MCA Knowledge Centre
On 8th November, the Prime Minister addressed the nation. Most Indians expected the PM to talk about the security threat to India arising out of the consistent Pakistan sponsored attacks on our border. However, nobody would have been ready for what we all were in for. That speech has shaken the whole of the country. Fans of the PM are ecstatic and over the moon. The opposition leaders are confused and demoralised as they cannot officially pat the government on its back and they are damned if they criticize the drive against black money. The demonetisation of Rs. 500 and Rs. 1,000 currency notes so suddenly and virtually overnight has been the talk of the town for the past few days.
CBDT Notifies Cost Inflation Index for FY 2015-16
Cost Inflation Index notified for Financial Year 2015-16
Recently the Central Board of Direct Taxes ( CBDT ) has notified the Cost Inflation Index (CII) for the current financial year (2015-16) at 1081. This index figure is essential for computing long term capital gains on transfer of any long term capital asset.
Sword Global India Private Limited vs ACIT
The Assessee filed its return for AY 2007-08 after claiming deduction u/s 10B.The AO after verification of income filed by the Assessee completed assessment u/s 143(3) and accepted return furnished by the assesssee.The DCIT initiated reassessment u/s 147 by issuing notice u/s 148. The said notice did not state whether necessary sanction was obtained and the reason for reassessment proceedings. On assessee's request reasons for the same was furnished.The Assessee subsequently filed writ petition before Madras HC.