Daily Updates and News

INCOME TAX ACT

SECTION 4 INCOME – CHARGEABLE AS Compensation : Compensation received in connection with termination of share purchase agreement to be taxed as revenue receipt - [2016] 66 taxmann.com 183 (Himachal Pradesh)

SECTION 220

COLLECTION AND RECOVERY OF TAX - WHEN TAX PAYABLE AND WHEN ASSESSEE DEEMED IN DEFAULT

Waiver of interest : Where order of Commissioner (Appeals) allowing registration to assessee firm was reversed by Tribunal, benefit of waiver of interest in respect of section 220(2) would be allowed up to period provided in this order of Tribunal and it could not be restricted up to date of order of jurisdictional High Court in another case on similar issue - [2016] 66 taxmann.com 161 (Kerala)

SECTION 268A

FILING OF APPEAL OR APPLICATION FOR REFERENCE BY INCOME-TAX AUTHORITIES

Circular No. 21/2015 : Where tax effect in revenue's appeal before High Court was below than prescribed monetary limit of Rs. 20 lakhs as per circular No. 21/2015, dated 10-12-2015, appeal was liable to be treated as dismissed as withdrawn - [2016] 66 taxmann.com 182 (Calcutta)

COMPANIES ACT

SECTION 445

WINDING UP - COPY OF ORDER TO BE FILED WITH REGISTRAR

In case of winding up of company, relevant date for computing workmen's dues will be date of winding up as per section 445(3) and not date of appointment of Official Liquidator - [2016] 66 taxmann.com 187 (Bombay)

SECTION 529A

WINDING UP - OVERRIDING PREFERENTIAL PAYMENTS

Dues of secured creditors including banks and workers have priority over all other debts including claim of Excise Department - [2016] 66 taxmann.com 198 (Gujarat)

CUSTOMS ACT

SECTION 132

OFFENCES AND PENALTIES – CUSTOMS

Where assessee has been exonerated in adjudication proceedings on merits and charge of holding/importing 'prohibited goods' or charge of evasion has been dropped on merits, criminal prosecution cannot continue on same set of facts - [2016] 66 taxmann.com 194 (Delhi)

STATUTES

DIRECT TAX LAWS

Guidelines for Power Generation, Transmission and Distribution in Special Economic Zones (SEZs) -INSTRUCTION NO.F.6/3/2006-SEZ (VOL.III), DATED 16-2-2016

Notice Inviting Comments on Draft Companies (Incorporation) Second Amendment Rules, 2016 - PRESS RELEASE, DATED 17-2-2016

Report of Companies Law Committee – ICSI's Submission to Para Nos. 13.1, 13.13 of Part I and Para No.7.6 of Part II of Said Report - PRESS RELEASE NO.CLG: MCA : 2016, DATED 15-2-2016

Notice Inviting Comments on Draft Companies (Authorised to Registered) Amendment Rules, 2016 - PRESS RELEASE, DATED 17-2-2016

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

Section 119 of the Finance Act, 2015 - Swachh Bharat Cess - Exemption to all taxable services from payment of such amount of Swachh Bharat Cess leviable under section 119(2) of said Act, which is in excess of Swachh Bharat Cess calculated at rate of 0.5 per cent of value of taxable services - Amendment in Notification NO.22/2015-ST, Dated 6-11-2015 - NOTIFICATION NO.5/2016-ST, DATED 17-2-2016

Delhi Value Added Tax (Amendment) Rules, 2016 - Amendment in Rule 28 - NOTIFICATION NO.F.3(28)/FIN (REV-I)/2015-2016/DSVI/42, DATED 11-2-2016 Regards, Meetesh Shiroya