CORPORATE AND PROFESSIONAL UPDATE MAY 30, 2016
TODAY UPDATES:
DIRECT TAX:
Income Tax : Claim to write off on account of advance disallowed – year in which bad-debts crystallized – mercantile system of accounting – only the assessee has determined finally that the amount is irrecoverable – No addition – M/s Xpro India Ltd. Vs. CIT, Kolkata (Calcutta High Court)
Income Tax: Exemption u/s 11(1)(a) – in the absence of any specific prohibition there is no reason why excess application of money for charitable and religious purposes (deficit) of the earlier year should not be set off against the income for the subsequent year – Share India Vs. DIT (Andhra Pradesh High Court)
INDIRECT TAX:
Service Tax Claim of Rebate / Refund in cash – rebate claim sanctioned by way of credit to Cenvat account – Export of Services – Cash refund allowed – John Deere India Pvt. Ltd. Vs. CCE, Pune-III (CESTAT Mumbai)
Vat : Seeking refund of outstanding amount of tax credit – Refund application was already rejected by the VAT department many a times even after the directions provided by the Court for refund of tax credit – Refund to be given with interest on or before 31 MAY 2016 – Roshan Lal Vs. Govt. of Delhi (Delhi High Court)
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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