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Updates of the Day

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1. Provision for doubtful debts not required to be add back to arrive at book profit u/s 115JA [CIT vs. Salgaonkar Mining Industries Pvt. Ltd, (Goa High Court)]

 2. The revenue could not assail the finding returned by the CIT(A) in favour of the assessee in an appeal preferred by the assessee before the tribunal, limited to the issue decided by the CIT(A) against the assessee. [CIT vs. Divine Infracon P. Ltd, Delhi High Court]

 3. CBDT Instruction No. 5 of 2014 revising monetary limit to Rs. 4 lakhs for filing appeal before tribunal shall apply to pending appeals also. Since monetary limit of appeal filed by revenue was less than Rs. 4 lakhs, same was to be dismissed [ Gurudayal Sontosh Kumar [2015] 60 taxmann.com 24 (Kolkata - Tribunal)]

 4. Today 25.08.2015 is the last date for filing of DVAT return for the 1st quarter ending on 30.06.2015, both online and hard copy return.

 5. CBEC has made Custom Duty Free Allowance to Rs. 45000 for Passengers of Indian origin and foreigners of over 10 yrs of age residing in India.[Notification No.76/2015]

 6. Chandigarh service tax dept. clarifies that free home delivery / pick-up of food is not liable to service tax. States that dominant nature of transaction is that of ‘sale’ as food is not served at restaurant.

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