CORPORATE AND PROFESSIONAL UPDATE APRIL 25, 2016

CORPORATE AND PROFESSIONAL UPDATE APRIL 25, 2016

DIRECT TAX:

The definition of rent includes any payment by whatever name called, for use of buildings including factory buildings, equipment, furniture or fittings. Even if machinery was leased, the consequent rent comes under the definition. But machinery lease cannot be considered under income from House property .(Heritage Hospitality Limited Versus Deputy Commissioner of Income Tax, Circle-2 (2) , Hyderabad)- 2016 (4) TMI 873 – ITAT HYDERABAD

Unexplained investment – addition made simply on the basis of the statement recorded u/s. 133A – Held that – An admission by assessee during the search or survey proceedings cannot be considered as conclusive unless it is supported by corroborative evidence. (Sai Priya Constructions and Others Versus The Income Tax Officer, Ward-8 (2) , Hyderabad) 2016 (4) TMI 868 – ITAT HYDERABAD

INDIRECT TAX:

CBEC have revise the rate of exchange of conversion of the foreign currency with effect from 22nd April, 2016  vide Notification No. 55/2016 – Dated 21-4-2016 – Customs (Click here to view)

Indian Revenue Services ( Customa and Excise ) Group “A” Rules 2016 vide Notification No. G. S. R. 438(E) dated 22/04/2016

Imposition of penalty – Services provided as marketing agent – non-payment of Service Tax for the commission payments received – Held that – it is clear that the 2nd respondent has given an opportunity of personal hearing to the petitioner and he was also represented by his counsel before the 2nd respondent. The petitioner also filed his reply before the 2nd respondent, which was also considered by the 2nd respondent. Therefore, from the above, it is clear that there is no violation of principles of natural justice committed by the respondents  (V.R. Mohanraj, Proprietor of M/s. VMBK Promoters Versus The Commissioner of Service Tax –I , The Joint Commissioner of Service Tax)

MCA UPDATES:

MCA has released FAQs on problems faced by Stakeholders due to change/updation of MCA Portal.

KEY DATES:

 E-Return for DVAT for the quarter ended March: 25-04-2016 (Form 16 and CST 1)

Service tax return ST-3 for the half year ended March: 25-04-2016

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