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Updates Of the Day....

Updates Of the Day
1.Finance ministers from India and other G- 20 countries have endorsed the final detailed plan for putting in place a coherent and transparent global tax regime.
2.The dealers are entitled to ITC on the purchase of DEPB which is used in making payment of custom duty. Jagriti Plastics Limited and N.F. Impex Private Limited. Dated 01.10.2015.
3.Delhi Government announces award scheme named as 'Bill Banvao, Inaam Pao'. Government is of opinion that it is expedient in the interest of revenue to introduce an award scheme.
4.Difference between stamp duty value and sale price being lesser than 10%, section 50C will not applicable. [ITAT Kolkatta vs LGW limited.]
5.No penalty on additions sustained on alleged Bogus purchase for mere non-production of parties. ITAT Ahmedabad in the case of [M/s Ruchi Developers vs. ITO.]
6.Losses cannot be set-off against Bogus /unexplained cash credit Income. Kerala High Court in the case of [M/s Kerala Sponge Iron Ltd. vs. CIT.]
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