CORPORATE AND PROFESSIONAL UPDATE MAY 19, 2016
TODAYS UPDATE :
Direct Tax:
IT: Computing MAT liability under the provisions of Sec-115JB deduction u/s 80HHC shall be allowed after setting off losses suffered on export of trading goods – M/s. United Breweries (Holdings) Ltd. Vs. CIT, Bangalore (2016 (4) TMI 570 – ITAT Bangalore)
IT: Amounts received by the assessee from various producers towards advances cannot be assessed as income of the assessee – ACIT, Media Circle-II, Chennai Vs. Shri R. Sarath Kumar (2016 (4) TMI 568 – ITAT Chennai)
IT: CBDT has made available all ITR forms for Asst. Year 2016-17 for e-filing.
Sum received for providing training to end-users of software sold by assessee is business receipt and not ‘FTS’ [2016] 68 taxmann.com 97 (Delhi – Trib.) Datamine International Ltd. v. Additional Director of Income-tax
Pass-through entities can pass on income as well as corresponding expenditure to its investors
[2016] 68 taxmann.com 98 (Delhi – Trib.) Japan International Cooperation Agency v. Deputy Director of Income-Tax
IT: Orders passed under Section 127 for transferring a case should be forwarded to the concerned assessee if only for the assessee to understand the circumstances in which the transfer takes place – Anjani Gold Private Ltd. & Anr Vs. ITO, W-9(1) Kolkata & Others (2016 (4) TMI 594 – Calcutta High Court)
IT: Challenges to Section 94-A (1) of the Income Tax Act 1961 the Notification dated 1.11.2013 and the Press Release dated 1.11.2013 are not sustainable in law – T. Rajkumar and Others Vs. Union of India, MoF and Others (2016 (4) TMI 593 – Madras High Court)
Indirect Tax:
ST: Issuance of two show cause notice for the same period is not permissible in law as there cannot be double assessment for the period – Simplex Infrastructures Ltd. Vs. C.S.T., Kolkata (2016 (4) TMI 548 – Calcutta High Court)
VAT & ST: Disallowance – Certificates in D form – Mere omission to refer to the purchase order or to fill in the date of issue of the form are not the valid grounds to discard the certificate – R.K. Wire Products Ltd. Vs. Jt.Com of Sales Tax & Others (2016 (4) TMI 612 – Calcutta High Court)
Service tax : Clause 13(c) of Notification No.25/2012, dated 20-6-2012 which exempts only building owned by entity registered under section 12AA of Income-tax Act and meant predominantly for religious use by general public, from payment of service, is not unconstitutional [2016] 68 taxmann.com 154 (Punjab & Haryana) Punjab Unaided Technical Institutions Association v. Union of India
Material used in packing of export goods was not liable to duty even if such packing was removed at port [2016] 68 taxmann.com 155 (New Delhi – CESTAT) Ambika Solvex Ltd. v. Commissioner of Central Excise
Cenvat Credit : Where assessee has wrongly claimed both Cenvat Credit as well as income-tax depreciation on same duty amount, but, has filed revised returns under income-tax deleting depreciation claim, benefit of Cenvat Credit cannot be denied [2016] 68 taxmann.com 156 (Madras) S.L. Lumax Ltd. v. Commissioner of Central Excise
ST: When and how will the allottee of the right to use natural resource be entitled to take CENVAT Credit of Service Tax paid for such assignment of right – See para-14 of Circular No.192/02/2016-ST, dt.12.04.2016.
ST: Whether Service Tax is leviable on spectrum user charges and license fee payable after 1.4.2016 for the year 2015-16. – the same have been specifically exempted – Circular No.192/02/2016-ST, dt.12.04.2016
VAT & ST: Essential requirement for claiming exemption under N/N FD.11.CET.93(3) dated 31.03.1993 a unit should fall within the ambit of new industrial unit – Eveready Industries India Ltd Versus State Of Karnataka (2016 (4) TMI 535 – Supreme Court)
Other
ICAI has Revised Scheme of Education & Training for CA Course.
Government issued public notice on abandonment of Trade Mark applications.
Members / Firms are required to update PAN details to ICAI, otherwise they would not be able to upload tax audit reports & MCA forms online. The photocopy of PAN card self attached along with request letter has to be sent at vishwas nagar NRO Office of ICAI. Email: nrodco@icai.in
Directorate of Education, Government of Delhi invites application from CAG empanelled CA firms based in delhi for special inspection and verification of private schools. Kindly apply online through recruitment link of edudel.nic.in. last date 21.04.2016.
Simultaneous penalty on firm & partners restricted to abetment. [ Amritlakshmi Machine Works vs. The Commissioner of Customs (Import) (Bombay HC).
Always be good with the good but never be bad with the bad because you cannot wash mud with mud.
Pain makes you stronger, tear makes you braver and heartbreak makes you wiser, so thanks the past for a better future.
Key Dates:
Payment of ESI of March for ESI: 21/04/2016
Payment of MVAT and WCT TDS for March for MVAT: 21/04/2016
MVAT return for March (10 days extra for e-returns): 21/04/2016
FOR FURTHER QUERIES CONTACT US:
W: www.carajput.com E: info@carajput.com T:011-233 -4 -33333 , 9-555-555-480
**********************************************************
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.