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1. ST: Where assessee was under bonafide belief that its activities were non-taxable, same was a reasonable cause for non-payment of service tax in time, and hence, no penalty could be imposed in such case [2015] 196 (Mumbai – CESTAT) Arvind Processors (P.) Ltd. v. Commissioner of Central Excise & Service Tax
2. CENVAT: Cenvat credit can be availed by the manufacturer on strength of invoices issued by the supplier for clearance of inputs or capital goods, showing manufacturer’s name as consignee and name of dealers as a buyer [2015] 193 (Mumbai – CESTAT) Aplab Ltd. v. Commissioner of Central Excise
3. IT: Where assessee was under bonafide belief that receipt from the non-compete agreement was a capital receipt and had credited same to capital account and the Capital account was furnished along with the return of income, the penalty for furnishing inaccurate particulars was not justified [2015] 236 (Ahmedabad – Trib.) (TM)Piruz Areez Khambatta v. ACIT
4. IT: On cancellation of booking of the apartment if an excess refund is made to the old purchaser after taking advance from the new purchaser, such excess payment could not be qualified to be interesting as defined under section 2(28A); payer builder would have no TDS obligation [2015] 177 (Kerala) Beacon Projects (P.) Ltd. v. CIT
5. Liability for excise duty payable on closing stock should be provided in the books
6. CBDT constitutes a committee to simplify tax provisions; Taxmann’s author Mukesh Patel and CA Vinod Jain included in the committee
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