PGC NEWSLETTER FOR 26 FEB, 2014

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PGC NEWSLETTER FOR 26 FEB, 2014

  1. 1. PGC NEWSLETTER 26th February 2014 THOUGHT OF THE DAY “the surest way not to fail is to determine to succeed” ECONOMICS NEWS MARKET UPDATES SENSEX 20,910.15 57.68 • Civil aviation ministry officials to meet Dubai counterparts for finalising the enhancement of traffic rights between the countries today. CNX NIFTY 6,216.20 16.15 • India has decided to block investigations by the United States into its trade policies and patent laws and prepare for a battle at the World Trade Organization (WTO), a move that could escalate already-strained tension between the two countries. DOLLAR/ RUPEE 61.94 -0.14 CORPORATE LAW UPDATES • FEMA: Where delay in filing appeal was not deliberate and mala fide, delay was to be condoned. • SEBI: Penalty imposed upon appellant-company for failure to redress investors grievance was to be reduced in view of fact that appellant had become defunct and had tried its best to redress investors grievances. RBI / TAX LAW UPDATES • • IT: Where assessee, a builder, purchased cement from one party by account payee cheques at rates which were reasonable as compared to rates paid to other parties, assessee's claim for deduction in respect of said expenses was to be allowed under section 37(1). IT: Extended time limit of 6 years under section 149(1)(b) requires data for prima facie computation of income escaping assessment. PGC NEWSLETTER21st February 2014 MCX SILVER 47670.00 -0.31 MCX GOLD 30,171.0 -69.0 MCX CRUDE OIL 6318.00 0.21 Dow Jones Industrial average 16,179.66 -27.48 Nasdaq Composite 4287.59 -5.38 1

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