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Income Tax: Where a valid return-of-income having 'claim of refund' for AY 2014-2015, 2013-2014 and 2012-2013 was filed, such returns-of-income shall now be processed by 31.03.2017

FEMA: A wholly owned subsidiary set up in India by a non-resident entity, operating in a sector where 100% FDI is allowed in the automatic route and there are no FDI linked conditionalities, may issue equity shares or preference shares or convertible debentures or warrants to the said non-resident entity - subject to certain conditions and restrictions

FEMA: Permission to a person resident outside India to enter into exchange traded currency derivatives

Income Tax: Benami Transactions(Prohibition) Act, 1988 as amended

Income Tax: Amendment to Benami Transaction (Prohibition) Act, 1988 shall come into force w.e.f. 1.11.2016 - Notification

Income Tax: Central Government notifies the Adjudicating Authority and Appellate Tribunal for the purpose of the Prohibition of Benami Property Transactions Act, 1988 (45 of 1988).

Income Tax: Penalty u/s 271(1)(1) - validity of notice - there is no mention in the SCN, whether the assessee was guilty of having “furnished inaccurate particulars of income” or of having “concealed particulars of such income” - No penalty can be levied on the basis of defective notice - Tri

Income Tax: Penalty u/s 271AAA - A.O has not identified which of the conditions have been violated by the assessee, that invite the levy of penalty u/s 271AAA of the Act in the case on hand; Nor has any reason has been rendered for the levy thereof - No penalty - 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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