PROFESSIONAL UPDATES @TEAMBRINGIT

Professional updates @TEAMBRINGIT

Assessment not valid if AO fails to issue notice under section 143(2) after return filing by way of letter by assessee. [Meenakshi Aggarwal vs. ITO] (ITAT Delhi) ITAT.

Deduction under section 80ib(10) cannot be denied even if area of housing project is less than 1 acre or for non ownership of land. [Bhujbal Brothers Construction Company vs. DCIT] (ITAT Pune).

Government notifies accounting code for payment of Swachh Bharat Cess. Circular No. 188/7/2015-ST, dated 16-11-2015.

CBEC has issued guidelines for speedy disbursal of pending refund claims to exporters of services.

Amendment in duty drawback rates and procedure for export under claim for brand rate. vide Notification No. 110/2015-Customs (N.T.), dated 16.11.2015.

SEBI to streamline the process of public issue of equity shares and convertibles, it has been decided to reduce the time taken for listing after the closure of issue to 6 working days as against the present 12 working days.

To avail section 32(2) depreciation claim it is not necessary that business carried on in following previous year. [The Serendipity Apparels Private Limited vs. CIT] (ITAT Ahmedabad)]

Satisfaction is a prerequisite for initiating assessment proceedings against any other person under section158BD. [The Assistant CIT vs. M/s. Apoorva Caterers] (ITAT Mumbai).

In absence of return of notice sent by speed post it will be presumed to be delivered. [Petronet LNG Limited vs. DCIT] (ITAT Delhi).

Delhi VAT extend the last date for filing of online returns for the 1st  and 2nd  quarter of the year 2015-16, in forms EC-II and EC-III to 30/11/2015. Notification No.F.3(315)/Policy/VAT/2015/ 1003-1014 dated12/11/2015.

Service tax department issued clarifications on various aspects of Swachh Bharat Cess and guidelines for speedy disbursal of pending refund claims to exporter of services.

CBEC issues guidelines for speedy disbursal of pending refund claims to exporters of services.

Central Board of Excise and Customs issued Notification No. 108/2015-Customs (N. T.) dated 13th  November, 2015.

Thanks .. Stay tuned for more updates.

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