/ GST

CORPORATE AND PROFESSIONAL UPDATE APRIL 5, 2016

CORPORATE AND PROFESSIONAL UPDATE APRIL 5, 2016

www.caindelhiindia.com; Corporate updates
www.caindelhiindia.com; Corporate updates

DIRECT TAX:

  • Income Tax: Revision u/s 263 – denial of benefit U/s 11 and 12 and not allowing depreciation -AO has formed one of the view but the ld CIT(Exemption) has formed another view on same facts and circumstances, therefore, change of opinion is not permissible under the law – revision set aside – Tri
  • Income Tax: Interest earned on NSCs taxed – Since in the present case the NSCs were due way back on the date of maturity, therefore, the interest earned on the said NSCs are required to be added to the income of the assessee in the current assessment year. – Tri
  • Income Tax: Disallowance of depreciation on software purchased by assessee – assessee could not produce the details whether it has hardware strength of installing such software – It is also not established that what are the compelling reasons for the assessee to waive the compensation of the software destroyed which are not of small value – additions confirmed – Tri

INDIRECT TAX:

  • Service Tax: Rejection of refund claim on the ground that services exported are not taxable services – Unutilized CENVAT credit filed under Rule 5 of CCR, 2004 – Refund allowed – Tri
  • EXCISE : Central Excise:Power of review of Commissioner (Appeals) order or order of Principal Commissioner/ Commissioner as an adjudicating authority vests with the Committee of Commissioners and Committee of Chief Commissioners respectively and there is no provision for reviewing the same order twice.
  • VAT and Sales Tax: Condonation of delay – . It does not demonstrate that the Government or the Department concerned was vigilant, serious and attentive and did its best to protect the public revenue. Therefore, delay cannot be condoned – HC

KEY DATES:

  • Payment of TDS u/s 194IA deducted on purchase of property/TCS collected in March: 07/04/2016
  • Submission of Forms received in March to IT Commissioner: 07/04/2016- Form No. 27C(TCS)

“Hard words cannot  touch any soft heart  but soft words can touch any hard heart, so speak in a soft way, world will be yours. Words win world.” 

We look forward for your valuable comments.  www.caindelhiindia.com

**********************************************************

If this article has helped you in any way, i would appreciate if you could share/like it or leave a comment. Thank you for visiting my blog.

Legal Disclaimer:
The information / articles & any relies to the comments on this blog are provided purely for informational and educational purposes only & are purely based on my understanding / knowledge. They do noy constitute legal advice or legal opinions. The information / articles and any replies to the comments are intended but not promised or guaranteed to be current, complete, or up-to-date and should in no way be taken as a legal advice or an indication of future results. Therefore, i can not take any responsibility for the results or consequences of any attempt to use or adopt any of the information presented on this blog. You are advised not to act or rely on any information / articles contained without first seeking the advice of a practicing professional.