Provision debarring AO from making reassessment due to non-registration of trust in earlier years ha

IT : As long as objects a society were charitable in nature in years earlier to year in which registration under section 12AA was granted, and no adverse findings were given with regard to existence of assessee-society for charitable purposes benefit of exemption under section 11 was to be given

TDS Scheme is faulty as it doesn't allow more than 4 changes in character of PAN in revised return

IT : System of processing TDS statements gives an option to assessee-deductor to correct invalid/No PAN entries in TDS statement through a correction statement without any restriction of correcting particular PAN with regard to number of characters

Sec. 292B couldn't be invoked to cure a mistake where penalty order was passed under a different sec

IT: Where notice for initiation of penalty proceedings against assessee had not been issued under section 221 and penalty order had also not been passed under section 221 but under section 140A(3), this mistake was not covered under umbrella of provisions of section 292B

SEBI provides an option to avoid penalty on private placement of upto 200 investors for cases prior

SEBI : PROCEDURE TO DEAL WITH CASES PRIOR TO 1-4-2014 INVOLVING OFFER/ALLOTMENT OF SECURITIES TO MORE THAN 49 UP TO 200 INVESTORS IN A FINANCIAL YEAR

SEBI revises Application-Cum-Bidding Form

SEBI : REVISED CONTENTS OF APPLICATION-CUM-BIDDING FORM AND MANNER OF DISCLOSURE

RBI revises criteria to extend credit facilities to step-down subsidiaries of Indian Companies

BANKING : EXTENSION OF CREDIT FACILITIES TO OVERSEAS STEP-DOWN SUBSIDIARIES OF INDIAN CORPORATES

Assessee can't claim lower depreciation due to under-utilization of asset for working out PLI under

IT/ILT : Where comparables had debtors, inventories and creditors, while assessee was not having any debtors and was entirely funded by advance received from AE against supplies, then in order to bring parity between results of selected comparables and that of assessee, it was essential that adjustment for working capital was made on results of such comparables

SEBI issues procedure to ensure compliance with securities contract regulations, 2012 by Listed Stoc

SEBI : PROCEDURE FOR ENSURING COMPLIANCE WITH SECURITIES CONTRACTS (REGULATION) (STOCK EXCHANGES AND CLEARING CORPORATIONS) REGULATIONS, 2012 (SECC REGULATIONS) BY LISTED STOCK EXCHANGES

Now 'Gold Exchange Traded Funds' can invest in Gold Monetisation Scheme

SEBI : INVESTMENT BY GOLD ETFs IN GOLD MONETISATION SCHEME OF BANKS

IRDA enables online system for registration or renewal of broking licenses

INSURANCE : ONLINE SYSTEM FOR REGISTRATION/RENEWAL OF BROKING LICENSES

Regional directors to receive report from ROC on violation of offences with imprisonment below 2 yea

COMPANIES ACT, 2013 : SECTION 458, READ WITH SECTION 208, OF THE COMPANIES ACT, 2013 - DELEGATION BY CENTRAL GOVERNMENT OF ITS POWERS AND FUNCTIONS - DELEGATION OF POWERS TO SPECIFIED REGIONAL DIRECTORS UNDER SECTION 208

HC slams revenue for filing condonation application signed by clerk of counsel

Excise & Customs: In case of delay in filing of appeal by department, condonation of delay application must be signed by department's officials and signing of said application/affidavit by clerk of department's counsel is highly condemnable

Seized docs containing only name of parties and amount can't be said to be maintained in normal cour

IT: Where document said to be maintained by assessee for invoking section 158BA(3) was very vague, without having details of dates and proof of transaction with parties except parties names and amount, this document would not be considered as 'other documents' maintained in normal course to exclude relevant amount from block period

Contractee can avail of credit for goods purchased by registered contractor on basis of his invoice

Cenvat Credit: Where applicant gas transporter will engage contractor to lay pipelines and contractor will procure pipes and valves from manufacturer who will issue invoice to contractor showing applicant as consignee and pipes will be delivered directly at applicant's work-site, applicant can avail cenvat credit on pipes and valves on basis of invoice issued by contractor, if contractor is a registered dealer

CBDT advises deductors to validate Sec. 197 certificate at TRACES before filing TDS/TCS return

IT/ILT : SECTION 197, READ WITH SECTIONS 195, 206C, OF THE INCOME-TAX ACT, 1961 - DEDUCTION OF TAX AT SOURCE – CERTIFICATE FOR DEDUCTION AT LOWER RATE – ADVISORY FOR DEDUCTORS

No winding-up on non-payment of fee to agent as its failure to timely secure VISA led to cancellatio

CL: Where company had raised a bonafide dispute in respect of debt alleging failure of winding up petitioner, a travel agent, to secure visa for company's Managing Director, no order for winding up could be passed against company

Certificate of appraiser of Customs is valid to take credit for goods imported via authorized courie

EXCISE/NNT : CENVAT CREDIT (SIXTH AMENDMENT) RULES, 2015 – AMENDMENT IN RULE 9

Govt. again hikes excise duty on petrol and diesel by Rs. 0.37 and 2.00 per litre, respectively

OMNIBUS GENERAL EXEMPTION TO GOODS SPECIFIED IN CHAPTERS 1 TO 98 OF TARIFF – AMENDMENT IN NOTIFICATION NO. 12/2012-C.E., DATED 17-3-2012

Sum paid to AE to make good its forex losses can't be treated as management fee

IT/ILT : Payment making good foreign exchanges losses in hands of AE due to unexplained delay in payment could not be considered as payment for management and consultancy services

HC flaks AO for passing rectification order without giving a chance to assessee to file her objectio

IT: Where rectification order was passed in respect of short levy of interest under sections 234A and 234B but she was never given opportunity to file her objections, said order, being in violation of principles of natural justice, was to be set aside