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Updates of the day...

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Updates Of the Day

1.Delhi High Court ruled that undervalued property can be registered in the capital.
2.SEBI Meeting on Implementation of OECD Principles of Corporate Governance, spot price determination of commodities etc. PR No. 297/2015.
3.CLB has issued a circular stating that the certified copies of the "Interim Orders" passed by the Principal Bench and New Delhi Bench on its official web site w.e.f 01.01.2016.
4.CD (compact disc) is an admissible ‘documentary evidence’-Supreme Court of India. [Shamsher Singh Verma vs. State of Haryana]
5.TPO can reject transfer pricing study report based on multiple year data and use only current year data [ITAT Bangalore DCIT vs. M/s. Parametric Technology (India) Pvt. Ltd].
6.It is not the ‘profit from export’ but ‘profit of business’ which is to be considered in formula u/s 10B(4) [Delhi High Court in Riviera Home Furnishing vs. Addl. CIT].
7.Interest paid on borrowed sums further advanced to subsidiary company for purpose of facilitating the subsidiary in meeting out its working capital requirement is allowable as business expenditure. [Hero Cycles (P) Ltd.vs. CIT, Supreme Court of India]
8.Revenue Secretary has directed that Income Tax Notice / letter /communication to contain email and phone number of officer issuing notice.
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