The following major issues were inter alia discussed during the meeting: i. Carving out a regulatory framework for market based financing of Techno Start ups ii. Participation of Institutional Investor in the Governance of Investee Companies iii. Challenges before SEBI on Proposed Merger of Commodities Market into Securities Market iv. Compensating the victims (if identifiable) of Insider Trading offences
The Supreme Court, in its judgment dated 1st August, 2014, in the case of Dashrath Rupsingh Rathod versus State of Maharashtra and another (Criminal Appeal No. 2287 of 2009) , held that the territorial jurisdiction for dishonour of cheques is restricted to the court within whose local jurisdiction the offence was committed, which in the present context is where the cheque is dishonoured by the bank on which it is drawn.
From the Assessment Year 1993-94 partnership firm has been classified for the purpose of computation of income and its assessment as under: (a) Partnership Firm assessed as such (PFAS) (b) Partnership Firm assessed as an Association of Person (PFAOP).
Time upto 30.04.2016 has been prescribed for export of 1998.5917 MTs value added products of Red Sanderswood by Government of Andhra Pradesh, permitted vide Public Notice No. 42 (RE-2013)/2009-2014 dated 03.12.2013
The useful life of an asset shall not be longer than the useful life specified in Part ‘C’ and the residual value of an asset shall not be more than five percent of the original cost of the asset. Provided that where a company uses a useful life or residual value of the asset which is different from the above limits, justification for the difference shall be disclosed in its financial statements.
1. Loan given to subsidiary company by Holding Indian Company on Interest – it is covered under sec 92 for the purpose of transfer pricing adjustment. Interest should be charged at LIBOR i.e. London Inter Bank Offer Rate based CUP Method is bench marking in respect of loan given to its subsidiary/AE as decided in Case Laws.
(a) Any invoice, bill or challan issued under Rule 4A can be issued electronically. (b) Consignment note under Rule 4B can be issued electronically. (c) Such electronically issued invoices, consignment note etc shall have to be authenticated by means of a digital signature.
CIT was entrusted with powers under section 12 AA to look into the activities of the trust to satisfy himself regarding the charitable nature of activities. Under Section 12A, the provisions of Sections 11 & 12 shall not apply in relation to the income of any trust
Punjab & Haryana High Court held In the case of CIT vs. Sri Guru Gorakh Nath Charitable Educational Society that power of the Commissioner to look into the objects of the Society and the genuineness of the same cannot be doubted when the basis is of non-supply of information.
The Central Board of Direct Taxes has decided to fast track all applications made u/s 11(1)(c) of the Income Tax Act, 1961 seeking approval for rendering help to the victims of earthquake in Nepal. It will be the endeavor of the Department to process these applications within two working days of receiving the completed applications.
