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Updates of the day....

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Updates Of the Day
1.SEBI issued Circular No. CIR/OIAE/001/2015 on Issue of No Objection Certificate for release of 1% of issue amount as per the extant Listing Agreement with the Stock Exchanges.
2.Services directly or indirectly used in relation to manufacture of final products are eligible for Cenvat Credit. [Punjab and Haryana High Court in the case of Bellsonica Auto Components India Private Limited].
3.MCA has modified the versions of e-Form DIR-3, DIR-6, FC-4, MGT-14, INC-7, INC-22, SH-7, INC-29, DIR-12 and CHG-1 w.e.f 02.12.2015.
4.Valuation as per deeming provision u/s 50C not applicable on mere transfer of rights in land. [ITAT Jaipur held In the case of ITO vs. Tara Chand Jain].
5.No addition u/s 68 on account of money received on allotment of shares, once identity of investor company established. [Lotus Integrated Taxpark Ltd. vs. The DCIT (ITAT Chandigarh)].
6.Government notifies new DTAA with Thailand; old DTAA would cease to have effect from 01.04.2016.
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