Professional Update For the Day:
Income Tax : Cash deposits in bank can’t be held as undisclosed income without verifying source of deposits Gurpal Singh v. Income-tax Officer, Ward-1, Kapurthala Income-tax Officer, Ward-1, Kapurthala
Income Tax : Chennai ITAT denies Sec 11 exemption to assessee ,an educational trust with respect to income earned from renting of ‘auditorium hall’ during AY 2010-11.It observed that exemption u/s 11(4) is available on income derived from business held under trust and the words ‘property held under trust’ includes business undertaking held under trust. [TS-364-ITAT-2016(CHNY)]
Income Tax: Hyderabad ITAT rules that compensation received by assessee ,an India based publication house,in terms of settlement agreement for not using the trademark obtained from a London based company – Longman Communications Ltd. which was taken over by Pearson Group, UK, is a non-taxable capital receipt for AY 2008-09. [TS-363-ITAT-2016(HYD)]
Service tax : Calcutta high court in the case of Saurav Ganguly held that there is no service tax for writing artlcles, anchoring TV shows, playing IPL matches & Brand Endorsement.( Sourav Ganguly -Vs.- Union of India & Ors.)
Service tax : Consultancy service availed to procure finance for business is eligible input service Commissioner of Central Excise Bangalore II Commissionerate v. Sanmar Speciality Chemicals Ltd. 71 taxmann.com 10 (Karnataka)
Excise : Supreme Court in the judgment of the given case held that Subsidy by way of refund of excise duty and interest for setting up a new industrial undertaking is a capital receipt & not taxable as income. Alternatively, such receipts are “derived” from the industrial undertaking and are deductible u/s 80-IB.( CIT Vs. Shree Balaji Alloys)
Custom : Karnataka HC upholds Tribunal order denying exemption u/s 5(2) of CST Act on lease transactions effected by Hewlett Packard (assessee) with local customers on ground that same did not constitute ‘sale in course of import. [TS-268-HC-2016(KAR)-VAT]
Banks need not report details about invocation of bank guarantee for service imports RBI/2016-17/8 A.P. (DIR Series) Circular No. 1 Dated July 07, 2016
Time period u/s 139 to comply with provisions of rotation, changed to 1st AGM held after 3yrs from commencement of Companies Act, 2013. Removal of Difficulties 3rd Order, 2016.
Where appellant holding merely eight shares objected to scheme of amalgamation which had been approved by all shareholders, secured and unsecured creditor, objection of appellant was malicious and mala fide as he was disqualified from continuing as statutory auditor of company –  70 taxmann 394 (Delhi)
KEY DATES :
Excise return in Form ER-1 for non SSI assessee for the month of June: 10/07/2016
Excise Return in Form ER-2 for EOUs for the month of June: 10/07/2016
Submission of Excise Return in ER-3 by SSI unit for June quarter: 10/07/2016
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