Cocacola theme India Vs USA


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Professional Updates @ TEAMBRINGIT us

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
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Professional updates @TEAMBRINGIT

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 con...
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Pure Economics INFLATION / DEFLATION .. which is more better ..

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 h...
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