Daily Updates and News

INCOME TAX ACT

SECTION 2(47)

CAPITAL GAINS – TRANSFER

Sale of partnership business as going concern to company : Sale of business of assessee-firm as a going concern to company for consideration of paid up share capital does not amount to transfer liable to tax as capital gains - [2016] 66 taxmann.com 249 (Gujarat)

SECTION 28(i)

BUSINESS INCOME - CHARGEABLE AS

Business income v. Capital gains - Dealing in Land : Where an individual engaged in manufacture and sale of pharmaceutical products and, also earned income from sale of undivided share of land and construction of flats on said land, income would be treated as business income - [2016] 66 taxmann.com 250 (Madras)

SECTION 69C

UNEXPLAINED EXPENDITURE

Construction of flats : Where Assessing Officer had no case that assessee had received any excess consideration from flat buyers, nor was it case of any flat buyers that something more was realized from them, no addition on account of unexplained expenditure could be made - [2016] 66 taxmann.com 250 (Madras)

SECTION 80-IA

DEDUCTIONS - PROFITS AND GAINS FROM INFRASTRUCTURE UNDERTAKINGS

Condition precedent/Setting off losses : Where loss of eligible business undertaking was already absorbed against other income of business enterprises, assessee was entitled to claim deduction under section 80-IA -[2016] 66 taxmann.com 251 (Madras)

CUSTOMS TARIFF ACT

SECTION 3

CHARGE/LEVY - ADDITIONAL DUTY OF CUSTOMS/SPECIAL CVD

Even if special CVD on imports was paid using balance lying in DEPB scrips, same is refundable "in cash" on resale of goods; Circulars denying/restricting refund of Special CVD in such cases are ultra vires Notification No. 102/2007-Cus. and are void. - [2016] 66 taxmann.com 253 (Delhi)

STATUTES

DIRECT TAX LAWS

Section 139A of the Income-tax Act, 1961 - Permanent Account Number - Processing of core field updation requests - Identification of duplicate Pans allotted to A Person and Resolution by RCC - ITBA-PAN INSTRUCTION NO.3 [F.NO.PDGIT(S)/ADG(S)-1/ITBA-PAN INSTRUCTIONS/0001/2016], DATED 24-2-2016

Section 190 of the Income-tax Act, 1961 - Administration of TDS - Redressal of taxpayer grievances raised due to TDS mismatches - LETTER, DATED 15-2-2016

Economic Survey 2015-16 - PRESS RELEASE, DATED 26-2-2016

CORPORATE LAWS

Circular on Mutual Funds - CIRCULAR NO.SEBI/HO/IMD/DF2/CIR/P/2016/37, DATED 25-2-2016

Know Your Customer (KYC) Direction, 2016 - CIRCULAR DBR.AML.BC.NO.81/14.01.001/2015-16, DATED 25-2-2016

Alteration in name of Bank Internasional Indonesia to PT Bank may Bank Indonesia TBK in Second Schedule of RBI Act, 1934 - CIRCULAR DBR.NO.RET.BC.80/12.07.104A/2015-16, DATED 25-2-2016

Inclusion of National Bank of Abu Dhabi PJSC in Second Schedule of RBI Act, 1934 - CIRCULAR DBR.NO.RET.BC.79/12.07.138A/2015-16, DATED 25-2-2016

Review of Prudential Guidelines – Revitalizing Stressed Assets in Economy - CIRCULAR DBR.BP.BC.NO.82/21.04.132/2015-16, DATED 25-2-2016

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

Extension of date for filing return in GE-II for first three quarters of 2015-16 - NOTIFICATION NO.F.3(619)/POLICY/VAT/2016/1496-1506, DATED 25-2-2016 Thanks & Regards, Meetesh Shiroya