Daily Archive: Thursday, June 16, 2016
Disallowance us 361iii for bank interest on unutilized loan In a recent judgment, ITAT held that once the Assessing Officer satisfied with the nature of loan being of business in nature then no disallowance u/s 36(1)(iii) was called just for keeping the funds unutilized at the end of the year.
The processing of TDS statements are fully centralized at CPC (TDS) Vaishali Ghaziabad and the AO has no power to revise the order. ITAT rejected Revenue’s appeal on this ground taken against CIT(A) order directing ITO(TDS) to make factual verification and pass suitable order. ABCAUS Case Law Citation: 944 2016 (06) ITAT Date
Service Tax-Speedy Disbursal of exporters Pending refund claims Circular No. 195/05/2016-Service Tax F. No. 137/62/2015-Service Tax Government of India Ministry of Finance Department of Revenue Central Board of Excise & Customs Service Tax Wing New Delhi, dated 15th June, 2016 To All Principal Chief Commissioners of Central Excise, All Chief