Daily Archive: Thursday, June 16, 2016

Disallowance us 361iii for bank interest on unutilized loan. If satisfied that loan was for business, no addition required for unutilized part at year end

Author: | Categories: Income Tax, ITAT, Judgments No comments
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. 

 

TDS statements processing fully CPC centralized and AO has no power to revise the order. This ground of appeal by Revenue rejected by ITAT

Author: | Categories: Income Tax No comments
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 under rule 5 of CENVAT Credit Rules 2004. Service Tax Circular No.195/05/2016

Author: | Categories: Service Tax No comments
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