CORPORATE AND PROFESSIONAL UPDATES 15-jan-2018

CORPORATE AND PROFESSIONAL UPDATES 15-jan-2018

MCA Update:

Stakeholders of Coadunation of Delay Scheme (CODS) (notified vide General Circular No.16/2017 dated 29th December 2017) may kindly note that the process for ‘reactivation’ of the DINs in respect of disqualified Directors has been completed and the status of the relevant DINs can be checked now.

Stakeholders are therefore requested to file necessary ‘overdue documents’ as per the scheme. They may further note that the scheme is not applicable for those Directors who may have been associated with a company which was stuck off under section 248(1) of the companies Act, 2013and DINs for such individual shall be re-activated only upon receipts of order for revival of the said company, as per due process laid down under section 252 of the companies Act, 2013.

MCA unlocks DIN of Disqualified Directors, who has Availed CODS, 2018: Valid till 31.03.2018.

Direct Tax:

Jammu and Kashmir HC reverses ITAT order,  allows assessee-society’s (running two educational institutions) claim of exemption u/s 10(23C) for AY 2005-06 as the aggregate annual receipts for each institution did not exceed Rs. 1 crore cap ‘individually’; [TS-620-HC-2017(J & K)]

SC dismisses Revenue’s appeal against Delhi HC ruling holding that interest on Inter-Corporate Deposits (ICDs) which had become non-performing asset (NPA) in terms of RBI Prudential Norms, not taxable in the hands of a non-banking financial company (‘assessee’);  [TS-619-SC-2017]

Share application money cannot be treated as unexplained credit if the AO does not make any investigation on the documentary evidences filed by the assessee or if adverse material is found during search to prove that share application money is bogus. ACIT vs. TRN Energy Pvt. Ltd (ITAT Delhi).

Indirect Tax:

CBEC has issued Guidelines for the sale of seized/ confiscated gold. Vide circular no 01/2018, dated 11th January 2018.

Key Dates:

TCS Returns by all collectors: 15/01/2018

GST Returns Summary for December: 20/01/2018

Other updates

Income Tax Department has attached 900 Properties worth RS 3500 Crore under Benami Properties Act.

Supreme Court Dismisses SLP to Interfere in Delhi High Court Judgment on Input Matching Ruling in Bonafide Cases.

SEBI has extended till 1 April deadline for stockbrokers to comply with the requirement of keeping evidence of every instruction given by clients for equity and equity derivative trades.

FDI guidelines have been amended to provide for mandatory joint statutory Auditor in case foreign shareholder mandates appointment of a particular International Audit firm of their choice.

Govt. Of India made it mandatory that Overseas Auditors (Big Four Firms or its Indian affiliate) will have to take joint Audit with Indian Firms if an International Investor insists on audit by global firm or its Indian affiliate while liberalizing FDI rules.

FAQ on GST:

Query:  Whether the parties to an appeal could seek adjournment of the hearing?

Answer: The Tribunal may, if sufficient cause is shown at any stage of hearing of an appeal, grant time, from time to time, to the parties or any of them and adjourn the hearing of the appeal for reasons to be recorded in writing. However, no such adjournment shall be granted more than three times to a party during hearing of the appeal.

more updates for related blogs are :

• GST Return compliances calendar- Nov 2020
• SALIENT FEATURES OF NEW GST SYSTEM IN INDIA
• Key points of 42nd GST council Meeting headed By FM N. Sitharaman
• GSTN enable auto-populated in the E-invoice information into GST Return -1
• Delayed in payment of GST then Intt to be paid on net GST liability from Sep 1, 2020.
• Effect of GST on Advertisement and Cinema Industry
• GST Impact on Import and Export
• GST Impact on Real Estate