CBDT lays down the following procedure and criteria for manual selection of returns/cases for compulsory scrutiny during the financial-year 2016-2017:- (i) Cases involving addition on a substantial and recurring question of law or fact in earlier assessment year(s), in excess of Rs. 25 lakhs in metro charges
It may be noted that the Special Warehouse (Custody & Handling of Goods) Regulations, 2016 prescribe maintenance of a computerized system for accounting. Accordingly, a system of accounting of receipt, storage, operations and removal of goods with regard to Duty Free Shops is prescribed below:
The provisions for filing of TCS returns are laid down under rules 31AA of Income tax Act 1961 and for TDS under rule 31A of Income Tax act 1961. The recent amendment vide Notification no 30/2016 dt 29th April 2016 has made changes to Rule 31A of the Act, however, similar changes has not been made in the provisions of Rule 31AA of the Act.
In case, the owner of a brand name allows its usage to another entity, then a fee is recovered as a mode of compensation which is generally known as brand royalty.
The assessee in order to draw benefit of the exemption under Proviso to section 56(2)(vi) of the Act was required to prove that the said gifts were received from any relative described there under or had been received on the occasion of marriage of the individual i.e., assessee.
