Professional Update For the Day:



IT: Waiver of levy of interest u/s 234B – Application made u/s 119(2)(a) before CCIT – Chief Commissioners of Income Tax cannot exercise that power except in accordance with directions which are issued by the CBDT – Arun Sunny Vs. CCIT & DCIT (2016 (5) TMI 74 – Kerala High Court)

IT: Deemed dividend addition u/s.2(22) – trade advance in relation to business transaction cannot be treated as deemed dividend – M/s Penguin Apparels Pvt. Ltd. Vs. ACIT (2016 (5) TMI 71 – ITAT Chennai)

CBDT has extended due date for payment of TDS on Transfer of Immovable Property u/s 194IA from the existing 7 days to 30 days – Notification No.30/2016, dt.29.04.2016

CBDT has issued Income Tax (10th Amendment) Rules, 2016. The Board has made submission of report in relation to the approval of in-house research and development facility in Part A of Form 3CL and quantifying the expenditure incurred on in-house research and development facility by the company during the previous year and eligible for weighted deduction in Part B of Form No.3CL, electronic. It has also introduced a new Form 3CLA to be submitted electronically to the Secretary, Department of Scientific and Industrial Research on or before the due date specified in Explanation 2 to sub-section (1) of section 139 of the Act for furnishing the return of income, for each succeeding year. 


ST: Test of input being used in or in relation to manufacture is to be applied to consider allowance of CENVAT credit of the service tax paid on the input utilized and having relevance to the output manufactured –M/s ITC Ltd. Vs. CCE, Salem (2016 (5) TMI 89 – CESTAT Chennai)

VAT & ST: A quasi judicial authority should discharge the statutory discretionary powers independently and not under the dictation of superior officers – Kumagai Skanska Hcc Itochu Group Vs. CVAT (2016 (5) TMI 77 – Delhi High Court)

Delhi Com Vat in a meeting informed that the Notification dated 12/4/16 relating to ITEM / ITEM Code being issued by finance deptt. after partial modification from relevant deptt. to come up soon. Further, assured DVAT systems will be ready with the option of accepting Q4 returns on old pattern or new pattern by 8/5/16. Furthermore, vide Notification no. 157 dated: 3/5/16 use of DSC for Q4 made optional for all dealers. TEAM STBA


IASB,ICAI org. certificate course on concurrent audit at hamirpur from may 7, for regn call: 09418026466, or mail at

Registration opens for ICAI certificate course on service tax starting @ Delhi from 4 June 16, contact- 120-3045954,  visit

ICAI invites innovative suggestions for govt. on policy matters. Link:  Email:

Dena Bank invites applications by CA firms for empanelment as Concurrent Auditors for the period July 2016-June 2017 to be submitted by 10.05.16.


Last date of E-payment of service tax foe April by companies vide Challan No. GAR-7 -06/05/2016

It should be noted that – Last date of filing TDS returns for F.Y 2015-16 shall be 15thMay 2016.


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