"16 May 2018" Archive

Methodology for pricing of non-traded and thinly traded non convertible debt securities

To solicit the comments/views from public on Consultation paper for determining uniform methodology for pricing of non-traded and thinly traded non convertible debt securities ...

Posted Under: SEBI |

Cabinet approves signing & ratifying agreement with Brunei Darussalam for exchange of information

Cabinet approves signing and ratification of Agreement between India and Brunei Darussalam for the Exchange of Information and Assistance in Collection with respect to Taxes ...

Posted Under: SEBI |

Clarification on Import of Sugar from Pakistan

It is clarified that in FY 2018-19 (Till 14.5.2018), import of sugar from Pakistan has been just 1908 MT for a value of USD 0.657 million. In 2017-18, there was an import of 13,110 MT for a value of USD 4.68 million....

Posted Under: SEBI |

Exposure Draft Accounting Standard (AS) 109 Financial Instruments

Exposure Draft Accounting Standard (AS) 109 Financial Instruments- Last date for the comments: June 30, 2018. Issued by Accounting Standards Board, The Institute of Chartered Accountants of India...

Posted Under: SEBI |

HC appreciate CIT for graciously accepting mistake of his department

Suresh M. Jamkhindikar Vs ACIT (Bombay High Court)

This Petition under Article 226 of the Constitution of India, filed by the Senior Citizen of 82 years of age. This Petition, challenges the orders dated 22nd February, 2012 and 4th October, 2017 passed by the Assessing Officer, rejecting the Petitioner's application for rectification under Section 154 of the Income Tax Act, 1961 (the Act)...

Money Recovery suit cannot be dismissed merely for violation of sections 269SS & 269T

Shri Shyam Sunder Vs. Sohan Singh @ Shoban Singh (Delhi High Court)

Shri Shyam Sunder Vs. Sohan Singh @ Shoban Singh (Delhi High Court) The Trial court has held that in view of the provisions of the Income Tax Act, no loan above Rs. 20,000/- could have been given in cash, so the loan transaction is not liable to be recognized. In so far as this is […]...

Sec. 56(2)(viib) Assessee can adopt a method of his choice to determine FMV of shares transferred

DCIT Vs M/s. Ozoneland Agro Pvt. Ltd. (ITAT Mumbai)

Section 56 allows the assessees to adopt one of the methods of their choice. But,the AO held that the assessee should have adopted only one method for determining the value of the shares.In our opinion,it was beyond the jurisdiction of the AO to insist upon a particular system, especially the Act allows to choose one of the two methods....

Law on reopening u/s 147 pursuant to an audit objection opposed by AO

CIT Vs. Rajan N. Aswani (Bombay High Court)

The reasons recorded do not indicate that the same has been issued on the basis of audit objection. Therefore as held by this Court in Hindustan Lever Limited Vs. R.B. Wadkar 6, one cannot go behind the reasons recorded in support of the notice to infer that he has acted on the basis of audit objection....

Introduction of Legal Entity Identifier for OTC derivatives markets

RBI/2016-17/314 FMRD.FMID No.14/11.01.007/2016-17 06/01/2017

The Reserve Bank of India has mandated the implementation of the LEI number for all Corporates...

Posted Under: SEBI |

Notional rental value cannot be computed for Unsold property which is held as stock in trade

M/s. Runwal Constructions Runwal & Omkar Esquare Vs ACIT (ITAT Mumbai)

The common issue in these appeals is that the learned CIT(A) erred in confirming the action of the AO in making addition on account of alleged notional annual letting value of unsold flats held as stock in trade....

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