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☀ Good Morning ☀
 All the Members of Shining Stars
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PROFESSIONAL UPDATES:
9 September,  2015

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No capital gains tax is payable by an assessee where it was not possible to compute the capital gains u/s.48 of the Income Tax Act. The Supreme Court in the case of CIT v. B. C. Srinivasa Setty, 128 ITR 294.
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Please pay your Membership / COP Fee for the year 2015-16 latest by 30th September, 2015 to avoid removal of name.
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CMII is organizing the ICAI Awards 2015 to honour exemplary achievements of
Members in Industry, bestowed in 47 categories from the levels of early
managers to CEOs. To fill nomination
www.corporateforum.icai.org
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MCA released Companies (Accounts) Second Amendment Rules, 2015,
- Form AOC-4 has been amended for certification by CS/CA/ Cost Accountant.
- Indian Accounting Standards shall mean Accounting Standards referred to in Rule 3 and Annexure to the Companies (Indian Accounting Standards) Rules, 2015
- Rule 8(3) shall not be applicable on govt. company engaged in producing defence equipments
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MCA amends Schedule III to include MSME details under Trade Payable under Balance Sheet.
Please note that this is applicable w.e.f. 4th September 2015, where the balance sheets are finalized prior to this date, the details as required in this amendment is not applicable.
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CBDT: Guidelines for Compounding of Offences under Income Tax Act, 1961/Wealth tax Act, 1957 in cases of persons holding undisclosed foreign bank accounts/assets Dated: 04th September, 2015
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HVAT: Due date of filing quarterly return under Haryana VAT extended upto 15-09-2015. vide Order No. 1917/ST-1 dated 3rd Sept. 2015
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Case Study: Gain on transfer of capital assets to wholly own subsidiary is not INCOME at all in Income Tax Act. Hence, even MAT is not applicable – Shivalik Venture Pvt. Ltd vs. DCIT, (ITAT Mumbai)
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DVAT Authorities have cancelled registration certificate of some dealers who were showing NIL Gross Turn Over or not filing the returns in the past years.

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Our Motto Contribution
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