Tuesday, 29 December 2015

UPDATES:


  1.  No assessment can be made in the hands of non-existing company. [M/s PVP Ventures Ltd. vs. DCIT: ITAT Chennai]
  2. Revenue cannot adjust operating costs in allowing capacity adjustment under Transfer Pricing. [DCIT vs. Claas India Pvt. Ltd. Delhi Bench of ITAT.
  3. Wax used for producing cotton yarn should be treated as Raw Material – Supreme Court in the case of M/S. MERIDIAN INDUSTRIES LTD. vs Commissioner of Central Excise.
  4. MCA clarified that the last date for Annual Filing Forms is 30 Dec 2015 and no further extension would be accorded after this date.
  5. SEBI mulls collective issue of orders, not via a single officer in a bid to improve accountability and ensure every order is looked upon as a regulatory action.
  6. RBI has extended the deadline for exchanging pre-2005 currency notes of various denominations, including Rs 500/-and Rs 1,000/-, by another six months to June 30, 2016.
  7. From 1st Jan, 2016 LPG subsidy will not be available to Consumers with Taxable Income of 10 lakhs or more in FY 2015-16.
  8. Cheque bounce cases are to be filed at the Place of Presentation of Cheque and not the place of issue (as per Negotiable Instruments (Amendment) Bill.