RBI issues norms for one - time restructuring of existing loans to MSMEs

The Reserve Bank of India (RBI) has issued norms for one - time restructuring of existing loans to MSMEs classified as ‘Standard’ without a downgrade in the asset classification subject to specified conditions mentioned in given circular.

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CBDT notifies ‘Himanchal Pradesh Kaushal Vikas Nigam’ for exemption under section 10(46)

The Central Board of Direct Taxes (CBDT) has notified ‘Himanchal Pradesh Kaushal Vikas Nigam’ for the purposes of the clause (46) of section 10 of the Income-tax Act, 1961.

from taxmann.com News https://www.taxmann.com/topstories/222330000000017451/cbdt-notifies-‘himanchal-pradesh-kaushal-vikas-nigam’-for-exemption-under-section-1046.aspx

Provisions of Limitation Act are applicable to proceeding filed before Debt Recovery Tribunal

FEMA & BANKING : Provisions of limitation Act 1963 are applicable to proceedings/application filed under section 19 before DRT; DRT has power to condone delay in respect of proceedings under section 19

from www.taxmann.com Latest Case Laws http://bit.ly/2QdPzqw

ITAT remanded matter to examine whether payment made for acquiring software licence was royalty

IT/ILT: Where assessee, engaged in business of software development paid annual maintenance charges to various Non-Resident companies which was regarded as fee for technical services taxable in India, in view of fact that revenue authorities did not go into question whether non-resident companies made available any technical knowledge to assessee through AMCs, impugned order was to be set aside and, matter was to be remanded back for disposal afresh

from www.taxmann.com Latest Case Laws http://bit.ly/2GWEAmm

Revisional order justified as reference to TPO was mandatory in scrutiny cases selected on TP risk parameters

IT/ILT: Where assessee's case was selected for scrutiny on transfer pricing risk parameter, same fell under para 3.2 of circular dated 10-3-2016 which required reference to TPO by Assessing Officer mandatorily

from www.taxmann.com Latest Case Laws http://bit.ly/2RsgT9a

Reassessment justified as assessee didn't file relevant details related to huge advance made to one party

IT: Where reassessment proceedings were initiated against assessee on ground that assessee had advanced several crores of rupees to a party but source of such amount was not explained, since assessee had not filed balance sheet or statement of affairs related to such advance, impugned reassessment proceedings were justified

from www.taxmann.com Latest Case Laws http://bit.ly/2QbAZ36

Embassy Blackstone Reit gets Sebi nod

Embassy Blackstone Reit gets Sebi nod

from taxmann.com News http://bit.ly/2EYQObh