Daily Updates and News

INCOME TAX ACT

SECTION 43B

BUSINESS DISALLOWANCE - CERTAIN DEDUCTIONS TO BE ALLOWED ONLY ON ACTUAL PAYMENT

Sales tax on excise duty : Where assessee had directly deposited excise duty payable on goods, he will be entitled to benefit of deduction of sales tax payable on excise duty component in assessment years in question as sales tax on excise duty is a part of sale price - [2015] 62 taxmann.com 278 (SC)

SECTION 80HHC

DEDUCTIONS – EXPORTERS

Rectification of mistake : An omission to produce auditor's certificate for claiming deduction under section 80HHC is as much a mistake as an omission to take note of a record which can be rectified under section 154 -[2016] 66 taxmann.com 37 (Madras)

SECTION 254

APPELLATE TRIBUNAL - POWERS OF

Power of rectification : It would be noticed that the power under rule 12 of ITAT Rules to either reject a memorandum of appeal or return it for correction, if the memorandum of appeal is not in the prescribed form. It is only after the memorandum of appeal is put in the prescribed form that it has to be represented for acceptance under rule 7 - [2016] 66 taxmann.com 52 (Bombay)

SARFAESI ACT

SECTION 13

ENFORCEMENT OF SECURITY INTEREST

Where petitioner-bank was prevented from taking absolute and exclusive control of subject premises despite order of Chief Metropolitan Magistrate under section 14 of SARFAESI Act, due to an interim order passed by Court but subsequently said interim order merged in final order passed by High Court in favour of petitioner, it was entitled for restitution and Police officers were directed to provide assistance to petitioner - [2016] 66 taxmann.com 46 (Andhra Pradesh)

CUSTOMS ACT

SECTION 14

LEVY OF DUTY - VALUATION OF GOODS

Ship demurrage charges paid by assessee/importer on import of goods were not liable to be included in assessable value of goods imported for customs duty purposes - [2016] 66 taxmann.com 108 (SC)

STATUTES

CORPORATE LAWS

Appellate Tribunal for Forfeited Property (Procedure for Appointment of Chairman) Rules, 2016 -NOTIFICATION NO. GSR 138(E) [F.NO.A.12011/1/2015-SO (CA)], DATED 2-2-2016 Thanks & Regards, Meetesh Shiroya