CORPORATE AND PROFESSIONAL UPDATE JANUARY 17, 2016
Table of Contents
CORPORATE AND PROFESSIONAL UPDATE JANUARY 17, 2016
INCOME TAX ACT
SECTION 119
CENTRAL BOARD OF DIRECT TAXES – INSTRUCTIONS TO SUBORDINATE AUTHORITIES Others :
Where assessee, an AOP, applied for grant of PAN on 19-1-2005 and department erroneously issued PAN in favour of partnership firm and thereafter assessee in year 2014 applied to Commissioner pointing out error in PAN and requested for giving suitable directions by exercising powers under section 119, this was not a case where hardship could be removed under section 119 – [2016] 65 115 (Gujarat)
SECTION 194J
DEDUCTION OF TAX AT SOURCE – FEES FOR PROFESSIONAL OR TECHNICAL SERVICES
Telecom operators : Where Commissioner passed an order on assessee directing Assessing Officer to reassess TDS liability of assessee in respect of roaming charges paid by it to other telecom operators, since said issue had already been decided in favour of assessee by Tribunal in assessee’s own case in earlier assessment year, impugned order was liable to be set aside – [2016] 65 116 (Pune – Trib.)
SECTION 234C
INTEREST, CHARGEABLE AS WAIVER
Waiver of : Where Assessing Officer charged interest under section 234C from assessee on plea that during year advance tax paid was less and assessee filed application for waiver of interest stating that it had paid advance tax on basis of anticipated current income during first quarter of year and there was no contemplation that its current income would exceed income for previous assessment year, it was fit case for exercise of discretion by Chief Commissioner under clause 2(b) of notification dated 26-6-2006 – [2016] 65 107 (Karnataka)
SERVICE TAX
SECTION 65(19)
TAXABLE SERVICES – BUSINESS AUXILIARY SERVICES
Auxiliary Service (BAS), hence, activity of running petrol pump owned by client M/s. HPCL and causing sale of petroleum products thereat amounts to BAS; it does not amount to manpower supply services, as employees continue to be under control and supervision of assessee and not HPCL – [2016] 65 111 (New Delhi – CESTAT)
SECTION 65(27)
TAXABLE SERVICES – COMMERCIAL TRAINING OR COACHING SERVICES
Where sale of study materials was shown separately in invoice, assessee was eligible for benefit of exemption in respect of said sale under Notification No. 12/2003-ST; hence, value of study material would not form part of value of coaching services – [2016] 112 (New Delhi – CESTAT)
CST & VAT
SECTION 36A OF DELHI VALUE ADDED TAX ACT, 2004
RETURNS, ASSESSMENT AND TAX ADMINISTRATION – TDS – IN CASE OF WORKS CONTRACT
Where Tax Authority passed an order under section 36A(8) on assessee, it was only Commissioner who could pass an order under section 36A(8) unless and until power of Commissioner had been delegated under section 68 to Tax Authority [2016] 103 (Delhi)
STATUTES
CORPORATE LAWS
Approach in case of Non-Compliance of IRDA’s (Insurance Broker) Regulations, 2015 – CIRCULAR NO.IRDA/INT/MISC/ORD/014/01/2016, DATED 15-1-2016
Appointment of New Chairman/Chairperson of Competition Commission of India – PRESS RELEASE, DATED 11-1-2016
Inauguration of Patna Local Office of SEBI – PRESS RELEASE NO.14/2016, DATED 18-1-2016
Roadmap Drawn-Up for Implementation of Indian Accounting Standards (Ind As) converged with International Financial Reporting Standards (IFRS) for Scheduled Commercial Banks (Excluding RRBS), Insurers/Insurance Companies and NBFCs – PRESS RELEASE, DATED 18-1-2016
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