Daily Updates and News

INCOME TAX ACT

SECTION 90

DOUBLE TAXATION RELIEF - WHERE AGREEMENT EXISTS

PEs specified in Art 5(2) of Indo-UAE DTAA would be PEs only if essential conditions of Art 5(1) are met - [2016] 66 taxmann.com 16 (Delhi)

SECTION 245D

SETTLEMENT COMMISSION - PROCEDURE ON APPLICATION UNDER SECTION 245D

Findings of Settlement Commission on fulfilment of requirements of a valid offer in orders passed under sections 245D(1) and 245D(2C) are merely tentative and it will be open for Settlement Commission to examine these aspects before passing final order under sub-section (4) of section 245D - [2016] 65 taxmann.com 309 (Gujarat)

FOREIGN TRADE (DEVELOPMENT AND REGULATION) ACT

SECTION 5

FOREIGN TRADE POLICY/EXIM POLICY - INCREMENTAL EXPORT INCENTIVISATION SCHEME (IEIS)

Duty credit scrip benefit under Incremental Export Incentivisation Scheme (IEIS) under FTP 2009-14 can be claimed even for amount exceeding Rs. 20 lakhs, but subject to greater scrutiny; clarification dated 23-9-2004 taking a contrary view was invalid and quashed accordingly - [2016] 66 taxmann.com 1 (Bombay)

SERVICE TAX

SECTION 87

RECOVERY OF ANY AMOUNT DUE TO CENTRAL GOVERNMENT

Tax dues under Voluntary Compliance Encouragement Scheme : If admitted tax dues is not remitted and deposited even under Service Tax Voluntary Compliance Encouragement Scheme, 2013 defaulter cannot fault authorities for recovering 'tax dues' by coercive means - [2016] 65 taxmann.com 303 (Bombay)

CUSTOMS ACT

SECTION 130

APPEALS - MAINTAINABILITY OF - HIGH COURT

Where issue raised before High Court is not one of exemption or valuation; but, only as regards mistake/error committed by Tribunal, then, such rectification matters are appealable before High Court - [2016] 65 taxmann.com 301 (Gujarat)

STATUTES

DIRECT TAX LAWS

Section 237 of the Income-tax Act, 1961 - Refunds - Issue of refunds – Procedure to be followed in other cases where notice under section 245 has been issued for ITRs processed in Financial Year 2015-16 - OFFICE MEMORANDUM [F.NO.312/109/2015-OT], DATED 29-1-2016

Section 92CC of the Income-tax Act, 1961 – Transfer pricing - Advance Pricing Agreement (APA) – CBDT signs two Bilaterial Advance Pricing Agreements (APAs) with United Kingdom - PRESS RELEASE, DATED 1-2-2016

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

Section 5A of the Central Excise Act, 1944 - Power to grant exemption from duty of excise - Omnibus general exemption to goods specified in Chapters 1 to 98 of Tarief – Amendment in Notification No. 12/2012-C.E., Dated 17-3-2012 - NOTIFICATION NO.4/2016-C.E., DATED 30-1-2016 Thanks & Regards, Meetesh Shiroya