CORPORATE AND PROFESSIONAL UPDATE APRIL 8, 2016
CORPORATE AND PROFESSIONAL UPDATE APRIL 8, 2016
DIRECT TAX:
- Income Tax: Treatment of agricultural income – as seen from the documents placed in the paper-book, these are not lease rentals received from the agricultural lands, but sale proceeds, which are stated to have been transferred from the place of agricultural lands to the assessee through clerk – additions confirmed- (Shri K.S.N. Raju, Hyderabad Versus Dy. Commissioner of Income-tax.
- Income Tax: Where assessee-company received certain advance from ‘J’ Ltd., even though assessee owned 95 per cent shares in ‘V’ Ltd. which in turn owned 99 per cent shares of ‘J’ Ltd., still assessee itself was not a shareholder in lender company, loan amount in question could not be added to assessee’s income as deemed dividend under section 2(22)(e) – [2016] (Karnataka)
- Income Tax: Having lost the right to file revised return of income, the assessee could not have made good the same by filing revised computation of income and thus claim carry forward of loss. The said action of the assessee, in our view, defeats the statutory mandate prescribed in sec. 139(5) r.w.s 139(3)- (ITO – 11 (2) (2) , Mumbai Versus Dr. Dhruman Desai – 2016 ITAT MUMBAI)
INDIRECT TAX:
- Service Tax: Since definition of Mandap keeper’s services in section 65(105)(m) includes services provided as a caterer; hence, catering services provided by a hotel (Mandap keeper) would form part of Mandap keeper’s services. -[2016] (New Delhi – CESTAT)
- EXCISE : Change of classification – manufacturer of home appliances like Mixer Grinder Juice Extractors Hand Blenders etc. – the said mixer would be classifiable under heading 8509 –(Commissioner of Central Excise, Aurangabad Versus M/s Waluj Components Pvt Ltd – 2016
KEY DATES:
- Excise returns ER-1 for non SSI assessee for March: 10/04/2016
- Excise returns ER-2 for Eou or March: 10/04/2016
- Excise returns ER-6 by units paying duty > Rs. 1 Crore (Cenvat + PLA for March): 10/04/2016
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