www.csrajivbajaj.com THOUGHT OF THE DAY “As we look ahead into the next century, leaders will be those who empower others.” Law Updates: Board of directors has no legal power to rectify register of member's on their own without taking CLB's approval When Tribunal asked Assessing Officer to determine total income by re-deciding issues involved in additions made therein, it implied indisputably a mandate for fresh determination of total income and in such case limitation for completion of assessment under section 153(2A) would apply: Tribunal Kolkata Only income that was actually received or accrued to assessee upon sale of shares had to be taxed and not any contingent deferred income. For period prior to 17-3-2012, issue of levy of interest on 'wrongly availed credit' reversed 'before use' was referred to Larger Bench of Tribunal, as there were conflicting judgments of two High Courts: CESTAT Banglore. PROFESSIONALS INPUTS: CBDT vide Notification No. 30/2016 dated 29 th April, 2016, has issued the Income-tax (11th Amendment) Rules, 2016 for inserting Rule 26C -Furnishing of evidence of claims by employee for deduction of tax under section 192 after Rule 26B in the Income-tax Rules, 1962. RBI vide Press Release dated 02 nd May, 2016 has issued Discussion Paper on margin requirements for non-centrally cleared derivatives. SEBI vide Circular No. SEBI/HO/CFD/DCR1/CIR/P/2016/52 dated 02 nd May, 2016 has issued Revised Formats under SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. MARKET WATCH: SENSEX: 25,436.97 -169 .65 NIFTY: 7,805.90 -43.90 SILVER: 41,301. 00 -365.00 GOLD (MCX): 30,310.00 44.00 USD/INR: 66.44 0.12 CRUDE OIL: 2,988.00 -47.00 CS Rajiv Bajaj 9811453353 [email protected]youtube.com/csrajivbajaj https://www.facebook.com/Rajiv 1Bajaj http://www.csrajivbajaj.com Date: 03 rd May, 2016
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www.csrajivbajaj.com
THOUGHT OF THE DAY
THOUGHT OF THE DAY
“As we look ahead into the next century, leaders will be those
who empower others.”
Law Updates:
Board of directors has no legal power to rectify register of member's
on their own without taking CLB's approval
When Tribunal asked Assessing Officer to determine total income
by re-deciding issues involved in additions made therein, it implied
indisputably a mandate for fresh determination of total income and
in such case limitation for completion of assessment under section
153(2A) would apply: Tribunal Kolkata
Only income that was actually received or accrued to assessee upon
sale of shares had to be taxed and not any contingent deferred
income.
For period prior to 17-3-2012, issue of levy of interest on 'wrongly
availed credit' reversed 'before use' was referred to Larger Bench of
Tribunal, as there were conflicting judgments of two High Courts:
CESTAT Banglore.
PROFESSIONALS INPUTS:
CBDT vide Notification No. 30/2016 dated 29th April, 2016, has
issued the Income-tax (11th Amendment) Rules, 2016 for inserting
Rule 26C -Furnishing of evidence of claims by employee for
deduction of tax under section 192 after Rule 26B in the Income-tax
Rules, 1962.
RBI vide Press Release dated 02nd May, 2016 has issued Discussion
Paper on margin requirements for non-centrally cleared derivatives.
SEBI vide Circular No. SEBI/HO/CFD/DCR1/CIR/P/2016/52 dated
02nd May, 2016 has issued Revised Formats under SEBI
(Substantial Acquisition of Shares and Takeovers) Regulations,