CORPORATE TAX UPDATE FOR 22Th OCTOBER 2015

CORPORATE TAX UPDATE FOR 22th OCTOBER 2015

FAQ on Company Law:

Query: – Our query is whether we can file Annual filing forms with the ROC annexing Financial statements (Balance sheet & Statement of Profit & Loss Account) with (Sd/-)  as signature of directors. Please guide.

Answer: No, duly stamped & signed Financial Statements by the directors of Company (including Auditor’s Report, Board Report with all annexures) is required to be attached with the ROC forms.

Indirect Taxes:

Claim of refund – deemed fiction of duty paid under protest – period of limitation – Tribunal’s order would be applicable only to the period involved in those appeals and cannot be held to be applicable for the entire period in question. Inasmuch as neither any protest was lodged nor the Tribunal’s order covers the period in question.- (Bharat Heavy Electricals Ltd. Versus Commissioner of Central Excise Customs And Service Tax Hyderabad-I, CESTAT BANGALORE)

Denial of rebate claim – Bar of limitation – Export of goods – Petitioner’s claim for refund would be governed by rule 18 of the Central Excise Rules, 2002 read with the notification issued thereunder. The said notification does not provide any period of limitation for a claim for rebate. The rejection of the petitioner’s claim for rebate, therefore, is not well founded. (M/s JSL Lifestyle Limited Versus Union of India and others, PUNJAB AND HARYANA HIGH COURT)

Direct taxes:

In view of the assessment orders made in the case of the petitioner, the respondent authorities can no longer continue with the seizure of the ornaments in question and the same are required to forthwith be returned to the petitioner.- (KS JEWELERS PVT LTD. Versus DIRECTOR OF INCOME TAX, GUJARAT HIGH COURT).

Transaction of gift of shares to a private limited company – the assessee is not carrying out any business or profession, therefore, the provisions of section 28(iv) are not applicable.- (Shri Bhavarlal Hiralal Jain, Shri Atul Bhavarlal Jain, Shri Ashok Bhavarlal Jain and Shri Ajit Bhavarlal Jain, C/o. Jain Irrigation System Ltd. Versus Dy. CIT, Range-I, Jalgaon, ITAT PUNE)

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