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Showing posts from October 22, 2015

Updates of the day...

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 not…