Page Contents
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
For query or help, contact: singh@carajput.com or call at 9555555480
Key Tax Deducted at Source Compliance Issues under Section 194T Section 194T significantly increases compliance rigor by imposing gross-based, real-time… Read More
Income Tax Return Due Dates for FY 2025‑26 (AY 2026‑27) Timely filing of an income tax return ensures avoidance of… Read More
MCA Introduces Companies Compliance Facilitation Scheme, 2026 (CCFS‑2026) The MCA has introduced the Companies Compliance Facilitation Scheme, 2026 (CCFS‑2026) to… Read More
TDS on Purchase of Immovable Property – Filing Impact of Form 141 The CBDT introduced a new form, 141, under… Read More
MCA Filing Calendar – Key Compliance Due Dates (FY 2025‑26) MSME‑1 (Half‑Yearly Return) : Half‑Yearly Return filling Purpose: Disclosure of… Read More
Form 26 (Tax Audit Report) under the Income Tax Rules, 2026 The new Form No. 26, introduced under the Income‑Tax Rules,… Read More