Untitled37ADirect Tax:-

ITAT Ahemdabad in the below mention case confirmed the addition u/s 68 on unexplained share capital and premium received as assessee has been able to just prove the identity of the company but unable to prove the genuineness & creditworthiness the parties.( ACIT, Ahmedabad Vs. Nakoda Fashion Pvt. Ltd.)

ITAT Kolkata in the below mwntioned case held that the assessee under consideration has one truck only and the same was being used for purpose of business, hence depreciation should be allowed to the assessee – since the truck are not used for renting, provisions of presumptive income U/s 44AE not applicable – [M/s Northern Services & Supply Co. (P) Ltd. Vs. DCIT, Jalpaiguri]

 IT: Assessee is required to prove the source of huge Cash Deposit in Bank even if he has declared his income u/s 44AF – Naresh Kumar Vs CIT, Patiala (2016 (10) TMI 252 – Punjab & Haryana High Court).

IT: Levy of interest u/s 234C is an automatic, it cannot be restricted to the tax due on Returned income as referred u/s 139(1) – Sree Meenakshi Reltors Vs ITO, W-II (3), Coimbatore (2016 (10) TMI 215 – ITAT Chennai)

IT: TDS u/s 195 – AMC contract – non-resident payee as no PE in India therefore his business income not taxable in India – No TDS liability – ACIT, Cir-12(1), New Delhi Vs HCL Comnet Ltd. (2016 (10) TMI 175 – ITAT Delhi)

IT: Reference to DVO – AO strongly disputes the correctness sales consideration and must be allowed free hand to complete the assessment as per law – Kanaiyalal Dhansukhlal Sopariwala Vs DVO, Valuation Cell And 1 (2016 (10) TMI 407 – Gujarat High Court)

Indirect Tax:-

Madras High Court in the below case held that encashment of bank guarantee doesn’t amount to payment of duty:(Nizamabad Agro (P.) Ltd. v.Assistant Commissioner of Customs –EODC)

period of limitation where refund claim was filed electronically within prescribed time – They later submitted in physical form all these documents with Jurisdictional officer – refund cannot be rejected on the ground of time bar – Tri – Service Tax(M/s Boston Scientific India Private Limited Versus CST, Delhi-IV, Gurgaon)

ST: Refund claim filed electronically within prescribed time later submitted in physical form – refund cannot be rejected on the ground of time bar – M/s Boston Scientific India Private Limited Vs CST, Delhi-IV, Gurgaon (2016 (10) TMI 281 – CESTAT Chandigarh)

VAT & ST: Principle of lifting of the corporate veil – recovery of duty / tax from the director cannot be made merely on the basis of allegation – The test of fraudulent conduct not satisfied so as to attract the principle of lifting of corporate veil – Shri Harbhajan Singh Vs C.T.T., U.P. Lucknow (2016 (10) TMI 260 – Allahabad High Court)

DVAT: Circular No.15 of 2016-17 relating to disposal of refunds in the stipulated time stands withdrawn and shall be considered void ab initio – Circular No.16/2016-17.

ST: Service for loading goods by the contractor on weight basis – the activity of loading/unloading cannot be termed as supply of Manpower Recruitment Agency Service – M/s Radiant Textiles Ltd. Versus CCE, Chandigarh-II (2016 (10) TMI 242 – CESTAT Chandigarh)

DVAT refunds to be disposed in the stipulated time period – Circular No.15/2016-2017, dt.03.10.2016

ST: Classification of service – credit rating activity – the advisory service provided by the appellant does not fall under the category of Management Consultancy Service however it is correctly classifiable under Banking and Other Financial Services – M/s CRISIL Ltd. Versus Commissioner of Central Excise, Thane (2016 (10) TMI 390 – CESTAT Mumbai)

ED: Area based exemption- if the exemption is extended to one unit the change in ownership would not jeopardize the admissibility of exemption – M/s. Khurana Oleo Chemicals Vs CCE, Chandigarh (2016 (10) TMI 382 – CESTAT Chandigarh)

VAT & ST: Input tax credit – whether the Hon ble Tribunal was justified in rejecting the claim of the assessee for the Input Tax Credit even though such purchases are not disqualified as per Schedule- E attached to the Haryana VAT Act 2003 – Held NO -Modern Dairies Ltd. Vs State of Haryana and another (2016 (10) TMI 374 – Punjab & Haryana High Court)


After taking the bold initiative by coming up with SPICe, now MCA has notified that e-Form INC-29 (Integrated Incorporation Form) will be withdrawn w.e.f. 1st November, 2016.

Accordingly, e-Form INC-29 will no longer be available on the MCA21 portal and stakeholders will not be able to file any previously downloaded versions from this date. Stakeholders are requested to plan accordingly and use SPICe (Simplified Proforma for Incorporating Company electronically), INC-2 (One Person Company), or INC-7 (Incorporation of Company) e-Forms, as applicable for incorporation of Companies under the Companies Act, 2013. MCA had recently released SPICe forms where the entire process of incorporation was made electronic.


SEBI in its  Circular stated that exclusively listed companies (ELCs) on the Dissemination Board will be required to exercise one of the two options — either raise capital for listing on nation-wide stock exchanges or exit from the dissemination board.

Key Dates:

Payment of DVAT TDS for the month of September-15/10/2016

Form 27EQ (TCS return) by all deductor-15/10/2016

Issue of TDS Certificate in case of payment/credit made in the month of august for purchase of property u/s 194IA-15/10/2016

Statement by bank in Form no. 15CC in respect of foreign remmitence during the quarter-15/10/2016

E-Payment of PF for the month of September-15/10/2016

Acceptance is a great quality that we need to possess because life never accepts how we  are  but we need to accept how life is.

Always have a successful exit than a favorable entrance. Because, what matters is not being clapped when we arrive but being remembered when we leave .

We look forward for your valuable comments.

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