Instruction No. 01/2016 section 154 stipulates that where application for amendment is made by assessee/deductor/collector with a view to rectify any mistake apparent from record, the income-tax authority concerned shall pass an order, within a period of six months from the end of the month in which such an application is received, by either making amendment or refusing to allow the claim.
Recently, vide the Notification No. 01/2016 – Central Excise (N.T) dated 01 February, 2016 Central Government omitted the proviso to Rule 3, in sub-rule (1), in clause (vii), of the CENVAT Credit Rules, 2004 vide which the importer was entitled to avail CENVAT credit upto a limit of 85% of the CVD paid on the import of ships, boats and other floating structures for breaking up.
In the case of Commissioner of Central Excise, Aurangabad Vs. Chandan Milk & Agro Products Pvt. LTD, it was held that the benefit of payment of penalty of 25% of tax liability cannot be extended if the assessee has not paid the amount of tax, interest and 25% of the penalty within 30 days from the receipt of the order.
In the case of M/s. Surya Pharmaceuticals Ltd. Vs. Commissioner of Central Excise, it was held that the assessee can utilize accumulated Cenvat Credit to discharge the service tax liability towards GTA services prior to 01.03.2008. It was further held that the CENVAT credit cannot be utilised for discharging Service Tax on taxable services provided from outside India and received in India.
In the case of M/s Whirlpool of India Ltd. Vs. CCE & ST, New Delhi, it was held that the onus to prove that the assessee was providing any exempted services is on department before invoking Rule 6 and further it was held that only such intellectual property rights which are covered under Indian law in force alone are chargeable to service tax under IPR service.
In the case of Namrata Advertising Vs. Commissioner of Central Excise, Nasik, it was held that creating infrastructure, displaying the advertisement and collecting rent for such display will not fall under the activity of advertising agency.
In the case of M/s SEPCO Electric Power Construction Corporation Vs. CCE, Raipur, it was held that merely because it had entered into four contracts for completing the scope of work would not take away from the fact that it was an operation of erection
Circular No. 1/2016 Section 801A of the Income-tax Act, 1961 (`Act’), as substituted by the Finance Act, 1999 with effect from 01.04.2000, provides for deduction of an amount equal to 100 % of the profits and gains derived by an undertaking or enterprise from an eligible business (as referred to in sub-section (4) of that section) in accordance with the prescribed provisions.
On the commencement of OFS on T day only non-retail investors shall be permitted to place their bids. Cut off price shall be determined based on the bids received on T day as per the extant guidelines.
In order to provide investors with enhanced diversification benefits and put mutual funds in a better position to handle adverse credit events, it has been decided to revise prudential limits for sectoral exposure and to introduce prudential limits for group level exposure.
