Home Highlights May 2016 Year 2016 This

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1. Reversal of CENVAT Credit - There is no requirement under Rule 6(3)(i) and Rule 6(3A) of the Cenvat Credit Rules that the option had to be exercised on the first day of...

2. Compounding of offence(s) - determination of compounding fee - first occasion - 5% or 3% of the amount of tax in default - Since a common application had been filed for...

3. Reopening of assessment u/s 147 - Earlier, ITAT remanded the matter back requesting the AO to provide reasons for initiating reassessment proceedings. - AO must have...

4. Jurisdiction of Assessing Officer u/s 120 - Transfer of case u/s 124 - Assessee had a legitimate expectation from the DCIT, Circle-3, Gurgaon, that the objection raised...

5. One Person Company - Meaning of the term "resident in India" who is eligible to incorporate one person company amended - Rule 3 of the Companies (Incorporation) Rules, 2014.

6. Income Tax: Limit of remuneration to working partners in partnership firms allowed as deduction increased - on first Rs 6,00,000 of book profit or loss, Rs 3,00,000 or...

7. Demand of additional tax on simple processing of income - Applicability of provision of Section 143(1A) where assessment may have been completed u/s 143(3) - The High...

8. Works Contract or not - supplies of goods or services for 'selling up of network' - composite supply/principal supply - two ruling of the AAR - first one was accepted...

9. Levy of penalty - when the petitioner is not entitled to claim concessional rate of tax under section 3% of the TNGST Act, they are liable to pay penalty under section...

10. Faceless Assessment - Whether it cannot be gainsaid that one day time given qua SCN is too short - The first point urged i.e., a mere one day time qua SCN under the...

11. Classification of imported goods - "MIT-50% and CIT/MIT-14%" i.e. "5-chloro-2-methyl-4-isithiazolin-3-one - 2-methyl-4-isothiazolin-3-one" - being not used as an...

12. 10kg of gold consisting of 10 gold bars, with 7 bars bearing foreign markings and 3 bars without markings, was seized along with cash from an employee of the appellant....

13. The National Company Law Appellate Tribunal, New Delhi, dealt with a case involving cartelization and bid-rigging in tenders for soil sample testing by the Department of...

14. Validity of Show cause notice - jurisdiction - Inadmissible transitional credit - Education Cess (E Cess) - Secondary & Higher Education Cess (SHE Cess) - Krishi Kalyan...

15. Valuation of imported goods - related party transaction - the relationship did not influence the price - Rule 3(3)(a) & 3(3)(b) provide different means of establishing...