Daily Archive: Friday, April 8, 2016

CBEC-Revised procedures to deal with revenue audit objections of CAG to prevent it mature into Audit Paragrap/report

Author: | Categories: Excise/Custom No comments
Circular No. 1023/11/2016-CX Government of India Ministry   of   Finance Department   of   Revenue (Central Board of Excise & Customs) New Delhi, the 8th April, 2016 To All  Principal  Chief  Commissioners/Chief   Commissioners  of  Customs,  Central  Excise  & Service Tax All Director Generals/Director s of Customs, Central Excise & Service Tax; All


CBDT specifies procedure for online registration, submission of Form 61B u/s 285BA by reporting financial institutions

Author: | Categories: Income Tax No comments
Government of India Ministry of Finance Central Board of Direct Taxes Directorate of Income Tax (Systems) Notification No 4/2016 New Delhi, April,2016 Procedure for registration and submission of statement as per clause (k) of sub section (1) of section 285BA of Income-tax Act, 1961 read with Sub rule (7)


There is a difference in “facts not proved” and “facts disproved” and penalty u/s 271(1)(c) can be levied only for the latter

Author: | Categories: Income Tax, ITAT, Judgments No comments
In a latest judgment, ITAT Chennai has quashed penalty proceedings u/s 271(1)(c) for concealment holding that  there is a difference in “facts not proved” and “facts disproved” and penalty can be levied only for the latter. Case Law Details: ITA No.1730/Mds./2015 Assessment Year :2010-11 Mr.R.A.Palanisamy vs. Income Tax Officer Date of Order/Judgment:


Dearness Allowance payable to Central Government employees enhanced from existing rate of 119% to 125% from 1st January, 2016

Author: | Categories: Finance Ministry No comments
No. 1/1/2016-E·II (B) Government of India Ministry of Finance Department of Expenditure ***** North Block, New Delhi Dated the  7th  April, 2016. OFFICE MEMORANDUM Subject:    Payment of  Dearness Allowance  to Central Government  employees – Revised Rates effective from 1.1.2016 The undersigned is directed to refer to this Ministry’s Office