CORPORATE AND PROFESSIONAL UPDATE April 25, 2016
CORPORATE AND PROFESSIONAL UPDATE April 25, 2016
DIRECT TAX:
Surveying authority can’t allege excess stock without demanding standard weighment facility from assessee[2016] 68 taxmann.com 288 (Amritsar – Trib.) Smt. Kailash Devi Prop. v. Income-tax Officer
No Capital Gain on unaccrued contingent deferred consideration [CIT VS. Mrs Hemal Raju Shete(Bombay High Court)
Sec. 263 Revision for starting fishing and roving enquiries not valid.[M/s. Rachana Finance and investments pvt. Ltd. and M/s. Repute Properties Pvt. Ltd. Vs. CIT (ITAT MUMBAI)
Delay in filing return due to sufficient cause shall be condoned. [M/s.Regen infrastructures and services Pvt. Ltd.Vs. CBDT,CIT,AND ITO(Madras High Court)]
INDIRECT TAX:
Service Tax : If services of a club are contingent upon payments to be made separately for each transaction, then : (a) contribution to corpus by way of ‘entrance fee’, and (b) contribution to common expenditure by way of ‘subscription’ cannot be regarded as consideration for any service and cannot be charged to service tax
Service Tax : Contractual privileges of an employer-employee relationship are outside purview of service tax; hence, concessional rent recovered from employees for perquisite by way of ‘concessional accommodation’ is not liable to service tax [2016] 8 taxmann.com 240 (Mumbai – CESTAT) Gondwana Club v. Commissioner of Customs & Central Excise
Time limit for Excise registration by jewellers extended to July 1, 2016
Govt. sets up sub-committee for excise duty on jewellery
Company Law:
Query: Kindly clarify whether shares can be transferred as gift as per Company law?
Answer: There is nowhere any provision prohibiting the transfer of shares of company through gift. Moreover, Gift of shares doesn’t become invalid for non-compliance of formalities prescribed under Companies Act 2013.
Key Dates:
Today, 25.04.2016 is the last date to file E-Return for in Form 16 & Form CST 1, for the Quarter ending 31st March 2016.
Today, 25.04.2016 is last day to Service tax return ST-3 for the half year ended in March, 2016
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