{"id":417,"date":"2015-10-24T11:43:21","date_gmt":"2015-10-24T11:43:21","guid":{"rendered":"http:\/\/caindelhiindia.com\/blog\/?p=417"},"modified":"2021-07-07T13:15:17","modified_gmt":"2021-07-07T13:15:17","slug":"professional-update-for-the-month","status":"publish","type":"post","link":"https:\/\/www.caindelhiindia.com\/blog\/professional-update-for-the-month\/","title":{"rendered":"PROFESSIONAL UPDATE FOR THE MONTH"},"content":{"rendered":"<p><span style=\"color: #800080;\"><strong>PROFESSIONAL UPDATE FOR THE MONTH:<\/strong><\/span><\/p>\n<ul>\n<li style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>IT<\/strong> :<\/span> Where assessee is executing an infrastructure development fixed price contract, foreseeable losses of future years can be recognized following rationale of AS-7 issued by ICAI and such a provision is an allowable deduction [2015] <span style=\"color: #0000ff;\">(Pune &#8211; Trib.)\u00a0 ACIT v. AshokaBuildcon Ltd.<\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>Service Tax<\/strong> :<\/span> Where collection of entrance fee by club from its members :did not confer members any access to services, facilities or advantages; and was to meet expenses necessary for sustenance and survival \u00a0 \u00a0of club and maintenance of its assets, then, entrance fee, not \u00a0being a consideration, was not chargeable to service tax \u00a0 \u00a0[2015]\u00a0<span style=\"color: #0000ff;\">(Mumbai &#8211; CESTAT)\u00a0 Cricket Club of India Ltd. v.Commissioner of Service tax.<\/span><\/li>\n<li style=\"text-align: justify;\"><strong>Date of filing<\/strong> of DP-1 extended from 30-9-15 to 21-10-15.<\/li>\n<li style=\"text-align: justify;\"><strong>IT<\/strong>: Where assessee, a trader in films, purchased world negative rights from producers on perpetual and permanent basis, there was no liability to deduct tax at source under section 194J on payment made by assessee to producers and, accordingly, business disallowance was not justified [2015]<span style=\"color: #0000ff;\">(Hyderabad &#8211; Trib.)\u00a0 DCIT v. V. Rama Krishna<\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>Govt.<\/strong> <\/span>receives above 3,000 crores under Compliance window of Black Money.<strong>\u00a0<\/strong><\/li>\n<li style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>Filing of DVAT<\/strong> <\/span>Form 9 for the year 2014-15 date has been extended upto 31-10-2015.<\/li>\n<li style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>Govt.<\/strong><\/span> allows 100% FDI in White Label ATM Operations.<\/li>\n<li style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>IT<\/strong> <\/span>: Where assessee&#8217;s personal books of account as well as books of account of his proprietary concern were interlinked and connected with business activity of assessee,interest paid from personal books of account on funds borrowed for business purpose was allowable under section 36(1)(iii)[2015] <span style=\"color: #0000ff;\">(Nagpur- Trib.)\u00a0BrijgopalMadhusudanBhattad v. ITO \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0\u00a0<\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>IT<\/strong>:<\/span> Where assessee was not given an opportunity to cross-examine representatives of two companies whose statement was relied upon by revenue in disallowing amount paid by assessee to said companies to carry out promotional and advertisement activities, same was breach of principles of natural justice and accordingly issue was to be restored for fresh disposal [2015] <span style=\"color: #0000ff;\">(Bombay)\u00a0R.W. Promotions (P.) Ltd. v. ACIT \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0\u00a0<\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>IT<\/strong> :<\/span> Where assessee&#8217;s personal books of account as well as books of account of his proprietary concern were interlinked and connected with business activity of assessee, interest paid from personal books of account on funds borrowed for business purpose was allowable under section 36(1)(iii)[2015]<span style=\"color: #0000ff;\">(Nagpur-Trib.)\u00a0BrijgopalMadhusudanBhattad v. ITO<\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>Haryana Govt<\/strong><\/span> amends composition scheme for developers.<\/li>\n<li style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>Govt.<\/strong><\/span> grant received for modernization of machinery is liable to MAT [2015]<span style=\"color: #0000ff;\">(Chennai-Trib.)DCITv.Western India Cashew Company (P.)Ltd.<\/span><\/li>\n<\/ul>\n<p>The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Hope the information will assist you in your Professional\u00a0endeavors. For query or help, contact: <a href=\"mailto:info@caindelhiindia.com\">info@caindelhiindia.com<\/a> or call at\u00a0011-23343333<\/p>\n","protected":false},"excerpt":{"rendered":"<p>PROFESSIONAL UPDATE FOR THE MONTH: IT : Where assessee is executing an infrastructure development fixed price contract, foreseeable losses of future years can be recognized following rationale of AS-7 issued by ICAI and such a provision is an allowable deduction [2015] (Pune &#8211; Trib.)\u00a0 ACIT v. AshokaBuildcon Ltd. Service Tax : Where collection of entrance &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[647,146],"tags":[555,566,502,501,572,545,561,324,537,562,560,550,538],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/417"}],"collection":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/comments?post=417"}],"version-history":[{"count":17,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/417\/revisions"}],"predecessor-version":[{"id":1411,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/417\/revisions\/1411"}],"wp:attachment":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/media?parent=417"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/categories?post=417"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/tags?post=417"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}