CORPORATE TAX UPDATE FOR 31st OCTOBER 2015
CORPORATE TAX UPDATE FOR 31st OCTOBER 2015
INDIRECT TAXES
Denial of registration of DEPB licence and DEPB script – CBEC gave specific direction to the Customs authorities not to insist for re-export from the same Port in case of duty drawback. – Commissioner is in error in refusing to allow registration of the DEPB scrip issued- (M/s Cipla Ltd. Versus Commissioner of Customs (Export) , ACC, Mumbai-III, CESTAT MUMBAI).
Valuation – deduction of sales tax – Difference between the sales tax payable and actual sales tax (equal to NPV) paid does not make the change in valuation – amount of sales payable at the time of remove to be deducted from the value u/s 4 of central excise act –(Commissioner of Central Excise, Raigad, Balkrishna Industries Ltd., Essel Propack Ltd. Versus Uttam Galva Steels Ltd., Bhushan Steel Ltd., JSW Ispat Steel Ltd., Commissioner of Central Excise, Aurangabad, CESTAT MUMBAI).
DIRECT TAXES
Income received or deemed to be received in India – liaison office is established only for the purpose of carrying on business of purchasing goods for the purpose of export and all that activity also falls within the meaning of the words “collecting information” for the enterprise – liaison office would not qualify to be a permanent establishment in terms of Article 5 of the DTAA- (Columbia Sportswear Company Versus Director of Income-tax (International Taxation) -KARNATAKA HIGH COURT).
Reopening of assessment – One fails to comprehend as to how the cash withdrawals from accounts maintained by the assessee can be said to amount to escapement of income within the meaning of section 147- (Vishal Exports Overseas Ltd. Versus Deputy Commissioner Of Income Tax (OSD) – GUJARAT HIGH COURT).
FAQ ON COMPANY LAW
Query: We have converted one of our company into dormant company in November 2014. Now, my query is whether we are required to file its financials with ROC. Please advice.
Answer: As per section 455 of Companies Act 2013, a dormant company is required file “Return of Dormant Company” annually, inter-alia, indicating financial position duly audited by a chartered accountant in practice in Form MSC- 3 along with such annual fee as provided in the Companies (Registration Offices and Fees) Rules, 2014 within a period of thirty days from the end of each financial year.
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