Person resident outside India can undertake repo transactions in rupee to borrow and lend money

The Govt. has notified the Foreign Exchange Management (Borrowing and Lending) (Amendment) Regulations, 2019 wherein new para has been inserted to allow the person resident outside India for undertaking the repo transactions in rupee for lending and borrowing money subject to such terms and conditions as may be specified by the RBI.

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Now, FPI can invest and trade in derivative contracts approved by SEBI

The Govt. notified the Foreign Exchange Management (Transfer of Issue of Security by a Person Resident Outside India) Regulations, 2017 wherein new clause has been inserted which explicated that a Foreign Portfolio Investor or NRI or an Overseas Citizen of India may trade and invest in all exchange traded derivative contracts approved by SEBI from time to time subject to the limits prescribed by SEBI board.

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No lower additions under section 68 in absence of any proof regarding rotation of bogus share capital

IT : Where assessee raised a plea that addition made to its taxable income under section 68 in respect of bogus share capital should be restricted to a lower amount because said amount kept rotating in relevant year, in view of fact that amount in question was not returned or refunded, plea raised by assessee deserved to be rejected

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CBDT extends term of Task Force on Direct Tax by 3 months to May 31, 2019

In order to review the existing Income-tax Act, 1961 and to draft a new direct tax law, the Govt. had constituted a Task Force. Task Force was required to submit its report to Government by February 28, 2019. The said term has now been extended by CBDT by three months. Task force will now require to submit its report by May 31, 2019 instead of February 28, 2019.

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CBDT notifies ‘Nodal Officer, PM-KISAN’ for furnishing specified information u/s 138

The Central Board of Direct Taxes (CBDT) has specified Nodal Officer, Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) of all State Governments and Union Territories for the purposes of section 138 in connection with sharing of information regarding income tax assessees for identifying the eligible beneficiaries under PM-KISAN Yojana.

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India and Brunei sign Tax Information Exchange Agreement

A Tax Information Exchange Agreement (TIEA) has been signed between the Governments of India and Brunei Darussalam on February 28, 2019 at New Delhi. The Agreement will enhance mutual co-operation between India and Brunei Darussalam by providing an effective framework of exchange of information.

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Allegation on NSE regarding preferential access to trading members of its location couldn't be accepted

Competition Act: Where informant alleged that OP 'NSE' abused its dominant position by providing preferential access to certain trading members of its co-location services, resulting in contravention of provisions of section 4, since, similar case was currently under adjudication by SEBI also and there was no sufficient information available about role attributable to OP in provision of discriminatory co-location services qua certain trading member, it would not be appropriate for CCI to delve i

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