Home Highlights June 2015 Year 2015 This

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1. Chit Fund - Income from chit dividend – dividend income received over and above what had been subscribed by the assessee liable to be assessed as income of the assessee - HC

2. Disallowance of Exemption u/s 11 - Charitable purpose 2(15) - Subscription paid by a subscriber of a chit to a chit company acting as the foreman of the chit cannot be...

3. Addition u/s 69A - chit fund investment - the CIT(A) observed that being govt. employee, the assessee is not permitted to enter in chit fund. Even before us, the ld. AR...

4. Disallowance of excess interest paid - diversion of funds for non-business purposes - It is immaterial how the loan was treated by the Director - as far as the assessee...

5. Cash deposited by the assessee jointly with his father - So far as regards the AO's observation that NRIs cannot purchase agricultural land in India without RBI...

6. Investment on non-repatriation basis - FEMA - New Regulations

7. Tax Incentives to International Financial Services Centre - (i) Time limit for exemption on Transfer of assets of the original fund, or its wholly owned SPV to a...

8. Nature of activity of "chit fund business" - cash management / fund management - whether classifiable under the category of "banking and other financial services" - No...

9. Import of Zircon - Whether Zircon is “Ore“ - Zircon Ore and Concentrate - Permission to clear goods in question without payment of CVD - permission granted - HC

10. Refusal to grant of permission to remove the goods for further processing under Rule 16C of the Central Excise Rules, 2002 - The order does not mention any specific...

11. Grant/non grant of pre-arrest Bail - offence and non compliance of GST provisions - HC directed to keep SC order before granting pre-arrest bail.

12. Exemption from GST - Repair and maintenance fund - sinking fund - applicability of exemption Limit of ₹ 7500/- on the components of maintenance bill by the housing...

13. SEBI notifies the recognition granted to the Indian Commodity Exchange Limited stands withdrawn - Notification

14. Permission to resident and non-resident entities to undertake hedge transactions with simplified Procedures - FEMA

15. Permission to resident and non-resident entities to undertake hedge transactions with simplified Procedures