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Showing posts from April 23, 2016 News... News...

1.Sec.263: Revision for starting fishing and roving enquiries not valid.[Rachana Finance & Investments Pvt. Ltd. and Repute Properties Pvt. Ltd. vs. CIT(ITAT Mumbai)].

2.Sec.153A : Addition without incriminating material with respect to completed assessment not valid. [DMA Investment Pvt. Ltd. vs. DCIT ( ITAT) Delhi].

3.No capital gain on unaccrued contingent deferred consideration.[CIT vs. Mrs. Hemal Raju Shete (Bombay HC)].

4.Department of Education, Delhi Govt. invites application from CAs for empanelment for audit of private schools.For details, please visit:

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Govt set to allow over 49% FDI in defence

The government has got down to formalising norms for allowing over 49% foreign direct investment in defence production after French company DCNS proposed to set up a wholly owned Indian arm to develop advanced systems for submarines. The department of defence has held a few round of consultations with other ministries with other ministries and also discussed the issue with stakeholders, said sources. There is a thinking within the government that it would be best not to have a fixed set of norms, and instead take a view on the merits of an individual case. While the govern ment allowed 100% FDI in defence manufacturing, it was decided that overseas investment up to 49% would be allowed via the automatic route and a higher stake would be permitted on a case-to-case basis if a state-of-the-art product was being brought in with access to technology . “So far, there were no guidelines on how to deal with cases where majority foreign ownership is proposed. We are trying to put in place a stan…

Lahiri sub-committee to look into jewellery excise

The government has set up a five member sub-committee under former chief economic adviser Ashok Lahiri to review and understand the impact of the imposition of the central excise duty on jewellery. Jewellers across the country went on a 42-day strike after finance minister Arun Jaitley announced a 1% excise tax on non-silver jewellery sales in his Budget speech. According to a finance ministry note, all associations and industry bodies will be given an opportunity to submit their representations before the sub-committee. Hindustantimes New Delhi,23 April 2016

Sebi mulls entry of banks, MFs in commodity markets

The Securities and Exchange Board of India (Sebi) might allow new participants such as banks, mutual funds and foreign portfolio investors in the commodity market. The regulator met commodity market participants on Friday, where the issue was discussed. This was part of the regulator’s effort to increase participation in the segment. The participation of these entities and certain other alternative investment funds in commodity derivatives trading has been awaiting regulator approval for a while. Sebi is contemplating ways to integrate the commodity and equity space, to reduce asymmetry between the two, said people who attended the meeting. The regulator is also planning measures to reduce risks and improve liquidity in the commodity market. "The purpose is to have seamless operations in both the segments, which has been a challenge since the Forward Markets Commission was merged with Sebi in September 2015," said a source who participated in the meeting. It saw representatives…

Finance Ministry note on changes in Sarfaesi law

To deal more effectively with bad issue, the finance ministry has sent a draft note for the cabinet to amend the relevant laws to help banks recover dues faster in wilful defaults. The draft, by the department of financial services, has gone for inter-ministerial consultation. It proposes amendments in the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (Sarfaesi) and debt recovery tribunal (DRT) laws. An official said the changes, in the form of Bills, could be introduced in Parliament next week. The total of stressed assets of the banking system is Rs 8 lakh crore, both restructured loans and non-performing assets (NPAs). The Sarfaesi law was enacted to enable banks to recover NPAs speedily and without intervention of courts. The DRT will likely be streamlined to shift its processes online and an effort taken to compress the period taken to decide on a case there. “DRT will become country’s the first online court,” finance minister Arun Jaitley…