CORPORATE AND PROFESSIONAL UPDATE DATED MARCH 31, 2016

CORPORATE AND PROFESSIONAL UPDATE DATED MARCH 31, 2016

DIRECT TAX

  • Income Tax: Reopening of assessment – receipt of accomadation enteries – without forming a prima facie opinion on the basis of such material that income has escaped assessment the AO can not assume valid jurisdiction to initiate proceedings and to issue notice u/s 147/148 – Notice u/s 148 quashed- (Marathon Finlease Ltd. Versus ITO, Ward – 6 (2) , New Delhi – 2016 (3) TMI 923 – ITAT DELHI).
  • Income Tax: Penalty levied u/s 271(1)(c) – excess claim of deduction u/s 35(2) – the assessee has made a bonafide legal claim which cannot be said to be fallacious or flippant and malafide – no penalty- (The D.C.I.T, Central Circle – 9 (1) , New Delhi Versus M/s SRF Limited – 2016 (3) TMI 921 – ITAT DELHI)
  • Income Tax : f notice u/s 143(2) – no notice u/w 143(2) was served upon the assessee which a mandatory conditions – impugned assessment order dated 28.12.2011 is quashed being bad in law and void ab initio- (ITO, Ward – 1, Uaar Pradesh Versus Shah Javed Saddat and Vica-Versa – 2016 (3) TMI 919 – ITAT DELHI)

More read:Taxation on Income from Equity and Debt Mutual Fund

INDIRECT TAX

  • Excise & Customs : Where assessee has furnished relevant certificate from relevant authority, exemption intended for laudable object of controlling cataract blindness, cannot be denied for procedural violation viz. absence of counter-signing of such certificate. [2016] 67 taxmann.com 272 (Chennai – CESTAT)
  • Auro Lab v. Commissioner of Central Excise
  • EXCISE : The Union Budget 2016-17 has proposed to impose a 1% excise duty (without input tax credit) and 12.5 % (with input tax credit) on articles of jewellery excluding silver jewellery, other than studded with diamonds/other precious stones. A higher threshold exemption upto Rs. 6 crore of clearances in a year subject to previous year clearances not exceeding Rs. 12 crore has been extended.

Key dates

  • Today (03.2016) is last date for filing of ITR for A.Y. 2015 – 16 without penalty and for A.Y. 2014 – 15 with penalty of Rs. 5000.
  • Today (03.2016) is last date for e-payment of service tax and excise duty for the month / quarter ending in March 2016.
  • Today (03.2016) is last date for filing of WT return in Form BB for A.Y. 2014 – 15.

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 endeavors. For query or help, contact: singh@carajput.com or call at 9555555480

Rajput Jain & Associates

Rajput Jain & Associates is a Chartered Accountants firm, with it's headquarter situated at New Delhi (the capital of India). The firm has been set up by a group of young, enthusiastic, highly skilled and motivated professionals who have taken experience from top consulting firms and are extensively experienced in their chosen fields has providing a wide array of Accounting, Auditing, Taxation, Assurance and Business advisory services to various clients and their stakeholders. Rajput jain & Associates, a professional firm, offers its clients a full range of services, To serve better and to bring bucket of services under one roof, the firm has merged with it various Chartered Accountancy firms pioneer in diversified fields. We have associates all over India in big cities. All our offices are well equipped with latest technological support with updated reference materials. We have a large team of professionals other than our Core Team members to meet the requirements of our prospective clients including the existing ones. However, considering our commitment towards high quality services to our clients, our team keeps on growing with more and more associates having strong professional background with good exposure in the related areas of responsibility.

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