In the printed copy of the Study Material [September, 2018 edition], students may note the following corrections:
Module Page Suggested correction in Study Material
No. 1 6.30 The depreciation rate of “40%” mentioned in the table for Block 9: “Oil wells” may be read as 15%. 8.15 In point no. (vii) the words “or by” may be inserted after the word “from”. 4 3.91 In the place of the meaning of the term “Excess Interest” given therein, read the following: Excess interest shall mean an amount of - total interest paid or payable* in excess of 30% of its earnings before interest, taxes, depreciation and amortization (EBITDA) of the borrower in the previous year or - interest paid or payable to associated enterprise for that previous year whichever is less. *Total interest paid or payable may be interpreted as interest paid or payable to non- resident associated enterprise as per the intent expressed in section 94B(1) and also the Explanatory Memorandum to the Finance Bill, 2017. 3.99 In the last sentence of Question 7, insert the words “Assuming that such adjustments are made by the Assessing Officer,” in the beginning of the sentence.
Note: The above suggested corrections have been carried out in the respective chapters of the Study Material webhosted on the Institute’s website.