Brent Crude hit record low as oversupply concerns & a strong dollar weigh on market

Brent crude is shattering records, losing a fifth of its value in the last month and a third since early October. The benchmark has now hit levels not seen since 2004, skidding 2% to as low as $36.06 per barrel, as oversupply concerns and a strong dollar continue to weigh on the market. With a ban on U.S. oil exports lifted and new supplies looming from Iran, West Texas Intermediate crude is also feeling the pressure, down 0.9% at $34.42/bbl, its lowest since February 2009.

Global Stocks go green after Fed raises interest rate by 25bps

The day we've all been waiting for has finally arrived. The Federal Reserve is expected to hike interest rates when its two-day policy meeting concludes later today, marking the end of a decade of near zero interest rates. But how much and how fast could the Fed raise rates in the coming months? The answer to that question is likely to come from the triple-dose of news the central bank will issue this afternoon - a policy statement, economic forecasts and a news conference by Chair Janet Yellen. Stocks are green across the globe ahead of the big decision.

China's yuan traded at its lowest level

China's yuan traded at its lowest level in over four years as Beijing continues to let the currency devalue. The yuan fell to as low as 6.4515 to the dollar. Some economists think that the People's Bank of China will allow the yuan to float lower until the Federal Reserve meets next week.

The SNB keep its interest rate unchanged

The Swiss National Bank left its interest rates unchanged in negative territory today, declaring that it would remain active if necessary to weaken the highly-valued Swiss franc. "Despite depreciating somewhat in recent months, the franc is still significantly overvalued," the central bank said in a statement. The SNB kept its target range for three-month Libor at between -1.25% and -0.25%, and maintained a -0.75% interest rate on sight deposits.

IMF added the yuan to its SDR basket

The IMF added the yuan to its Special Drawing Rights basket yesterday, but what does that mean for the currency? 1) Effective Oct. 1, 2016, the renminbi will officially be recognized as a reserve currency, meaning central banks will have an alternative for foreign exchange reserves. 2) The basket's currency weighting will get mixed up, with the euro seeing the biggest percentage drop from the new formula. 3) The yuan also meets criteria of being "freely usable," or widely used for international payments and in foreign exchange markets, boosting China's influence in the global economy.

Yuan poised for reserve status

The International Monetary Fund is expected to grant China's yuan reserve currency status at an executive board meeting today, in a decision that will elevate the renminbi and China's influence in the global economy. The group's benchmark currency basket, also known as special drawing rights, so far only contains the dollar, euro, pound and yen. While the decision is likely to be announced later today, the yuan will not officially become a reserve currency until September 2016.

S. 32/ 43(6): Even assets installed in a discontinued business are eligible for depreciation as part of 'block of assets'

CIT vs. Sonic Biochem Extractions Pvt. Ltd (Bombay High Court)

Once the concept of block of assets was brought into effect from assessment year 1989-90 onwards then the aggregate of written down value of all the assets in the block at the beginning of the previous year along with additions made to the assets in the subject Assessment Year depreciation is allowable. The individual asset loses its identity for purposes of depreciation and the user test is to be satisfied at the time the purchased Machinery becomes a part of the block of assets for the first time