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Updates of the Day

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1. Merely because the assessee made a claim which is not acceptable ipso facto cannot be said to have made a wrong claim by furnishing inaccurate particulars attracting penalty under Section 271(1) (c) of the Income Tax Act.[ Principal CIT vs. G.K. Properties PVT LTD, Andhra High Court]

 2. Versions of company forms 20B, 23AC, 21A, 23ACA, 66, 23ACA (XBRL), 4 LLP, FC-4, 23B, and FC-1 are modified w.e.f. 01.08.2015.

 3. VAT not applicable on transfer of right to use of goods if effective possession and control of the goods are not transferred.[ High Court of Delhi: Hari Durga Travels vs. CTT]

 4. Exemption applicable to “execution of works contracts relating to buildings, bridges, roads and canals” under Rajasthan Sales Tax Act, also extends to fixing profile safety steel barriers at hazardous locations on national highway, as the same are relatable to roads itself. [Rajasthan High Court CTO vs. Penar Industries Ltd]

 5. RBI has reviewed the guidelines on restructuring of advances given by NBFC subject to the extant prudential norms on restructuring of advances, by way of revision of DCCO beyond the time limits and retain the ‘standard’ asset classification.

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