Categories: Corporate and Professional Updates

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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Tags: Excise & Customssection 69A ITTDS default on royalty payment

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Rajput Jain & Associates is a Chartered Accountants firm, with it's headquarter situated at New Delhi (the capital of India). The firm has been set up by a group of young, enthusiastic, highly skilled and motivated professionals who have taken experience from top consulting firms and are extensively experienced in their chosen fields has providing a wide array of Accounting, Auditing, Taxation, Assurance and Business advisory services to various clients and their stakeholders. Rajput jain & Associates, a professional firm, offers its clients a full range of services, To serve better and to bring bucket of services under one roof, the firm has merged with it various Chartered Accountancy firms pioneer in diversified fields. We have associates all over India in big cities. All our offices are well equipped with latest technological support with updated reference materials. We have a large team of professionals other than our Core Team members to meet the requirements of our prospective clients including the existing ones. However, considering our commitment towards high quality services to our clients, our team keeps on growing with more and more associates having strong professional background with good exposure in the related areas of responsibility.