Next decade theme -- save environment -- cut less trees
Currently manufacturing of furniture leads to lot of cutting of trees. Some company has already build inhouse capabilities to manufacture similar furniture with reduced use to wooden tree.
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PROFESSIONAL UPDATES @ TEAMBRINGIT us
Assessee would be liable to deduct tax at source under section 194C on payments made as transportation charges to intermediate parties who arranged actual transporters from open market for carriage of goods by transport for assessee, even if there was no written contract between assessee and intermediary party. HC denied to order valuation of goodwill as it arises on acquisition of business in slump sales. Penalty order is illegal and without jurisdiction if it was passed during pendency of assessment proceeding: HC. Commission agent's services are ineligible for credit as he isn't not 'sales promotion agent'. Off-shore under-construction installations or incomplete structures do not form part of 'India'/ 'taxable territory'; hence, services imported by them are not liable to service tax under reverse charge.
Professional Updates @ TEAMBRINGIT us
Depreciation will be considered while calculating net worth for computing Capital Gain in slump sale u/s 50B [CIT vs. Dharampal Satyapal (Delhi High Court), ITA 1003/2011, AY 2001-02, Date of Judgment: 06/01/2016]. Notice issued or assessment made post receiving direction u/s 124 from CIT to transfer the case is invalid [Raj Kumar Mangla Vs ACIT (ITAT Delhi); I.T.A No. 556-558/Del/2011]. Penalty u/s 271(1)(c) cannot be levied in absence of intention to evade taxes and if treatment made by assessee was revenue neutral [Goldfilled Mercantile Company vs. DCIT (ITAT Mumbai),IT Appeal No.-1965/2014]. Inadvertent mentioning of wrong assessee code does not invalidate payment [Devang Paper Mills Pvt Ltd Vs UOI (Gujarat High Court); Special Civil Application No. 12264 of 2015]. Recovery cannot be made from bonfide purchaser of Duty Free Import Authorisation (DFIA)/Duty Entitlement Pass Book (DEPB) license – CESTAT
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