CORPORATE AND PROFESSIONAL UPDATE DEC 13, 2016
Today Update :
DIRECT TAX:-
- Non disposal of an application for registration before the expiry of six months as provided u/s 12AA (2) results in deemed grant of registration -Supreme Court in CIT vs. Society for the promotion of education.
- ITAT Mumbai held that the surrounding circumstances and human probabilities attached to a transaction should be examined by considering the transactions as a whole. Therefore, AO cannot decide the geniuses only finding some unusual things but also bound to examine the things which are indicating that the claim of assessee may be genuine. [M/s. Maruti Impex Vs JCIT (ITAT Mumbai)
- SC to decide whether interest on loans provided to employees would be eligible for sec. 80P relief Punjab State Cooperative Federation of House Building Societies Ltd. v. Commissioner of Income-tax [2016] (SC).
Indirect Tax:-
- CESTAT Mumbai in the below cited case held that when the admissibility of CENVAT Credit is not disputed on legal grounds viz eligibility and duty payment document, then credit cannot be denied merely on technical lapses. Thus, the credit can be allowed even on the basis of photocopy of courier bill of entry. [Arbes Tools P. Ltd. Vs CCE (CESTAT Mumbai)].
Companies Act Update:-
- Of India issued report on Companies Amendment Bill, 2016.
- MCA has notified the Companies (Transfer of Pending Proceedings) Rules, 2016 which shall come into force w.e.f 15th December, 2016 except rule 4, which shall come into force from 1st April, 2017.
Key Dates:-
- Payment of Advance Income Tax for all assessees (75%) : 15/12/2016.
- E-Payment of PF for Nov: 15/12/2016.
- Payment of DVAT TDS for Nov : 15/12/2016.
- Issue of TDS certificate in case of payment/credit made in Oct for purchase of property u/s 194IA : 15/12/2016.
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