In the case of D.C.I.T. vs Autoline Industries Ltd, Pune Tribunal held that foreign exchange cover taken by the assessee from DBS Bank was in order to prevent itself from future currency rate fluctuations. Later, it had to close its agreement with DBS Bank in view of the offer made by the principal lender i.e. Citi Bank.
In the case of D.C.I.T. vs Autoline Industries Ltd, Pune Tribunal on the issue whether a particular expenditure is of nature of capital or revenue held that the law on the issue is that the accounting treatment given by the assessee in its books of account is not determinative whether or not the expenditure is allowable as a deduction.
Shri Hem Raj, Vs. The A.C.I.T (ITAT Chandigarh) The appellant was running liquor, wine and beer shop and was authorized to operate the liquor shop for the period of one year from April, 2007 to March 2008.
Circular No.189/8/2015-Service Tax It has come to the notice of the Board that certain field formations have taken a view that all activities incidental to seed testing are leviable to service tax and only the activity in so far it relates to actual testing has been exempted in the Negative List.
Pursuant to Section 131 of the Finance Act, 2015 and Central Government Notification O. 2362 (E) dated August 28, 2015, all recognized associations (commodity derivatives exchanges) under the Forward Contracts (Regulation) Act, 1952 (‘FCRA) are deemed to be recognized stock exchanges under the Securities Contracts (Regulation) Act, 1956 (‘SCRA’) with effect from September 28, 2015
S.O. 3183(E).— In exercise of the powers conferred by clause (j) of Sub-section (2) of Section 73 of the Prevention of Money-Laundering Act, 2002 (15 of 2003), read with clause (aa) of sub-rule (1) of rule 2 and rule 9A of the Prevention of Money-Laundering (Maintenance of Records) Rules, 2005 (hereafter referred to as the said rules), the Central Government hereby authorises the Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI),
Since the individual shares were not specified in the sale deed and the house property as well as the housing loan is to be taken as jointly by all the co-owners, the logical conclusion is that everyone had equal share in the property and the assessee was entitled to 1/4th deduction, i.e. 25% of the entire interest.
Press Information Bureau Government of India Ministry of Finance 26-November-2015 09:44 IST Date for sending comments by the stakeholders and general public regarding phasing-out plan of deductions under the Income-tax Act extended till 31st December, 2015 A phasing-out plan of deductions under Income-tax Act was placed in the public domain on 20th of November 2015. […]
It has come to our notice that students are being misguided about the applicability of the Revised Scheme of Education and Training especially the Foundation course w.e.f May 2016 and elimination of the existing Common Proficiency Test without providing single option to appear in it on the announcement of the revised scheme.
Section 47 of Companies Act, 2013 provides for voting rights of the shareholders. The same corresponds to Section 87 of the Companies Act, 1956 (Act, 1956). Section 87 of Act, 1956 clearly demarcated the rights of cumulative and non-cumulative preference shareholders in case of default in payment of dividend; whereas Section 47 of Act, 2013 does not provide for the same.
