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Updates Of The Day....

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Updates Of the Day

1.Online Applications are invited from CA firms/LLPs from 1st January 2016 to 15th February 2016 for empanelment for appointment as auditors of Government Companies/Corporations for the year2016-17. For details visit www.saiindia.gov.in
2.ICAI asks CAs to include Name of Firm, FRN, Name, Designation & Membership No. of CA (besides other requirements) with Signature in Certificates issued.
3.FEMA Notification No. 9(R)/2015-RB dated Dec 29, 2015, c.f. G.S.R. No.1005(E) which supersedes the Foreign Exchange Management (Realisation, repatriation and surrender of foreign exchange) Regulations, 2000 and all amendments thereto.
4.The income-tax department has cautioned taxpayers not to share their PIN or password of emails. The department does not seek confidential or financial information from taxpayers.
5.Partner's remuneration u/s 40b- once the additional income offered for taxation during the survey is accepted and it has been explained to be as a business income as a source then there is no bar in the act for claiming partner’s remuneration from such additional business income – Tribunal [The DCIT , Circle-6, Suart vs M/s Radhekrishna Developers C/o Dipak Naginbhai Chauhan and vice-versa – 2016 (2) TMI 192 – ITAT Ahmedabad]
6.Reopen proceedings not valid in absence of any tangible material to substantiate escaped income. [M/s Amit Engineers vs ACIT(ITAT Chandigarh). ITA No. 828/Chd/2014].
7.Addition in already assessed income is not sustainable, in absence of any incriminating material found during search. [ Shri Vimal Kumar Rathi vs DCIT Mumbai].
8.Reassessment u/s 147 not permissible merely on change of opinion – ITAT. [ACIT vs. Reliance Industrial Infrastructure Ltd. (ITAT Mumbai) I.T.A. No. 5872/M/2012].
9.Allowance of interest on bank loan is case of advance to subsidiary and loan to directors out of reserves. [Hero Cycles Private Limited vs CIT (Central), Supreme Court of India].

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