PROFESSIONAL UPDATE NOV 16,2015
PROFESSIONAL UPDATE NOV 16,2015
- Disallowance u/s 40A (3) for aggregate cash payments of more than Rs. 20,000 in a single day to one person is applicable w.e.f. 01.04.2009. ITAT Amritsar [Pardeep Singh Wazir vs. DCIT]
- Depreciation is allowed while calculating exemption u/s 11 in absence of any specific exclusion.[ ITAT Delhi ITO (E) vs. Calorex Foundation]
- CBEC vide circular 187/6/2015-ST dated 10.11.2015 has issued a scheme for fast track sanctioning of refund of accumulated cenvat credit to Exporters of Service for payment of 80% (eighty percent) of the amount claimed as refund.
- Adjudicating Authority can reject transaction value if assessee fails to prove that relationship had not influenced price. [The CESTAT Chennai: Ansaldo STS Transportation Systems India Pvt. Ltd vs. Commissioner of Customs]
- MCA has revised the versions of Annual Filing Forms, MGT – 7 (Form for filing annual return by a company) w.e.f 17th November, 2015.
- High Court of Delhi confirms penalty on custom official for clearance of consignment without proper verification. [S.N. Ojha vs. Commisioner of Customs]
- DVAT has extended the last date of filing of online / hard copy of return for II Quarter ended 30.09.2015 for the FY 2015-2016, in Form DVAT-16, DVAT-17 and DVAT-48 to 20.11.2015.
- Assessment not valid if AO fails to issue notice under section 143(2) after return filing by way of letter by assessee. [Meenakshi Aggarwal vs. ITO] (ITAT Delhi) ITAT.
- Deduction under section 80ib(10) cannot be denied even if area of housing project is less than 1 acre or for non ownership of land. [Bhujbal Brothers Construction Company vs. DCIT] (ITAT Pune).
- Government notifies accounting code for payment of Swachh Bharat Cess. Circular No. 188/7/2015-ST, dated 16-11-2015.
- CBEC has issued guidelines for speedy disbursal of pending refund claims to exporters of services.
- Amendment in duty drawback rates and procedure for export under claim for brand rate. vide Notification No. 110/2015-Customs (N.T.), dated 16.11.2015.
- SEBI to streamline the process of public issue of equity shares and convertibles, it has been decided to reduce the time taken for listing after the closure of issue to 6 working days as against the present 12 working days.
- No Penalty under Income Tax Act on return of loan by cash to sister concern under a bonafide belief. [Global Realty Heritage Venture (Cochin) (P.) Ltd.,vs Additional CIT (ITAT Delhi)]
- Electricity is good and Machinery used in its production eligible for additional depreciation U/s. 32(1)(iia). [ACIT vs. M/s. Delta Enterprises (ITAT Mumbai)]
- TDS not deductible on reimbursement of Information technology costs. [DCIT vs. M/s AT & S India Pvt Ltd.(ITAT Kolkata)]
- SEBI has passed orders to provide exit to the Vadodara Stock Exchange Limited (VSEL) under the current policy. SEBI vide Circular dated May 30, 2012.
- Due date for filing DVAT Return for Quarter 2 ending on 30.09.2015 for the year-2015-2016 extended till20.11.2015. (Circular No. 29 dated 16.11.2015)
- To avail section 32(2) depreciation claim it is not necessary that business carried on in following previous year. [The Serendipity Apparels Private Limited vs. CIT] (ITAT Ahmedabad)]
- Satisfaction is a prerequisite for initiating assessment proceedings against any other person under section158BD.
- [The Assistant CIT vs. M/s. Apoorva Caterers] (ITAT Mumbai).
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