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First course on Sustainable Urban Planning launchedScience & technology to be harnessed for preservation of environment: Dr Harsh VardhanMilk production registers 20% growthSteel Industry seeks removal of Customs duty on raw materialsFake encounter - SC asks SIT to wrap up probe in 12 FIRs by Feb-endHaryana also bans release of ‘Padmavat’I-T - When doings of assessee are not found to be not above board, it does not deserve invocation of extraordinary jurisdiction of HC under Art 226: HCPublic art should be part of urban planning: PuriGSTN technical glitches to be reviewed by Sushil Modi-headed Committee tomorrowCX - Without canteen, factory would not be allowed to operate under Factories Act, 1948 - Outdoor catering services, not primarily for personal use or consumption of employee, is covered under definition of Input service: CESTATCENVAT - Services of merger has no relation with manufacture - Even if order goes beyond the SCN, same is not an error of a kind which can be rectified by a ROM application: CESTATSettle disputes of earlier regimeIndia-Israel talk - PM lists GST & transparent tax system as one of his Govt’s achievements; promises more reformsExports continue to grow; log 12.3% growth in Dec, 2017IT Minister launches gigabit link between India and LankaCustoms - CBEC classifies Antenna used at BTS under CTH 8517 62 90Nepal, B'desh, Bhutan & India about to close pax protocolDec, 2017 records 11.76 lakh foreign tourist arrivalsFATCA - CBDT issues fresh direction on US TIN for pre-existing accounts (See 'TII Brief')GSTIN, UIN/PAN suffices for KYC verification - Board simplifies normsTelecommunication Antenna used at Base Transceiver station/NodeB/eNodeB in a wireless telecommunication network is correctly classifiable under CTH 8517 6290I-T - A financial transaction within the family members is not covered by provisions of Sec 269SS: ITATe-Way Bill pilot to commence tomorrow; States to notify it for Intra-State before JuneST - Rule 6(3) of CCR, 2004 - Writing off of loans as non-performing assets, whether exempted service - Matter remanded: CESTATI-T - Benefit of exemption u/s 54F is not limited to investments made on claimants' name only: HC
 
Section 92CE of Income Tax Act, 1961 needs amendment

JANUARY 11, 2018

By K G Bansal

1. SECTION 92CE regarding 'Secondary adjustment in certain cases' should be amended to deem the adjustment as dividend and not loan as it is deemed at present. This will avoid many hassles which the taxpayers face in the present scenario.

2. Explanation to section 73 regarding 'Losses in speculation business' should be deleted as it has lost relevance, particularly because of earlier amendment to sub-section (5) of section 43, by which even profits and losses of eligible transactions, if undertaken on a recognized stock exchanges, are taken as business profits.


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