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Updates Of the Day

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Updates Of the Day
1.RBI issued Master Circular on Guarantees, Co-Acceptances and Letters of Credit Vide RBI/2015-16/6DCBR.BPD. (PCB) MC No.8/09.27.000/2015-16.
2.Government increases custom duty on ghee, butter & butter oil to 40% Notification No. 49/2015.
3.Basmati Rice satisfying both length and component parameters can only be exported- [Commissoner of Customs vs. Orion Enterprises] (Delhi High Court).
4.Statements of witnesses are made basis of demand, not allowing assessee to cross-examine witnesses, is a serious flaw which makes order nullity. Supreme Court: [Andaman Timber Ind vs, Comm of Central Excise, Kolkata.]
5.CBEC allowed 70% abatement on services ancillary to Goods Transport Agency (GTA) Circular No. 186/5/2015 dated 5-10-2015.
6.Society not eligible for deduction U/s. 80P if its income is not from collective disposal of labour of its member: [Nileswar Range Kallu Chethu Vyavasaya Thozhilali Sahakarana Sangham vs. CIT, High court of Kerla.]
7.Profit from sale of shares is business income if assessee carries the activity in a systematic and organised manner: [Equity Intelligence India Pvt Ltd vs. ACIT: High Court of Kerala]
8.CBDT has simplified the format and procedure for self declaration of form no.15G or 15H effective from the 1st day of October, 2015.
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