Professional Update for the Day:
- ITAT Bench Jaipur in the below cited case held that if the assessee has treated the securities as investment and not as stock in trade earlier years, the revenue is not permitted to take a contrary view in the present years to claim that the security is stock in trade. [The DCIT Circle-2 Vs Shri Mahender Kumar Bader]
- CBDT has issued an Office Memorandum stating that it has set up a committee of high-ranking officials to provide advice on re-engineering the assessment procedure and to arrive at a definite standard assessment procedure through an e-system.
- CESTAT Ahemdabad held that the requirement under Rule 6(4A) and 6(4B) of the service tax rules, 1994 to intimate the department regarding adjustment of excess service tax paid is only procedural in nature and such infringement of the procedure is not serious enough to deny the benefit of suo motto adjustment of excess service tax paid. [M/s. L&T Sargent & Lundy Ltd Vs Commissioner of Central Excise & S.T, Vadodara]
- In GST Enrollment, Aadhar No of primary Authorized Signatory must be given if we want to use E-sign facility for signing enrolment and other forms.
- SEBI has issued circular regarding filing of forms PAS-4 and PAS-5 in case of issuance of Debt Securities on private placement basis.
- Cheque bounce is a bailable offence under the current law, which enables defaulters to stay away from jail as long as the trial is on, the government could make the law a non-bailable offence.
- Payment of TDS for purchase of property for Nov: 12.2016 .
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