Home Highlights April 2016 Year 2016 This

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1. Government allowed export benefit to Bhutan in Indian Currency under Central Excise Law.

2. The AO's reopening of assessment after four years on the ground of alleged benefit received by the assessee in the transaction of purchasing shares of HHML from Honda...

3. Depreciation on foreign exchange fluctuation loss - foreign currency term loan availed for purchase of windmill - since the assessee has capitalized and claimed...

4. Bogus Short term capital loss - accommodation entry transactions - No ambiguity in the sale and purchase of shares through the SEBI brokers - Assessee had purchased the...

5. Addition u/s.69 or 68 - assessee has paid on-money towards purchase of property to the seller - The assessee is only owner of 1/3rd share in the property purchased. -...

6. Profit from sale of shares - LTCG or STCG - Benefit of Indexation - the STT is to be paid only if the shares were sold in the stock exchange and since the assessee has...

7. Computation of Long-term Capital Gains - non considering the INDEX COST of assets purchased u/s. 48 - The benefit of indexation while computing long term capital gains...

8. Addition u/s 56(2)(viia) - purchase of shares at price more than its fair market value - The tribunal extensively reviewed the submissions and evidence presented,...

9. Amendment to Regulation 3.1 of FEMA, Mode of Payment and Reporting of Non-Debt Instruments - To facilitate the purchase or subscription of equity shares of Indian...

10. TDS u/s 195 - default u/s 201(1)/201(1A) - assessee deducted TDS at 10% plus surcharge on consideration paid for purchase of shares from non-resident sellers - TDS...

11. Deduction u/s 54 - LTCG invested in buying two residential units - the assessee would only entitle to the benefit of section 54, 1) if the assessee invested the LTCG...

12. Deduction u/s 36(1)(iii) or 57(iii) - interest paid by the assessee on borrowed capital to the extent it was utilised for purchasing shares - The Tribunal was not...

13. Rate of exchange of one unit of foreign currency equivalent to Indian rupees - Notification

14. Speculation loss u/s 73 - it is apparent from computation that no part of the business of the assessee company consists of purchase and sale of the shares - Merely...

15. Assessee followed joint venture model for sharing revenue with collaborators as per franchise agreement. Assessee recorded all revenues, incurred expenditure, and shared...