UPDATES:

* CBDT issued circular No. 134/11/2015 on draft scheme of the proposed rules for computation of Arm’s Length Price (ALP) of an International Transaction or specified domestic transaction undertaken on or after 01.04.2014.
* Restriction on extent of commercial area in “housing project” imposed w.e.f. 1.4.2005 not applies to housing projects approved before 1.4.2005 even though completed after 01.04.2005.[CIT vs. M/s Sarkar Builders, Supreme Court of India.]
* Receipts on account of identification and core site selection from available 2D & 3D seismic data shall be taxed U/s. 44BB. [ADIT vs. TDI Brooks Intl. Inc. (ITAT Delhi)]
*  ITAT was correct in deleting the findings with respect to the error in rejection of books and the imposition of 12% GP rate by the AO on account of absence of stock register. [CIT vs. M/s Navbharat Exports, High Court of Delhi.]
*  Refund of excess excise duty permissible on reduction in contract price after clearance of goods from factory. [HPL Socomac Ltd. vs. Commissioner of Central Excise, Gurgaon.]
*  Service tax rates for various services W.e.f. 01.06.2015: GTA Transports -4.2,Builder- Residential- 3.5, Builder-Commercial- 4.2, Civil Contractor with Material -5.6, Erectionc with Material-5.6, Repair Maintenance of Building or goods -9.8, Lodging -8.4, Restaurant -5.6, Catering -8.4, Hall with Catering -9.8. Vehicle Rent -5.6.
*  Last date to file annual return of LLP Form 11 is 30th May 2015. After that penalty for Rs.100 per day.
*  RBI modified guidelines relating to lending against security of gold jewellery by NBFCs as quoted by the Bombay Bullion Association Limited. (BBA).