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MCA notifies IND-AS on Construction Contracts & Revenue

March 30, 2016 7120 Views 0 comment Print

n exercise Of the powers conferred by section 133 read with section 469 of the Companies Act. 2013 (18 of 2013) and sub-section (I) of section 210A of the Companies Act. 1956 (I of 1956), the Central Government, in consultation with the National Advisory Committee on Accounting Standards, hereby makes the following rules to amend the Companies (Indian Accounting Standards) Rules. 2015

Companies (Accounting Standards) Amendment Rules, 2016

March 30, 2016 81652 Views 3 comments Print

The interpretation of ‘probable’ in this Standard as ‘more likely than not’ does not necessarily apply in other Accounting Standards

Revised ECB framework for long term lending & infrastructure sector

March 30, 2016 916 Views 0 comment Print

The directions contained in this circular has been issued under section 10(4) and 11(2) of the Foreign Exchange Management Act, 1999 (42 of 1999) and are without prejudice to permissions / approvals, if any, required under any other law.

S.144C-Draft assessment order can be issued only to eligible assessee

March 30, 2016 12073 Views 0 comment Print

Delhi High Court held In the case of Honda Cars India Limited vs. DCIT that Since the petitioner is not an eligible assessee in terms of Section 144C(15)(b), no draft order can be passed in the case of the petitioner U/s. 144C(1). Section 144C (15)(b) of the Act defines an “eligible assessee”

Revenue expenses allowed despite different treatment in books

March 30, 2016 5146 Views 0 comment Print

ITAT Mumbai held in the case of Reliance Wellness Ltd. vs. DCIT that treatment given in the books of account is not relevant to examine the claim put forth by the assessee. In this case Assessee was in the process of expansion of its business operations by opening various new shops

Sec.158BA/158BC- Addition based on estimation not sustainable

March 30, 2016 1963 Views 0 comment Print

Court explained that the assessment for the block period can only be done on the basis of evidence found as a result of search or requisition of books of account or documents and such other materials or information as are available with the Assessing Officer.

CBEC appoints ‘Kakrawah’ as land customs station

March 29, 2016 580 Views 0 comment Print

akrawah is appointed as land customs station for the purpose of clearance of baggage, passenger vehicles and tourist vehicles. (27) Kakrawah, Siddharthnagar District, Uttar Pradesh-Road connecting Kakrawah in Siddharthnagar District, Uttar Pradesh and Karidah in Nepal.

Anti-dumping duty on Glazed/Unglazed Porcelain/Vitrified tiles

March 29, 2016 943 Views 0 comment Print

Seeks to levy provisional anti-dumping duty on Glazed/Unglazed Porcelain/Vitrified tiles in polished or unpolished finish with less than 3% water absorption, originating in, or exported from the China PR for a period not exceeding six months GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 12/2016-Customs (ADD) New Delhi, the 29th March, 2016 […]

Anti-dumping duty on imports of Tyre Curing Presses

March 29, 2016 1123 Views 0 comment Print

Seeks to levy definitive anti-dumping duty on imports of Tyre Curing Presses also known as Tyre Vulcanisers or Rubber Processing Machineries for tyres, excluding Six Day Light Curing Press for curing bi-cycle tyres originating in, or exported from China PR for a period of five years

Anti-dumping duty on 2-Ethyl Hexanol

March 29, 2016 5272 Views 0 comment Print

Seeks to levy definitive anti-dumping duty on 2-Ethyl Hexanol, originating in, or exported from the European Union, Indonesia, Korea RP, Malaysia, Chinese Taipei and USA for a period of five years

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