Professional Update For the Day:

Untitled8DIRECT TAX:

Rajasthan High Court in the below citied case held that once it has been held as deemed income of the assessee or an addition u/s.68, has been made the character of the said amount/addition will not remain as a loan or deposit and section 269-SS will not be applicable. Hence no penalty u/s 271D shall be imposed. (Gyarsi Lal Vijay Vs. CIT & Others)

Madras High Court in the below citied case held that In between agricultural land and the nearest municipality, if there is a mountain, or lake or private lands or government properties, and in such other cases, where the public has no access to reach the municipality, the distance has to be measured only through the access road and not in a straight line or horizontal plane.(The CIT, Chennai Vs. Dr. R. Rangarajan)

CBDT has entered 20 unilateral advance pricing agreements (APAs) with Indian taxpayers on 29-30 Aug 2016 in order to reduce litigation by providing certainty in transfer pricing.


CBEC amended the Notification No. 25/2012- Service Tax dated 20/06/2012 vide Notification no. 39/2016 dated on 02/09/2016. In the said notification, in the first paragraph, in entry 62, for the words and figures “during the financial year 2015-16”, the words, figures and letters “during the period prior to 1st April, 2016” shall be substituted. (Click here to view)

Where only service of Clinical Research is provided then such service would be not taxable under the Act in light of Rule 3 of the Place of Provision of Services (POP) Rules 2012 as the applicant renders said services to its customers and the place of provision is located outside India (M/s Steps Therapeutics Limited, Hyderabad Versus Commissioner of Customs)-2016 (9) TMI 143 – AUTHORITY FOR ADVANCE RULINGS – Service Tax

All religious places shall be considered to fall within the purview of clause (a) of entry 5 of Notification No. 25/2012- Service Tax, to be exempted from payment of service tax. No. 40/2016-Service Tax.  [F. No.3354/45/2016 -TRU]


MCA: The Ministry of Corporate Affairs has amended the Investor Education and protection Fund Authority (Appointment of Chairperson and Members, holding of meeting and provision for offices and officers) Rules, 2016. These rules may be called the Investor Education and protection Fund Authority (Appointment of Chairperson and Members, holding of meeting and provision for offices and officers) Amendment Rules, 2016. They shall come into force on the date of their publication in the Official Gazette. In the said rule after rule 3, Rule 3A inserted.

“3A. The Authority shall be a body corporate by the name aforesaid having perpetual succession and a common seal with power to acquire, hold and dispose of property both movable and immovable, and to contract and shall, by the said name, sue or be sued.”

MCA: IEPF Forms are likely to be available on the IEPF portal w.e.f 7th Sep 2016.

MCA: The Central Govt. designates as Special Courts for Chhattisgarh, Rajasthan, Punjab, Haryana, UT of Chandigarh, UT of Puducherry, Manipur and some Distrct of Tamilnadu for the purposes of providing speedy trial of offences punishable with imprisonment of two years or more under the Companies Act, 2013 – F. No. 01/12/2009-CL-I (Vol-IV), dt.01.09.2016.

MCA made Annual filing forms available for Companies Act, 1956 – Form 23AC, Form 23ACA, Form 23B, Form 20B, Form 21A, Form 66 on MCA21 Forms Download page. Further, IEPF Forms are likely to be available on the IEPF portal with effect from 07.09.2016.

Provisions of Companies Act, 2013 relating to IEPF (Investors Education and Protection Fund) to be effective from 07.09.2016.

CLB if inclined to injunct appellants from using information derived from statutory records, would have to first deal with the submission that it would have no jurisdiction to prevent them from using information. [Jasmohan Singh vs. Freeze King Ind (P.) Ltd. High Court Of Delhi].


Under GST, registration required in each state from where supplies to be made. File 3 Returns p.m. for each Registration & 1 Annual Return. (Min 37 per regn)

Under GST, Department  to nominate Chartered / Cost Accountant for Special Audit if in scrutiny etc it seems that value has not been correctly declared or excess credit is availed.

Under GST, mandatory audit of books of account of all registered persons shall be carried on by Chartered/ Cost Accountant, if the turnover in Financial Year exceeds the specified limit.


DIPP has clarified that Internet broadcasting companies shall also come under the purview of statutory licensing under section 31D of the Copyright Act.

ESIC raises wage threshold to Rs 21,000 w.e.f 1st October, 2016.

IDBI entitled to auction property if it had issued notice to borrower prior to attachment order passed by TRO Suresh Kumar Goyal v. Chief Commissioner of Income-tax-2 [2016] 73 10 (Delhi)

COMPAT rejected time barred complaint of unfair trade practices Wing Commander S.K. Puri v. Swatantra Land & Finance (P.) Ltd. [2016] 72 336 (CAT – New Delhi)

Appellant couldn’t be held guilty of unauthorized dealing in Forex in absence of any evidence Prakash Bafna v. Special Director , Directorate of Enforcement [2016] 72 354 (ATFFE – New Delhi)

DGFT has amended the Clause 3(1)(i)(h) of Foreign Trade to allow individuals to import CIF value of consumer electronic items at any one time for personal use upto Rs. 50,000/-.

Last date for MEF 2016-17 is 10.09.16. Members are requested to apply at

Key Dates:

E-Payment of TDS/TCS deduced/collected for the month of August: 07/09/2016

Submission of Form No. 27C (TCS) received in August to IT Commissioner: – 07/09/2016

ER-1 Return for Non SSI assessee for the month of August: – 10/09/2016

ER-2 Return for EOUs for the month of August: – 10/09/2016

TDS Return for June quarter in DVAT-48:- 10/09/2016

The key to happiness is not that you never get angry, upset, frustrated, irritated or depressed it is actually, how fast you get out of it.

Education is the key to unlock the golden door of freedom.  – George Washington Carver

Our hopes and dreams should be like hair and nail, no matter how many times they get cut, but they never stop growing.

We look forward for your valuable comments.


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