"17 February 2016" Archive

Govt announces initiative to create environment for Startup India

G.S.R. 180(E) (17/02/2016)

The Government of India has announced ‘Startup India’ initiative for creating a conducive environment for startups in India. The various Ministries of the Government of India have initiated a number of activities for the purpose. To bring uniformity in the identified enterprises, an entity shall be considered as a ‘startup’-...

Read More

Focus Product Scheme on export of omeprazole & Lansoprazole

Trade Notice No. 19/2015 (17/02/2016)

Department of Pharmaceuticals have been consulted who have clarified that this entry be interpreted as two specific entries containing finished dosage forms based upon either Omeprazole or Lansoprazole used as the Active Pharmaceuticals Ingredients rather than treating this entry as a formulated product containing both of these bulk drugs...

Read More

SEBI Issue of Capital and Disclosure Requirements Second Amendment Regulations, 2016

Notification No. SEBI/LAD-NRO/GN/2015-16/036 (17/02/2016)

In exercise of the powers conferred under section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992) read with section 13(8) and section 27(2) of the Companies Act, 2013, the Board hereby makes the following Regulations to further amend the Securities and Exchange Board of India (Issue of Capital and Disclosure Requi...

Read More

SEBI Substantial Acquisition of Shares & Takeovers Amendment Regulations, 2016

Notification No. SEBI/LAD-NRO/GN/2015-16/035 (17/02/2016)

In exercise of the powers conferred under section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992) read with section 13(8) and section 27(2) of the Companies Act, 2013, the Board hereby makes the following Regulations to further amend the Securities and Exchange Board of India (Substantial Acquisition of Shares and ...

Read More

Interest from surplus fund taxable as income from other sources

M/s Himlayan Expressway Limited Vs ITO (ITAT Chandigarh)

ITAT Chandigarh held in the case M/s Himlayan Expressway Limited vs. ITO that it is clear that the borrowed funds were not required by the assessee for business purposes. Therefore, the same funds were surplus funds in nature for that period which was utilized for making term deposits on which the assessee earned the interest....

Read More

Unilateral amendment in DTAA is prohibited: Delhi HC

DIT Vs New Skies Satellite BV. (Delhi High Court)

Delhi High Court held In the case of DIT vs. New Skies Satellite BV that the Vienna Convention on the Law of Treaties, 1969 (VCLT) is universally accepted as authoritatively laying down the principles governing the law of treaties....

Read More

Sec. 172 No TDS on payment to non–resident shipping companies

CIT Vs V.S. Dempo & Co. Pvt. Ltd. (Bombay High Court)

Bombay High Court held In the case of CIT vs. V.S. Dempo & Co. Pvt. Ltd. that section 44B enacts special provisions for computing profits and gains of shipping business in case of non-residents and section 172 is enacted for the purpose of levy and recovery of tax in the case of any ship belonging to or chartered by a non-resident operate...

Read More

AO duty bound to follow direction of appellate authorities

DCIT Vs M/s. ACC Ltd. (ITAT Mumbai)

ITAT Mumbai held in the case DCIT vs. M/s. ACC Ltd. held that AO is duty bound to follow instruction of The CIT (A) being very senior officer of the Department who also also performs quasi judicial functions. The AO has all the rights to challenge the order of the CIT (A) before the appropriate judicial forum, but he is not authorized t...

Read More

New appeal filing monetary limit applies to pending appeals also

ITO Vs Smt. Sudha Brijratan Damani (ITAT Mumbai)

ITAT Mumbai held in the case ITO vs. Smt. Sudha Brijratan Damani that in the case of CIT v. P.S. Jain & Co. (2011) 335 ITR 591, Hon'ble Delhi High Court held that by passage of time, money value has gone down, the cost of litigation expenses has gone up, the assessees on the file of the Departments...

Read More

WIP Valuation on receipt basis forbidden in mercantile accounting

The ACIT Vs M/s. Ambarwadikar & Co., Engineers & Contractors (ITAT Pune)

ITAT Pune held in the case The ACIT vs. M/s. Ambarwadikar & Co., Engineers & Contractors that It is clear that the bill raised by the assessee has been accepted by the department and for whatever reason some amount was not paid during F.Y. 2001-02 but the fact remains that there is no such dispute as claimed by the assessee....

Read More