Updates: Income Tax, Company Law & GST (16 June 2017)

Updates: Income Tax, Company Law & GST (16 June 2017)

1. CBDT unveils draft notification for foreign companies held as resident in India as per POEM(CBDT notifies the exceptions, modifications and adaptations for application of provisions on the computation of total income, treatment of unabsorbed depreciation, set off or carry forward and set off of losses, collection and recovery and special provisions relating to avoidance of tax in respect of the foreign company, said to be resident in India in any previous year on account of its PoEM)

2. 3 months would be considered as 3 calendar months and not 90 days for filing of an appeal to Commissioner (2017) 82 taxmann.com 130 (Gujarat)

3. No genuine hardship attributable to assessee if interest levied was very low as compared to profit margin: HC

4. No additions on basis of doc. seized during search carried out at third party premises if it contained various flaws.

5. Recovery of demand from bank account of assessee immediately on disposal of appeal wasn't illegal: HC

6. PF contribution for contractual labours would also be treated as business expenditure: ITAT

7. Review petition couldn’t be barred when SLP was to be dismissed: HC(Supreme Court Rules : A review petition is not to be barred owing to SLP preferred against judgment of which review is sought having been dismissed as withdrawn)[2017] 82 taxmann.com 295 (Delhi)

8.GST Council to approve draft rules and adjust certain GST rates in its next meeting.

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