Professional Update for the Day:
Income Tax: CBDT has notified the transfer pricing- computation of arm length price .It notified percentage under third proviso to section 92C vide Notification No. 57/2016 dated 14th July 2016.The Central Government hereby notifies that where the variation between the arm’s length price determined under section 92C and the price at which the international transaction or specified domestic transaction has actually been undertaken does not exceed one percent of the latter in respect of wholesale trading and three percent of the latter in all other cases, the price at which the international transaction or specified domestic transaction has actually been undertaken shall be deemed to be the arm’s length price for Assessment Year 2016-2017.
Income tax : Receipts from mobilization of vessel are parts of contract for seismic data processing; includible in sec. 44BB profits Western Geco International Ltd. v. Assistant Commissioner of Income-tax  71 taxmann.com 166 (Delhi – Trib.)
Excise : Where assessee manufactured two machineries and used same within its factory for manufacturing of final products and subsequently it cleared these machineries to its job worker and for discharging duty liability on machineries calculated assessable value of machineries by availing benefit of depreciation, availing of depreciation was in consonance with law –  71 taxmann.com 122 (Bangalore – CESTAT)
Excise : No extended period when dept. itself is unclear on classification of goods Zenith Spares v. Commissioner of Central Excise, Bhopal  71 taxmann.com 148 (New Delhi – CESTAT)
Service tax : Where assessee, a restaurant, opted to pay tax under Composition Scheme, whereas Assessing Authority passed reassessment order on assessee and denied him benefit of Composition Scheme based on ground that during year he purchased from outside State tiles and since they were ‘goods in stock’, there was a violation of conditions and restrictions imposed under rule 135(2), as tiles were fixed in floor of restaurant, they could not be said to be ‘goods in stock’ –  71 taxmann 77 (Karnataka)
COMPANY LAW UPDATES :
Query: What are the requirements and consequence provided in the Act in respect of licences, permits, approvals etc obtained by a firm, private company or an unlisted public company, prior to its conversion into LLP?
Answer: On conversion of a firm/private company/unlisted public company into LLP, any approval, permit or licence issued to the firm/private company/unlisted company under any other Act shall, subject to the provisions of such other Act under which such approval, permit or licence was issued, be transferred in the name of converted entity viz LLP.
SEBI (Listing Obligations and Disclosure Requirements) (Second Amendment) Regulations, 2016 – Insertion of Regulation 43A – NOTIFICATION NO.SEBI/LAD-NRO/GN/2016-17/008, DATED 17-6-2016
Payment of ESI for the month of June-21/07/2016
E-payment of DVAT & CST for the month/quarter ended June-21/07/2016
“Holding on to anger is like grasping a hot coal with the intent of throwing it at someone else, but you are the one who gets burned.”
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