TAX UPDATES
Dated May 2, 2017
2. Assesses was entitled to full exemption u/s. 54 when the full amount was invested by the assessee even though the property was purchased in the joint names of the assessee and his brother. Shri Jitendra V Faria Vs. ITO (ITAT Mumbai)
3. CBDT has entered into 2 unilateral Advance Pricing Agreements (APAs) with Indian taxpayers, strengthening the Government’s commitment to foster a non-adversarial tax regime.
4. CBDT cannot insist on pre-deposit compounding fee without considering application for compounding: [2017] 80 taxmann.com 371 (Delhi HC).
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5. RBI has decided to fix the minimum Net Owned Fund (NOF) requirement for ARCs ompanies at ₹ 100 crore on an ongoing basis with effect from 28-04-2017.
6. Place of arbitration determines the law that will apply to the arbitration and related matters like challenge to the award, etc. IMAX CORPORATION Vs E-CITY ENTERTAINMENT (I) (P.) LTD. SUPREME COURT OF INDIA.