Instruction No. 8 of 2011 contains timelines for filing appeals before the ITAT and giving effect to the order of CIT(A). Even while the Department seeks to implement a non-adversarial regime, grievances are being received on account of delays in giving effect to the orders of CIT(A).
CIRCULAR NO. 16/2015 it is clarified that Rule 9A does not apply to abandoned feature films and that the expenditure incurred on such abandoned feature films is not to be treated as a capital expenditure. The cost of production of an abandoned feature film, is to be treated as revenue expenditure and allowed as per the provisions of Section 37 of the Income-tax Act.
CIRCULAR No. 07/2015 The CBDT, vide circular No. 17/2015 dated 6th October 2015 has clarified that amendment regarding measurement of distance aerially u/s 2(14)(iii) would be prospective and therefore not apply to cases prior to amendment. The department is also directed to withdraw appeals pending before the courts/tribunal. CBDT has issued the Circular in compliance of decision of Nagpur bench of Bombay High Court in the case of CIT Vs. Nitish Rameshchandra Chordia or CIT Vs. Smt. Maltibai R. Kadu.
The Tariff Item HS Code of 1-Phenyl-2- Propanone against Sl. No. 124 in Chapter 29 of Schedule 2 of ITC (HS) Classification of Export and Import Items notified vide Notification No. 55(RE-2013)/2009-14 dated 03.12.2013 is amended to read as ‘29143100’. Accordingly, the entry at Sl. No. 124 in Chapter 29 of Schedule 2 of ITC (HS) Classification of Export and Import Items may be read as under.
CBDT hereby directs that returns of income which are filed on or after 01.04.2015 electronically (without digital signature certificate) pertaining to the Assessment Year 2014-2015 or returns filed in response to various statutory notices as prescribed under the Act or returns filed as a consequence of condonation of delay u/s 119 of the Act can also be validated through EVC.
Limit for FPIs in Central Government securities would be increased to INR 129,900 cr and INR 135,400 cr on October 12, 2015 and January 01, 2016 respectively from the existing limit of INR 124,432 cr.
The Central Government vide Notification No. 1/2015-Narcotics Control-1 dated 5th October, 2015 has notified the general conditions for grant of license for cultivation of opium poppy on account of the Central Government during the Opium Crop Year commencing on the 1st day of October, 2015 and ending with the 30th day of September, 2016.
Notification No. 49/2015-Customs – Seeks to further amend notification No. 12/2012-Customs dated 17.03.2012 so as to increase the basic customs duty on ghee, butter and butter oil from the present rate of 30% to 40% for a period of 6 months i.e upto and inclusive of the 31st day of March, 2016.
Circular No.186/5/2015-ST If ancillary services are provided in the course of transportation of goods by road and the charges for such services are included in the invoice issued by the GTA, and not by any other person, such services would form part of GTA service and, therefore, the abatement of 70%, presently applicable to GTA service, would be available on it.
With regard to the said notice for strike, attention is invited to the instructions issued by the DoPT, which prohibit the Government Servants from participating in any form of strike including mass .casual leave, go-slow etc. or any action that abet any form of strike in violation of Rule 7 of the Fundamental Rules. Pay & Allowances is not admissible to an employee for his absence from duty without any authority.
