No disallowance of interest unless AO proves that interest free loan is given from borrowed funds

IT: Where in respect of refund of fees by assessee coaching institute in cash, additions were reduced by both appellate authorities after considering various materials, same was not to be interfered

Now forex can be bought in form of postal orders or money orders

FEMA/ILT : Post Office (Postal Orders/Money Orders) – Supersession Of Notification No.FEMA 18/2000-RB, Dated 3-5-2000

Debit cards and ATM cards notified as currency under FEMA

FEMA/ILT : Definition Of Currency – Supersession Of Notification No.FEMA 15/2000-RB, Dated 3-5-2000

A Japanese Sogo Shosha entity can't be compared with a trader to make TP adjustment

IT/ILT : Where assessee earned commission from its AE for co-ordinating buyers and sellers in capacity of agent, TPO could not make addition to assessee's income by adjusting financial result of said service segment and thereupon comparing it with trading segment

President gives nod to the Atomic Energy (Amendment) Act, 2015

CORPORATE LAWS/INDIAN ACTS & RULES : Atomic Energy (Amendment) Act, 2015 [NO.5 OF 2016]

Employee with salary upto 21,000 is entitled to bonus; President clears amended Payment of Bonus Act

CORPORATE LAWS/INDIAN ACTS & RULES : Payment Of Bonus (Amendment) Act, 2015 [NO.6 OF 2016]

RBI issues new regulation for life and general insurance policies issued by foreign insurers

FEMA/ILT/INDIAN ACTS & RULES : FEM (Insurance) Regulations, 2015

Domestic manufacturers can’t be forced to comply with conditions meant for importers

Excise & Customs: If 'excise exemption' is conditional upon 'customs exemption', conditions specific to customs exemption and meant for compliance by importers, cannot be forced upon domestic manufacturers; hence, excise exemption cannot be denied to domestic manufacturers for 'not complying conditions specific to importers'

“Govt. unveils draft guidelines for public issue of units of REITs”

SEBI : Consultation Paper For Guidelines For Public Issue Of Units Of Real Estate Investment Trusts

Govt. notifies the Arbitration and Conciliation (Amendment) Act, 2015

CORPORATE LAWS/INDIAN ACTS & RULES : Arbitration And Conciliation (Amendment) Act, 2015 [NO.3 OF 2016]

Until reassessment on basis of first notice is completed, fresh reassessment notice can't be issued

IT : Where Assessing Officer initiated reassessment proceedings by issuing a notice under section 148, said proceedings should have been completed within time stipulated and till such time there was no occasion to initiate fresh reassessment proceedings by issuing another notice under section 148

President clears Commercial Court Act; empowers State Govt. to constitute Commercial Courts at Distr

CORPORATE LAWS/INDIAN ACTS & RULES : Commercial Courts, Commercial Division And Commercial Appellate Division Of High Courts Act, 2015 [NO.4 OF 2016]

RBI notifies regulations for export or import of currency

FEMA/ILT/INDIAN ACTS & RULES : FEM (Export And Import Of Currency) Regulations, 2015

RBI notifies regulations for reliasation, repatriation and surrender of foreign exchange

FEMA/ILT/INDIAN ACTS & RULES : FEM (Realisation, Repatriation And Surrender Of Foreign Exchange) Regulations, 2015

Govt. unveils draft guidelines for public issue of REITs

SEBI : Consultation Paper For Guidelines For Public Issue Of Units Of Real Estate Investment Trusts

If enhanced income declared in revised return was accepted then deduction claimed thereon should als

IT: Where assessee claimed deduction under section 80-IAB but failed to maintain separate books of account for eligible units, Assessing Officer shall compute deduction on reasonable basis

Sale value of scrap generated during job work is includible in assessable value of goods manufacture

Excise & Customs: In hands of job worker, sum of cost of raw material, job work charges and sale proceeds of scrap would be assessable value for purpose of charging of excise duty

Govt. further extends due date for filing of DVAT Form DP-1 to Jan 31, 2016

VAT : Submission of Form DP-1 by all Dealers Latest by 31-1-2016

SC admits SLP to decide whether a person could be said to be involved in treaty shopping if income i

IT/ILT: SLP granted against High Court's ruling that where shares of Indian company were listed, income arising from any future transfer of those shares would itself be exempt by virtue of section 10(38) and, hence, no treaty shopping to be alleged on transfer of shareholding in it by company of one foreign country to its 100 per cent subsidiary company of another foreign country

Govt. issues updated guidance note on FATCA

IT/ILT : Guidance Note on Implementation of Reporting Requirements under Rules 114F to 114H of Income-Tax Act, 1961