CORPORATE AND PROFESSIONAL UPDATES JULY 25, 2016
Today updates:
DIRECT TAX:
Income tax :Minor delay in furnishing buyer’s declaration for non-collection of TCS won’t attract additions Commissioner of Income-tax (TDS) v. Siyaram Metal Udyog (P.) Ltd. [2016] 71 taxmann.com 204 (Gujarat)
Income tax : No reassessment by AO on vague reason that sizable income should be disclosed when sale consideration was huge
Jayesh Govindbhai Balar v. Income Tax Officer, Ward-3(2)(4), Surat [2016] 71 taxmann.com 221 (Gujarat)
Income tax : The proceedings for imposition of penalty u/s 158BFA(2) were initiated on the basis of earlier finding by the AO. However not only undisclosed income has been reduced but the basis for calculating the undisclosed income has also been changed, in our view, the imposition of penalty, was not warranted – Tri
INDIRECT TAX:
Service tax : CBEC has issued a instruction to officers for permission to pay service tax through non electronic mode vide Instruction F.No 137/08/2013-Service Tax dated 22nd July 2016. Now officers cannot disallow the assessee to pay by cheque.
Vat & sales tax : Delhi Value Added Tax has issued a order instruction in regard of speedy disposal of all refund claims vide order No.F.3 (378)/Policy/VAT/2016/489-494 dated 21/07/2016. It is directed that all the refunds processed and found in order in respect of a registered assessee should be released in a time bound manner. Further, in case of multiple refunds of the same assesse if are needed to be issued within a week, the prior approval of the concerned zonal officer should be taken by the Ward Incharge.
COMPANY LAW UPDATES:
Query: Do we need to execute any agreement/deed for transferring the assets & liabilities on conversion of company into LLP?
Answer: On conversion of the Company into LLP, all tangible (movable or immovable) and intangible property vested in the company, all assets, interests, rights, privileges, liabilities, obligations relating to the company and the whole of the undertaking of the company shall be transferred to and shall vest in the limited liability partnership without further assurance, act or deed.
The transfer of assets and liabilities will be made automatically on approval of conversion application and therefore there is no requirement of executing any agreement/deed.
OTHER UPDATES:
Transfer of plot by way of transfer of shares in a company to another company – under the garb of transfer of shares, the respondents have completed the sale and is creating a screen to conceal this aspect. – Resumption of the allotted land by the appellant was legal and proper. – SC
Key dates :
E-Return of DVAT in form no-16 and CST-1 for the quarter ended June- 25/07/2016
E-Return of DVAT in form no-16 and CST-1 for the quarter ended June- 28/07/2016
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