CORPORATE AND PROFESSIONAL UPDATE APRIL 4, 2016
CORPORATE AND PROFESSIONAL UPDATE APRIL 4, 2016
DIRECT TAX:
- Income Tax : Security deposit collected from its members refundable – whether receipts does not partake the character of income? – Held No- (Gulmohar Greens Golf and Country Club Ltd. Versus DCIT, Circle-2 (1) (1) , Ahmedabad – 2016 (3) TMI 1065 – ITAT AHMEDABAD).
- Income Tax: Exemption u/s 54B – assessee has purchased agricultural land in the name of his wife and the payment was made by the assessee from his own source through banking channel – assessee is entitled for the benefit of deduction u/s 54B- (Jai Prakash S/o. Sh. Girdhari Lal Versus ITO Ward-1 (3) , Meerut – 2016 (3) TMI 1061 – ITAT DELHI)
INDIRECT TAX:
- Service Tax : ST counted from date of receipt of export proceeds and not from date of export Cenvat Credit : Export of services is complete only after receipt of consideration towards same; hence, service exporters may claim refund of utilized Cenvat credit within time-allowed under section 11B, viz., 1 year from date of receipt of consideration [2016] 67com 313 (Bangalore – CESTAT)
Infosys Technologies Ltd. v. Commissioner of Service Tax.
- Service Tax : Benefit of SSI Exemption – Appellant s name of the company itself is M/s. Elac Marketing Pvt. Ltd. The company name itself has the word Elac which is part of the company s name and the appellants cleared the goods indicating their company name Elac followed with Excel . Therefore it cannot be construed that they have affixed brand name of other person- (M/s. Elac Marketing Pvt. Ltd. And Shri K.S. Ganesh, Director Versus Commissioner of Central Excise, CESTAT CHENNAI.
- Service Tax : Interest on refund – respondent-assessee is not entitled to interest on delayed refund because the department has sanctioned the refund within a period of three months from the date of receipt of the application for refund as per the requirement in law- (Commissioner of Central Excise, Pune-III Versus Suresh Enterprises – 2016 (3) TMI 1045 – CESTAT MUMBAI)
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Key Dates:
- Payment of TDS u/s 194IA deducted on purchase of property/TCS collected in March: 07/04/2016
- Submission of Forms received in March to IT Commissioner: 07/04/2016- Form No. 27C(TCS)
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