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

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 »

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

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

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 »

Investor Rights & Obligations

Investor Rights & Obligations Investor’s Rights Investor’s Obligations Right to Get Unique Client Code (UCC) allotted. Get a copy of KYC and other documents executed. Get order of trading of shares executed in his/her Unique Client Code only. Get order of trading of shares placed as per terms and conditions agreed to between broker and… Read More »

FAQs on Rolling Settlement

What is Rolling Settlement? Rolling Settlement is a mechanism of settling trades done on a stock exchange on T i.e. trade day plus “X” trading days, where “X” could be 1,2,3,4 or 5 days. In other words, in T+5 environment, a trade done on T day is settled on the 5th working day excluding the… Read More »

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

 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

[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

[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 »

Pakistan adopts the IFRS for SMEs

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

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

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

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)

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

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

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

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 »