CORPORATE AND PROFESSIONAL UPDATE
CORPORATE AND PROFESSIONAL UPDATE
DIRECT TAX:-
- ITAT Kolkatta held that deposit in bank account of supplier in compliance with govt. regulations who is wholesale dealer where genuiness of transaction is not disputed by revenue cannot be disallowed as the same is routed through banking channels making evasion of taxes difficult thus, not defeating the provisions of sec 40A(3). [Bolkunda Pachwai & (S) C.S. Shop Vs Income Tax Officer]
- ITAT Mumbai held that sales accepted in supplier books cannot be bogus purchases made by the buyer when the transaction has been supported by proper documentary evidences and payments are made to suppliers through proper banking channels. [ACIT Vs M/s Jaybharat Textiles & Real Estate Ltd.]
Indirect Tax:-
- CESTAT Mumbai held that it is settled law that even a licence obtained by fraud or mis-representation of facts is only voidable and not void ab-initio. It is good in law until it is avoided. Therefore, no recovery can be made by the bonafide purchaser of the scrip.[Sumit Wool Processors Vs Commissioner of Customs (Imports)/ (Exports)]
GST UPDATE:-
- GST will be applicable on all books at applicable rates exemption only to text books & art works. GST council to decide on any other exemptions.
Other Update:-
- Ministry of Finance clarified that filing of revised return cannot be used as the tool for manipulating the figures of income, cash-in-hand, profits etc. with an intention to show the current year’s undisclosed income (including the unaccounted income held in the form of demonetized currency in the current year) in the earlier return.
- Online Applications are invited from CA firms/LLPs from 1 January 2017 to 15 February 2017 for CAG empanelment for auditors of Govt Co/Corp for 2017-18.
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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