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Updates of the day...

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Updates Of the Day
1.Particulars of candidates for election of ICAI is availabe at http://icai.org/post.html?post_id=12122 and the details of your polling booth are also available on – www.icai.org and the link being 'Election-2015'.
2.SEBI has prescribed format for financial results and limited review report for listed entities which have listed their debt securities and/or non-cumulative redeemable preference shares wef 1st December 2015.
3.DVAT issued Circular No. 31 of 2015-2016 directing zonal authorities to restore registration within 3 days after the proposal is approved by Competent Authority.
4.DVAT notified extending time for submissions of Form DP-1 latest by 31.12.2015.
5.Transfer pricing provisions requires comparison of a controlled transaction with uncontrolled transaction, comparison within two controlled transaction is immaterial. [ITAT Mumbai: Greaves Cotton Ltd. vs. ITO]
6.Reassessment proceeding based on ED information without correlating with returns filed is invalid. [CIT vs. M/s. Indo Arab Air Services (Delhi High Court)]
7.Gain on sale of shares cannot be treated as business income for mere sale of share in short span of time. [Hema Hiren Dand vs. JCIT (ITAT Mumbai)]
8.CBDT released Explanatory Notes to provisions of the Finance Act, 2015.
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