Home Highlights March 2016 Year 2016 This

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1. The High Court examined the jurisdiction of the Assessing Officer (AO) and the prescribed income-tax authority to issue notices u/s 143(2) of the Income Tax Act. It held...

2. The issue pertained to the validity of filing a revised return after the prescribed time limit. The High Court set aside the Tribunal's order, stating that after the...

3. The Appellate Tribunal examined the validity of the reassessment notice issued u/s 148 and the consequent order passed u/s 147 regarding the addition made by the...

4. Exemption u/s 11- Power of AO to consider revised Form 10 - revised Form 10 for accumulation of income can be furnished in the course of assessment proceedings before...

5. Reopening of assessment u/s 147 - it appears that the AO has recorded to the effect that he could not refer the matter to the Transfer Pricing Officer nor could he...

6. Manual filing of revised FORM GST TRAN-1 and the resultant FORM GST TRAN-2 - The review petitioner shall be permitted either to manually or electronically upload the...

7. The key points covered in the legal document are: 1. It introduces new forms (GST SPL-01 to GST SPL-08) for taxpayers to apply for waiver of interest and penalty u/s...

8. Set off of MAT credit u/s.115JAA - assessee being a company had filed its return of income in ITR-6 (i.e. prescribed form) under schedule for MAT credit (Schedule MATC),...

9. Retrospectively declaration of C-Form as obsolete - ‘C’ Form issued by M/s. Sarv Manglam Sales in favour of the petitioner is declared obsolete with effect from the date...

10. Un-reconciled entries on account of non-reconciliation of AIR information - Entries in the 26AS form not accepted by the assessee - Addition on the basis of AIR...

11. Revision u/s 263 - Penny stock purchases - penny stock SOP guidelines have been issued by CBDT only in respect of listed scrips. - The scrip in question is not listed in...

12. DTAA with New Zealand - Exchange of information - Article 26 as amended.

13. DTAA with Slovenia - Exchange of information - Article 26 as amended w.e.f. 1.3.2017

14. Businesses can revise GST transition claim form now

15. CBDT notifies new Income Tax Return Forms for AY 2017-18 - Circular