Monthly Archives: July 2016

Section 80IB benefit not available for DEPB income

By | July 31, 2016

HIGH COURT OF GUJARAT Banpal Oil Chem (P.) Ltd. v. Assistant Commissioner of Income-tax AKIL KURESHI AND A.J. SHASTRI, JJ. TAX APPEAL NO.188 OF 2011 JULY  7, 2016 Tushar P. Hemani, Advocate for the Appellant. Nitin Mehta, Advocate for the Respondent. JUDGMENT Akil Kureshi, J. – The assessee is in the appeal against the judgement… Read More »

No Disallowance u/s 40(a)(ia) when books rejected and income estimated

By | July 31, 2016

IN THE ITAT KOLKATA BENCH ‘A’ Future Distributors v. Principal Commissioner of Income-tax, Kolkata P.M. JAGTAP, ACCOUNTANT MEMBER AND S.S. VISWANETHRA RAVI, JUDICIAL MEMBER IT APPEAL NO. 277 (KOL.) OF 2016 [ASSESSMENT YEAR 2010-2011] JULY  29, 2016 S.K. Tulsiyan, Advocate for the Appellant. Sachchidananda Srivastava, for the Respondent. ORDER P.M. Jagtap, Accountant Member – This… Read More »

Benami Transaction (Prohibition) Bill 2016 :- Key Takeaways

By | July 31, 2016

The Benami Transaction (Prohibition) Amendment Bill 2016 passed by Lok Sabha on 27.07.2016 Key takeaways from The Benami Transaction (Prohibition) Amendment Bill 2016 are as follows: Objective of The Benami Transaction (Prohibition) Amendment Bill 2016  :- The Benami Transaction (Prohibition) Amendment Bill 2016 passed by Lok Sabha, empowers the Government to confiscate Benami properties held in… Read More »

CPT Exam on 18th December 2016 (sunday)

By | July 31, 2016

The Institute of Chartered Accountants of India 26fh July, 201 6 No.13-CA (EXAM)/CPT/December/2016: In pursuance of Regulation 22 of the Chartered Accountants Regulations, 1988, the Council of the Institute of Chartered Accountants of lndia is pleased to notify that the Common Proficiency Test will be held on Sunday, 18’~ December, 2016 in two sessions as… Read More »

Rs 919 Crores collected under Sovereign Gold Bond Scheme -4th tranche

By | July 30, 2016

Collections under Sovereign Gold Bond Scheme Reach a New High. The amount realised through the 4th tranche, at around Rs 919 Crores, is the highest achieved as yet In pursuance of the announcement in Union Budget 2015-16, Sovereign Gold Bond (SGB) scheme was launched as an alternative to physical gold in Nov 2015. The aim… Read More »

Judicial and Technical Members in National Company Law Tribunal appointed

By | July 30, 2016

MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, 28th July, 2016 S.O. 2563(E).—In exercise of the powers conferred by section 408 of the Companies Act, 2013, the Central Government hereby appoints following persons as Judicial and Technical Members in the National Company Law Tribunal in the pay scale of Rs. 67000-79000/- with effect from the dates… Read More »

Relief in Average Export Obligation as per Para 5.19 of Hand Book of Procedures of FTP 2015-20

By | July 30, 2016

Relief in Average Export Obligation in terms of Para 5.19 of Hand Book of Procedures of FTP 2015-20. Government of lndia Minlstry of Commerce and industry Department of Commerce (Directorate General of Foreign Trade) ISO 9001:2008 Certified Organisalon udyog Bhawan,H―Wing,Gate No 2, Maulana Azad Road,New Delhi-110011 Tel(EPBAX No):011-23061562 Fax No1 011-23062225 web Site:http://dgft. gov.in E―… Read More »