CORPORATE AND PROFESSIONAL UPDATE APRIL 5, 2016
CORPORATE AND PROFESSIONAL UPDATE APRIL 5, 2016
DIRECT TAX:
- Income Tax: Revision u/s 263 – denial of benefit U/s 11 and 12 and not allowing depreciation -AO has formed one of the view but the ld CIT(Exemption) has formed another view on same facts and circumstances, therefore, change of opinion is not permissible under the law – revision set aside – Tri
- Income Tax: Interest earned on NSCs taxed – Since in the present case the NSCs were due way back on the date of maturity, therefore, the interest earned on the said NSCs are required to be added to the income of the assessee in the current assessment year. – Tri
- Income Tax: Disallowance of depreciation on software purchased by assessee – assessee could not produce the details whether it has hardware strength of installing such software – It is also not established that what are the compelling reasons for the assessee to waive the compensation of the software destroyed which are not of small value – additions confirmed – Tri
INDIRECT TAX:
- Service Tax: Rejection of refund claim on the ground that services exported are not taxable services – Unutilized CENVAT credit filed under Rule 5 of CCR, 2004 – Refund allowed – Tri
- EXCISE : Central Excise:Power of review of Commissioner (Appeals) order or order of Principal Commissioner/ Commissioner as an adjudicating authority vests with the Committee of Commissioners and Committee of Chief Commissioners respectively and there is no provision for reviewing the same order twice.
- VAT and Sales Tax: Condonation of delay – . It does not demonstrate that the Government or the Department concerned was vigilant, serious and attentive and did its best to protect the public revenue. Therefore, delay cannot be condoned – HC
KEY DATES:
- Payment of TDS u/s 194IA deducted on purchase of property/TCS collected in March: 07/04/2016
- Submission of Forms received in March to IT Commissioner: 07/04/2016- Form No. 27C(TCS)
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