Daily Updates and News

INCOME TAX ACT

SECTION 10(33)

UNITS OF UTI/MUTUAL FUNDS

Income from retention/transfer : Where dividend was received by virtue of fact that units of mutual fund were held by assessee and said dividend was not income earned on transfer of units, dividend income was exempt -[2016] 67 taxmann.com 57 (Bombay)

SECTION 80HHC

DEDUCTIONS – EXPORTERS

Computation of deduction : Ninety per cent of not gross rent or gross interest but only net interest or net rent, which has been included in profits of business of assessee as computed under head 'Profits and Gains of Business or Profession', is to be deducted in terms of Explanation (baa) to section 80HHC for determining profits of business - [2016] 67 taxmann.com 55 (SC)

SECTION 159

LEGAL REPRESENTATIVES

Notice to legal representative : Where department intended to proceed under section 147 against assessee when he was already dead, it could have been done so by issuing a notice to legal representative of assessee within period of limitation for issuance of notice - [2016] 67 taxmann.com 56 (Delhi)

CST & VAT

SECTION 68 OF DELHI VALUE ADDED TAX, 2004

DELEGATION OF COMMISSIONER’S POWERS

Assessee was a registered dealer under Delhi VAT. Department undertook survey in premises of assessee and found shortage of stock and excess cash. The survey, search and seizure operation was undertaken by Enforcement Officer (AVATO Enf-I) and later on the default assessment orders of tax, interest and penalty were also passed by AVATO Enf-I - [2016] 67 taxmann.com 87 (Delhi)

STATUTES

DIRECT TAX LAWS

Section 268A of the Income-tax Act, 1961 - Filing of Appeal or Application for reference by Income-tax Authority - Clarification on applicability of Circular 21 of 2015 - LETTER F.NO.279/MISC./M-142/2007-ITJ (PART), DATED 8-3-2016

CORPORATE LAWS

Minerals (Other than Atomic and Hydro Carbons Energy Minerals) Concession Rules, 2016 - NOTIFICATION NO. GSR 279(E) [F.NO.1/18/2015-MVI], DATED 4-3-2016

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

Delhi Vat Act, 2004 - Clarifications on filing of Form GE-II - NOTIFICATION NO.F.3(619)/POLICY/VAT/2016/1610-1623, DATED 7-3-2016

Service Tax (Second Amendment) Rules, 2016 - Amendment in Form ST-3 - NOTIFICATION NO.20/2016-ST, DATED 8-3-2016

Thanks & Regards,
Meetesh Shiroya