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SAFEMA : It is only when link or nexus of properties with convict/revenue or to income from such illegal activity is established, properties standing even in name of a relative can be forfeited Competent Authority v. M. Khader Moideen[2016] 72 taxmann.com 283 (Madras)
IT: Eligibility of exemption u/s 54F(4) – the entire amount which was subject to capital gain tax had not been utilized for the purpose of construction of new house nor were the unutilized amounts deposited in the notified Bank Accounts – No exemption – Humayun Suleman Merchant Vs The CCIT-XVII, Mumbai, and Anr. (2016 (9) TMI 70 – Bombay High Court)
IT: Without using the services of the directors the key decisions of the business cannot be taken. Therefore it is essential to give remuneration as per Rules and Regulations of the company. In view of this expenditure is allowable as business expenditure – Rangoli Projects Pvt. Ltd. Vs ITO, Ward-15 (2), New Delhi (2016 (9) TMI 67 – ITAT Delhi)
University not wholly or substantially financed by the government is not eligible for exemption u/s 10(23)(iiiab). [Visvesvaraya Technological University vs. ACIT (Supreme Court of India)].
ITAT Kolkata held that without rejecting the books of account, the ad hoc disallowance made is not sustainable in the eyes of law especially when Assessee has maintained books of account with support. Pioneer Himudyog P. Ltd. Vs Assistant Commissioner of Income-tax (ITAT Kolkata)
ITAT Bangalore held that TDS is not deductible on loss on subscription to chit. Shri Ashok Kumar Rai Vs. The Joint Commissioner of Income Tax (ITAT Bangalore)
A draft notification by the Central Board of Direct Taxes (CBDT) has not gone down well with the industry, which said it would increase compliance burden on them at a time when they are already struggling to cope with issues related to the goods and services tax (GST) regime. However, some of them said that the notification is aimed at bringing abo.
Refunds will be allowed where the contract is for a fixed amount and it has been categorically recorded in the impugned order that no excise duty incidence has been passed on by the respondent to NHAI. NHAI is also categorically certified to that effect. (CCE, Raipur Versus M/s Ircon International Ltd.)- 2016 (8) TMI 1022 – CESTAT NEW DELHI – Central Excise
where on account of delay in delivery of manufactured goods is liable to pay a lesser amount that the generically agreed price as a result of a clause (in the agreement), stipulating variation in the price, on account the liability to “liquidated damages”, irrespective of whether the clause is titled “penalty” or “liquidated damages”, the resultant price would be the “transaction value. ( M/s Kalpana Chemicals Versus CCE, C & ST, Hyderabad – III) – 2016 (8) TMI 1024 – CESTAT HYDERABAD – Central Excise
ST: CENVAT credit – an assessee cannot be denied the benefit of Cenvat Credit of duty on the ground that no manufacturing activity was involved when the assessee has admittedly cleared its final product on payment of duty – M/s. Hindustan Unilever Ltd. Versus C.E. & S.T. Jabalpur (2016 (9) TMI 96 – CESTAT New Delhi)
Full receipt of Singaporean sub-contractor to develop ‘T3 Terminal’, Delhi Airport is taxable AUTHORITY FOR ADVANCE RULINGS (INCOME TAX) NEW DELHI MERO Asia Pacific (P.) Ltd., In re[2016] 73 taxmann.com 17 (AAR – New Delhi)
CBEC implementing Electronic Sealing for containers by exporters under the self-sealing procedure prescribed by Circular 26/2017-Cus dated 1st July, 2017 and Circular 36/2017 dated 28th August 2017. Vide notification no 450/08/2015, dated 20th September 2017
The income tax department’s e-filing website remained inaccessible to users for about 2 hours today amid growing concern about cyber security threats to the financial sector The income tax department’s e-filing website remained inaccessible to users for about two hours on Wednesday amid growing concern ab.
Group Discussion on E Way Bill provisions Under GST (INDIRECT TAXES) Date: From 22-09-2017– To: 22-09-2017 POU Name: GURGAON BRANCH OF NIRC Event Venue
Income Tax Appellate Tribunal Mumbai Consolidated list of orders ready for Pronouncement on 20/09/2017 For more information
Tax officials have asked about 5,000 companies, including some big manufacturers that figure in
The BSE 500 list, provides an explanation of the transition credit they claimed in July under GST.
The government today ruled out any further extension of the deadline after December for filing GSTR-3B tax returns by businesses. GSTR 3B is a simple return form introduced by the CBEC for the month of July and August, following the rollout of the goods and services tax from July. “We have already extended the period for GSTR-3B… People ha..
The Kerala GST department has notified that registrations for entities mandated to collect and deduct tax at source (TDS) have been made compulsory from last Monday.
(September 18). The notification said that government or semi-government institutions, societies, and public sector organizations are expected to complete the registration form.
Who shall furnish details: Every registered person who causes movement of goods shall furnish information relating to the said goods in Part A of FORM GST EWB-01, electronically, on the common portal, before the commencement of such movement. When to submit: If the consignment value of such goods exceeds ₹ 50,000/
The government today said businesses that want to deregister their brands for availing the benefit of lower GST will have to file an affidavit before the tax commissioner about forgoing the rights. Also, the businesses will have to print in indelible ink on containers in which they are selling cereals, pulses, flours that they have voluntarily for.
GST exemption for traders having turnover up to 25 lakhs: Revenue Secretary Source: www.business today.in
Query: Since some customers may not bear the taxes if shown separately, can a single consolidated price inclusive of all taxes be shown along with such a declaration?
Answer: The invoice rules prescribe a separate field to mandatorily mention prominently the amount of tax and the rate of tax applicable on the price at which the supply is made. Therefore, mentioning a consolidated amount without showing the tax separately will not be valid.
Ministry of Corporate Affairs vide General Circular No. 8/2016 dated 29.07.2016, has extended the date to file financial Statements or Annual Returns on or before 29.10.2016, where due date for holding of AGM is on or after 1st April 2016, without payment of additional fees.
Return of input service distributer for August: 22/09/2017
E-Payment of Service Tax for August by Companies: 06/09/2016
E-Payment of TDS/TCS deduced/collected for the month of August: 07/09/2016
Submission of Form No. 27C (TCS) received in August to IT Commissioner:- 07/09/2016
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