corporate and professional update january 29, 2016

CORPORATE AND PROFESSIONAL UPDATE JANUARY 29, 2016

Central Govt. establishes Central Registration Centre for Reservation of Names under the Companies Act, 2016 w.e.f. 26th January, 2016 [Notification No.SO.218(E), and published in the Gazette of India Extraordinary, dated 22nd January, 2016]. 

Brief highlights of CRC are that it —

• Has territorial jurisdiction all over India
• Is located at Indian Institute of Corporate Affairs [IICA], Plot No.6-7-8, Sector 5, IMT Manesar [Distt. Gurgaon, Haryana]
• Will process applications, in e-Form No.INC-1 alongwith prescribed fee, for reservation of name(s)
• Is under the administrative control of Registrar of Delhi [RoC, Delhi]
• RoC, Delhi acts as Registrar, CRC [until appointment of separate registrar to CRC]

Approval of name(s) proposed in e-Form NO.29 will continue to be processed by the respective Registrar of Companies having jurisdiction over incorporation of companies as per the provisions of, and the rules made under, the Companies Act, 2013.

DIRECT TAXES

Additions merely on the basis of statement – It seems that addition has been made merely on the basis of statement/presumptive basis and no corroborative material has been brought on record. Presumption cannot take the shape of evidence however strong it may be – D.S. AGENCIES AND ASSOCIATES & USHA DISTRIBUTORS Versus ADDITIONAL COMMISSIONER OF INCOME-TAX – 2015 (12) TMI 1459 – ITAT MUMBAI

Addition u/s 69B – unexplained investment – reference to the DVO without rejecting the books of account is bad and therefore the valuation report submitted consequent thereto cannot be relied on for making an addition – ACIT, Central Circle I, Kanpur Versus Smt. Nirmal Arora – 2015 (12) TMI 1454 – ITAT LUCKNOW

IT: MAT – Book Profit u/s 115JB – AO has no power to re-compute book profit even if the Auditor gave qualified report under Companies Act – Sri Hariram Hotels (P) Ltd. Vs CIT-III & ITO, Ward-12 (2), Bangalore (2015 (12) TMI 1419 – Karnataka High Court)

FinMin issues report of committee on revitalizing public private partnership model of infrastructure

IT: Where Income Tax Officer deputed two Inspectors to make personal service of notice under section 148 upon assessee but assessee refused to receive said notice and, thereafter notice was affixed at main door of assessee’s clinic, there was valid service of notice under section 148 upon assessee[2015] 64 taxmann.com 276 (Allahabad) Dr. Sheo Murti Singh  v. Commissioner of Income-tax

CBDT specifies procedure for handling ‘Limited Scrutiny’ cases

CBDT: Interest on FDRs made in the name of Registrar General of the Court or the depositor of the fund on the directions of the Court will not be subject to TDS till the matter is decided by the Court – Circular No. 23/2015, 28 Dec 2015.

CBDT: AO to issue a notice U/s 142(1) with the questionnaire containing details of specific documents / information / evidences etc. along with initial notice issued u/s 143 (2) for selection of case for scrutiny –Instruction No.19/2015, dt. 29 DEC 2015.

Benefit of LPG subsidy will not be available if the consumer or his/her spouse had taxable income of more than Rs Ten lakh in previous financial year

Now AOs to issue scrutiny notice along with questionnaire to convey compliance requirement

CBDT has further clarified the procedure for handling ‘Limited Scrutiny’ cases – Instruction No.20/2015, dt.29 DEC 2015. : 

• Reasons for ‘Limited Scrutiny’ shall be communicated to the assessee.
• Questionnaire shall remain confined to only specific issues.
• Cases should be completed expeditiously in limited number of hearings
• If there is a reason to believe that there is escapement of income exceeding upto 10 Lac, the case may be shifted to Manual Scrutiny with prior approval of CIT / Pr. CIT.\

INDIRECT TAXES:

Denial of CENVAT Credit – whether the appellant who has procured ethyl alcohol from M/s Andhra Sugars on payment of duty of excise can be disallowed the credit of the said duty on the ground that the supplier of the inputs should not have paid the duty – Held No- Aurobindo Pharma Ltd, Aurobindo Pharma Limited (Unit-V) Versus Commissioner of Central Excise, Customs And Service Tax Hyderabad-I – 2015 (12) TMI 1399 – CESTAT BANGALORE

CBEC – hereby specifies the class of goods, namely crude , imported and stored in underground rock caverns, in respect of which no interest shall be charged under the said section 61 – vide Notification No. 147/2015 – Dated 23-12-2015.

ST: Arbitrary quantum while doing best judgement assessment – the order fatally suffers from lack of analysis/discussion regarding the contentions and arguments of the appellant and makes a mockery of the quasi-judicial process in-as-much-as it is not merely non-speaking but also absurd in parts – M/s. Carlsberg India Pvt. Ltd. Vs. C.S.T., Delhi (2015 (12) TMI 1403 – CESTAT New Delhi)

DVAT hereby clarifies that only the persons who are providing e-portals/websites to other dealers for passing on the orders from customers to the dealers /other vendors are required to enrol and file the returns in terms of Notification dated 26/06/15 referred above vide Circular no. 33 dated 29/12/2015.

DVAT: Department Trade & Taxes, Delhi has restricted unauthorized Entry in the Building with ban on carrying more than Rs.25,000/- CASH.

MCA News:

Today is the last date for annual filing forms (AOC-4, AOC-4 XBRL, AOC-4 CFS & MGT-7) and it has been clarified by the MCA that no further extension would be accorded after this date. All stakeholders are requested to complete their filing accordingly.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Hope the information will assist you in your Professional endeavors. For query or help, contact: singh@carajput.com or call at 9555555480

popular blogs:

• GST Return compliances calendar- Nov 2020

• SALIENT FEATURES OF NEW GST SYSTEM IN INDIA