JUST BRING IT

BUSINESS AND ECONOMY== > INDIA-RELATED * India WPI inflation falls to 5-month low of 3.15% in Nov (Cogencis) * Govt says committed to fiscal gap aim (Cogencis) * SBI economist says RBI underestimating cash curb hit on GDP (Cogencis) * Tata Teleservices removes Cyrus Mistry as director, chairman (Cogencis) * Nusli Wadia asks Tata Motors shareholder to vote with "conscience" (Cogencis) * RBI unwilling to cede control over payments regulations (BS) * Wipro splits India, West Asia business (BS) * Sources say India's Nov gold imports rises to $4.4 bln (Cogencis) * Source says RBI starts printing 1,000-rupee note on pilot basis (Cogencis) * Source says panel for 10-bps cut in FY17 EPF interest rate to 8.7% (Cogencis) * Central Depository Services to file IPO documents this month (BS) * Amazon launches Prime Video service in India (BS) * New norms allow cab surge pricing up to four times (ToI) * Bombay HC to hear Tata EGM votes plea on Friday (ToI) * Swan Ene

Depreciation will be considered while calculating net worth for computing Capital Gain in slump sale u/s 50B [CIT vs. Dharampal Satyapal (Delhi High Court), ITA 1003/2011, AY 2001-02, Date of Judgment: 06/01/2016]. Notice issued or assessment made post receiving direction u/s 124 from CIT to transfer the case is invalid [Raj Kumar Mangla Vs ACIT (ITAT Delhi); I.T.A No. 556-558/Del/2011]. Penalty u/s 271(1)(c) cannot be levied in absence of intention to evade taxes and if treatment made by assessee was revenue neutral [Goldfilled Mercantile Company vs. DCIT (ITAT Mumbai),IT Appeal No.-1965/2014]. Inadvertent mentioning of wrong assessee code does not invalidate payment [Devang Paper Mills Pvt Ltd Vs UOI (Gujarat High Court); Special Civil Application No. 12264 of 2015]. Recovery cannot be made from bonfide purchaser of Duty Free Import Authorisation (DFIA)/Duty Entitlement Pass Book (DEPB) license – CESTAT

Assessee would be liable to deduct tax at source under section 194C on payments made as transportation charges to intermediate parties who arranged actual transporters from open market for carriage of goods by transport for assessee, even if there was no written contract between assessee and intermediary party. HC denied to order valuation of goodwill as it arises on acquisition of business in slump sales. Penalty order is illegal and without jurisdiction if it was passed during pendency of assessment proceeding: HC. Commission agent's services are ineligible for credit as he isn't not 'sales promotion agent'. Off-shore under-construction installations or incomplete structures do not form part of 'India'/ 'taxable territory'; hence, services imported by them are not liable to service tax under reverse charge.

TEAMBRINGIT # ECONOMICS Inflation in India has fallen from 10 per cent to 5.5 per cent." And this is how RBI governor explains advantage of lower inflation. Funny but true.     "Say the pensioner wants to buy dosas and at the beginning of the period, they cost Rs. 50 per dosa. Let us say he has savings of Rs. 1,00,000. He could buy 2,000 dosas with the money today, but he wants more by investing.     At 10 per cent interest, he gets Rs. 10,000 after one year plus his principal. With dosas having gone up by 10 per cent to Rs. 55, he can buy 182 dosas approximately with the Rs. 10,000 interest.     At 8 per cent interest, he gets Rs. 8,000. With dosas having gone up by 5.5 per cent, each dosa costs Rs. 52.75, so he can now buy only 152 dosas approximately. So the pensioner seems vindicated: with lower interest payments, he can now buy less.     But wait a minute. Remember, he gets his principal back also and that too has to be adjusted for inflation. In the high infl

One Person Company Procedure Definition: section 2 (62) of the companies Act, 2013, ‘One Person Company means a company which has only one person as a member. Further, An OPC is owned and can be managed by one person as the sole member and director. Member of OPC: •Only a natural person •The person should be an Indian citizen and resident in India only •No person shall be eligible to incorporate more than 1 opc •No minor shall become member OPC or can hold share with beneficial interest 👥Directors of OPC: •Minimum one director is required. •First director shall be the person whose name is mentioned in Articles of Association. •The first director shall hold the office until the holding of general meeting. However, the first director can be re-appointed or another person can appointed in that meeting. •The OPC may have a maximum number of 15 directors. •Annual general meeting: The provision of holding of Annual General Meeting is not applicable to OPC. •Financial Statement of

Trade Discount on sales after considering commercial expediency and accrual method of accounting is allowable claim.[ ACIT Vs. Rukamani Iyer: ITAT Mumbai Bench]. Transfer Pricing adjustment cannot be made in respect of transactions with unrelated third parties. [CIT vs  M/s  Thyssen Krupp Industries India Pvt. Ltd. (Bombay High Court)] MCA has amended the Companies (Audit and Auditors) Rules, 2014 and notified the rules, it shall come into force on the date of their publication in the Official Gazette. CBEC direct its custom officers to follow instructions scrupulously given in Audit Manual 2015. Notifications F.No.307/32/2015-SO ( PAC-Cus.). PF sms alert has started from today, to know your total PF balance, just give a missed call on 01122901406 from your registered mobile number   and you will get SMS alert immediately. ICAI invites Quotations from CA / Firms of CAs for consultant for Ind AS as ICAI needs assistance from an experienced and competent consultant in preparat