"04 November 2015" Archive

Summary of Recommendations of Bankruptcy Law Reforms Committee (BLRC)

NA (04/11/2015)

The major recommendations of the Report are as follows: i. Insolvency Regulator: The Bill proposes to establish an Insolvency Regulator to exercise regulatory oversight over insolvency professionals, insolvency professional agencies and informational utilities. ii. Insolvency Adjudicating Authority: The Adjudicating Authority will have t...

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Additions for unexplained investment based on mere DVO report not sustainable

ACIT Vs Shri Kanakkumar J. Jariwala (ITAT Ahmadabad)

ITAT Ahmadabad held In the case of ACIT vs. Shri Kanakkumar J. Jariwala that mere valuation report is not sufficient to conclude that the assessee has made unexplained investment. From perusal of the assessment...

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No TDS liability on assessee for mere reimbursement of expenses – ITAT

Luxmi Rice Mills Vs ITO (ITAT Delhi)

ITAT Delhi held In the case of Luxmi Rice Mills vs. ITO that there is no TDS liability on the assessee on account of reimbursement of expenses. In the present case, the assessee reimbursed the expenses to the bank and the bank ought to have deducted the TDS when there was a contract in between the bank and the NBHC...

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Addition on account of stock received for Job work as unexplained stock is not permissible – ITAT

ACIT Vs M/s. Vipan Industries (ITAT Ahmadabad)

ITAT Ahmadabad held In the case of ACIT vs. M/s. Vipan Industries that where there are records available to show that the excess stock found during the survey not belong to the assessee but infact was of the other party who has taken said premises on lease, addition is not justified....

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S. 69C Addition not sustainable where subsequently payment to parties made through normal banking channels

Mukesh Ashmal Bokadia Vs ITO (ITAT Ahmadabad)

ITAT Ahmadabad held In the case of Mukesh Ashmal Bokadia vs. ITO that AO is not justified to make addition on account of purchases as this is not the situation because books of account have not been fully rejected, none of the parties has previously been proved as bogus...

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Loss on cancellation of forward contracts related to cancelled export orders is ordinary business loss

Shri Jayant Kr. Bhura Vs ITO (ITAT Kolkata)

ITAT Kolkata held In the case of Shri Jayant Kr. Bhura vs. ITO that the loss arising to the assessee upon cancellation of the forward contracts was referable to and related to the assessee's export business and arose out of the export business....

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Note on Establishment of Branch Office Abroad by Indian Company

If a person resident in India desires to enter into overseas market, he can enter either by establishing branch office or liaison office outside India or he can form an independent Company outside India. The Company formed outside India may be in the form of wholly owned subsidiary or Joint Venture Company....

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Posted Under: Corporate Law |

Revision in rates of Maharashtra Value Added Tax

Trade Circular No. 16T of 2015 (04/11/2015)

The State Government has issued notifications on 30th September 2015, which have already been made available on the Department's web site. By virtue of the notification No. VAT.1515/C.R.128A/Taxation 1, dated 30th September 2015 the schedule rates of tax on certain commodities have been increased with effect from the 1st October 2015....

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Draft Guidance Note on Reporting on Fraud U/s. 143 (12 ) of Companies Act, 2013

Request for Comments On Exposure Draft of Guidance Note on Reporting on Fraud under Section 143 (12 ) of the Companies Act, 2013 Professional Development Committee of the Institute, has approved the release of Exposure Draft of Guidance Note on Reporting on Fraud under Section 143 (12) of the Companies Act, 2013 in it’s 19th […]...

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Posted Under: Corporate Law |

Sovereign Gold Bonds, 2015-16 – Operational Guidelines

RBI/2015-16/222 IDMD.CDD.No.968/14.04.050/2015-16 (04/11/2015)

1. Application -Application forms from investors will be received at branches during normal banking hours from November 5 to 20, 2015. Relevant additional details may be obtained from the applicants, where necessary. Receiving offices need to ensure that the application is complete in all respects....

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