Tax Updates:
Date May 23,2017
- Bogus share capital: AO must scrutinize documents produced by assessee, addition cannot be done merely on report of investigation wing -Pr. Commissioner of Income Tax Vs. Laxman Industrial Resources Pvt. Ltd. (Delhi High Court)
- Tax on financial services transactions will rise from the current 15% to 18% as the goods and services tax (GST) kicks in on 1 July, making them marginally costlier.
- Arbitrator cannot Lift Corporate Veil: Case Name: Sudhir Gopi Vs Indira Gandhi National Open University and ANR. (Delhi High Court).
- MCA has notified Exit Scheme for LLP. The Central Government has amended the Rules by notified the Limited Liability Partnership (Amendment) Rules, 2017, which shall come into force with effect from 20th May, 2017.
- WTO has called a review meeting to promote connectivity through digital trade in developing countries amid strong opposition by India owing to apprehensions among experts that this may be a back door attempt to push e-commerce.
- Govt. of India has notified the Companies (Transfer of Proceedings) Rules, 2016. Through these rules all matters relating to winding up and amalgamation has been transferred from High Courts to NCLT.
