IT: Expenditure relatable to day to day running of the business is allowable as revenue expenditure in the hands of assessee irrespective of the fact that the assessee was following percentage completion method of recognizing its revenue – Arun Pitambar Seth Vs. ACIT, Cir-3, Pune (2016 (4) TMI 752 – ITAT Pune)
IT: Assessment u/s 153C – the concerned documents / diaries did not emanate from out of seizures made in the course of search action – M/s. Giriraj Developers Vs. ACIT, Cir-13, Mumbai (2016 (4) TMI 749 – ITAT Mumbai)
No penalty for non-maintenance of TP docs if assessee furnished updated margins of earlier comparables Assistant Commissioner of Income-tax, Circle-6, Jaipur v.Integrated Decisions & Systems (India) (P.) Ltd. 68 taxmann.com 185 (Jaipur – Trib.)
Fall in value of stock allowed to be deducted, though it was in transit and lying at port Pr. Commissioner of Income Tax v. STCL Ltd  68 taxmann.com 224 (Karnataka)
IT: Export sales directly made to the consignee through the sister concern was the deemed export of the assessee – deduction u/s 10B allowed – M/s. Earth Stone Group Vs. ACIT (2016 (4) TMI 824 – ITAT Delhi)
ST: Once what is received by the service receiver being output services the same would automatically become input service in terms of Rule 2 (l) of Cenvat Credit Rules – M/s Sundaram Industries Ltd. Vs. CCE, Madurai (2016 (4) TMI 777 – CESTAT Chennai)
Excise & Customs: Where assessee surrendered its registration certificate for de-registration, denial of de-registration on ground that a case of demand of duty was pending against it was wrong  68 taxmann.com 200 (Mumbai – CESTAT) Akasha Syncotex Ltd. v. Commissioner of Central Excise
VAT & ST: Refund of excess TDS – construction business – Section 27 & 24 of HVAT Act would be applicable only to the taxable turnover i.e. after deducting service component and turnover relating to sales outside State in the course of inter-state sales or in the course of import – M/s. S.M. Constructions, Ludhiana Vs. The State of Punjab (2016 (4) TMI 762 – Punjab & Haryana High Court)
DVAT: Delhi Govt. has issued Delhi Value Added Tax (Amendment) Rules, 2016. Return Forms DVAT-16 and DVAT-17 have been amended wherein dealers are now required to furnish details of purchases and sales in Annexure 2A and 2B along with the description of goods and their codes. Forms DVAT-30 and DVAT-31 have also been amended.
ST: Increase in rates of service tax in respect of bank guarantee and insurance premium is directly relatable to the terms of the contract – M/s Centrodorstroy Vs. NHAI (2016 (4) TMI 801 – Supreme Court)
VAT & ST: Different view taken by Court – Tribunal has already decided the matter in case of original petitioner – Once a decision has attained finality it cannot be upset just on a mere ground that subsequently the higher forum has taken a different view – M/s. IFB Industries Ltd. Vs. DCCT (2016 (4) TMI 761 – Karnataka High Court)
MCA: The relaxation of additional fees vide General Circular No.03/2016 dated 12 APR 2016 has been implemented in MCA21 system w.e.f. 21 APR 2016. The additional fee payable on Company e-forms which are due for filing b/w 25 MAR to 30 APR 2016 is relaxed till 10 MAY 2016.
Department of Education, Delhi Govt. invites application from CAs for empanelment for audit of private schools For details, please visit: http://resource.cdn.icai.org/lof2015/source/lof2015.html
CALS, a sister concern of “Grant Thornton (India)”offers cost effective learning for CA Final in an offline mode anytime, anywhere. For details:Toll free number: 1800-1200-560. Email on firstname.lastname@example.org, www.calearning.in
Issue of TDS Certificate in case of payment/credit made in March for purchase of property u/s 194A:22/04/2016
Issue of certificate for deduction made in March in DVAT-43: 22/04/2016
“Judge a man by his questions rather than his answers.”
Happiness is a delicate balance between what you want and what you have. It is the inner joy that can be sought and caught but can never be taught and bought .