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Archive: November, 2019

Posts in November, 2019

RRBs can issue Perpetual Debt Instruments for inclusion as Tier 1 capital

November 1, 2019 1983 Views 0 comment Print

With a view to providing RRBs additional options for augmenting regulatory capital funds, so as to maintain the minimum prescribed CRAR, besides meeting the increasing business requirements, it has been decided to allow RRBs to issue Perpetual Debt Instruments (PDIs) eligible for inclusion as Tier 1 capital.

ICAI President’s Message – November 2019

November 1, 2019 2082 Views 0 comment Print

Suggestions pertaining to Income-tax Rules, 1962- The Direct Taxes Committee of ICAI had recently finalised suggestions regarding amendments required in Income-tax Rules, 1962 and submitted the same to the Central Board of Direct Taxes (CBDT). Thereafter, a detailed meeting in this regard was also held with the concerned official in CBDT. I am hopeful that our suggestions will be favourably considered by CBDT and I am thankful to all of you for sharing your knowledge and experiences through your suggestions. I look forward to your continued support in all such matters.

Bogus Share Capital: ITAT criticises casual approach of Department

November 1, 2019 3462 Views 0 comment Print

ITO Vs M/s Citymaker Builder Pvt. Ltd. (ITAT Mumbai) As two of the share applicant companies as per the information received by the A.O from the office of the DGIT(Inv), Mumbai, were the companies controlled  an infamous accommodation entry provider, therefore, it was incumbent on the part of the lower authorities to have carried out […]

In absence of nexus with business educational expenses of daughter of Director not allowable

November 1, 2019 2319 Views 1 comment Print

The Assessing Officer thus concluded that there was no nexus between the higher education expense of Ms. Esha Arya and the business of the assessee and accordingly disallowed the entire sum holding that it was not an expenditure incurred wholly and exclusively for the purpose of business.

Banks cannot claim from Customers amount Lost by them due to Online Fraud

November 1, 2019 8217 Views 0 comment Print

Bank cannot claim any amount from the customer when a transaction is shown to be a ‘disputed transaction’. The bank can recover from the customers only when it can unequivocally prove that the customer was responsible for such transaction, independently through the civil court. The RBI guidelines is a clear mandate to exonerate a customer in such ‘disputed transaction’.

Validity of Proceeding against transporter of goods: HC allows filing of appeal

November 1, 2019 840 Views 0 comment Print

The moot question, according to learned counsel for writ petitioner is, the transporter cannot be proceeded against even if the allegations against the owner of the goods i.e., dealer under TNGST Act, are true.

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