CORPORATE AND PROFESSIONAL UPDATE April 13, 2016
CORPORATE AND PROFESSIONAL UPDATE April 13, 2016
DIRECT TAX:
- Income Tax: Refundable amount utilized by the Department hence interest was payable under Section 244(1A) –M/S. Jyotsna Holdings (P) Ltd. CIT, Delhi-II (2016 (4) TMI 390 – Supreme Court)
- Income Tax: Penalty u/s 271D – cash transactions of the assessee with the directors and share holders of the company due to business expediency. Nobody has doubted the genuineness of the transactions – No Penalty -M/s Chawla Chemtech Pvt. Ltd. Vs. CIT, Gobindgarh (2016 (4) TMI 378 – ITAT Chandigarh)
- Income Tax: Depreciation carried forward and set off against the profits and gains of subsequent years without any limit whatsoever allowed –K. Lakshmi Cement Ltd. Vs. CIT (2016 (4) TMI 376 – ITAT Kolkata)
INDIRECT TAX:
- Service Tax: Date for deposit of Service tax by cheque – VCES Scheme 2013 – With the cheque having been realized the date on which the service tax should be taken to have been paid is deemed to be the date of presentation of the said cheque in terms of Rule 6(2A) of the ST Rules -Disha Securities & Manpower Pvt. Ltd. Vs. ACST(2016 (4) TMI 374 – Delhi High Court)
- EXCISE : As long as an assessee had manufactured goods, mere fact that he used trade or brand name of another individual, would not disentitle him from exemption – [2016] 68 Taxmann 7 (Andhra Pradesh)
- VAT : Period of limitation – Invokation of Section 61(1) of the Bombay Sales Tax Act 1959 – an order of court cannot override the legal provision which is specific in nature – period of limitation statutorily prescribed cannot be waived -Raskamal Food & Fruit Pvt. Ltd. Vs. CST, State of Maharashtra (2016 (4) TMI 319 – Bombay High Court)
“Do not ever run away from problems, turn back and face it. Problem will run away. If you run, it is for sure that you will be bitten by problems.”
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