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Daily Tax Updates || Govt notified changes to the Banking Regulation Act, giving the RBI broad powers to deal with specific bad-loan cases

Tax Updates:
Dated May 8, 2017

1.     Govt notified changes to the Banking Regulation Act, giving the RBI broad powers to deal with specific bad-loan cases as it tries to speed up resolution of Rs 9.64 trillion of stressed assets clogging the Indian banking system.

2.       CBDT releases Draft Rules for Valuation of Unquoted Equity Shares: Invites Comments from Stake Holders. 

3. Payment of interest on loans taken for setting up industry could be claimed as revenue expenditure: SC [2017] 80 taxmann.com 375 (SC).  

4.  Prime Minister has asked the revenue department to scale up e-assessment facilities to cover 25 cities, take corrupt officers to task and promote a regime friendly to taxpayers. He also asked the department to train guns on benami properties and focus on broadening the tax net. 

5. High Court permits Service of Summons via SMS, WhatsApp & Email - Tata Sons ltd & Ors Vs John Doe(s) & Ors (Delhi High Court). 

6.RBI advised public sector banks to put in place a fair and transparent mechanism for appointment of statutory branch auditors.

7. ICAI has been raising concerns over the selection process followed by PSBs with respect to auditors for auditing branches.



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