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Updates of the day...

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Updates Of the Day
1.DVAT has extended the last date of filing of online / hard copy of return for II Quarter ended 30.09.2015 for the FY 2015-2016, in Form DVAT-16, DVAT-17 and DVAT-48 to 20.11.2015.
2.High Court of Delhi confirms penalty on custom official for clearance of consignment without proper verification. [S.N. Ojha vs. Commisioner of Customs]
3.MCA has revised the versions of Annual Filing Forms, MGT - 7 (Form for filing annual return by a company) w.e.f 17th November, 2015.
4.Adjudicating Authority can reject transaction value if assessee fails to prove that relationship had not influenced price. [The CESTAT Chennai: Ansaldo STS Transportation Systems India Pvt. Ltd vs. Commissioner of Customs]
5.CBEC vide circular 187/6/2015-ST dated 10.11.2015 has issued a scheme for fast track sanctioning of refund of accumulated cenvat credit to Exporters of Service for payment of 80% (eighty percent) of the amount claimed as refund.
6.Depreciation is allowed while calculating exemption u/s 11 in absence of any specific exclusion.[ ITAT Delhi ITO (E) vs. Calorex Foundation]
7.Disallowance u/s 40A (3) for aggregate cash payments of more than Rs. 20,000 in a single day to one person is applicable w.e.f. 01.04.2009. ITAT Amritsar [Pardeep Singh Wazir vs. DCIT]
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