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INCOME TAX ACT

SECTION 37(1)

BUSINESS EXPENDITURE - YEAR IN WHICH DEDUCTIBLE

Licence fee : Where assessee obtained a licence from NDMC for running a cinema hall against payment of licence fee and NDMC at stage of renewal of licence enhanced licence fee and Sub Judge restrained NDMC from recovering enhanced amount of licence fee till disposal of suit, assessee following mercantile of accounting was entitled for deduction of certain amount towards licence fee and interest on arrears of licence fee payable to NDMC - [2016] 67 taxmann.com 63 (Delhi)

SECTION 244

REFUND - INTEREST WHERE NO CLAIM IS NEEDED

Question whether assessee is entitled to interest on refund of self assessment tax and further, if so, date, from which such interest would be payable, was referred to a Larger Bench for decision - [2016] 67 taxmann.com 76 (Delhi)

STATUTES

DIRECT TAX LAWS

Section 92C of the Income-tax Act, 1961 – Transfer Pricing - Computation of Arm's Length Price -Guidelines for Implementation of Transfer Pricing Provisions – Replacement of Instruction No.15/2015 - INSTRUCTION NO.3/2016 [F.NO.500/9/2015-APA-II], DATED 10-3-2016

Section 2(1A) of the Income-tax Act, 1961 - Agricultural Income - Verification of genuineness of Agricultural Income shown in Income Tax Return by Assessees for Assessment years 2011-12 to 2013-14 - LETTER F.NO.DGIT(S)/DIT(S)-3/AST/PIL MATTER/AGRICULTURAL INCOME/97/2015-16, DATED 10-3-2016

CORPORATE LAWS

Companies (share Capital and Debentures) Amendment Rules, 2016 - Amendment in Rule 17 - NOTIFICATION [F.NO.01/04/2013 CL-V (PART-II)] [10-03-2016] Thanks & Regards, Meetesh Shiroya