corporate and professional update december 10, 2015

CORPORATE AND PROFESSIONAL UPDATE DECEMBER 10, 2015

1. Cabinet approves of Real Estate Regulation and Development Bill, 2015

2. 3% growth in Indirect Tax Collection In November

3. Commissioner gets flak from CESTAT for assuming that service of refund order would take place in 2 days

4. New MOU signed between India and Korea to suspend collection of taxes during MAP proceedings

5. Trade discount is deductible to calculate VAT even if it is given via credit note subsequent to issue of tax invoice

6. Penalty rightly imposed on firm as it accepted cash loans from partners without reasonable cause [2015] 196 (Kerala) Grihalakshmi Vision v. Add CIT

7. Disputed enhanced compensation isn’t taxable in year of receipt if dispute is pending in Court [2015] 122 (Delhi)  CIT v. Suman Dhamija

8. CST & VAT: Karnataka VAT – Where assessee claimed deduction in respect of discount given to purchasing dealer in form of credit note subsequent to issuance of tax invoice and Assessing Authority disallowed claim of deduction, assessee was entitled to give further discount even after sale had been completed, provided it was trade discount or pursuant to any contract [2015] 94 (Karnataka) S.B. Audio And Video v. Additional Commissioner of Commercial Taxes

9. Inputs and capital goods used in R&D of testing samples of final products are eligible for credit

10. Cenvat Credit : Inputs and capital goods used in Research and Development (R&D) and Quality Control Laboratory for purpose of testing of inputs and testing of samples of final products, etc., are eligible for cenvat credit [2015] (Ahmedabad – CESTAT) Sabic Innovative Plastics (P.) Ltd. v. Commissioner of Central Excise & Service Tax 

11. Excise & Customs : Where Adjudicating Authority passed refund order on 3-4-2009 and dispatched same to assessee by speed post on 16-4-2009 and Commissioner (Appeals) in view of dispatch of order on 16-4-2009 assumed date of receipt by assessee on 18-4-2009, Commissioner (Appeals) was in error in holding that date of service on assessee was 18-4-2009without proof of same available on record [2015] 49 (Mumbai – CESTAT) ADF Foods Ltd. v. Commissioner of Central Excise

12. CST & VAT: Delhi VAT – Where Assessing Authority issued on assessee notices of default assessment and penalty dated 1-4-2015 for assessment year 2008-09, impugned notices had been issued after expiry of period of six years as stipulated in section 34 from relevant year 2008-09 and were liable to be quashed, [2015] (Delhi) Lark Laboratories (India) Ltd. v. Commissioner, Trade Taxes

13. C&AGinvite online applications for Empanelment of CA firms / LLPs for the Audit of Govt. Companies / PSUs for the year 2016-2017. The online application format will be available on saiindia.gov.in from 1stJAN 2016 to 15th FEB 2016.

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