In the case of Nileswar Range Kallu Chethu Vyavasaya Thozhilali Sahakarana Sangham Vs. CIT, High court of Kerla at Ernakulam has held that the collective disposal of the labour of the members of the society is not resulting in the generation of any income to the society.
In the case of Equity Intelligence India Pvt Ltd vs. Assistant Commissioner Of Income Tax High Court of Kerala at Ernakulam has held that (1) for reopening u/s 147 of the IT Act The requirement that the Assessing Officer must have ‘reason to believe’ cannot be taken
CBDT hereby directs that returns of income which are filed on or after 01.04.2015 electronically (without digital signature certificate) pertaining to the Assessment Year 2014-2015 or returns filed in response to various statutory notices as prescribed under the Act or returns filed as a consequence of condonation of delay u/s 119 of the Act can also be validated through EVC.
Attention of Stakeholders: The Institute of Cost Accountants of India is getting several queries relating to filing of CRA-4 on MCA 21 portal. These queries generated by MCA System may be: Attached Instance Document is not prescrutinised for the CIN as entered in the form or Fill all the fields in the form appropriately, etc.
Limit for FPIs in Central Government securities would be increased to INR 129,900 cr and INR 135,400 cr on October 12, 2015 and January 01, 2016 respectively from the existing limit of INR 124,432 cr.
In the case of DCIT vs. Shalimar Chemical Works Ltd. the Hon’ble Kolkata ITAT held that manufacturing or supplying a product according to the requirement or specification of a customer by using material purchased from a person other than such customer is not included in the definition of the “Work”
In the case of Hoshiarpur Improvement Trust Vs The Income Tax Officer Ward 1, Hoshiarpur , the assessee being a trust was registered under the Punjab Towns Improvement Trusts Act, 1922. It was providing services under the control and supervision of State Government for development of cities and towns.
In the cited case, ITAT held that the Assessing Officer does not have power to embark upon the fresh enquiry with regard to the entries made in the books of accounts of the Company when the accounts of an assessee Company is prepared in terms of Part II Schedule VI
The Central Government vide Notification No. 1/2015-Narcotics Control-1 dated 5th October, 2015 has notified the general conditions for grant of license for cultivation of opium poppy on account of the Central Government during the Opium Crop Year commencing on the 1st day of October, 2015 and ending with the 30th day of September, 2016.
Notification No. 49/2015-Customs – Seeks to further amend notification No. 12/2012-Customs dated 17.03.2012 so as to increase the basic customs duty on ghee, butter and butter oil from the present rate of 30% to 40% for a period of 6 months i.e upto and inclusive of the 31st day of March, 2016.
