Thursday, 2 April 2015

Interest rate of Sukanaya Scheme and 5 Year Senior Citizen Saving Scheme increased by 0.1% w.e.f. Ap

BANKING : Small Savings Schemes – Revision of Interest Rates For


Industrial margarine or bakery margarine to be taxable at 12.5% under Kerala VAT

CST & VAT : Kerala VAT - Industrial margarine or bakery margarine dealt in by assessee would fall under Entry No. 64(8) of S.R.O. No. 82 of 2006 and was exigible to tax at rate of 12.5 per cent


Majority shareholders can't go against Court's directions to buy shares of minority citing default c

CL: Proceedings under sections 397 and 398 are filed to remove deadlock which has occured in mangement of company and it is always majority shareholders who buy shares of minority shareholders as they are in control and management of company and it is against them that oppression and mismangement is alleged


A hospitality co. isn't comparable with a co. engaged in research and development for TP study

IT/ILT: A hospitality company cannot be considered as a comparable for determining ALP of international transaction of a research and development company


RBI unveils scheme for setting-up of IFSC banking units by Indian banks or foreign banks having pres

BANKING : Setting up of IFSC Banking Units (IBUs)


RBI prescribes uniform provisioning norms pertaining to fraud accounts

BANKING : Provisioning Pertaining to Fraud Accounts


Regional Directors gets power to direct inspection of documents of company

COMPANIES ACT, 2013 : Section 458, Read with Section 94, of the Companies Act, 2013 - Delegation by Central Government of Its Powers and Functions – Delegation of Powers to Specified Regional Directors under Section 94(5)


RBI removes ceiling of USD 20 million on buyer's credit for project exports

FEMA/ILT : Liberalization of Procedure in Respect of Export of Goods and Services – Project Exports


Transactions between financial institutions set-up in IFSC and residents shall be subject to FEMA, R

FEMA/ILT : Operational Guidelines on International Financial Services Centre (IFSC)


HC upheld sec. 69C additions as certain purchases were made from a person running a dummy business

IT: Where assessee-firm, engaged in business of zips for shoes etc, showed certain purchases made from 'G' Enterprises, in view of fact that proprietor of 'G' Enterprises admitted that he was running a dummy business, Assessing Officer was justified in making addition under section 69C in respect of bogus purchases


CBEC declares head of departments pursuant to cadre restructuring

E&C/MISCELLANEOUS : Implementation of Cadre Restructuring Scheme - Declaration of Head of Department Consequent upon Re-Organization of Field Formations under Cbec


CBDT asks Pr. CCIT to recommend suitable building and budget for setting-up of new Aayakar Sewa Kend

IT : Aaykar Sewa Kendras – Providing Taxpayer Services i.e. Setting up of Aaykar Sewa Kendras during Financial Year 2015-16


Provision for warranty is an allowable exp. if made on scientific and reasonable basis

IT : Where assessee-company deputed software engineer abroad, who had to do testing, installations and monitoring of computer software supplied to clients outside India, expenditure in foreign currency would not be excluded in computing export turnover under section 80HHE


No surcharge in block assessments for period prior to 1-6-2002; SC's judgment in Vatika Township fol

IT : Where pursuant to search proceeding, assessee filed return for block period declaring certain undisclosed income, following order passed by Supreme Court in case of CIT v. Vatika Township (P.) Ltd. [2014] 367 ITR 466/227 Taxman 121/49 taxmann.com 249, Tribunal was justified in deleting surcharge levied by Assessing Officer under provision of Finance Acts, 1999 and 2000