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