Income Computation and Disclosure Standards (ICDS) notified under Section 145 (2) of the Income -tax Act, 1961 to be applicable from 1stApril, 2016 Vide Notification No. SO 892 (E) dated 31st March, 2015, the Central Government notified 10 Income Computation and Disclosure Standards (ICDS). These ICDS are applicable from 1.4.2015 i.e. previous year 2015-16 (Assessment… Read More »
Government today constituted a Committee headed by Dr. Shankar Acharya (former Chief Economic Adviser) to examine the desirability and feasibility of having ‘a new financial year’; The Committee to submit its Report by 31st December, 2016. The Government of India today constituted a Committee to examine the desirability and feasibility of having ‘a new financial… Read More »
[2015] 372 ITR 605 (SC) SUPREME COURT OF INDIA Taparia Tools Ltd. v. Joint Commissioner of Income-tax, Nasik A.K. SIKRI AND ROHINTON FALI NARIMAN, JJ. CIVIL APPEAL NOS. 6366 – 6368 OF 2003 AND 6946 – 6948 OF 2004 MARCH 23, 2015 K. Radhakrishnan, Sr. Adv., Sanjay M. Shah, Rustom B. Hathikhanawala, Ms. Niranjana Singh,… Read More »
[1966] 60 ITR 52 (SC) SUPREME COURT OF INDIA India Cements Ltd. v. Commissioner of Income-tax K. SUBBA RAO, J.C. SHAH AND S.M. SIKRI, JJ. CIVIL APPEAL NO. 1106 OF 1964 DECEMBER 8, 1965 A.V. Viswanatha Sastri, R. Venkataraman and R. Gopalakrishnan for the Appellant. S.T. Desai, Gopal Singh, B.R.G.K. Achar and R.N. Sachthey for… Read More »
Stamp duty payment allowed as revenue expenditure The Gujarat High Court held that the amount of stamp duty is allowed as revenue expenditure because the stamp duty paid by the taxpayer during the year was a compulsory statutory levy; would not restrict the profits of the future years; and was an ordinarily revenue expenditure incurred… Read More »
RBI/FMRD/2016-17/31 FMRD Master Direction No. 1/2016-17 July 5, 2016 To, All Authorised Dealers – Category I Banks Madam / Sir, Master Direction – on Risk Management and Inter-Bank Dealings In exercise of the powers conferred by clause (h) of sub-section (2) of section 47 of the Foreign Exchange Management Act (FEMA), 1999 (42 of 1999),… Read More »
HELD I am of the view that even though invoices have been destroyed in fire but if invoices have been recorded in the ledger and books of account of the respondent the Cenvat credit cannot be denied. Respondent could not have recorded the invoice in the ledger unless physical invoices were available. It is not… Read More »
Seeks to impose definitive anti-dumping duty on “Purified Terephthalic Acid” including its variants Medium Quality Terephthalic Acid (MTA) and Qualified Terephthalic Acid (QTA), originating in or exported from China PR, Iran, Indonesia, Malaysia and Taiwan, for a period of five years from the date of imposition of provisional anti-dumping duty 28/2016-Cus (ADD), dt. 05-07-2016
Seeks to amend notification No. 7/2016-Customs (ADD) dated 08.03.2016 so as to exclude Expanded Polypropylene beads and ter-polymer from the description of goods attracting anti-dumping duty. 29/2016-Cus (ADD), dt. 05-07-2016
Guidelines for Implementation of Shipbuilding Financial Assistance Policy The Ministry of Shipping has approved a set of guidelines for implementation of its Shipbuilding Financial Assistance Policy. An institutional mechanism has also been created within the Ministry for redressal of grievances arising out of matters related to the said policy. The Shipbuilding Financial Assistance Policy was… Read More »