TODAY’S UPDATES
Today’s updates:
- Block assessment can’t be framed on basis of material collected during survey.
- AO couldn’t doubt genuineness of share transaction merely on basis of statement of third party.
- MCA instruction on Online Payment.
- ICAI live seminar on Service Tax.
In Detailed :
1.Block assessment can’t be framed on basis of material collected during survey.
Section 158BC, read with sections 132 and 133, of the Income-tax Act, 1961 – Block assessment in search cases – Procedure for (Search v. Survey) – Block period 1996-97 to 17-7-2002 – Assessee firm was engaged in business of civil construction and developments – A survey operation was conducted at premises of assessee; and there was no search operation under section 132 – Material used for framing assessment under section 158BC was collected – Whether Tribunal had rightly quashed and set aside assessment order passed under section 158 BC – Held, yes [Para 3.0] [In favour of assessee][2015] (Gujarat) HIGH COURT OF GUJARAT Commissioner of Income-tax v. Parmar Builders & Developers*
2.AO couldn’t doubt genuineness of share transaction merely on basis of statement of third party.
IT: Where no incriminating material was found during search which could indicate that long-term capital gains arising out of sale of shares was bogus and assessment was completed without considerating details of purchase of shares produced by assessee, assessment was void [2015] (Mumbai – Trib.)IN THE ITAT MUMBAI BENCH ‘E’ Vasantraj Birawa v. Assistant Commissioner of Income-tax*
3.MCA
Please use Online payment options (Credit/Debit/Prepaid Card/Net Banking) for making payment of MCA fee for LLP e-forms during 9-Oct-2015 to 18-Oct-2015. Offline payments through Bank Challan, Pay later and NEFT options will not be available during this period for LLP eForms. However, it will remain available for company e-forms and other MCA services.
4.ICAI
Live seminar on “Service Tax Issues under Transportation etc.”
16th October, 2015 (4.00 pm to 6.00 pm) from ICAI Head Office. ITO, New Delhi – 110 011,Speaker Rohini Agarwal
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