Professional Update for the Day:


Direct Tax:-

  • Dolarrai Hemani vs. ITO (ITAT Kolkata) Penny Stocks: The fact that the stock is thinly traded and there is unusually high gain is not sufficient to treat the long-term capital gains as bogus when all the paper work is in order. The revenue has to bring material on record to support its finding that there has been collusion/connivance between the broker and the assessee for the introduction of its unaccounted money.
  • Calendar year to be considered instead of previous year to reckon exp. of amalgamating co. under sec. 72A Deputy Commissioner of Income-tax, Circle-8, Kolkata v. Unique International (P.) Ltd. [2016](Kolkata – Trib.)
  • Central Board of Direct Taxes identifies 67.54 lakh income tax non-filers for the Financial Year 2015 who carried out high value transactions in 2014-15 but did not file return of income.

Indirect Tax:-

  • CESTAT Delhi held that the definition of clearing & forwarding agent nowhere requires the clearing to be effected from the factory and even if the assessee is not clearing the goods from the factory and engaged in activities that are of the nature of clearing & forwarding agent, service tax is required to be levied under the category of Clearing & forwarding Agent. [Somani Agencies Vs CCE & ST, Indore]

MCA Update:-

  • MCA has revised the version of e-forms: Form IEPF-5, Form CG-1, Form PAS-3, Form MSC-1, Form MGT-14 and Form AOC-4.

Other Update:-

  • SEBI advises caution to customers in the matter of PACL- the Committee constituted by the SEBI under Chairmanship of Justice (Retd.) R. M.Lodha.

Key Dates:-

  • Payment of TDS for purchase of property for Nov: 12.2016 .

“Patience is a great quality. We should learn it from the sun and the moon.  Both patiently wait for their turn and each one gets its chance to shine fully.”

“There is no chance, no destiny, no fate, that can hinder or control the firm resolve of a determined soul.”

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