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• IT: There cannot be a notice for re-assessment inasmuch as the question of re-assessment arises only when there is an assessment in the first instance – M/s Standard Chartered Finance Ltd. Vs. CIT, Bangalore & Anr (2016 (3) TMI 150 – Supreme Court)
• CBDT notifies 15% depreciation allowance on Oil Wells. Notification 13/2016.
• IT – VDS’ 2016: Cases where notices have been issued or search has taken place or individuals against whom Govt. has prior information from another Country won’t be eligible for the scheme.
• Where assessee was following mercantile system of accounting, once interest amount had been credited to assessee and tax had also been deducted by payer, the assessee could not take the plea of not offering it as income on the ground that he had not actually received same – [2016] (Mumbai – Trib.)
Tax Recovery Officer could not declare a transaction of transfer as void under section 281 and if revenue wants to have transaction nullified under section 281, it must go to civil court to seek a declaration to that effect- Madras HC
Amendment Made by The Finance Act, 2010 in Sec 40(a)(ia) of the Income Tax Act is Retrospective in Nature:
Supreme Court in CIT vs. M/s. Calcutta Export Company held that the amendment made to section 40(a)(ia) i.e deposit of TDS before the filing of return of income by the Finance Act, 2010 being curative in nature, applies retrospectively.
• ST: Management Maintenance and Repair Services – Whether notional interest to be taken as the value of service – prima facie case is against the appellant since Notional interest is to be included in the value of services – Satya Prakash Builders Pvt. Ltd. Vs. CCE&ST, Jaipur-I (2016 (3) TMI 137 – CESTAT New Delhi
• 6% Tax on online advertisement / Google Tax, Such provisions are applicable from 1st June 2016.
The levy clearly is targeted to tax various online advertisements companies like YouTube, Google, Facebook, Twitter, etc.
Punjab and Haryana HC dismisses assessee’s writ (engaged in trading of shares through his broker) for AY 2009-10, upholds reassessment proceedings u/s 147/148, rules that there was a direct nexus/live link between material submitted by Investigation Wing and the formation of Revenue’s belief that there has been escapement of income on account use of Client Code Modification (CCM) for shifting losses and manipulating assessee’s income. [TS-239-HC-2018(P & H)]
Education Subsidy given by Employer to Schools where Children of Employees pay only part Fee is not Prerequisite:
Gujarat HC in Gujarat Co-operative Milk Marketing Federation Ltd vs. ITO held that the subsidy provided by the employer to the school towards the deficit of education expenses of children of his employees is not perquisite in the hands of the employees U/S 17 of Income Tax Act 1961.
• Bank Branch Statutory Audit:
Banks have received the lists from RBI and commenced sending emails to the prospective Auditors.
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