Daily Updates and News

INCOME TAX ACT

SECTION 80P

DEDUCTIONS - INCOME FROM CO-OPERATIVE SOCIETY

Reassessment : Where Assessing Officer completed assessment allowing deduction under section 80P, subsequent reopening of assessment solely on basis of audit objection raised by revenue audit party that no such deduction was permissible would not be valid - [2016] 66 taxmann.com 80 (Bombay)

CENTRAL EXCISE ACT

SECTION 11B

REFUND - DUTY/TAX PAID UNDER PROTEST

Where letter stating 'ground of protest' was filed on 14-6-1999 while seeking re-determination of capacity of production originally determined in April, 1999, then, said protest letter would be valid even for period prior to 14-6-1999 and refund claim of duty cannot be rejected as time-barred - [2016] 66 taxmann.com 101 (Allahabad)

CST & VAT

SECTION 4 OF CENTRAL SALES TAX ACT, 1956

SALE

In case of sale of motor vehicle, seller or manufacturer/dealer is bound to transport motor vehicle to office of Registering Authority and only when it reaches there safe and sound, it can be said to be in a deliverable state and only then property in such a motor vehicle can pass to buyer - [2016] 66 taxmann.com 91 (SC)

SECTION 4A OF GUJARAT SALES-TAX ACT, 1969

ADDITIONAL TAX - LEVY OF

Where assessee was entitled to exemption from payment of tax on sale or purchase of goods under a notification issued under section 49(2), it was not liable to pay additional tax on sales, which were wholly exempted from payment of tax - [2016] 66 taxmann.com 98 (Gujarat)

STATUTES

CORPORATE LAWS

Debts Recovery Appellate Tribunal, Chennai (Multi-Tasking Staff) Recruitment Rules, 2016 - NOTIFICATION NO.GSR 38(E) [F.NO.05/01/2015-DRT], DATED 11-1-2016

Debts Recovery Appellate Tribunal, Mumbai (Multi-Tasking Staff) Recruitment Rules, 2016 - NOTIFICATION NO.GSR 39(E) [F.NO.05/01/2015-DRT], DATED 11-1-2016

Debts Recovery Appellate Tribunal, Allahabad (Multi-Tasking Staff) Recruitment Rules, 2016 - NOTIFICATION NO.GSR 40(E) [F.NO.05/01/2015-DRT], DATED 11-1-2016

Debts Recovery Appellate Tribunal, Delhi (Multi-Tasking Staff) Recruitment Rules, 2016 - NOTIFICATION NO.GSR 41(E) [F.NO.05/01/2015-DRT], DATED 11-1-2016

Debts Recovery Tribunal-1, Ahmedabad (Multi-Tasking Staff) Recruitment Rules, 2016 - NOTIFICATION NO. GSR 42(E) [F.NO. 05/01/2015-DRT], DATED 13-1-2016

Section 17 of the Foreign Exchange Management Act, 1999 – Special Director (Appeals), Appeal to - Commissioners of Income tax nominated as Special Director (Appeals) for FEMA Cases and their Jurisdiction -NOTIFICATION NO. SO 373(E) [F.NO.K-11022/65/2015-AD.ED], DATED 5-2-2016

Section 43 of the Prevention of Money-Laundering Act, 2002 – Special Courts – Notified Special Court(s) for trial of offences punishable under Section 4 of said Act - NOTIFICATION NO. SO 372(E) [F.NO.C-18015/3/2013-AD.ED], DATED 5-2-2016

INDIRECT TAX LAWS (ST./EX,/CUS. & (CST & VAT)

Section 35L of the Central Excise Act, 1944 – Supreme Court, Appeals to – Effect of 'In Limine' dismissal of Special Leave Petition (SLP) by Supreme Court and filing of review Petition in Supreme Court - INSTRUCTION [F.NO.276/114/2015-CX.8A], DATED 9-2-2016 Thanks & Regards,Meetesh Shiroya