Corporate Update

  • IT : Merely because minority status is accorded to educational institutions run by a society, it cannot be regarded as being established for benefit of a particular religious community; registration cannot be denied on this ground.
  • IT : Where Assessing Officer denied deduction claimed by assessee under section 80-IB, by invoking provisions of section 80-IA (13), by holding that nature of activity of assessee was job work, since said provisions would not be applicable for a claim under section 80-IB, deduction claimed would be allowed.(Commissioner of Income-tax v. Light Alloy Products Ltd.TAX CASE (APPEAL) NOS. 1028 TO 1030 OF 2014, M.P. NOS. 1 & 1 OF 2014)
  • FDI  policy  is  reviewed  on  an  ongoing  basis and  significant  changes  are  made  in  the  FDI policy  regime,  from  time  to  time,  to  ensure that  India  remains  increasingly  attractive  and investor-friendly  investment  destination. Changes  are  made  in  the  Policy  after  having intensive  consultation  with  stakeholders including  concerned  Ministries/  Departments, Apex  Industries  Chambers  and  other organization. FDI up to 100% is alowed  on the automatic  route  in most  sectors/activities subject  to  applicable  laws/  regulations; security  and  other conditionalities.