CORPORATE AND PROFESSIONAL UPDATE DATED MARCH 8, 2016
CORPORATE AND PROFESSIONAL UPDATE DATED MARCH 8, 2016
INCOME TAX ACT
SECTION 2(47)
CAPITAL GAINS – TRANSFER
Sale of partnership business as going concern to company : Sale of business of assessee-firm as a going concern to company for consideration of paid up share capital does not amount to transfer liable to tax as capital gains – [2016]
SECTION 10(10C)
VOLUNTARY RETIREMENT PAYMENTS
Where assessee’s appeal before Tribunal against denial of exemption under section 10(10C) was filed after delay of 1737 days, keeping in view fact that assessee would be otherwise entitled to benefit of deduction under section 10(10C) as per CBDT Instruction and keeping in mind circumstances in which appeal of assessee was filed belatedly, delay in filing appeal was to be condoned – [2016]
SECTION 28(i)
BUSINESS INCOME – CHARGEABLE AS
Business income v. Capital gains – Dealing in Land : Where an individual engaged in manufacture and sale of pharmaceutical products and, also earned income from sale of undivided share of land and construction of flats on said land, income would be treated as business income – [2016]
SECTION 69C
UNEXPLAINED EXPENDITURE
Construction of flats : Where Assessing Officer had no case that assessee had received any excess consideration from flat buyers, nor was it case of any flat buyers that something more was realized from them, no addition on account of unexplained expenditure could be made – [2016]
SECTION 80-IA
DEDUCTIONS – PROFITS AND GAINS FROM INFRASTRUCTURE UNDERTAKINGS
Condition precedent/Setting off losses : Where loss of eligible business undertaking was already absorbed against other income of business enterprises, assessee was entitled to claim deduction under section 80-IA –[2016]
SECTION 92C
TRANSFER PRICING – COMPUTATION OF ARM’S LENGTH PRICE
Comparables and adjustments/Adjustment – General : When audited financial statements were available in public domain, computation of ALP based on interim and unaudited financial statements could not be accepted – [2016]
CENTRAL EXCISE ACT
SECTION 11A
RECOVERY – OF DUTY OR TAX NOT LEVIED/PAID OR SHORT-LEVIED/PAID OR ERRONEOUSLY REFUNDED – CLANDESTINE REMOVAL OF EXCISABLE GOODS
Charge of clandestine removal without payment of duty cannot be sustained merely based on stock shortages/excesses found on test-check basis by statutory auditors. – [2016]
CUSTOMS TARIFF ACT
SECTION 3
CHARGE/LEVY – ADDITIONAL DUTY OF CUSTOMS/SPECIAL CVD
Even if special CVD on imports was paid using balance lying in DEPB scrips, same is refundable “in cash” on resale of goods; Circulars denying/restricting refund of Special CVD in such cases are ultra vires Notification No. 102/2007-Cus. and are void. – [2016]
CENVAT CREDIT RULES
RULE 2(l)
CENVAT CREDIT – INPUT SERVICE – GENERAL
Works contract services availed for minor repairs of premises as well as equipments, etc., are eligible for input service credit to exporter of ‘software services’ – [2016]
STATUTES
DIRECT TAX LAWS
Section 139A of the Income-tax Act, 1961 – Permanent Account Number – Processing of core field updation requests – Identification of duplicate Pans allotted to A Person and Resolution by RCC – ITBA-PAN INSTRUCTION NO.3 [F.NO.PDGIT(S)/ADG(S)-1/ITBA-PAN INSTRUCTIONS/0001/2016], DATED 24-2-2016
Section 190 of the Income-tax Act, 1961 – Administration of TDS – Redressal of taxpayer grievances raised due to TDS mismatches – LETTER, DATED 15-2-2016
Economic Survey 2015-16 – PRESS RELEASE, DATED 26-2-2016
CORPORATE LAWS
Circular on Mutual Funds – CIRCULAR NO.SEBI/HO/IMD/DF2/CIR/P/2016/37, DATED 25-2-2016
Know Your Customer (KYC) Direction, 2016 – CIRCULAR DBR.AML.BC.NO.81/14.01.001/2015-16, DATED 25-2-2016
Alteration in name of Bank Internasional Indonesia to PT Bank may Bank Indonesia TBK in Second Schedule of RBI Act, 1934 – CIRCULAR DBR.NO.RET.BC.80/12.07.104A/2015-16, DATED 25-2-2016
Inclusion of National Bank of Abu Dhabi PJSC in Second Schedule of RBI Act, 1934 – CIRCULAR DBR.NO.RET.BC.79/12.07.138A/2015-16, DATED 25-2-2016
Review of Prudential Guidelines – Revitalizing Stressed Assets in Economy – CIRCULAR DBR.BP.BC.NO.82/21.04.132/2015-16, DATED 25-2-2016
INDIRECT TAX LAWS (ST./EX./CUS. & (CST & VAT)
Extension of date for filing return in GE-II for first three quarters of 2015-16 – NOTIFICATION NO.F.3(619)/POLICY/VAT/2016/1496-1506, DATED 25-2-2016
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