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Updates Of the Day

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1.  Non-deduction of TDS on reimbursement expenses would not lead to disallowance of such reimbursement expenditure.[CIT vs. DLF Commercial Project Corporation, High Court of Delhi]

 2. Penalty u/s 78 is leviable if tax recovered not paid and information of unpaid taxes not furnished in service tax returns. [ IWI Cryogenic Vaporization System India vs.CCE, Vadodra (CESTAT Ahmedabad)]

 3. Input credit not reversible in case of remission of duty on destroyed goods.[ Honorable Madras High Court in Joy Foam Pvt. Ltd.]

 4. ESIC has decided to extend the ESI Scheme to the construction site workers deployed in the implemented areas w.e.f 01.08.2015.

 5. Parliament passes bill to increase pecuniary limit to Rs 2 crore from present Rs 2 lakhs for suits before Delhi High court. Parliament passes Delhi High Court (Amendment) Bill.

 6. Format of regulation 31 of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 amended.

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