UPDATES !!

[CA.MANISH GOYAL]

Dear All,

Please find below Updates along with the Thought for the day:

1. Thought for the Day:

"We can't become what we need to be by remaining what we are."

2. Updates:

1. Disallowance u/s 40A (3) for aggregate cash payments of more than Rs. 20,000 in a single day to one person is applicable w.e.f. 01/04/2009. ITAT Amritsar: Pardeep Singh Wazir vs. DCIT.

2. Depreciation is allowed while calculating exemption u/s 11 in absence of any specific exclusion. ITAT Delhi: ITO (E) vs. Calorex Foundation.

3. CBEC vide Circular 187/6/2015-ST dated 10.11.2015 has issued a scheme for fast track sanctioning of refund of accumulated CENVAT credit to Exporters of Service for    payment of 80% (eighty percent) of the amount claimed as refund.

4. Adjudicating Authority can reject transaction value if assessee fails to prove that relationship had not influenced price. The CESTAT Chennai:  Ansaldo STS Transportation Systems India Pvt. Ltd vs. Comm of Customs.

5. MCA has revised the Versions of Annual Filing Forms, MGT - 7 (Form for filing annual return by a company)  w.e.f 17th November, 2015. 

6. High Court of Delhi confirms penalty on custom official for clearance of Consignment without proper Verification. :S.N. Ojha vs. Comm of Custom

[CA.MANISH GOYAL]

Dear All,

Please find below Updates along with the Thought for the day:

1. Thought for the Day:

"The inner peace begins the moment you chose not to allow others to control your Life or event to control your Emotions."

2. Updates:

1. CBDT lays down standard operating procedure for allocation / transfer of cases and curing of defective appeal.

2. Adjustment of seized cash before completion of assessment permitted against self assessment/ advance tax subject to specific request made by assessee. ITAT Pune held In the case of ACIT vs. RDS Construction Pvt. Ltd.

3. Payment made in excess of Rs 20000/- should be allowed if made in business exigency. ITAT Hyderabad held in Manikanta Concerns Vs DCIT.

4. VAT Input Tax Credit is to be allowed till the date of publication of cancellation of registration in the official gazette. Appellate Tribunal, VAT in the case of M/s Shree Sidhi Vinayak Traders.  

5. Use modified Version of Form MGT-7 (Form for filing annual return by a company) w.e.f. 17th Nov 2015.

6. Updated version of MCA XBRL validation tool -V 3.0 available on MCA.

7. SEBI has issued circular for Investor Grievance Redressal System and Arbitration Mechanism.

[CA.MANISH GOYAL]

Dear All,

Please find below Updates along with the Thought for the day:

1. Thought for the Day:

"To accomplish great things we must not only act, but also dream, not only plan, but also believe."

2. Updates:

1. No disallowance u/s 36(1)(iii) wherein interest free advance to sister concern was made due to margin money stipulation of bank granting. Supreme  Court of India: Hero Cycles.

2. Receipt already taxed in the head of sub-contractor cannot be disallowed to contractor considering same as inflated expense. ITAT Hyderabad: KNR Constructions Ltd. vs. DCIT.

3. Sovereign Gold Bonds, 2015-16 issue date shifted to November 30, 2015 vide circular issued by RBI.

4. Custom Deptt issued Notification No. 53/2015- Dated- 23rd November, 2015  to deepen the tariff concessions in respect of specified goods.

[CA.MANISH GOYAL]

Dear All,

Please find below the Updates along with the Thought for the day:

1. Thought for the Day:

"You don't have to be great to start. But you DO have to start To be great."

2. Update:

1. Section 143(1) intimation is not an assessment and no question of change of opinion. DCIT vs. Zuari Estate Development & Investment Co Ltd (Supreme Court)

2. Disallowance u/s 69C not sustainable where all purchases recorded in books of account accepted by AO. ITAT Delhi held In the case of ACIT vs. Command Detective & Securities Pvt. Ltd.

3. Relaxation of additional fees & extension of last date in filing of forms MGT-7 (Annual Return) and AOC-4 (Financial Statement) upto 30.12.15.

4. RBI permits FPI to acquire NCDs/bonds, which are under default. Circular No.31.

5. CBEC issued Systems Alert for monitoring realisation of export proceeds. Notification No. 609/59/2012.