Day: December 1, 2016

Seized-confiscated custom gold sales guidelines. Disposal to be routed through PSBs approved by RBI to import sell gold, MMTC Ltd. and STC Ltd

Seized-confiscated custom gold sales guidelines. Disposal  to be routed through PSBs approved by RBI to import sell gold, MMTC Ltd. and STC Ltd. Circular No. 57/2016-Customs F. No. 711/04/2011-CUS (AS) Government of India Ministry of Finance Department of Revenue Anti Smuggling Unit (CBEC) Room No. 512, 51th Floor, …

Fake RBI social media demonetisation circular information. RBI advises bank and public not to rely onunsecured-unofficial social media chanels

Fake RBI social media demonetisation circular information. RBI advises bank and public not to rely onunsecured-unofficial social media channels. From yesterday, a fake circular/notification bearing serial number RBI/2016-17/166 purporting to be from RBI was in active circulation in social media channels (whatsapp, facebook accounts etc. ). According to …

Jewellery acquired out of disclosed-exempted income not taxable under the proposed taxation amendment Bill 2016

Jewellery acquired out of disclosed-exempted income not taxable under the proposed taxation amendment Bill 2016-Govt clears apprehensions Ministry of Finance 01-December, 2016 Government clarifies that the apprehension sought to be created that the jewellery with the household which is acquired-out of disclosed sources or exempted income shall become …

Imprest account not necessarily part of partner capital account as held by ITAT was without properly analysing evidence-HC

Imprest account not necessarily part of partner capital account as held by ITAT was based merely on partner’s statement without properly analysing the evidence-High Court ABCAUS Case Law Citation: ABCAUS 1068 (2016) (11) HC Brief Facts of the Case: The responding assessee was a partnership fir. The return …