News Updates 18-08-2015

# IT: Reopening of assessment - Valuation of closing stock - there is no failure on the part of the assessee to disclose truly and fully all material facts - reassessment proceedings which are initiated beyond the period of four years are not permissible and the same cannot be (Gujarat High Court)

# ED: Valuation - best judgment assessment - related person - where arm s length sales are made at well below cost CESTAT is not justified in adopting cost plus method (Supreme Court)

# CBDT issues very important clarification on certain issues related to grant of approval and claim of exemption u/s 10(23C)(vi) of the Income Tax Act, 1961 for Educational Institutes.

# UNION BUDGET'2016: Government Advances the Budget Formulation Exercise by over Two Months for the Financial Year 2016-17 to Mid August, 2015.

# EPFO has done away the requirement of affixing Revenue Stamp on withdrawal of PF money.

# DVAT: Yet another extension of Last Date for filing VAT return for Q1 (FY2015-16) to 24.08.2015.

# SEMINAR on Financial Reporting, Notes to Accounts, Notice, Directors Report, Annual Report, on Sunday, August 23, 2015 (11AM to 2:30PM) at Riverside Club, Mayur Vihar, Phase-I, Delhi-110091. Speaker: CA Gopalji Agarwal NO FEES.