The Government has notified the amended Rules for determining ALP vide S.O. No. 2860 (E) dated 19/10/2015. The amended regime will be applicable for computation of ALP of international transactions and specified domestic transactions undertaken on or after 1/04/2014 i.e. on and after PY 2014-15.
Everyone is going to retire at some point of time. Different people approach retirement differently. Many prefer to retire early to fulfill their ambitions of a start-up or maybe just to live out a peaceful life. Yet for others who enjoy the financial security, work till they are of the retirement age. Retirement is early […]
ITAT Chennai held In the case of The ACIT vs. M/s. Trimex Industries (P) Ltd that payment of interest which has direct link or immediate nexus with the trading liability being connected with the purchase payment
The Ministry of Corporate Affairs (MCA) has recently notified IFRS-converged Indian Accounting Standards (Ind AS) and the roadmap for its applicability for certain class of companies from the financial year 2015-16 voluntarily and from 2016-17 on mandatory basis.
As per the provisions of section 86(3) of the MVAT Act 2002 a dealer, liable to pay tax under the Act, is required to issue to the purchaser either a tax invoice or a bill or a cash memo. Such tax invoice, bill or cash memo should be serially numbered, signed and dated by him or his servant, manager or agent.
D.C.I.T. Vs. Sunita Khemka (ITAT Kolkata)- AO has treated the transactions as bogus only on the basis of the suspicion that the difference in purchase and sale price of these shares are unusually high. It is a settled law that assessment cannot be made on the basis of suspicion or surmise.
Dhimant Hiralal Thakar vs CIT (Bombay High Court)- Eyes are thus essential not only for the purpose of business or profession but for purposes other than these which are so many. It is therefore clear that the said expenditure as claimed by the applicant is not in the nature of the expenditure wholly
Reserve Bank has been receiving references/representations from banks and individuals regarding the problems faced by persons who change their name due to marriage or otherwise, in submitting an ‘Officially Valid Document’ (OVD) while opening a new bank account or during periodic updation exercise or incorporating the name change in the existing accounts.
Public Notice No. 44/2015-2020 Additions/amendments in Table 2 [containing ITC (HS) code wise list of products with reward rates] of Appendix 3B under the Merchandise Exports from India Scheme (MEIS) are notified.
Two days Conference of Chief Commissioners/Pr. Commissioners of Central Excise in Chandigarh concludes; resolves most of the issues to bring-out certainty in assessment, uniformity in practice across the country and clarity in understanding the legal issues. A two days conference of Chief Commissioners/Principal Commissioners of Central Excise was held in Chandigarh on 28th and 29th […]
