Amount paid to partners in view of partnership deed to be excluded while computing sec. 10AA

IT: Where assessee-firm, in view of partnership deed which clearly laid down that no interest on capital and remuneration was payable to partners, did not pay any interest and remuneration to its partners, such interest on capital and remuneration were not to be excluded from amount of profit eligible for exemption under section 10AA

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RBI reduces Statutory Liquidity Ratio by 25 basis points

The Reserve Bank of India (RBI) has decided to reduce the Statutory Liquidity Ratio requirement of banks by 25 basis points every calendar quarter from 19.50 % of their Net Demand and time liabilities.

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Services in relation to construction of buildings classifiable as works contract services

GST/Service Tax : Where assessee had provided to O C-Common Wealth Games services as that of partition work, metal glass works, civil works, wood work finishing, flooring, ceiling, false ceiling, hardware fittings and other similar services in relation to constructed buildings/offices, etc., said services would fall under category of 'works contract services' and not under category of 'interior decorator services'

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Guidelines on Loan System for Delivery of Bank Credit: RBI

Taking into account the views of the stakeholders, the final guidelines has issued by the Reserve Bank of India wherein various provisions related to minimum level of loan component and effective date, sharing of working capital finance, amount and tenor of the loan, repayment of loan component and risk weights for undrawn portion of cash credit limits.

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RBI issues draft directions on Non-Resident participation in derivatives markets

The Reserve Bank of India (RBI) has released draft directions on non-residents’ access to Interest Rate Derivative market, and comments are invited from banks, market participants and other interested parties by December 31, 2018.

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Audit fee claimed by auditors was reasonable as it was well supported by no. of days and man hours spent

CL: Where auditor appointed by CLB audited accounts of company as well as investigated related party transactions and claimed fees of Rs. 36.16 lakh, since, fees claimed by auditor was supported by number of days spent and composition of people working on assignment and moreover, company had paid Rs. 62 lakh to auditors of sister concerns for same period, fees claimed by auditors appointed by CLB were reasonable

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No TP adjustment due to delay in realization of debts from AE if transaction was benchmarked on TNMM

IT/ILT: No addition of notional interest for delay in realisation of debts from AE could be made when international transaction of exports of goods had been benchmarked on TNMM basis and same was duly accepted by TPO

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