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Updates of the Day

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1. MCA has initiated the process of the constitution of the NCLT and NCLAT and in this regard notified the vacancies for the post of technical member and judicial member.

 2. Appellate Tribunal, DVAT passed against order cancellation of registration certificate without issuing statutory notice in form DVAT-10 and without affording adequate reasonable opportunity before taking an adverse action. [Aarish Polychem Pvt. Ltd. vs Commissioner of Trade and Taxes].

 3. DGFT has made amendments to Foreign Trade Policy 2015-2020, which shall be effective from 1st July, 2015.

 4. Assessee can claim depreciation if entire control and rights of building are with him. [CIT vs Bharat Hotels (High Court Delhi)].
5. Loss from forex derivative trading upto export turnover is business loss and not speculative loss: Majestic Exports vs. JCIT, (ITAT Chennai).

 6. CBDT issued office memorandum regarding, CBDT hauls up officers and staff for leaving early, coming late and harassing taxpayers.

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