Today Update :

DIRECT TAX:-

• Bombay High court held that an unintentional error on the part of the assessee while filing an appeal, more so when the department also acted ignoring the error, would not result in rejecting the assessee’s appeal being time-barred. Therefore, in the present case, the mistake of the assessee to file the appeal with AO instead of CIT(A) was unintentional & therefore, should hear the appeal on the merits. [Prashanth Projects Ltd. Vs DCIT]
• The Supreme court held that amount received as a subvention/grant from the parent company by a loss-making subsidiary cannot be considered as a revenue receipt in the hands of the subsidiary company as the grant was made by a parent company to protect its investment made in the subsidiary. Therefore, such a grant is a capital receipt that is not taxable. [Siemens Public Communication Network P. Ltd. Vs CIT]

Indirect Tax:-

• Supreme Court held that in terms of circular dated 01.07.2002 by which, where no sale is involved but only a transfer by one sister unit to another, the value shown in the invoice on the basis of which Cenvat Credit was taken by the assessee would be the value for the purpose of Rule 57AB and Rule 3(4). [Commissioner of Central Excise, Raigad Vs M/s. Ispat Metallics Industries Ltd. & Ors.]
• Bombay High Court held that in case of non-payment of service tax by the assessee, the notices for recovery cannot be issued to the assessee’s debtors unless the liability has been crystallized. [M/s. Quality Fabricators & Erectors Vs The Deputy Director, DGCEI, Zonal unit Mumbai & Others ]

GST Update:-

• GST aggregate turnover includes exports, exempt (including non-taxable) & inter-state supplies calculated PAN wise on all India basis.

Other Update:-

• Finance Minister expressed confidence that direct and indirect tax mop-up will surpass the budget estimate of Rs.16.3 lakh crore by March-end.
• SEBI issued Guidelines for participation/functioning of Eligible Foreign Investors (EFIs) and FPIs in the International Financial Services Centre (IFSC).
• ICAI  issued exposure draft standard on auditing (SA) 720 (Revised) The auditor’s responsibilities relating to other information.

Key Dates:-

• E-Payment of Service Tax for the month of December – 06.01.2017
• Due date of deposit of Tax deducted/collected for the month of December – 07.01.2017
• Due date to a deposit of DVAT of December – 21.01.2017.

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