CORPORATE AND PROFESSIONAL UPDATE DECEMBER 19, 2015 FAQ ON COMPANY LAW: Query: One of our client company appointed us as Auditors of the company at the Annual General Meeting held on 30th September, 2015. But brother of one of partner of Auditor firm has invested in the equity shares for face value of Rs. 1 lakh …
CORPORATE AND PROFESSIONAL UPDATE DECEMBER 18, 2015 ST: Whether the activity of transportation services carrying employees of companies from specific points to the factory/establishment and back can be categorized under Tour operator service – Held NO – M/s L.N. Gupta Transport Co. Vs. C. C. E., Nagpur (CESTAT Mumbai) VAT & ST: Merely because a chemical may not be …
CORPORATE AND PROFESSIONAL UPDATE DECEMBER 17, 2015 FAQ on Company Law: Query: We have incorporated a Pvt Ltd Company on 29th October 2015. But since then no Board meeting has been held regarding the appointment of First Auditors of company as well. Kindly advice in the matter. Answer: Section 139(6) of the Companies Act, 2013 lays down that …
Proposed GST Law Procedures & Compliances After a lot of deliberation, Govt. has finally unveiled the proposed common indirect tax regime- Goods and Services Tax (GST). Battered with a multiplicity of Indirect taxes in the current regime, India Company has more than welcomed the GST as it brings within its ambit the flavor of ‘ease …
CORPORATE AND PROFESSIONAL UPDATE DECEMBER 16, 2015 CIT Vs. Shri Kapil Kumar Agarwal, I.T.A. No. 12 of 2015, Date of Decision: 04.11.2015, High Court of P & H Whether to avail the benefit of Section 54F of the Income Tax Act, 1961, is it required to utilize the sale proceeds of the original capital asset …
INDIAN AGENT PROCURING AD AIR TIME FOR NATIONAL GEOGRAPHIC & FOX CHANNEL HELD AS AGENCY PE OF FOREIGN CO NGC Network Asia LLC v. JDIT [Mumbai ITAT] ITA No. 7994 of 2011 & 7631 of 2012 Date of Decision: December 16, 2015 Facts of the Case NGC Network Asia LLC (‘NGC Asia’), a US based …
The bright-line test can’t be applied to determine the ALP of AMP expenses. Honda Siel Power Products Ltd. v. DCIT, Facts of the Case Assessee is engaged both in the manufacture of licensed products as well as the distribution of goods manufactured by its associated enterprises (AE).The assessee has entered into international transactions with its …
CORPORATE AND PROFESSIONAL UPDATE ON DIRECT TAXES The resultant profits and gains derived from or derived by an industrial undertaking because of the insurance subsidy have to be treated as deductible in terms of the provision of Section 80IB or 80IC- (Deputy Commissioner of Income-Tax Versus Meghalaya Sova Ispat Alloys Pvt Ltd And Vica-Versa – …
Amended rules for submission of Form 15CA & 15CB Rule 37BB of the IT Rules amended w.e.f.1st April 2016 to bring Major Changes in the Requirements of Form 15CA & 15CB and Foreign remittances covered under Sec 195: The Income Tax Depart amended the rules for the preparation and submission of Form 15CA & Form …
CORPORATE AND PROFESSIONAL UPDATE ON INDIRECT TAXES Purchase of goods for use in works contract from other state – interstate movement of goods against Form-C – Denial of exemption claim – Notification dated 28.04.1993 – Revision petition filed by the revenue dismissed- (C.T.O., Jodhpur Versus M/s Chagni Ram Gehlot, Jodhpur – 2015 (11) TMI …