CORPORATE AND PROFESSIONAL UPDATE AUG 26, 2016 :
Table of Contents
Today updates:
DIRECT TAX:
- CBDT has issued a Income tax (21st Amendment) Rules, 2016- class or classes of buyer to whom provisions of section 206C (1D) shall not apply vide Notification No. 75/2016 dated 19/08/2016.
- ITAT Ahemdabad in the below citied case held that in case of Cash expenditure exceeding Rs. 20,000/- – the paramount consideration of section 40A(3) is to curb and reduce the possibilities of black money transactions and section does not eliminate considerations of business expediencies.( Bhupendrasingh Hakamsingh Luhar Prop. Bhupendra Housing Crane Service Vs. DCIT, Mehsana)
- Gujrat High court in the below citied case held that Credit of TDS can be given only in the hands where income there from is subjected to tax. If accrual of income in respect of the receipts received dejure by joint venture is shifted to a member of the joint venture through an overriding title, then credit of TDS in respect of such receipts should be considered in the hands of that member of the joint venture in whose hands such income is found assessable.( CIT Vs. LGE & C Patel JV)
- ITAT Delhi in the below citied case held that as per the provisions of Section 170(2), in the case of amalgamation, the assessment must be made on the successor i.e. the amalgamated company and not on the predecessor i.e. amalgamating company. [Maruti Suzuki India Ltd. Vs. DCIT, New Delhi]
- ITAT Mumbai in the below citied case held that so long as the expenditure in regard of loan processing charges and pre payment charges paid to the bank incurred by the assessee are genuine and not part of any colorable device to make tax evasion, then such expenses should be allowed under the relevant provisions of the Act.[Peepul Tree Properties P. Ltd. Vs. ACIT, Mumbai]
INDIRECT TAX:
- DVAT has issued a notification regarding withdrawal of mandatory requirement of filing of returns in form DVAT-16 or form DVAT-17, as the case may be through digital signature vide Notification No. F.3(643)/Policy/VAT/2016/658- 68 dated 24-08-2016.
- Eligibility of Refund claim excess payment of service tax due to calculation mistake on the basis of some bills – goods transport agency service services of cargo handling Held that – the Tribunal after detailed examination of the factual and legal issues held that there is no service tax liability under GTA service for the appellant appeal allowed decided in favor of appellant.( The Chief General Manager South Eastern Coal Fields Ltd. Versus CCE & Cus, Raipur) -2016 (8) TMI 795-Service tax
- Levy of penalty – the assesse s stand that they were under a bonafide belief that no tax liability would fall upon them as the same stands discharged by the sub-contractor is required to be appreciated in which case the provisions of section 80 of the Finance Act 1994 would get invoked no penalty-( Commissioner, Customs & Central Excise, Raipur (C.G.) Versus M/s. Sidharth Construction & Trading (P) Ltd. – 2016 (8) TMI 893 – CESTAT NEW DELHI – Service Tax)
- HC rules partially in favour of assessee, sets aside directions / observations of Commissioner (Appeals) and CESTAT inasmuch as they adjudicated upon the aspect of clandestine removal of goods, despite the findings of Adjudicating Authority on this aspect in favour of assessee.It noted that Adjudicating Authority had found no clinching documentary evidence to corroborate clandestine removal of raw materials from assessee’s units.[TS-317-HC-2016(MAD)-EXC]
SEBI UPDATES:-
- SEBI has issued Frequently Asked Questions (FAQs) on SEBI (Alternative Investment Funds) Regulations, 2012.
MCA UPDATE :
- Forms AOC-4, AOC-4 CFS, DIR-12, FC-2 and MGT-15 are likely to be revised on MCA Portal w.e.f 24th day of August 2016. Stakeholders are advised to check & download the latest version before filing. (Source- www.mca.gov.in)
- Company court cannot make enquiries about genuineness of documents submitted to the ROC in connection with incorporation of the company.[Vinod Krishan Khanna vs. Amritsar Swadeshi Textile Corp (P)Ltd, HC of Punjab and Haryana]
- No compensation from Insurance Co. if there is theft without a forcible entry: [2016]72 com296 (SC of India).
- Govt notified some of the section of the Bankruptcy. S.O. 2746(E) dated 19th August 2016 issued by MCA.
ICAI Updates:-
- ICAI members if your DSC is mismatch by Income Tax Dept apply at (nropan@icai.in) for either correction of name or change in name in ICAI record by filing affidavit duly attested. In case of discrepancy due to date of birth in ICAI record and PAN Card record, member may get it corrected in PAN database as ICAI does not record any change in date of birth.
Latest update is institute has sent the data to income tax department in the evening. Tomorrow is holiday and we may have to wait for two three days for activation.
The Officer said that those who have submitted details already need not submit again. Others have to update their PAN data in the link given by ICAI. http://online.icai.org/app_for ms/panupdate/index.html
Source : http://www.icai.org/new_post.html?post_id=12887&c_id=219
Key Dates:
Advance information for 1st fortnight of September of functions with booking cost more than Rs. 1 Lakh in Banquet halls, hotels etc. in Delhi -27/08/2016
Payment of TDS in Form no. 26QB for purchase of property for the month of July: – 30/08/2016
“Failure is the condiment that gives success its flavor.”
“Don’t fear from facing failure in the first attempt, because even the successful math starts with zero only.”
Forgiveness is the attribute of the strong, the weak can never forgive.
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