Professional Update For the Day:
Income Tax : Deduction u/s 80HH of the Act in respect of profit and gains from newly established industrial undertaking in backward areas would be given subject to fulfillment of certain conditions as provided in sub section (2) of the said provision. Indian Railway Const. Co. Ltd. Vs. IAC (A) -ITAT Delhi
Income Tax : Bangalore ITAT upholds capital gains addition in respect of sale of various lands held by assessee, engaged in buying / selling of immovable properties, during AY 2007-08, rejects assessee’s claim of exemption on the ground that land was agricultural land and falls under exclusion clause (iii) to Sec 2(14). [TS-360-ITAT-2016(Bang)]
Income Tax: ITAT in the given case held that the ‘upfront fee’ paid to Central Bank of India on loan taken from it is allowable as a deduction from the assessee’s income. ( DCIT, Mumbai Vs. M/s Videocon Industires Ltd.)
Income Tax: Income Computation and Disclosure Standards (ICDS) are to be applicable from 1.4.2016 i.e. previous year 2016-17 (AY 2017-18), postponed by one year.
Payment made to agencies for services of Toll collection would attract sec. 194C TDS and not sec. 194H TDS Deputy Commissioner of Income-tax, Circle-3(1), (TDS), Vijayawada v. Project Director, NHAI  71 taxmann.com 7 (Visakhapatnam – Trib.)
CENVAT : CENVAT Credit on Canteen Services and House Keeping/Cleaning Services availed in office building are admissible to Assessee when same was situated within licensed factory premises of Assessee.( M/S. Tata Steel Ltd. Vs. Commissioner Of Central Excise & Service Tax, Jamshedpur (Cestat Kolkata)
Vat & sales tax: Joint Commissioner has to decide VAT proceedings without any interference of other authority Tanuj Agency (P.) Ltd. v. State of Gujarat  71 taxmann.com 4 (Gujarat)
COMPAT quashes CCI’s penalty order of Rs. 6.75 crores on India Trade Promotion Organization India Trade Promotion Organization v. Competition Commission of India , New Delhi  71 taxmann.com 71 (CAT – New Delhi).
Time period u/s 139 to comply with provisions of rotation, changed to 1st AGM held after 3yrs from commencement of Companies Act, 2013. Removal of Difficulties 3rd Order, 2016.
KEY DATES :
Submission of form 27C (TCS) received in the month of June: 07/07/2016
Payment of TDS for the month of June: 07/07/2016
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