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Waiver of loan tantamount to benefit or perquisite, chargeable to tax under Sec. 28(iv)[2016] 68 289 (Madras) Commissioner of Income Tax v. Ramaniyam Homes (P.) Ltd.
Interest on loan allowed to be deducted as loan was obtained to repay on old business loan [2016] 68 223 (Bangalore Trib.) Senate v. Deputy Commissioner of Income-tax
Read our articles: Top Taxation Relaxation to MSMS
Highlights of International Taxation
Govt. constitutes board to issue eligibility certificates for availing tax benefits by ‘startups’25 April 2016, Govt. constitutes board to issue eligibility certificates for availing tax benefits by ‘startups‘
Operating of plants of client is ‘Business Support Services’ and not ‘Maintenance or Repair services'[2016] 68 239 (Mumbai – CESTAT) Commissioner of Service Tax v. Global S.S. Construction (P.) Ltd.
Department cannot insist to avail particular option under rule 6. [Mahindra & Mahindra Limited vs. CCE (CESTAT New Delhi)].
CENVAT allowed on linkage of inputs/capital goods to production. [C.C.E. Raipur vs. Bharat Aluminum Co. Ltd. (CESTAT NewDelhi)].
Excise & Customs : Where assessee has manufactured or exported goods by procuring domestic inputs without payment of duty under rule 19(2) of Central Excise Rules, 2002, then, in view of specific restrictions imposed by drawback notifications, no drawback can be allowed to assessee (not even of customs component of drawback)[2016] 68 238 (Bombay) Anandeya Zinc Oxides (P.) Ltd. v. Union of India
Delhi VATCOM assured extension of return filing due date till 16/05/2016 for Q4 15-16. Further assured that item name and item code to be optional for Q4 15-16. Members are advised to file returns only after new updation of software i.e. 03/05/2016. Digital signature is also made optional for Q4 (All dealers).
Query: We filed Form INC-29 and there is resubmission but when we affixing DSC, the size of e-form automatically increase by 2 MB and there is pop-error as file size cannot exceed 5 MB. Kindly advice as is there any alternate way as its last date of resubmission is also approaching.
Answer: This is a technical issue on the part of new modified MCA Portal, you can compress the attachments and try accordingly.
AASB of ICAI issues guidance note on the Companies (Auditors Report) Order, 2016 on 23.04.2016.
Extension of due date of filing ST-3 returns from 25th April to 29th April : Assessees have faced difficulties in accessing the ACES application on 25th April 2016, therefore, in exercise of the powers conferred by subrule (4) of rule 7 of the Service Tax Rules, 1994, the Central Board of Excise & Customs has extended the date of submission of the Form ST-3 for the period from 1st October 2015 to 31st March 2016, from 25th April 2016 to 29th April 2016 vide Order No. 1/2016-ST.
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