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Updates Of The Day...

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Updates Of the Day

1.The petitioner is admittedly not a foreign company : Since the petitioner is not an eligible assessee in terms of section 144C(15)(b), no draft order can be passed in the case of the petitioner u/s 144C(1) - HC. [Honda Cars India Limited (Formerly – M/s. Honda Siel Cars India Limited vs Deputy Commissioner of Income Tax & Another - 2016 (2) TMI 527 - Delhi High Court].
2.Manufacture of rosin and turpentine without aid of power , seeking retrospective exemption is not a constitutional right - HC. [Mangalam Organics Limited vs Union of India - 2016 (2) TMI 529 - Delhi High Court].
3.Supply Of Goods to Indian Navy not must to claim excise exemption. [CCEx vs. M/s Wartsila (I) Pvt. Ltd].
4.Proceedings under rule declared unconstitutional by HC in invalid. [Vipul-S Plasticrafts P. Ltd. vs. Commissioner of Central Excise].
5.Cenvat of Goods/ Service used in construction of rented property allowed. [Nirlon Ltd. vs. Commissioner of Central Excise,Mumbai].
6.Brokerage paid to the third party has nothing to do with the rental income paid by the tenant brokerage not deductible in computing income from house property
7.Kindly attend the Annual Award Function of NIRC of ICAI on February 20th at 3 PM in NDMC Convention Centre, Connaught Place, New Delhi.

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