CORPORATE AND PROFESSIONAL UPDATES JULY 20, 2016
Today updates:
DIRECT TAX:
Income tax : Winning streak of advocate isn’t the criteria to renew his appointment as counsel: Bombay HC Commissioner of Income-tax-8 v. TCL India Holdings (P.) Ltd. [2016] 71 taxmann.com 216 (Bombay)
CBDT has notified the transfer pricing- computation of arm length price vide notification No. 57/2016 dated 14th July 2016
Income Tax: ITAT Kolkata in below citied case held that When the primarily evidence of nature of services rendered for which Assessee paid commission is not on record, it is not possible to say whether the commission expenditure was wholly and exclusively incurred for the purpose of business and also as to whether explanation to Sec.37 (1) of the Act would be attracted (ITO, Kolkata Vs. M/s. Hitech Visual Channel Pvt. Ltd.)
INDIRECT TAX:
Service tax: Due date for payment of service tax under Voluntary Compliance Encouragement Scheme cannot be extended by courts under any circumstances whatsoever and for this purpose, mere giving of post-dated cheques would not amount to ‘deposit’ with government.
Excise : Where assessee sold goods to one ‘M’ and consigned to customers of ‘M’ and further it raised excise invoices on ‘M’ and simultaneously raised commercial invoices on ‘M’, wherein 3 per cent commission was charged in addition to value shown in excise invoices, demand of excise duty on said 3 per cent service charge billed to ‘M’ was justified – [2016] 71 taxmann.com 147 (Mumbai – CESTAT)
Manual signatures on digitally signed invoices is now a valid document for taking CENVAT credit.
COMPANY LAW UPDATES:
Where respondent-company had under grab of transfer of shares had completed sale of land which it was prohibited to do so under terms of allotment and such fact was revealed on lifting corporate veil, allotment of land was rightly cancelled by Estate Officer – [2016] 71 taxmann.com 155 (SC)
OTHER UPDATES:
SEBI : SEBI issues draft paper on REIT(Real Estate Investment Trusts) to attract investors, realtors
Key dates :
Payment of ESI for the month of June-21/07/2016
E-payment of DVAT & CST for the month/quarter ended June-21/07/2016
Time limit for payment of tax and penalty under the Income Declaration Scheme 2016 extended to 30.09.2017. CBDT Press Release dated 14.07.16
“In the past, people were born royal. Nowadays, royalty comes from what you do”
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