The revised ECB framework which the RBI issued on the 30th of November, 2015 comprise of favorable amendments with regard to categories of eligible borrowers. One of the components of the financial sector of the economy, the NBFCs, will be benefitted by the framework. The earlier framework was not as liberal and considerate as the revised framework with respect to NBFCs.
43. Engagement of Articled Assistants- Subject to the provisions of these Regulations and subject to such terms and conditions, as the Council may deem fit to impose in this behalf, the members designated as an associate or a fellow, who has been in practice continuously, whether in India or elsewhere or an associate or a fellow, who is deemed to be in practice within the meaning of Explanation to sub-section (2) of section 2 of the Act, shall only be eligible to engage an articled assistant or assistants:
We conducted the Performance Audit to seek an assurance whether the objectives of Automation of Central Excise and Service Tax (ACES) framed by the department have been achieved. We also examined the extent of utilisation of ACES in the field formations of the Board. The Performance Audit was conducted in 40 selected Commissionerates apart from the office of the Directorate General of Systems and Data Management.
The taxable event in any tax law is of utmost significance as the levy of tax is based on occurrence of that event. For instance, taxable event for excise is ‘manufacture’, for VAT/CST is ‘sale’, for service tax is ‘Provision of service’, etc. Under GST all the taxable events will be replaced with only one event which is “Supply” and hence the term supply will be the backbone of the GST Act.
This Ind AS applies to all inventories except financial Instruments, Biological Instruments and Work in Progress arising under construction. It does not apply to the inventories held by Producers of Agriculture, forest products and minerals products and Commodity broker. Commodity Broker shall measure the inventories at Fair value less cost to sell.
1.ITAT Mumbai held in the case of Asst. DIT Vs M/s Hongkong and Shanghani Banking Corporation Ltd that the broken period interest paid would be allowed to the assessee after relying the case of the assessee itself in The Hongkong and Shanghai Banking Corporation Ltd V/s DCIT
ITAT held in Acclaris Business Solutions Lvt Ltd. Vs I.T.O that only those companies could be compared for calculating ALP which were functionally similar. Those companies which were not performing similar functions could not be compared for calculating ALP.
ITAT held in Haier Appliances India Ltd Vs DCIT and Haier Appliances India Ltd Vs ACIT after relying on the case of Sony Ericsson Mobile Communications India Pvt Ltd reported in (2015) 374 ITR 118 (Delhi) that the above transaction of AMP
ITAT Delhi held In the case of DCIT vs. M/s. Escorts Construction Equipment Ltd. that we find that this amount represents unpaid sales tax liability and the same was disclosed itself by the assessee as a contingent liability.
CIT Vs. V/s. M/s. Thyssen Krupp Industries India Pvt. Ltd. (Bombay High Court) In terms of Chapter X of the Act, redetermination of the consideration is to be done only with regard to income arising from International Transactions on determination of ALP.
