Last date of filing DVAT return of second quarter extended to Nov 16,2015

VAT : Extension of Filing of Online Return for Second Quarter 2015-16

Mere construction done to repair property didn't amount to contempt of CLB's status quo order regard

CL: Where CLB passed status quo order in respect of subject property to restrain creation of third party rights, construction done by respondent tenant to repair that property could not be considered as detriment to interest of anybody and, therefore, contempt application filed to restrain construction by respondent was to be dismissed

CIT couldn't make revision under sec. 263 just to arrive at valuation on basis of different method

IT: Where on same set of evidence produced by assessee, Assessing Officer and Commissioner draw different opinions, such difference of opinion cannot be a basis to invoke jurisdiction under section 263

Failure to serve reassessment notice couldn't be cured by deeming fiction of sec. 292BB

IT: In order to complete reassessment, notice under section 148 has to be mandatorily served upon assessee in accordance with section 282(1), read with Order V, Rule 12 CPC and Order III Rule 6 CPC

No denial of sec. 11 relief to 'All India Football Federation' on receipt of sponsorship fees

IT: Income received by 'All India Football Federation' from sponsorship and telecasting rights did not amount to carrying out any activity in the nature of trade, commerce or business but was incidental to main objective of promoting the game of football in India

Last date for filing of Financial Statements and Annual Return extended till Nov 30, 2015

COMPANIES ACT, 2013 : Section 137 of the Companies Act, 2013 - Accounts of companies - Copy of financial statement - Relaxation of additional fees and extension of last date of filing of Forms AOC-4, AOC-4 XBRL and MGT-7 under said Act

Last date for filing of Financial Statements and Annual Returns extended till Nov 30, 2015

COMPANIES ACT, 2013 : Section 137 of the Companies Act, 2013 - Accounts of companies - Copy of financial statement - Relaxation of additional fees and extension of last date of filing of Forms AOC-4, AOC-4 XBRL and MGT-7 under said Act

When mixed funds are diverted for interest-free advances, average cost of debts should be used to ma

IT : Where mixed funds are diverted towards interest-free advances, disallowance should be made up to level of average cost of debt to assessee and not on basis of interest rate of any particular transaction

Reassessment notice couldn't be issued after 6 years if assessee doesn't have any asset outside Indi

IT : SLP dismissed against High Court's ruling that where assessee did not have any asset outside India and there was no question of having any income in relation to such an asset, notice issued under section 148 after expiry of six years from end of relevant year relying upon provisions of section 149(1)(c) was not sustainable

High Court unhappy with approach of SetCom to end proceeding abruptly

Excise & Customs : Where Settlement Commission rejected assessee's application observing 'Settlement not possible without going into lot of details', High Court remanded matter back to Commission expressing its annoyance against reluctance of Commission to take up matters involving considerable efforts

Mere inadequate inquiry by AO doesn't give occasion to CIT to make revision under sec. 263

IT : Where assessee had filed VDIS certificate to show that jewellery found during search had been declared under VDIS and Assessing Officer accepted such certificate, there was no error in order of Assessing Officer so as to invoke jurisdiction under section 263

Additional CIT can perform functions of AO only with direction of CBDT

IT : Additional Commissioner of Income Tax can perform the functions and, exercise the powers of an Assessing Officer only if he is specifically directed under section 120(4)(b)

Subsequent higher bidding offer isn't a valid ground to refuse confirmation of sale already made

CL : A subsequent higher offer is not valid ground for refusing confirmation of a sale or offer already made

Society engaged in trading of toddy purchased from non-members isn't entitled to sec. 80P relief

IT : Where assessee-society having collected toddy from its members as well as non-members, sold same through its shops on profit basis, assessee's income had nothing to do with collective disposal of labour of its members and, therefore, claim raised by it under section 80P(2)(a)(vi) was to be rejected

Govt. inaugurats PAN camps for receiving PAN applications in remote areas

IT : Section 139A of the Income-Tax Act, 1961 – Permanent Account Number – Inauguration of Pan Camps by Finance Minister at Remote Locations

National Institute of Public Finance & Policy' unveils report on widening of taxpayer's base

IT/ILT : Development of an Analytical Model for Widening of Taxpayer's Base

Now Aayakar Sampark Kendra can email taxpayer's grievance to AO for quick resolution

IT : Aayakar Sampark Kendra (ASK) – Redressal of Grievances Received from Taxpayers by Email At Said Kendra

Chief Commissioner can file appeal before Tribunal against order of Commissioner(A)

Excise & Customs : Chief Commissioner, being higher authority, is empowered to exercise powers conferred on subordinate authorities; hence, Chief Commissioner may also file appeal before Tribunal against order of Commissioner (Appeals)