Professional Update For the Day:
Domestic black money to be declared to jurisdictional principal CIT or CIT: CBDT clarifies
No disallowance could be made on estimated basis without rejecting books of account of Assessee
The demolition of the structure would not constitute a transfer of the assets in terms of Section 54(3) of the Act in view of the decision of the Apex Court in the matter of Vania Silk Mills P. Ltd. v. CIT, reported in 191 ITR 647. In the above case, the Apex Court has held that when an asset is destroyed, there is no question of transfer taking place under the Act. The Apex court held that in terms of the Act that the words ‘Extinguishment of any right’ in Section 2(47) of the Act, does not include an extinguishment of right on account of destruction. It has to be an extinguishment of right on account of transfer. Thus, a destruction of assets when not on account of any transfer would not be hit by Section 54F(3) of the Act.(Dilip Manhar Parekh Vs. DCIT) ITAT Mumbai
HC disallows input tax credit to Karnataka Dealer for its default in maintaining books and producing tax invoices 69 taxmann.com 299 (Karnataka)Nav Bharat Steel v. State of Karnataka
High court had allowed Sec 10A benefit to assessee sub-contracting part of its software development work (‘onsite work’) to AEs abroad. High court had rejected Revenue’s contention that Sec 10A benefit should be denied as onsite work was not performed in a free trade zone or through assessee’s own personnel / employees. High court had held that Sec 10A nowhere provides that ‘onsite’ work of software development should be carried out by assessee’s own personnel. HC had further held that the “on-site” work done under the direct supervision and control of assessee “would be nothing but on behalf of the assessee ‘itself'”(MphereSoftware)
CBEC has issued a circular no. 19/2016 dated 20.05.2016 In furtherance to the proposal that each warehouse be allotted a unique warehouse code so that importers can declare the warehouse in which goods shall be deposited, at the into-bond bill of entry stage, CBEC explains the module developed at ICES to capture details of customs bonded warehouses licensed in each Commissionerate. Unique warehouse code generated shall be published on ICEGATE website for information of trade. Declaration of Warehouse Code in Bill of Entry would become mandatory for filing Into-Bond and Ex-Bond Bill of Entry from June 20, 2016
Query: – In case status of the Company is non-active on MCA portal, can it make active and apply under fast track exit mode?
Answer: In case ROC has sent notices to the Company under Section 560 (1) or 560 (2) or 560 (3) of the Companies Act 1956, then such Company needs to make an application to the Registrar of Companies, in writing, that it proposes to strike off the name of the Company by following the procedure under Fast Track Exit mode and submit the documents requisite under fast track exit mode. Further procedure will be initiated by the Registrar in this regard.
Issue of TDS/TCS certificates for March quarter by all deductors/collectors: 30.05.2016
Extension to 27.05.16 of last date to file DVAT-16, DVAT-17 & DVAT-48 for Q4 of 2015-16.circular no. 7 of 2016-17 dated 23.5.16.
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