CORPORATE AND PROFESSIONAL UPDATE APRIL 15, 2016

CORPORATE AND PROFESSIONAL UPDATE APRIL 15, 2016

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DIRECT TAX:

  • Income Tax: Once the expenditure is found to be allowable as revenue expenditure as per provisions of the Income Tax Act, 1961 (‘Act’), the same is to be allowed as revenue expenditure under the Act while computing income chargeable to tax even if the taxpayer capitalizes such an expenditure in its books of account prepared as per the Companies Act [2016] 68com 181 (Mumbai – Trib.)  Dewanchand  Ramsaran Industries (P.) Ltd. v. ACIT
  • Income Tax:  Where, during proceedings before Supreme Court in famous ‘Best Bakery case’, a VCD was found in which assessee was alleged to have paid money to a witness for becoming hostile and, consequently, Assessing Officer treated said amount as unexplained payment made by assessee on basis of said VCD but did not corroborate said transaction by any other evidence, action of Assessing Officer was not justified
    [2016] 68com 198 (Ahmedabad – Trib.)
INDIRECT TAX :
  • Service Tax: CENVAT credit – Information Technology software services – Such services are made taxable by Sec. 65(105) of Finance Act 1994 with effect from 16.5.2008 – Credit allowed -Mportal (India) Wireless Solutions Pvt. Ltd. Vs. CST (2016 (4) TMI 409 – Karnataka High Court)
  • VAT : Denial of C Forms – Inter-state sale – If movement of goods is occasioned in the lease agreement and pre-conditions viz. registered dealer and goods mentioned in registration certificate are fulfilled the said transaction is deemed to be an inter-state sale within the meaning of Section 3(a) of CST Act – C Forms cannot be denied -Tata Power Delhi Distribution Ltd. Vs. CST, Delhi (2016 (4) TMI 405 – Delhi High Court).
  • Excise & customs : There is distinction between house mark and product mark; a monograph on ‘ayurvedic medicine’, which only identifies manufacturer would not make such medicine a ‘patent or proprietary medicine’ and therefore, said medicine continues to be exempt from duty [2016] 68com 54 (New Delhi – CESTAT) Mayar India Ltd. v. Commissioner of Central Excise

KEY DATES : 

  • Payment of DVAT TDS for march for DVat: 15/04/2016
  • E-Payment of PF for March: 15/04/2016
  • Extension of last date to 10.05.16 for various e-forms having due date between 25.03.16 to 30.04.16:MCA circular no. 03/2016.

MCA UPDATES :

  • MCAhas notified new version of e-forms DIR-12, INC-22 and MGT-7 and have been updated on MCA21 w.e.f 12th April, 2016. Only new version of the eForm will be acceptable.

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