/ Chartered Accountant

PROFESSIONAL UPDATE NOV 16,2015

PROFESSIONAL UPDATE NOV 16,2015

PROFESSIONAL UPDATE:-

  1. In absence of return of notice sent by speed post it will be presumed to be delivered. [Petronet LNG Limited vs. DCIT] (ITAT Delhi).
  2. Delhi VAT extend the last date for filing of online returns for the 1st  and 2nd  quarter of the year 2015-16, in forms EC-II and EC-III to 30/11/2015. Notification No.F.3(315)/Policy/VAT/2015/ 1003-1014 dated12/11/2015.
  3. Service tax department issued clarifications on various aspects of Swachh Bharat Cess and guidelines for speedy disbursal of pending refund claims to exporter of services.
  4. CBEC issues guidelines for speedy disbursal of pending refund claims to exporters of services.
  5. Central Board of Excise and Customs issued Notification No. 108/2015-Customs (N. T.) dated 13th November, 2015.
  6. After expiry of 4 years no notice under section 148 can be issued without approval of CCIT or CIT. [ITO vs. Smt. Sarti Devi (ITAT Delhi)]
  7. Exemption under section 10(23C)(iiiad) cannot be denied merely because assessee have objects other than education in its trust deed. [ITO vs. Shri Balaji Prem Ashram and  Nikhil Vidyalaya (ITAT Chandigarh)]
  8. CBEC clarifications on Swachh Bharat Cess which will come into effect from 15th  November 2015, at the rate of 0.5% on all services, which are presently liable to service tax.
  9. Postponement of information system audit (assessment test) scheduled for 26th  December 2015 to 23rd January 2016.
  10. Section 293 bar to entertain any civil suit against IT department on dues which are subject matter of income tax proceedings. (Delhi High Court) [Vishwanath Khanna vs. CCIT]
  11. No arms lenght price adjustment where buyer outsourced purchase only for administrative convenience and seller is only charging fixed manufacturing charges. (Delhi High Court)  [Johnson Matthey India Private Limited vs. DCIT]
  12. No TDS liability on supplement rental paid as it is not connected to operation of leased aircraft, not covered in exclusion of section 10(15A). (Delhi High Court) held In the case of [Jet Lite (India) Ltd. vs. CIT]
  13. No service tax on amount of lease rent equalization shown in balance sheet. [Reliance Infratel Limited vs. CCE (CESTAT Mumbai)].
  14. Cenvat credit can be availed by manufacturer on strength of invoices issued by supplier of inputs showing manufacturer’s name as consignee and name of dealer as buyer.[ The Hon’ble CESTAT].
  15. Online service providers like ‘Flipkart’ facilitating sale and purchase of goods through online portals cannot be considered as dealer of goods not liable for VAT. (Flipkart Internet Private Limited)
  16. Composition scheme benefit cannot be denied on post sale construction by dealers who are engaged in both construction and sale. (High Court of Andhra Pradesh)
  17. Customs department need not go deep into matter and by hair splitting and semantic niceties deny benefit of exemption notification. (Supreme Court of India)
  18. Scheme for speedy refund of accumulated and unutilised cenvat credit under service tax.Circular no. 187/6/2015. This scheme is applicable to service tax registrants who are exporters of services, with respect to refund claims under rule 5 of the cenvat credit rules, 2004.
  19. Government eases process of public issue of equity shares and convertibles. Circular no. CIR/CFD Policy Cell /11/2015. As a part of the continuing endeavor to streamline the process.
  20. CBDT Acts on NAMO’s promise and set up committee to punish AOs for harassing taxpayers with high-pitched assessment orders. Instruction No. 17/2015 dated 09.11.2015.
  21. RBI-internet banking facility for customers of cooperative banks. RBI/2015-16/ 229DCBR.BPD.(PCB/RCB) circular No. 6 /19.51.026/2015-16 November 05, 2015.
  22. DGFT- Appendix 4G as appearing in para 9.06 is being revised to read as appendix- 4H public notice no. 46/2015-2020.
  23. Central Board of Excise and Customs issued notification no. 107/215-Customs (N. T.) dated 9th November, 2015.
  24. MCA has made amendments to the Companies (Share Capital and Debentures) Rules, 2014 and notified the Companies (Share Capital and Debentures) Third Amendment Rules, 2015 which shall come into force from the date of their publication in the Official Gazette.
  25. The union finance minister Shri Arun Jaitley launches the “E-Sahyog” pilot project of the income tax department to facilitate taxpayers.
  26. Arrears of revenue under Central Excises and Salt Act cannot be recovered from legal heirs of a dead assessee. [Shabina Abraham and Ors. vs. CCEC] (Supreme Court of India).
  27. Donations received by a wholly religious trust cannot be taxed under section 115BBC merely because trust also involved in charitable/spiritual activity (Delhi High Court) [CIT vs. Bhagwan Shree Laxmi Nariandham Trust]
  28. Swachh Bharat Cess of 0.5% to be levied on all taxable services w.e.f. 15.11.2015. Notification no. 22/2015 dated 06.11.15.                                                                                The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Hope the information will assist you in your Professional endeavors. For query or help, contact:info@caindelhiindia.com or call at 011-23343333

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