CBDT
CBDT has issued 14 FAQs on the Direct Tax Dispute Resolution Scheme, 2016 (‘Scheme’). CBDT has clarified that assessment orders resulting in reducing loss are not eligible under the Scheme, however Scheme may be availed if an appeal is pending before Commissioner (Appeals) in respect of penalty order framed as a result of variation in quantum loss. Further, the board has clarified that where an appeal was pending before CIT(Appeals) as on 29.02.2016 and the CIT(Appeals) has already disposed of the same before making the declaration, the declaration under the Scheme cannot be filed. The scheme provides an opportunity to tax payers who are under litigation to come forward and settle the dispute in accordance with the provisions of the Scheme.
SEBI
SEBI has issued a circular imposing certain restrictions on Promoters and Whole-Time Directors of Compulsorily Delisted Companies. SEBI has prohibited whole-time directors, promoters and the companies promoted by any such person of such Companies from directly or indirectly accessing the securities markets for a period of ten years from the date of compulsory delisting. It has further directed that in case of Companies having positive fair value of their shares, such a company and the depositories shall not effect transfer, by way of sale, pledge, etc., of any of the equity shares and corporate benefits shall be frozen, for all the equity shares, held by the promoters/ promoter group till the promoters of such company provide an exit option to the public shareholders in compliance with the Delisting Regulations. Further, the Promoters and Whole-Time Directors of the compulsorily delisted company shall also not be eligible to become directors of any listed company till the exit option as stated above is provided. In terms of section 21A of the Securities Contracts (Regulation) Act, 1956, a recognised stock exchange may compulsorily delist the equity shares of a listed company on certain grounds.
News from NIRC of ICSI
1. Today, on 14th September, 2016, NIRC of ICSI is organizing a Special Session on the topic "Income Declaration Scheme – 2016" by CA Girish Ahuja at 5:30 PM at New Delhi YMCA Tourist Hostel Auditorium, Jai Singh Road, Connaught Place, New Delhi. Participation is FREE; Program Credit Hours – 2.
2. NIRC of ICSI is organising a full day Seminar on the theme “CORPORATE COMPLIANCE, AUDIT & DILIGENCE” on Saturday, the 17th September, 2016 from 9.30 AM onwards at Hotel Ashok (3rd Floor), 50 B, Diplomatic Enclave, Chanakaya Puri, (Near Race Course Metro Station), New Delhi-110021; Fee : Rs.2250/- per delegate inclusive of service tax ; FREE for Corporate Members of NIRC; PCH – 4.
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