Today Update:

DIRECT TAX:-

• Kerala High Court has held that Cross Objection filed before the Tribunal u/s 253(4) is an independent appeal and shall be adjudicated on merits even if the other party’s appeal is dismissed, for whatever reason. [City Centre Builders & Developers Vs ITAT Cochin & Others]
• C K Ahuja Vs CIT Whether when an assessee is having other sources of income and termination of a contract is a normal incident of his business, then the compensation received on such cancellation could be construed as a capital receipt – NO: HC – Assessee’s appeal dismissed: ALLAHABAD HIGH COURT.

Indirect Tax:-

• Nestle India Ltd Vs CC & CE CX – Input Service Distributor – CENVAT – In the absence of any provision requiring one to one co-relation, even though the service is not used in the appellants’ factory but received and used in the different factory of the same company, credit cannot be denied: CESTAT Appeal allowed: MUMBAI CESTAT.

GST Update:-

• Migration/Enrolment under GST for existing assessments is for a specified LIMITED time period. Please act now as GSTN will close this window soon.

Other Update:-

• SEBI observes that it has issued various circulars/directions relating to Depositories from time to time; With an objective to enable the users to have access.

Key Dates:-

• Payment of TDS for purchase of property for Nov: 12.2016

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