The markets regulator has made it mandatory for top 500 listed companies to submit Business Responsibility Report which will give details on areas such as environment, governance and stakeholder's relationships.

The government appointed Ajay Tyagi as the ninth chairman of the Securities and Exchange Board of India (SEBI). Tyagi, who was the additional secretary, Department of Economic Affairs in the finance ministry, has been appointed for a period of five years.

The registration of financial market intermediaries like mutual funds, brokers, portfolio managers, etc., will be completely made online by SEBI. Also, SEBI, RBI, and CBDT will take necessary steps to put in place systems and procedures to introduce a common application form for registration, opening of bank and demat accounts, and issue of PAN card.

The ministry of electronics and information technology (MeitY) via its computer emergency response team (CERT-in) launched desktop tools and mobile applications for citizens to tackle cyber security.The new tools, which are developed by the Centre for Development of Advanced Computing (C-DAC) includes white-listing software AppSamvid, USB Pratirodh tool to control unauthorised usage of portable USB storage devices, and mobile device security app M-Kavach.

Besides this, the government has also launched the Cyber Swachhta Kendra - Botnet Cleaning and Malware Analysis Centre for analysis of malware and botnets that affect networks and systems - which is operated by CERT-In. Whenever an infection is detected, the central government will send alerts on the infected IP addresses to the Internet Service Providers, who in turn will inform the end-user about the malware and botnet infections on their system.

The High Court of Delhi held that where respondent-chartered accountant was statutory auditor of company but failed to discharge its duty to enquire whether transactions which were merely book entries were prejudicial to interest of company, respondent was guilty of professional misconduct and his name was to be removed from register of member of ICAI for a period of 5 years.'.

Council of The Institute of Chartered Accountants of India v. CA G.S. Johar [2017] 78 taxmann.com 286 (Delhi)

The Institute of Chartered Accountants of India (ICAI) is toying with the idea of introducing the concept of "temporary suspension" of erring members as part of broader improvement of its disciplinary mechanism of the audit profession, said Nilesh Vikamsey, newly elected President.

The In the ITAT Kolkata Bench 'C' income earned by assessee a company incorporated in Netherlands from on-shore supply of software and licenses for mere purpose of operating equipment is for 'copyright' in such software because software in question is embedded in equipment supplied under project and cannot be regarded as giving any independent right to use software. Accordingly, such consideration is for purchase of a 'copyrighted article' and hence not taxable as 'royalty'

HITT Holland Institute of Traffic Technology B.V. v. Deputy Director of Income-tax [2017] 78 taxmann.com 101 (Kolkata - Trib.)

The High Court of Gujarat held that additional depreciation to be allowed to assessee on plant and machinery acquired during assessment year but installed after end of year.

Principal Commissioner of Income-tax, Vadodara-2 v. IDMC Ltd.* [2017] 78 taxmann.com 285 (Gujarat)

The High Court of Bombay held that section 50C will not be applicable while computing capital gains on transfer of leasehold rights in land and buildings.

Commissioner of Income-tax, Central-II, Mumbai v. Greenfield Hotels & Estates (P.) Ltd.* [2017] 77

taxmann.com 308 (Bombay)

The High Court of Kerala held that where assessee's husband transferred a property to her for inadequate consideration during block period for which search was carried out against him, in case of failure of assessee to pay tax demand determined in block assessment proceedings, department could proceed against aforesaid property of assessee under Explanation to section 222(1).

T.S. Sujatha v. Tax Recovery Officer* [2017] 78 taxmann.com 93 (Kerala)