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Loans or advances received by assessee- company from other company could not be treated as deemed dividend when assessee was not a shareholder of that company. [ACIT vs. Britto Amusement (P.) Ltd.-High Court Of Bombay].
Fee of Rs. 5,000 for allowing period other than April to March as F.Y. For other fee refer, CLB (Fees on Applications & Petitions) Amendment Rules, 2014 W.e.f. 03-11-2014.
Provisions of Section 11B of Central Excise Act, 1944 i.e. bar of limitation are not applicable on the refund claim of amount wrongly paid as service tax or any other such amount which is not required to be paid under decree of law. [Case of Jyotsana D. Patel vs. Commissioner of Central Excise, Nagpur 2014 (35) S.T.R 77 (Tri. Mumbai), the Honorable CESTAT of Mumbai].
SEBI has come out with the consultative paper on amendments to FVCI regulations for public comments. SEBI registers foreign venture capital investors (FVCIs) and regulates investments by FVCIs in India under SEBI (Foreign Venture Capital Investors) Regulations, 2000.
No More Frivolous Or High-Pitched Assessments Allowed: CBDT to AOs.The CBDT has issued an Office Memorandum dated 07.11.2014 setting out 12 steps that have to taken by the department to ensure a “non-adversarial tax regime”. One of the important points made is that Assessing Officers must cease issuing “long and non-specific questionnaire” and making assessments without proper basis.
No Penalty on claim of provision for doubtful debts. [Decision of Income tax Appellate Tribunal Indore bench in case of DCIT vs. NEPA Limited (ITA 683/Ind/2013)].
Delhi VAT – withdrawal of filing of information related to statutory forms online in form CD-1. [Notification No. F.7 (450) Policy/VAT/2014/455-466 Dated:05/11/2014].
RBI has issued instruction to all the banks to take preventive measures to avoid cheque related fraud cases by observing due diligence been observed at the time of handling the cheques.
Reporting on Internal Financial Control by auditors u/s 143 (3) (i) of the Companies Act, 2013 has been deferred for one year i.e., upto31.03.2015.
Fee of Rs. 5,000 for allowing period other than April to March as F.Y. For other fee refer, CLB (Fees on Applications & Petitions) Amendment Rules, 2014 W.e.f. 03-11-2014.
Provisions of Section 11B of Central Excise Act, 1944 i.e. bar of limitation are not applicable on the refund claim of amount wrongly paid as service tax or any other such amount which is not required to be paid under decree of law. [Case of Jyotsana D. Patel vs. Commissioner of Central Excise, Nagpur 2014 (35) S.T.R 77 (Tri. Mumbai), the Honorable CESTAT of Mumbai].
SEBI has come out with the consultative paper on amendments to FVCI regulations for public comments. SEBI registers foreign venture capital investors (FVCIs) and regulates investments by FVCIs in India under SEBI (Foreign Venture Capital Investors) Regulations, 2000.
No More Frivolous Or High-Pitched Assessments Allowed: CBDT to AOs.The CBDT has issued an Office Memorandum dated 07.11.2014 setting out 12 steps that have to taken by the department to ensure a “non-adversarial tax regime”. One of the important points made is that Assessing Officers must cease issuing “long and non-specific questionnaire” and making assessments without proper basis.
No Penalty on claim of provision for doubtful debts. [Decision of Income tax Appellate Tribunal Indore bench in case of DCIT vs. NEPA Limited (ITA 683/Ind/2013)].
Delhi VAT – withdrawal of filing of information related to statutory forms online in form CD-1. [Notification No. F.7 (450) Policy/VAT/2014/455-466 Dated:05/11/2014].
RBI has issued instruction to all the banks to take preventive measures to avoid cheque related fraud cases by observing due diligence been observed at the time of handling the cheques.
Reporting on Internal Financial Control by auditors u/s 143 (3) (i) of the Companies Act, 2013 has been deferred for one year i.e., upto31.03.2015.
