Daily CA Updates - Wednesday - August 19

IMPORTANTS NEWS 

1. Last date for filing Dvat return for Q1 again extended to August 25,2015

➡INCOME TAX

1. CBDT notifies rules to determine period of stay of crew members of foreign bound ships in India. notification no 70/2015 dt Aug 17
2. 60 taxmann.com 246 (Uttarakhand).The amount of interest received on the refund of Income Tax is not includible in the amount on which the assessee is liable taxed under Section 44BB of the Act. B J SERVICES COMPANY vs ACIT
3. 60 taxmann.com 55 (Bombay) Where motive of assessee is not generation of profit but to provide training to needy women in order to equip or train them and make them self-confident and self-reliant and occasional sales or trust's own fund generation was for furthering objects of trust, proviso to section 2(15) would not apply.

Dit vs women's India trust

➡ BANKING AND CORPORATES LAWS

1. Investment by Category I and II AIFs in shares of start-ups shall be deemed to be investment in unlisted shares.
2. Takeover code not applicable to startups that are listed without making a public issue.
3. Delisting norms not applicable to securities listed by start-ups without making a public issue

➡CST AND VAT LAWS

1. Govt. tweaks Rules relating to reduction of tax credit under Delhi VAT in case sale at discount or incentive through credit note is recd . Notification dt Aug 12 no 650.
2. Officer-in-charge has no power to seize goods-in-transit with valid documents.Reckitt Benckiser india ltd vs state of tripura.

➡ SERVICE TAX AND EXCISE LAWS.

1. Delhi High Court asks dept. to respond to challenge made against amended provisions of Service Tax Audit in section 94(2)(k)and rule 5A(2). Mega cabs p ltd vs union of india.
2. Cement/steel used in construction of storage facility is eligible for Cenvat credit. Grasim Industries Ltd Vs Comm Excise Jaipur

- CA Kasliwal Ambar