Professional Update for the Day:

FDi in E Commerce

Direct Tax:

  • 271(1)(c): ‘Furnishing of inaccurate particulars of income’ and ‘concealment of particulars of income’ have different connotations. The failure by the AO to specify in the s. 274 notice which of the two charges is applicable reflects non-application of mind and is in breach of natural justice as it deprives the assessee of an opportunity to contest. The penalty proceedings have to be quashed Jehangir HC Jehangir vs. ACIT (ITAT Mumbai)
  • Allahabad High Court held that Rejection of Books of Accounts is Pre-Requisite As Per Section 145(3) For Making an Assessment Under Section 144 CIT vs. Pashupati Nath Agro Food Products Pvt. Ltd (Allahbad High Court)

Indirect Tax:

  • HC allows assessee’s appeal, sets aside CESTAT order which denied SSI exemption on ground that turnover of manufactured electric furnace and heating elements exceeded turnover limit prescribed under Notification No. 1/93 [TS-131-HC-2017(MAD)-EXC]

Other Updates:

  • GST Council may reconsider the proposed 43 per cent tax on hybrid cars at its meeting next week after the auto industry voiced disappointment over the steep rate hike.
  • RBI issued Regulatory requirements for issue of Pre-paid Payment Instruments by Co-operative Banks which have installed ATMs and issued ATM cum Debit cards to introduce semi-closed Prepaid Payment Instruments (PPIs) for payment of utility bills / essential services up to a limit of Rs.10, 000.

Key dates:

Advance Information for 1st fortnight of June functions with booking cost > Rs. 1 lakh in Banquet Halls, hotels etc. in DVAT: 27/05/2017

Issue of TCS Certificates by collectors for quarter ended March: 30/05/2017

Issue of TDS certificate to employee:31/05/2017

TDS returns for march quarter by ALL deductors:31/05/2017

Quote of the Day:

You can get assent to almost any proposition so long as you are not going to do anything about it.

We look forward for your valuable comment


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