Today Update :

DIRECT TAX:-

• Delhi ITAT held that Penalty can be imposed only on disproved claim of expenditure and not unproven claim of expenditure. Arun Duggal Vs. DCIT (ITAT Delhi)
• The market value of the capital asset has no relevance in determining the full value of consideration: ITAT Assistant Commissioner of Income-tax, Circle-12, Ahmedabad v. Akash Association [2016] (Ahmedabad – Trib.)

Indirect Tax:-

• Delhi High Court declared Rule 5A(2) of the Service Tax Rules, as amended, to the extent that it authorizes the officers of the Service Tax Department, the audit party deputed by a Commissioner or the CAG to seek production of the documents mentioned therein on demand, as an ultra virus the Finance Act and therefore, struck it down to that extent. Union of India Vs. Mega Cabs Pvt. Ltd. (Supreme Court)

MCA Update:-

• MCA vide Notification has issued an amended rules for Incorporation to make compulsory use of the SPICE procedure for Incorporation of Companies w.e.f. 1.1.2017.

Other Update:-

• SC dismissed the plea of substantial injury as the borrower didn’t object to sale certificate of mortgaged property Ludovico Sagrado Goveia v. Cirila Rosa Maria Pinto [2016] 76 (SC)
• The cash withdrawal limit from ATMs increased to Rs 4,500 per day w.e.f. 1st Jan 2017. No change in weekly withdrawal limits.

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

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