CBDT has vide Notification No. 30/2016 dated 29.04.2016 has inserted sub-rule Rule 3A and 3B and amended Sub Rule- 3 & 4 of Income Tax Rule-37CA related to Time and mode of payment to Government account of tax collected at source under section 206C. Revised Provisions related to payment of TCS and its mode wef 01.06.2016 are as follows :-
It is the case of the petitioners that succumbing to the pressure of lobbying and political pressure, brought by the members of the Cost Accountants fraternity, the State Legislature sought to bring a further amendment to Section 63 of the KCS Act, by Act no. 35 of 2014.
The initial assessment year has been defined and the expression or’ has been used in respect of new units by stating commences operation’ or complete substantial expansion’. Here the expression or’ is to be read as a mutually exclusive expression which refers to a particular situation by excluding the other situation.
Where no question was asked during statement recorded under section 132(4), in respect of manner of earning income surrendered, assessee could not be expected to substantiate same later on; penalty could not be levied under section 271AAA
We understand that in case of search, assessee is to comply with law and various declaration and formalities which certainly take lot of time. From the aforesaid situation and circumstances, it is clear that there was sufficient cause which prevented the assessee to pay wealth tax in the wealth tax return
lndo Stosec (P.) Ltd. vs. ITO (ITAT Mumbai) Assessee has converted the stock in trade into investments only in the current year and immediately sold the shares after such conversion. Accordingly, the Ld D.R submitted that the assessee has entertained the idea of conversion, only to avail the exemption u/s 10(38) of the Act and also to avail concessional rate of tax in respect of short term capital gains.
ACIT vs. M/s. Superior Financial Consultancy Services (ITAT Mumbai)- Ld.CIT(A), for the purpose of deciding the case has elaborately discussed three main issues, namely (i) whether the assessee can legally convert its stock-in trade into investments
Central Government has vide No. Notification No. 21/2015-ST dated November 6, 2015 has notified that Swachh Bharat Cess (SBC) is applicable on all taxable services from 15.11.2015 this has increased the service tax rate to 14.50% and has also resulted in Changes in Service Tax Rates from 15.11.2015 on Various Services which are under abatement or on which reverse Charge Mechanism is applicable.
In the case of Vishal Garg & Ors. Vs. Union of India & Anr., Punjab & Haryana HC instructed CBDT extend due date of Tax Audit cases to 31st October 2015 from existing 30th September 2015. Its not clear if the due date for non audit cases also been extended
D.C.I.T. Vs. Sunita Khemka (ITAT Kolkata)- AO has treated the transactions as bogus only on the basis of the suspicion that the difference in purchase and sale price of these shares are unusually high. It is a settled law that assessment cannot be made on the basis of suspicion or surmise.
