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FEMA: External Commercial Borrowings (ECB) by Startups - Circular

Companies Law: Relaxation of additional Fees and extension of last date of in filing AOC-4, AOC-4 (XBRL), AOC-4 (CFS) and MGT-7 e-forms under the Companies Act, 2013 till 29-11-2016

Income Tax: These are two different causes of action leading to addition against the income of two different persons u/s 68 and 69. There is as such no question of any double taxation. - Sorry to say that the tribunal (ITAT) has mixed up the matters - HC

Income Tax: Since no material whatsoever was found in the course of search, the question of allowing additional depreciation or not could not have been subject matter of proceedings u/s 153A of the Act. - Tri

Income Tax: Reopening of assessment - Once the alleged land was shown in the balance sheet of HUF, taxes were paid in the hands of HUF, and then how that very alleged unexplained investment can be considered in the hands of the individual? - Tri

Income Tax: Provision for direct expenses - AO observed that expenditure actually not incurred during the year - mercantile system of accounting - construction activity - expenditure cannot be be disallowed merely because expected future expenses kept into mind - Tri

Income Tax: Amount received from members as ‘transfer fees’ - co-operative society - assessee does not represent mutual concerns and to such activities the concept of mutuality cannot be applied. - Tri

Service Tax: Reimbursement of expenses - Just because the Nepalese suppliers had billed the appellants separately for transportation from Nepal border to factory premises alongwith other expenses, they do not become the agents of the appellants - Tri

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Jiva Seva is Shiva Seva:
Service to humanity is Service to God

May I be born again and again, and suffer thousands of miseries so that I may worship the only God that exists, the only God I believe in, the sum total of all souls—and above all, my God the wicked, my God the miserable, my God the poor of all races, of all species, is the special object of my worship.

- Swami Vivekananda, CW, 5:137

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