… Read More »
Education Cess and Secondary and Higher Education Cess paid on inputs or capital goods received in the premises of the provider of output service on or after the 1st day of June, 2015 can be utilized for payment of service tax on any output service [TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART… Read More »
What are Currency Options? Currency Options are contracts that grant the buyer of the option the right, but not the obligation, to buy or sell underlying currency at a specified exchange rate during a specified period of time. For this right, the buyer pays premium to the seller of the option. What is the need… Read More »