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.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Hope the information will assist you in your Professional endeavors. For query or help, contact: singh@carajput.com or call at 9555555480

Rajput Jain & Associates

Rajput Jain & Associates is a Chartered Accountants firm, with it's headquarter situated at New Delhi (the capital of India). The firm has been set up by a group of young, enthusiastic, highly skilled and motivated professionals who have taken experience from top consulting firms and are extensively experienced in their chosen fields has providing a wide array of Accounting, Auditing, Taxation, Assurance and Business advisory services to various clients and their stakeholders. Rajput jain & Associates, a professional firm, offers its clients a full range of services, To serve better and to bring bucket of services under one roof, the firm has merged with it various Chartered Accountancy firms pioneer in diversified fields. We have associates all over India in big cities. All our offices are well equipped with latest technological support with updated reference materials. We have a large team of professionals other than our Core Team members to meet the requirements of our prospective clients including the existing ones. However, considering our commitment towards high quality services to our clients, our team keeps on growing with more and more associates having strong professional background with good exposure in the related areas of responsibility.

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