Daily Archives: November 1, 2015

No Transfer under section 2(47) when the plant and machinery along with land and building is leased out for a limited period of 10 years

By | November 1, 2015

whether leasehold rights constitute a “capital asset” u/s. 2(14), whether there is a “transfer” u/s. 2(47) of such rights and whether “capital gains” u/s. 45 ? The High Court observed that it is unable to agree with the above approach of the ITAT to interpreting what appear to be plain and unambiguous provisions of the Act.… Read More »

Section 14A / Rule 8D cannot be automatically invoked : High Court

By | November 1, 2015

Section 14A / Rule 8D cannot be automatically invoked. It cannot be invoked if the AO does not record satisfaction as to why the assessee’s voluntary disallowance is not proper The Court disapproves of the AO invoking Section 14A read with Rule 8D(2) of the Rules without recording his satisfaction. The recording of satisfaction as… Read More »

Filing frivolous appeals and harassing taxpayer heavy costs to be imposed to be personally paid by the jurisdictional CIT who sanctioned filing of the appeal

By | November 1, 2015

For filing frivolous appeals and harassing taxpayers, heavy/exemplary costs to be imposed which will have to be personally paid by the jurisdictional CIT who sanctioned filing of the appeal The Bombay High Court put the officers on notice, that in all cases including where appeals are filed, the Offices instructing the Counsel would review whether… Read More »

Intellectual property rights come within the definition of ‘plant’ : Supreme Court

By | November 1, 2015

would intellectual property rights such as trademarks, copyrights and know-how come within the definition of ‘plant’ in the ‘sense which people conversant with the subject matter with which the statute is dealing, would attribute to it’? The Supreme Court opines, this must be answered in the affirmative for the reason that there can be no… Read More »

DO’s and DON’Ts for Investors of Stock Market

By | November 1, 2015

 www.nseindia.com/content/members/ mem_directory.htm market Given below are some general DOs and DON’Ts for investors: DOs:-     Always deal with the market intermediaries registered with SEBI / stock exchanges.     Collect photocopies of all documents executed for registration as a client, immediately on its execution. Ensure that the documents or forms for registration as Client, are fully filled… Read More »

Anti dumping duty on imports of All Fully Drawn or Fully Oriented Yarn /Spin Draw Yarn/Flat Yarn of Polyester

By | November 1, 2015

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-                                                               SECTION (i)]                                                           GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF… Read More »

Anti dumping duty on Hexamine

By | November 1, 2015

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)]                                                           GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE)  Notification No. 50/2015-Customs (ADD)  New Delhi, the 21st October, 2015              G.S.R.    (E). –Whereas,  in the matter of ‘‘Hexamine’ (hereinafter referred to as the subject goods), falling under tariff item 2921… Read More »

No Penalty under Rule 26 if goods liable to confiscation are not taken in Possession

By | November 1, 2015

Rule 26 of the Central Excise Rules, 2002 Facts of the case :-  Three firms claimed rebate of Central Excise duty from office of Maritime Commissioner . Rebate was sanctioned and disbursed to them .During Course of post sanction verification of duty payment, it was alleged that rebate claims were filed by submitting false, fabricated… Read More »

Removal of directors by forged sign on resignation letters is oppression

By | November 1, 2015

Facts of the case : Petitioner and R2 being real brothers were only shareholders in R1 family company . Petitioner alleged that R2 had forged his signatures on petitioner’s alleged resignation letter from directorship and also on alleged Board Resolution allowing appointment of wife of R2 (R3) as new director of company . Further, he… Read More »

Pakistan adopts the IFRS for SMEs

By | November 1, 2015

On 15 September 2015, the Securities & Exchange Commission of Pakistan (SCEP) issued Statutory Notifications 928(I)/2015 and 929(I)/2015 adopting the IFRS for SMEs. As a result the financial reporting framework in Pakistan is as follows: Entities Situation Listed companies (including foreign companies listed in Pakistan) Public interest companies (public sector company, public utility, financial institution,… Read More »

IASB publishes exposure draft on Application of Materiality

By | November 1, 2015

International Accounting Standards Board (IASB) has issued exposure draft providing guidance on application of materiality while preparing financial statements as per International Financial Reporting Standards (IFRS).It will help management of company to apply the concept of materiality in preparation and presentation of both annual and interim financial statements of the company. The draft specifies the… Read More »

Clarification regarding Self sealing and self Examination of Bulk cargo

By | November 1, 2015

Circular No. 1011/18/2015-CX F.No. 96/108/2014-CX.I Government of India Ministry of Finance Department of Revenue Central Board of Excise and Customs ********* New Delhi, the 30th October, 2015 To, Principal Chief Commissioners / Chief Commissioners of Central Excise (All), Principal Commissioner of Central Excise (holding charge of Chief Commissioner) (All), Web-master, CBEC Madam/Sir, Subject: – Clarification… Read More »

Last date is 5th nov 2015 for Submission of comments on Draft Guidance Note on Meetings of Board of Directors

By | November 1, 2015

Guidance Note on Meetings of Board of Directors Suggestions Invited Secretarial Standards have been introduced for the first time in the world and it is understandable that any new initiative would have some teething problems but we are sure that time will prove the indispensable role of Secretarial Standards in enhancing the corporate culture and… Read More »

FAQ’s on Unit Linked Insurance Polices (ULIP)

By | November 1, 2015

Unit Linked Insurance Polices (ULIPS)  Date: 23-10-2007   Frequently Asked Questions (FAQs)     Unit linked guidelines were notified by IRDA on 21st December 2005. The main intent of the guidelines was to ensure that they lead to greater transparency and understanding of these products among the insured, especially since the investment risk is borne by the… Read More »

Insurance Regualtory invites application for Internship

By | November 1, 2015

Ref:IRDA/ADMN/NTFN/PER/187/10/2015                               Date:30-10-2015 Application for Internship IRDAI proposes to offer internship commencing in December 2015 for a period of 2 to 3 months to eligible students who are pursuing their studies in different faculties in IITs/IIMs/Central Universities/National Law Schools and similar other… Read More »

Sovereign Gold Bonds 2015-16 terms and conditions notified by RBI

By | November 1, 2015

RBI/2015-16/218 IDMD.CDD.No.939/14.04.050/2015-16 October 30, 2015 The Chairman & Managing Director All Scheduled Commercial Banks (Excluding RRBs) Dear Sir/Madam, Sovereign Gold Bonds, 2015-16 It has been decided by the Government of India, as per their Notification F.No. 4(19)-W&M/2014 dated October 30, 2015, to issue Sovereign Gold Bonds, 2015 (“the Bonds”) with effect from November 05, 2015… Read More »

Foreign Exchange Loss is allowable expense under Section 37(1): SC

By | November 1, 2015

Section 37(1), read with section 145, of the Income-tax Act, 1961  Subject : Allowability of Business expenditure  Assessment year: 1998-99  Whether expression ‘expenditure’ as used in section 37 may, in circumstances of a particular case, cover an amount which is really a ‘loss’, even though said amount has not gone out from pocket of assessee ?… Read More »