Friday, 21 August 2015


CBDT vide Notification No. 2/2015 dated 13.07.2015 started to facilitate the taxpayers and to provide end-to-end e-enabled services, the Income tax return for A.Y. 2015-2016 can now be verified electronically.

Penalty u/s 271 (1) (C) of the Income Tax Act cannot be levied in succeeding year if on similar disallowance, no penalty was levied in preceding year.[ ACIT vs Dhariwal Industries Ltd, ITAT]

Updated costing taxonomy 2015, Business rules and MCA XBRL validation tool version 2.0(beta) has been released.

Power u/s 18 of Customs Act cannot be exercised arbitrarily without a good reason to subject goods to any test – [Honarable Supreme Court in the case of Tata Chemicals Ltd.]

Use modified version of Form MR-2 (Approval of appointment, remuneration etc. of MD / WTD/Manager from CG) w.e.f. 14.08.2015.