CORPORATE TAX UPDATE FOR 24th OCTOBER 2015

CORPORATE TAX  UPDATE FOR 24th OCTOBER 2015

UPDATES

1. Excise & Customs : Merely because fraudulent availment of exemption/bond is of great magnitude and is admitted does not mean that recovery can be made at any time; recovery can be made within 5 years from relevant date and there is no provision to consider ‘date of knowledge of department’ as relevant date [2015]Dharampal Lalchand Chug v. Commissioner of Central Excise 

2. Dept. must specify default committed by assessee in SCN without which demand is invalid
Excise & Customs : Mere passing reference to a section in show-cause notice, without any supporting omissions or commissions by assessee supporting invocation of said section, cannot validate demand under said section [2015]  Commissioner of Central Excise v. Super Spinning Mills Ltd. 

3. IT: In terms of section 69A, assessee would be treated in possession of jewellery, from date of opening of locker, i.e., when jewellery was found and seized by revenue, and would be added to his income accordingly [2015]  Ajay R. Dhoot v. Deputy Commissioner of Income-tax 

4. IT : No reassessment due to TDS default on royalty payment if its details were available at assessment stage [2015]6 (Calcutta)  Debashis Moulik v. ACIT

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