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Updates Of The Day...

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Updates Of the Day

1.Deduction on cess paid on green tea leaves has to be allowed on 100 per cent of the composite income under the Income-tax Act, 1961, and not on 60 per cent of the agricultural income. [Commissioner of Income Tax, Kol-II vs M/s Moran Tea Co. Ltd. - 2016 (2) TMI 278 - CALCUTTA HIGH COURT]
2.So long as the documents (debit notes) reveal the essential details like registration number, service provided, service recipient, value of taxable service, refund cannot be rejected merely because the documents are debit notes. – Tribunal. [M/s.Shivam Exports, M/s. Mecshot Blasting Equipment (P) Ltd. And M/s. Shree Ram Industries vs CCE Jaipur - 2016 (2) TMI 259 - CESTAT NEW DELHI]
3.Refund cannot be denied merely for procedural lapse i.e. if assessee is eligible to get refund, it should be allowed even if there is a delay of 2 days because of the intervening saturday and sunday and the claim was filed on Monday.[Markers Mart And Prince Exports vs C.C.E & S. Tax., Jaipur II - 2016 (2) TMI 258 - CESTAT NEW DELHI]
4.Revision in All Industry Rates (AIR) of Duty Drawback of various items, amendment in the Notification No. 110/2015-Customs (N.T.), dated the 16th November, 2015.
5.Interest u/s 234A : Board has clarified that no interest u/s 234A is chargeable on the amount of self assessment tax paid by the assessee before the due date of filing of return of income – HC [Sri Suresh Sharma vs The Assistant Commissioner Of Income Tax - 2016 (2) TMI 274 - KARNATAKA HIGH COURT]

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