Professional Update For the Day:
- CBDT has issued a circular via circular no. 41 of 2016 dated 21st December, 2016 regarding clarifications on Indirect Transfer Provisions contained in section 9(1)(i) of the Income Tax Act, 1961.
- Mihir Jayendra Thakore Vs DCIT Whether in case the previous AO has allowed certain claim but the subsequent officer believes that AO ought to have disallowed such claim, this belief has to be construed as a change of opinion on the basis of which a reassessment cannot be made – YES: HC – Assessee’s appeal allowed : GUJARAT HIGH COURT.
- CESTAT Mumbai in the below cited case held that the benefit on export of goods cannot be denied on the mere fact that the goods got damaged, re- processed again after some time and then exported by the assessee. [Uniworth Textiles Ltd. Vs Commissioner of Central Excise, Nagpur]
- Vikhroli Corporate Park Vs CST ST – If appellant is discharging ST liability on the output services under the category of “Renting of Immovable property” , there is no reason for denial of CENVAT credit on various inputs and input services used in relation to building of such commercial property; Interest-free security deposit, notional interest thereon is held to be non-taxable; no tax liability arises on the earnest money which was forfeited .Appeal disposed of : MUMBAI CESTAT
- The GST Council finalized 197 clauses of the Central GST and State GST laws. In doing so, the Council has given final shape to these GST laws.
Read our articles:
- E-Invoice Mechanism under the GST
- Blocking/Unblocking the E-Way Bill creation system if fails to file GSTR-3B: GSTN
- Reasons for the Movement of Goods under the GST
- SEBI has decided that the depositories shall provide the transaction data of promoters/ promoter group on a daily basis directly to the stock exchanges for dissemination of the necessary disclosures.
- Payment of TDS for purchase of property for Nov : 12.2016
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