RBI withdraws exemptions granted to Government owned NBFCs

Currently, Govt. owned Companies as defied under section 2(45) of the Companies Act, 2013 and registered with RBI are exempted from regulatory and statutory provisions on NBFCs. Now, RBI has decided to make NBFC regulations application to Government NBFCs as per the specified timelines. The Govt. NBFCs that are already complying with the prudential regulation as per the road map submitted by them shall continue to follow the same.

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Compliance with provision relating to CSR spending must be followed in “letter and spirit”; MCA reit

MCA has reiterated that the first proviso to Sec. 135(5) of the Companies Act, 2013 has to be followed in “letter and spirit”. The first proviso to Sec. 135(5) of the Act lays down that the Company shall give preference to the local area and areas around it where it operates, for spending the amount earmarked for Corporate Social Responsibility activities.

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Reassessment order couldn't be termed as void even if requisite SC directions not complied with: Madras HC

IT : Non-compliance of direction of Supreme Court in GKN Driveshafts (India) Ltd. v. Income Tax Officer [2002] 125 Taxman 963 that on receipt of objection given by assessee to notice under section 148, Assessing Officer is bound to dispose of objections by passing a speaking order, would not make reassessment order void ab initio

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CBDT announces rewards scheme of upto Rs. 5,00,00,000 for informants on tax evasion

The Central Board of Direct Taxes (CBDT) has announced Income Tax Informants Rewards Scheme, 2018 & Benami Transactions Informants Reward Scheme, 2018 though which Income-tax Dept. will reward upto Rs. 5 crore to person giving specific information about evasion of tax or benami property

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No denial of sec. 11 relief as loan advanced to another trust couldn't be termed as investments: Delhi ITAT

IT : Where assessee trust advanced money as a loan to another trust for which assessee had not received any interest and common trustees had no substantial interest in such other trust and said sum was returned by other trust, amount advanced not being investment could not be held to be in violation of sections 13(1)(d) and 11(5)

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ALP accepted in case of AE has no relevance while completing assessment of assessee-co.: ITAT

IT/ILT: Where assessee made payments of royalty and administrative charges to AE, mere fact that ALP of said payments had been accepted in case of AE, it could not be concluded that price paid by assessee in international transactions had to be accepted as at arm's length

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I-T Dept Starts Examining Walmart-Flipkart Deal

I-T Dept Starts Examining Walmart-Flipkart Deal

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