NICAI UPDATES: CBDT to view seriously undue influence/coercion in recording of statement or disclosure of undisclosed income during search/seizure etc. [Instruction of 18-12-14]. Section 54F of the Income Tax Act not available if residential house constructed before transfer of long term capital asset. [Ushaben Jayantilal Sodhan vs ITO, ITAT Ahmedabad]. Addition cannot be made in respect of same type of expenses, which were accepted by A.O. in preceding assessment years. [CIT vs. Smt. Kailash Grover, Punjab & Haryana High Court]. CENVAT credit in respect of input services availed under the category of cargo handling services is allowed as the same is inclusive in the definition of ‘input service’. [The Gujarat High Court in the case of Central Excise vs Inductotherm India P. Ltd]. Revised bank branch auditors panel 2014-2015 hosted at meficai.org. Please visit website for more details. Finance minister Shri. Arun Jaitley tabled the GST constitutional amendment bill in the lower house of the parliament said the government has made sure that no state will lose money and it will be a win-win tax reform for both the centre and the state governments.
Posted on: Sun, 21 Dec 2014 07:43:05 +0000
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