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www.caonline.in News... 1.Exercise of S. 263 on expenses claim withdrawn by assessee valid. [Commissioner Of Income Tax vs.Amitabh Bachchan (SC)]. 2.The government has gained the right to tax capital gains arising in Mauritius from sale of shares acquired on or after April 1, 2017. 3.Service Tax wrongly paid on the manufacturing activity is allowed to be adjusted against excise duty. [Hyva India Pvt. Ltd. vs. Comm of Central Excise, Customs and Service Tax, Bangalore-I (2016) 68 taxmann.com 383 (CESTAT)]. 4.CAs to submit PAN nos. to ICAI at http://icai.org/new_post.html?post_id=12138. For DSC latest by 14th May, 2016. 5.DVAT Regd dealers to display certificate of registration at principal place and certified copy at other places of business in Delhi. DVAT circular no: 4 of 2016-17. 6.Tax returns for A.Y.s 2009-10 to 2014-15 filled electronically under time limit of Sec.139, to be verified through ITR V Form by 31.08.16.CBDT Circular no.13/2016. For more News Like us on https:...

Capital market regulator Securities and Exchange Board of India ( Sebi) on Wednesday issued listing guidelines for infrastructure investment trusts (InvITs). Like real estate investment trusts ( Reits), InvITs are instrument through which investors can take exposure to income- generating infrastructure assets. According to Sebi guidelines, public issue of InvITs will require institutional investors participation of 75 per cent, while the remaining 25 per cent can be from other investors. Besides, just like an initial public offering ( IPO), InvIT may allocate up to 60 per cent of the portion available for allocation to Institutional Investors to anchor investors. For opening of subscription, the InvIT should keep a deposit worth 0.5 per cent of the amount of units offered to the public or Rs.5 crore, whichever is lower with the stock exchange, said Sebi in its guidelines. InvITs listing are expected to encourage higher foreign investment in the Indian infrastructure sector, r...

The Rajya Sabha on Wednesday passed the Insolvency and Bankruptcy Code Bill, enabling a single law to deal with distressed companies, their promoters, creditors, employees and other stakeholders for the first time in India. The law - which will ensure a time-bound process of winding-up a company or limited liability entity, a 'Fresh Start' for debt-laden individuals under a certain threshold and temporary transfer of management of the troubled entity into the hands of resolution professionals - was passed by the Lok Sabha on Thursday. Speaking during the debate on the Bill in the Upper House on Wednesday, Minister of State for Finance Jayant Sinha called it a "historic legislation". "We are changing the Indian economy. We will do so while protecting the people who matter most. The way this law is being set up, it protects the workers. We are trying to create a robust safety net." The move was hailed by experts, dubbing it as an important reform measu...

The Reserve Bank of India (RBI) has cautioned banks from lending more to power distribution companies, or discoms. In a recent letter to select state-owned banks, the regulator has advised them to “exercise caution“ in giving new loans to these utilities, reminding them that “any additional exposure to discoms would result in ever-greening“ and “invite supervisory measure.“ RBI has also directed banks to categorise existing loans to discoms as non-performing assets, or bad loans, which attract provisioning. The central bank's missive would add .Rs. 1.09 lakh crore to the already large po` ol of bad loans in the banking sector.As on December 2015, gross NPAs -quantum of bad loans prior to provisioning -of listed banks crossed Rs..4 lakh crore. Banks' total credit outstanding to discoms stands at . Rs.4.37 lakh crore exposure. In November 2015, the government had launched UDAY -Ujwal Discom Assurance Yojana scheme -to revive financially-ailing discoms. According to the sche...

India will file 16 cases against the US for violating WTO treaties as certain programmes of the country in the renewable energy sector are “inconsistent“ with global norms, Parliament was informed on Wednesday. “Yes,“ said Commerce and Industry Minister Nirmala Sitharaman while replying to a question in the Rajya Sabha that “whether the government is going to file 16 cases against the US for violating WTO treaties“. India has also appealed to the WTO. India believes that certain renewable energy programmes of the US at the sub-federal level are inconsistent with WTO provisions, with respect to obligations under the General Agreement on Tariff and Trade 1994, Agreement on Subsidies and the Countervailing Measures andor Trade-Related Investment Measures. In a separate reply, she said India has appealed before the WTO appellate body on the findings and recommendations of the dispute settlement panel. To promote domestic manufacturing of solar cells and modules, which is one of the c...