{"id":535,"date":"2015-11-21T14:46:45","date_gmt":"2015-11-21T14:46:45","guid":{"rendered":"http:\/\/caindelhiindia.com\/blog\/?p=535"},"modified":"2021-07-07T13:13:15","modified_gmt":"2021-07-07T13:13:15","slug":"professional-update-4","status":"publish","type":"post","link":"https:\/\/www.caindelhiindia.com\/blog\/professional-update-4\/","title":{"rendered":"PROFESSIONAL UPDATE NOV 16,2015"},"content":{"rendered":"

PROFESSIONAL UPDATE NOV 16,2015<\/strong><\/span><\/p>\n

    \n
  1. 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]<\/li>\n
  2. Depreciation is allowed while calculating exemption u\/s 11 in absence of any specific exclusion.[ ITAT Delhi ITO (E) vs. Calorex Foundation]<\/li>\n
  3. 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.<\/li>\n
  4. Adjudicating Authority can reject transaction value if assessee fails to prove that relationship had not influenced price. [The CESTAT Chennai:\u00a0Ansaldo STS Transportation Systems India Pvt. Ltd vs. Commissioner of Customs]<\/li>\n
  5. MCA has\u00a0revised the\u00a0versions\u00a0of Annual Filing Forms,\u00a0MGT – 7\u00a0(Form\u00a0for filing annual return by a company) w.e.f 17th\u00a0November,\u00a02015.<\/li>\n
  6. High Court of Delhi confirms penalty on custom official for clearance of consignment without proper verification. [S.N. Ojha vs. Commisioner of Customs]<\/li>\n
  7. DVAT\u00a0has\u00a0extended the last date of filing of online \/ hard copy of return\u00a0for II Quarter ended 30.09.2015\u00a0for the FY 2015-2016, in Form\u00a0DVAT-16,\u00a0DVAT-17 and\u00a0DVAT-48\u00a0to\u00a020.11.2015.<\/li>\n
  8. 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.<\/li>\n
  9. 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).<\/li>\n
  10. Government notifies accounting code for payment of Swachh Bharat Cess. Circular No. 188\/7\/2015-ST, dated 16-11-2015.<\/li>\n
  11. CBEC has issued guidelines for speedy disbursal of pending refund claims to exporters of services.<\/li>\n
  12. 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.<\/li>\n
  13. SEBI to streamline the process of public issue of equity shares and convertibles, it has been decided\u00a0to reduce the time taken for listing after the closure of issue to 6 working days as against the present 12 working days.<\/li>\n
  14. 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)]<\/li>\n
  15. 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)]<\/li>\n
  16. TDS not deductible on reimbursement of Information technology costs. [DCIT vs. M\/s AT & S India Pvt Ltd.(ITAT Kolkata)]<\/li>\n
  17. SEBI has passed orders to\u00a0 provide exit\u00a0to\u00a0the\u00a0Vadodara Stock Exchange Limited (VSEL)\u00a0under the current policy.\u00a0SEBI vide Circular dated May 30, 2012.<\/li>\n
  18. 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)<\/li>\n
  19. 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)]<\/li>\n
  20. Satisfaction is a prerequisite for initiating assessment proceedings against any other person under section158BD.<\/li>\n
  21. [The Assistant CIT vs. M\/s. Apoorva Caterers] (ITAT Mumbai).<\/li>\n<\/ol>\n

    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:info@caindelhiindia.com<\/a>\u00a0or call at\u00a0011-23343333<\/p>\n","protected":false},"excerpt":{"rendered":"

    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 …<\/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":[647,142,146,100],"tags":[242,554,569,545,561,541,537,562,560,550,538],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/535"}],"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=535"}],"version-history":[{"count":6,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/535\/revisions"}],"predecessor-version":[{"id":1241,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/535\/revisions\/1241"}],"wp:attachment":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/media?parent=535"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/categories?post=535"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/tags?post=535"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}