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Updates of the Day

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1. Ponds specially designed for breeding of prawns to be treated as plant for depreciation purposes.[ ACIT vs VICTORY AQUA FARM LTD. (Supreme Court)]

 2. Depreciation on enhanced cost of asset is allowed from the date when the obligation to pay customs duty arose.[CIT vs Noida Medicare Centre Ltd, Delhi High Court]

 3. Now a private company can accept unsecured loans even from a relative of a director of the company. http://www.mca.gov.in/Minis…/…/Amendement_Rules_15092015.pdf

4. Finance minister Mr. Arun Jaitley on Monday announced the government's decision to impose a 20% safeguard duty on steel imports with immediate effect.

 5. RBI has decided that the resident importer can raise trade credit in Rupees (INR) within the prescribed framework.

 6. Modifications in Electronic IECs as well as physical IECs will now be carried out online by paying a fee of Rs.200/- w ef. 21.9.2015.

 7. Consignment wise duty payment can be made through CENVAT credit balance: Jayaswal Neco Ltd. vs CCE: Supreme Court.

 8. Service tax cannot be levied on indivisible works contracts prior to 1st June, 2007: CCE, Kerala Vs Larsen & Toubro Ltd., Supreme Court.

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