Updates:

1. Subsidy by way of refund of excise duty and interest for setting up a new industrial undertaking is a capital receipt and not taxable as income. [CIT vs. Shree Balaji Alloys (SC)].
2. It is date on which option for conversion of debentures into shares is exercised that open offer obligation gets triggered under the Regulations. [VICTOR FERNANDES Vs SEBI [2016] 133 CLA 1 (SAT)].
3. Mere Non Completion / Registration cannot be the reason for denying benefit U/s 54. [ Rajeev B. Shah v. ITO (ITAT Mumbai)].
4. Clarification regarding attaining prescribed Age of 60 years/80 years on 31st March itself, in case of Senior/Very Senior Citizens whose date of birth falls on 1st April, for purposes of Income-tax Act,1961. [Circular No. 28/2016-IT].
5. MCA has released Limited Liability Partnership (Amendment) Rules, 2016 vide Notification which shall come into force on the date of their publication in the official Gazette.