Provisions of Finance Act 2015 related to Foreign Exchange Act to be effective from 15.10.2019

Provisions of Finance Act 2015 related to Foreign Exchange Act with respect to debt instruments to be effective from 15.10.2019. CBDT Notification

Effective date of Provisions of Finance Act 2015 related to Foreign Exchange Act 

MINISTRY OF FINANCE
(Department of Economic Affairs)

NOTIFICATION

New Delhi, the 15th October, 2019

S.O. 3715(E).—In exercise of the powers conferred by clause [A] of section 138 of the Finance Act, 2015 (20 of 2015), the Central Government hereby appoints the 15th day of October, 2019 as the date on which the provisions of section 139, clause (i) of section 143 and section 144 of the said Act shall come into force.

[F. No. l/14/EM/2015]

ANAND MOHAN BAJAJ, Jt. Secy.

Download Notification Click Here >>

• Object of assessment proceedings is not to find empirically correct solution on every fact issue – HC
• Penalty u/s 270A deleted as assessee filed revised computation during scrutiny
• Penalty u/s 271B for unfilled column 40 in Tax Audit Report Form 3CD deleted by ITAT
• Merely ex-parte rectifying computation without amending assessment order not make it nullity- ITAT
• Once assessee discharges primary onus, it shifts to AO to bring evidence to contrary – ITAT