HAPPY MAHA SHIVRATRI

May Lord Shiva shower you and your family with happiness and peace, while you with eternal love and strength. Happy Maha Shivaratri

Tribunal faced strong criticism for not following the judgment

 Tribunal faced strong criticism for not following the judgment

IT : Tribunal faced strong criticism for not following the judgment of jurisdictional High Court given in the case of the petitioner itself for an earlier Assessment Year on identical issue of applicability of Section 14A of the Act to partially disallow interest expenditure when interest free funds available with the Petitioner are in excess of investments made in tax free securities. 


• It was held by High Court that all authorities within the State are bound to follow its order unless the same is stayed or set aside by the apex court or larger bench take a different view. If the Tribunal doesn't follow this discipline, it would result in uncertainty of the law and confusion among the taxpayers as to what are their obligations under the Act. Besides opening the gates for arbitrary action in the administration of law, as each authority would then decide disregarding the binding precedents leading to complete chaos and anarchy in the administration of law. Hence, it is not open to the Tribunal to disregard the binding decisions of this Court. 

[2016] 67 taxmann.com 42 (Bombay) 
HIGH COURT OF BOMBAY 
HDFC Bank Ltd. 
v. Deputy Commissioner of Income-tax -2(3), Mumbai

MCA : Extends deadline/relaxes additional fees for annual filing of cos. registered in TN & Puducherry

MCA relaxes additional fees payable on e-Form AOC – 4, AOC – 4 XBRL (Financial Statements) and e-Form MGT – 7 (Annual Returns) for the companies registered in State of Tamil Nadu and Union Territory Puducherry, also extends that last date of filing up to January 30, 2016: MCA

WISH ALL OF YOU HAPPY NEW YEAR 2016

Schedule for various Cut-Off Dates for the year 2016 pertaining to the Students

Schedule for various Cut-Off Dates for the year 2016 

pertaining to the Students 

Note: Please note that Admission / Registration Applications, Examination Enrollment applications, Applications for claiming paper-wise Exemptions, Applications for Registration in De-novo / Extension etc. shall be accepted through online mode only. Therefore, it is clarified that on the scheduled cut-off date even if there is Holiday/Off-day, there shall be no change in the prescribed cut-off date, as online services can be availed 24x7 any time from any where at Institute’s website www.icsi.edu 

www.icsi.edu/Student.aspx

Schedule of the cut off Dates for the year 2016pertaing to the students

Note: Please note that Admission / Registration Applications, Examination Enrollment applications, Applications for claiming paper-wise Exemptions, Applications for Registration in De-novo / Extension etc. shall be accepted through online mode only. Therefore, it is clarified that on the scheduled cut-off date even if there is Holiday/Off-day, there shall be no change in the prescribed cut-off date, as online services can be availed 24x7 any time from any where at Institute’s website www.icsi.edu






http://www.icsi.edu/Student.aspx

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.