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Updates of the day...

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Updates Of the Day
1.ICAI Council, at 347th meeting dated October 14, 2015, has decided to withdraw the five guidance notes on accounting as the same are no longer relevant in the present day context in view of the requirements of the Companies Act, 2013.
2.Assessee using brand name/ trade mark of another person which has been assigned to it with a right to use it exclusively in India is eligible for SSI exemption. [Commissioner of Central Excise, Bangalore V/s. Otto Bilz (India) Private Limited (Supreme Court of India)
3.No service tax on agents in relation to remittance of foreign currency, from 1st July 2012 to 13th October 2014. Notification No. 19/2015-ST dated. 14th October, 2015.
4.AO not empowered to refer matter to DVO without rejecting books of accounts. (Punjab & Haryana High Court) [CIT vs. M/s Freedom Board & Paper Mills.]
5.CBDT with an intention to facilitate the participation of leading diamond mining companies of the world in the bharat diamond bourse has notified it as “special notified zone”
6.Notice under section 274 should specify grounds of imposition of penalty. [B L Dasraj Urs vs I.T.O] (Bangalore ITAT).
On this special day of triumph of good over evil, I wish you success and happiness in everything you do. Happy Dusshera to all of you from Ujjwal Thakur Team Webecreator.
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