Central Government hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 40/2012-Customs (ADD), dated the 30th August, 2012, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 657(E), dated the 30th August, 2012, namely:-
Central Government made the Credit Guarantee Scheme for Stand Up India (the Scheme) for the purpose of providing guarantees to loans extended by Scheduled Commercial Banks under the Stand Up India Scheme and the said Government has been empowered to issue notification in respect of enforcement of this Scheme;
Central Government hereby appoints – (i) the 30th day of September, 2016 as the date on or before which a person may make a declaration under sub-section (1) of section 183; (ii) the 30th day of November, 2016 as the date on or before which the tax and surcharge is payable under section 184, and the penalty is payable under section 185 in respect of the undisclosed income;
He further stated that the reassessment proceeding is time bar and assessment cannot be reopen due to mere change of opinion after the assessment, the addition of Rs.29,65,101/- has wrongly been made, which was dully explained and duly credit in books of alc and there is no concealment.
It was held that Once the assessment order of the AO in the quantum proceedings was altered by the CIT (A) in a significant way, the very basis of initiation of the penalty proceedings was rendered non-existent. The AO could not have thereafter continued the penalty proceedings on the basis of the same notice.
It was held that the Tribunal’s decisions are binding on the lower authorities and cannot be ignored on the sole ground that the Revenue may prefer to file appeal against the same before the higher authorities until and unless the same is set aside by a higher forum.
It was held that when the revenue proceeded to include the value of SEZ exports in computing the total turnover, the same should also have been included in computing export turnover and accordingly the value of export turnover should be equal to the total turnover and the value of SEZ exports should be included in the export turnover (numerator).
Once partnership firm penalized, separate penalty not imposable upon partner of the firm because the partner is not a separate legal entity as there is no difference between the partner and the partnership firm.
The Board vide Instruction dated 29.2.2016 (copy available on CBEC Website) has prescribed the procedure for selection of Special Public Prosecutors (SPPs) for handling CBEC cases before the Subordinate Courts/Courts of Session and High Court. Para ‘2’ of the said Instruction dated 29.02.2016, inter alia, provides times lines for processing and forwarding the proposal to Board.
India and Slovenia have signed a Protocol amending the existing Convention and Protocol between the two countries for avoidance of double taxation and prevention of fiscal evasion with respect to taxes on income on 17th May, 2016 in Ljubljana.
