Professional Update for the Day:
- ITAT Bench Jaipur in the below-cited case held that if the assessee has treated the securities as investment and not as stock in trade in earlier years, the revenue is not permitted to take a contrary view in the present years to claim that the security is stock in trade. [The DCIT Circle-2 Vs Shri Mahender Kumar Bader]
- CBDT has issued an Office Memorandum stating that it has set up a committee of high-ranking officials to provide advice on re-engineering the assessment procedure and to arrive at a definite standard assessment procedure through an e-system.
- 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 paperwork 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 the previous year to reckon exp. of amalgamating co. under sec. 72A Deputy Commissioner of Income-tax, Circle-8, Kolkata v. Unique International (P.) Ltd. (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 a return of income.
- CBDT* has extended the Aadhar-PAN linking deadline by 3 months to 31st March, 2018.*CBDT* has issued Clarification on Indirect Transfer provisions in case of redemption of share or interest outside India under the Income-tax Act, 1961.
- 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]
- *GST*: Govt. has initiated procedure for GST refund claims in respect of zero rated supplies.
- 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.
- SEBI advises caution to customers in the matter of PACL- the Committee constituted by the SEBI under Chairmanship of Justice (Retd.) R. M.Lodha.
- *NCLT* suspends the Unitech board for alleged mismanagement of funds and barred its directors from selling either personal or company assets, while allowing the Centre to name 10 nominee directors and paving the way for a government takeover of the floundering property developer.
- *MCA* amends the Companies (Cost records and Audit) Rules, 2014 by inserting in Rule-2, a new clause (fa) “Indian Accounting Standards” means Indian Accounting Standards as referred to in Companies (Indian Accounting Standards) Rules, 2015 and substituting Form CRA-I & Form CRA-3 w.e.f. 01.04.2016.
- *RBI* has issued a Press release to cautions the general public regarding risk of trading and dealing in virtual currencies including Bitcoins.
- *IT*: Proviso to Section 264 (3) confers a statutory power on the Commissioner to condone the delay. Therefore it was not necessary for the Commissioner to have taken recourse to Section 5 of the Limitation Act, 1963 – EBR Enterprises & Anr Vs Union of India (2017 (12) TMI 425 – Bombay High Court).
- CESTAT Ahemdabad held that the requirement under Rule 6(4A) and 6(4B) of the service tax rules, 1994 to intimate the department regarding adjustment of excess service tax paid is only procedural in nature and such infringement of the procedure is not serious enough to deny the benefit of suo motto adjustment of excess service tax paid. [M/s. L&T Sargent & Lundy Ltd Vs Commissioner of Central Excise & S.T, Vadodara]
- In GST Enrollment, Aadhar No of primary Authorized Signatory must be given if we want to use E-sign facility for signing enrolment and other forms.
- SEBI has issued circulars regarding the filing of forms PAS-4 and PAS-5 in case of issuance of Debt Securities on a private placement basis.
- Cheque bounce is a bailable offense under the current law, which enables defaulters to stay away from jail as long as the trial is on, the government could make the law a non-bailable offense.
- Payment of TDS for purchase of property for Nov: 12.2016.
“Patience is 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.”
We look forward to your valuable comment www.carajput.com
“Self-confidence is a small lamp in a dark tunnel. It does not show everything at once, but gives enough light for the next step.”
“Being happy doesn’t mean that everything is perfect. It means that you’ve decided to look beyond the imperfections.”
We look forward for your valuable comment www.carajput.com
FOR FURTHER QUERIES CONTACT US:
T: 011-233-4-3333 , 9-555-555-480