Professional Update for the Day:
- SC dismisses Revenue’s SLP challenging Bombay HC order quashing CIT’s order u/s 263 (revision proceedings) for AYs 2007-08 and 2008-09; CIT (A) had set aside assessment orders due to lack of sufficient enquiries by the AO in respect of the genuineness of the gifts received by the assessee (individual) while directing the AO to invoke Sec. 68 in case gifts are found to be non-genuine [TS-686-SC-2016]
- Delhi ITAT held that Penalty can be imposed only on disproved claim of expenditure and not unproved claim of expenditure. Arun Duggal Vs. DCIT (ITAT Delhi)
- Delhi High Court declared Rule 5A(2) of the Servcie Tax Rules, as amended, to the extent that it authorizes the officers of the Serviec Tax Department, the audit party deputed by a Comissioner or the CAG to seek production of the documents mentioned therein on demand, as ultra virus the Finance Act and therefore, struck it down to that extent. Union of India Vs. Mega Cabs Pvt. Ltd. (Supreme Court)
- Service tax dept. pulled up for unfair arrest of Make My Trip top officials; HC ordered tax refund Makemytrip (India) (P.) Ltd. v. Union of India  (Delhi)
- MCA vide Notification has issued an amended rules for Incorporation to make compulsory using of SPICE procedure for Incorporation of Companies wef 1.1.2017.
Salient Points of Hon. PM’s speech:
- Two new housing schemes for poor.
- Lower interest rates for urban housing Loans of less than 12lakhs.
- Lower interest rates for rural house development loans up to 2lakhs.
- Farmers get 2 months of interest waiver on select crops.
- 6000/- to be given to every pregnant woman.
- FD interest to be min 8% for senior citizens for deposits up to 7.5lakhs.
- Please use BHIM app.
- Loan up to 2 CR with govt guarantee. No 3rd party guarantee required.
- Only 6% of total revenue collected digitally will be assumed to be income as compared to present 8%.
- E-Payment of Service Tax for the month of December – 06.01.2017
- Due date of deposit of Tax deducted/collected for month of December – 07.01.2017
“The winner is the chef who takes the same ingredients as everyone else and produces the best results.”
“Positive attitude and self motivation are two significant traits to achieve excellence.”
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