{"id":1367,"date":"2016-01-14T11:35:16","date_gmt":"2016-01-14T06:05:16","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=1367"},"modified":"2022-03-07T00:24:24","modified_gmt":"2022-03-06T18:54:24","slug":"income-tax-act-4","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/income-tax-act-4\/","title":{"rendered":"Corporate and professional update january 03, 2016"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_58 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Page Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69ea8df80bb7a\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #000000;color:#000000\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #000000;color:#000000\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69ea8df80bb7a\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/carajput.com\/blog\/income-tax-act-4\/#CORPORATE_AND_PROFESSIONAL_UPDATE_JANUARY_03_2016\" title=\"CORPORATE AND PROFESSIONAL UPDATE JANUARY 03, 2016\">CORPORATE AND PROFESSIONAL UPDATE JANUARY 03, 2016<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/carajput.com\/blog\/income-tax-act-4\/#INCOME_TAX_ACT\" title=\"INCOME TAX ACT\">INCOME TAX ACT<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/carajput.com\/blog\/income-tax-act-4\/#BONUS_OR_COMMISSION\" title=\"BONUS OR COMMISSION\">BONUS OR COMMISSION<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/carajput.com\/blog\/income-tax-act-4\/#BUSINESS_EXPENDITURE\" title=\"BUSINESS EXPENDITURE\u00a0\">BUSINESS EXPENDITURE\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/carajput.com\/blog\/income-tax-act-4\/#DEDUCTIONS_%E2%80%93_INCOME_OF_CO-OPERATIVE_SOCIETIES\" title=\"DEDUCTIONS &#8211; INCOME OF CO-OPERATIVE SOCIETIES\">DEDUCTIONS &#8211; INCOME OF CO-OPERATIVE SOCIETIES<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/carajput.com\/blog\/income-tax-act-4\/#TRANSFER_PRICING_%E2%80%93_COMPUTATION_OF_ARMS_LENGTH_PRICE\" title=\"TRANSFER PRICING &#8211; COMPUTATION OF ARM\u2019S LENGTH PRICE\">TRANSFER PRICING &#8211; COMPUTATION OF ARM\u2019S LENGTH PRICE<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/carajput.com\/blog\/income-tax-act-4\/#RECTIFICATION_OF_MISTAKE_%E2%80%93_APPARENT_FROM_RECORDS\" title=\"RECTIFICATION OF MISTAKE &#8211; APPARENT FROM RECORDS\">RECTIFICATION OF MISTAKE &#8211; APPARENT FROM RECORDS<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/carajput.com\/blog\/income-tax-act-4\/#SARFAESI_ACT\" title=\"SARFAESI ACT\">SARFAESI ACT<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/carajput.com\/blog\/income-tax-act-4\/#ENFORCEMENT_OF_SECURITY_INTEREST\" title=\"ENFORCEMENT OF SECURITY INTEREST\">ENFORCEMENT OF SECURITY INTEREST<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/carajput.com\/blog\/income-tax-act-4\/#MAHARASHTRA_MUNICIPAL_CORPORATION_ACT\" title=\"MAHARASHTRA MUNICIPAL CORPORATION ACT\">MAHARASHTRA MUNICIPAL CORPORATION ACT<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/carajput.com\/blog\/income-tax-act-4\/#CONSTITUTION_OF_INDIA\" title=\"CONSTITUTION OF INDIA\">CONSTITUTION OF INDIA<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/carajput.com\/blog\/income-tax-act-4\/#WRIT_PETITION_%E2%80%93_ALTERNATIVE_REMEDY\" title=\"WRIT PETITION &#8211; ALTERNATIVE REMEDY\">WRIT PETITION &#8211; ALTERNATIVE REMEDY<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/carajput.com\/blog\/income-tax-act-4\/#SERVICE_TAX\" title=\"SERVICE TAX\">SERVICE TAX<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/carajput.com\/blog\/income-tax-act-4\/#EXPORT_%E2%80%93_COURIER_SERVICES\" title=\"EXPORT &#8211; COURIER SERVICES\">EXPORT &#8211; COURIER SERVICES<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/carajput.com\/blog\/income-tax-act-4\/#CENVAT_EXCISE_RULES\" title=\"CENVAT EXCISE RULES\">CENVAT EXCISE RULES<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/carajput.com\/blog\/income-tax-act-4\/#PENALTY_%E2%80%93_ON_PERSONS_DEALING_WITH_GOODS_LIABLE_TO_CONFISCATION\" title=\"PENALTY &#8211; ON PERSONS DEALING WITH GOODS LIABLE TO CONFISCATION\">PENALTY &#8211; ON PERSONS DEALING WITH GOODS LIABLE TO CONFISCATION<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/carajput.com\/blog\/income-tax-act-4\/#CENVAT_CREDIT_RULES\" title=\"CENVAT CREDIT RULES\">CENVAT CREDIT RULES<\/a><ul class='ez-toc-list-level-4'><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/carajput.com\/blog\/income-tax-act-4\/#STATUTES\" title=\"STATUTES\">STATUTES<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/carajput.com\/blog\/income-tax-act-4\/#DIRECT_TAX_LAWS\" title=\"DIRECT TAX LAWS\">DIRECT TAX LAWS<\/a><ul class='ez-toc-list-level-4'><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-20\" href=\"https:\/\/carajput.com\/blog\/income-tax-act-4\/#Section_54F_read_with_section_263_of_the_Income-tax_Act_1961\" title=\"Section 54F, read with section 263, of the Income-tax Act, 1961\">Section 54F, read with section 263, of the Income-tax Act, 1961<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-21\" href=\"https:\/\/carajput.com\/blog\/income-tax-act-4\/#Monitoring_of_high-value_Transaction_by_Department\" title=\"Monitoring of high-value Transaction by Department\">Monitoring of high-value Transaction by Department<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p><a href=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/01\/19.png\" rel=\"attachment wp-att-1491\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-1491\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/01\/19-300x175.png\" alt=\"19\" width=\"730\" height=\"426\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/01\/19-300x175.png 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/01\/19-768x447.png 768w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/01\/19.png 876w\" sizes=\"(max-width: 730px) 100vw, 730px\" \/><\/a><\/p>\n<h2><span class=\"ez-toc-section\" id=\"CORPORATE_AND_PROFESSIONAL_UPDATE_JANUARY_03_2016\"><\/span><span style=\"color: #000080;\">CORPORATE AND PROFESSIONAL UPDATE JANUARY 03<\/span><span style=\"color: #000080;\">, 2016<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"INCOME_TAX_ACT\"><\/span><a href=\"https:\/\/www.caindelhiindia.com\/blog\/implication-of-cash-transaction-under-income-tax-act\/\"><span style=\"color: #0000ff;\"><strong>INCOME TAX ACT<\/strong><\/span><\/a><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong><span style=\"color: #ff6600;\">SECTION 9<\/span><\/strong><\/p>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #00ccff;\">INCOME &#8211; DEEMED TO ACCRUE OR ARISE IN INDIA<\/span><\/strong><\/p>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #800000;\">Permanent establishment :<\/span>\u00a0<\/strong>Where assessee&#8217;s branch office, which was considered as assessee&#8217;s PE in India, was compensated at arm&#8217;s length for performing services in respect of direct sales made by assessee in India, no part of assessee&#8217;s profit could be taxed in India as profit attributable to Indian PE.<\/p>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #ff6600;\">SECTION 36(1)(ii)<\/span><\/strong><\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"BONUS_OR_COMMISSION\"><\/span><strong><span style=\"color: #00ccff;\">BONUS OR COMMISSION<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #800000;\">Director&#8217;s Commission:<\/span><\/strong>\u00a0When directors of assessee company had given services and in recognition thereof, there was payment of commission to them, it could not be questioned merely on basis of speculation by revenue that same was to avoid payment of dividend tax and, consequently, impugned disallowance made under section 36(1)(ii) deserved to be deleted.<\/p>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #ff6600;\">SECTION 37(1)<\/span><\/strong><\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"BUSINESS_EXPENDITURE\"><\/span><strong><span style=\"color: #00ccff;\">BUSINESS EXPENDITURE\u00a0<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #800000;\">Revision:<\/span><\/strong><strong>\u00a0<\/strong>Where Assessing Officer granted deduction on account of lease rentals to assessee in pursuance of directions of DRP, but Commissioner revised said order without recording as to how assessment order was erroneous, revision was unjustified<\/p>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #ff6600;\">S<\/span><span style=\"color: #ff6600;\">ECTION 44BB<\/span><\/strong><\/p>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #00ccff;\">NON-RESIDENTS &#8211; BUSINESS FOR PROSPECTING \/ EXPLORATION, MINERAL OIL, ETC.<\/span><\/strong><\/p>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #800000;\">Conditions precedent<\/span> :\u00a0<\/strong>If Assessing Officer finds that assessee had a PE in India during relevant period and that contract entered into by assessee with contractor were effectively connected with assessee&#8217;s PE in India, then income of assessee would be computed under section 44B(1)<\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #ff6600;\">SECTION 80P<\/span><\/strong><\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"DEDUCTIONS_%E2%80%93_INCOME_OF_CO-OPERATIVE_SOCIETIES\"><\/span><strong><span style=\"color: #00ccff;\">DEDUCTIONS &#8211; INCOME OF CO-OPERATIVE SOCIETIES<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #800000;\">Co-operative bank :<\/span><\/strong>\u00a0In event of dispute as to primary object or principal business of co-operative society referred to in clauses (cciv), (ccv) and (ccvi) of section 56 of Banking Regulation Act, determination thereof by RBI shall be final before revenue authorities can term said society as a co-operative bank for purpose of section 80P<\/p>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #ff6600;\">SECTION 90<\/span><\/strong><\/p>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #00ccff;\">DOUBLE TAXATION RELIEF &#8211; WHERE AGREEMENT EXISTS<\/span><\/strong><\/p>\n<p style=\"text-align: justify;\">Overseas taxes paid by assessee abroad were not eligible for relief under section 90<\/p>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #ff6600;\">SECTION 92C<\/span><\/strong><\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"TRANSFER_PRICING_%E2%80%93_COMPUTATION_OF_ARMS_LENGTH_PRICE\"><\/span><strong><span style=\"color: #00ccff;\">TRANSFER PRICING &#8211; COMPUTATION OF ARM\u2019S LENGTH PRICE<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #800000;\">Comparables and adjustments\/Adjustment \u2013General :<\/span><\/strong>\u00a0Where in transfer pricing proceedings, Assessing Officer as well as Commissioner (Appeals) failed to apply their mind to TP report filed by assessee, or to any other material or information or document furnished, impugned addition made to assessee&#8217;s ALP merely on basis of proposal made by TPO was not sustainable<\/p>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #ff6600;\">SECTION 154<\/span><\/strong><\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"RECTIFICATION_OF_MISTAKE_%E2%80%93_APPARENT_FROM_RECORDS\"><\/span><strong><span style=\"color: #00ccff;\">RECTIFICATION OF MISTAKE &#8211; APPARENT FROM RECORDS<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #800000;\">Limitation:<\/span><\/strong><strong>\u00a0<\/strong>Once an order is amended to give effect to appellate order, period of limitation under section 154 would commence from amended order and not from original order<\/p>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #ff6600;\">SECTION 194A<\/span><\/strong><\/p>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #00ccff;\">DEDUCTION OF TAX AT SOURCE &#8211; INTEREST OTHER THAN INTEREST ON SECURITIES<\/span><\/strong><\/p>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #800000;\">Revision :<\/span><\/strong>\u00a0Where Assessing Officer held that assessee-employees&#8217; thrift fund was not liable to deduct TDS under section 194A(3)(v) while making interest payment to its member, since said order merged with order of Commissioner (Appeals) and moreover, said view was one of possible views, same could not be set aside in revision<\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"SARFAESI_ACT\"><\/span><strong><span style=\"color: #0000ff;\">SARFAESI ACT<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #ff6600;\">SECTION 13<\/span><\/strong><\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"ENFORCEMENT_OF_SECURITY_INTEREST\"><\/span><strong><span style=\"color: #00ccff;\">ENFORCEMENT OF SECURITY INTEREST<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">Where efficacious statutory remedy of appeal under section 17 was available to appellant-purchaser of property, against notice under section 13(4) and he had already availed same, instant writ petition before High Court against order of Chief Judicial Magistrate appointing receiver to take possession of property in question under section 14 would not be maintainable<\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"MAHARASHTRA_MUNICIPAL_CORPORATION_ACT\"><\/span><strong><span style=\"color: #0000ff;\">MAHARASHTRA MUNICIPAL CORPORATION ACT<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #ff6600;\">SECTION 2(25)<\/span><\/strong><\/p>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #00ccff;\">GOODS<\/span><\/strong><\/p>\n<p style=\"text-align: justify;\">Where appellant was conducting business of providing pre-printed meal vouchers, i.e., Sodexo Meal Vouchers, to its customers, said vouchers were not goods within meaning of section 2(15) of Maharashtra Municipal Corporation Act and, therefore, not liable for either octroi or local body tax<\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"CONSTITUTION_OF_INDIA\"><\/span><strong><span style=\"color: #0000ff;\">CONSTITUTION OF INDIA<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>ARTICLE 226<\/strong><\/span><\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"WRIT_PETITION_%E2%80%93_ALTERNATIVE_REMEDY\"><\/span><span style=\"color: #00ccff;\"><strong>WRIT PETITION &#8211; ALTERNATIVE REMEDY<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">Where adjudication order has been passed without giving reasons, same violates principles of natural justice and, therefore, same can be set aside in writ jurisdiction despite alternate appeal remedy<\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"SERVICE_TAX\"><\/span><strong><span style=\"color: #0000ff;\">SERVICE TAX<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #ff6600;\">SECTION 67<\/span><\/strong><\/p>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #00ccff;\">VALUATION OF TAXABLE SERVICES \u2013 GENERAL<\/span><\/strong><\/p>\n<p style=\"text-align: justify;\">Service tax is payable on gross consideration without setting off receivables\/payables in respect of other transactions<\/p>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #ff6600;\">EXPORT OF SERVICES RULES<\/span><\/strong><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>RULE 3<\/strong><\/span><\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"EXPORT_%E2%80%93_COURIER_SERVICES\"><\/span><span style=\"color: #800000;\"><strong>EXPORT &#8211; COURIER SERVICES<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">Activity of collection\/delivery of export\/import consignments booked by other Indian\/foreign courier agencies, also amounts to courier services, as it also involves time-sensitive transport of document\/things; it cannot be classified as Business Support Services. Where such delivery\/collection is performed in India, courier services cannot be regarded as exported, even if consideration is received in foreign currency<\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"CENVAT_EXCISE_RULES\"><\/span><span style=\"color: #0000ff;\"><strong>CENVAT EXCISE RULES<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>RULE 26<\/strong><\/span><\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"PENALTY_%E2%80%93_ON_PERSONS_DEALING_WITH_GOODS_LIABLE_TO_CONFISCATION\"><\/span><span style=\"color: #00ccff;\"><strong>PENALTY &#8211; ON PERSONS DEALING WITH GOODS LIABLE TO CONFISCATION<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">Issuance of false certificate by a Chartered Accountant in relation to huge cash found with manufacturer, may attract penalty for money laundering or giving false evidence; however, same cannot attract penalty under rule 26 or 27 of Central Excise Rules, 2002<\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"CENVAT_CREDIT_RULES\"><\/span><span style=\"color: #0000ff;\"><strong>CENVAT CREDIT RULES<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #ff6600;\">RULE 6<\/span><\/strong><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>CENVAT CREDIT &#8211; EXEMPTED AND DUTIABLE GOODS OR EXEMPTED AND TAXABLE SERVICES, OBLIGATION OF ASSESSEE<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">There is no bar for making as per prescribed percentage payment on value of exempted services for prior period where it may not be feasible to segregate quantum of input services pertaining to dutiable &amp; exempted services<\/p>\n<h4 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"STATUTES\"><\/span><span style=\"color: #0000ff;\"><strong>STATUTES<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"DIRECT_TAX_LAWS\"><\/span><span style=\"color: #ff6600;\"><strong>DIRECT TAX LAWS<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 \u2013 Declarations and Payments made under said Act<\/p>\n<p><span style=\"color: #000080;\"><strong>Popular blogs<\/strong> :<\/span><\/p>\n<h4><span class=\"ez-toc-section\" id=\"Section_54F_read_with_section_263_of_the_Income-tax_Act_1961\"><\/span><strong><a href=\"https:\/\/carajput.com\/blog\/sec-54f-relief-available-in-entirety-if-investment-exceeds-sale-proceeds-irrespective-of-usage-of-housing-loan\/\">Section 54F, read with section 263, of the Income-tax Act, 1961<\/a><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<h4><span class=\"ez-toc-section\" id=\"Monitoring_of_high-value_Transaction_by_Department\"><\/span><a href=\"https:\/\/carajput.com\/blog\/few-ways-through-department-is-monitoring-your-high-value-transactions\/\"><strong>Monitoring of high-value Transaction by Department<\/strong><\/a><span class=\"ez-toc-section-end\"><\/span><\/h4>\n","protected":false},"excerpt":{"rendered":"<p>CORPORATE AND PROFESSIONAL UPDATE JANUARY 03, 2016 INCOME TAX ACT SECTION 9 INCOME &#8211; DEEMED TO ACCRUE OR ARISE IN INDIA Permanent establishment :\u00a0Where assessee&#8217;s branch office, which was considered as assessee&#8217;s PE in India, was compensated at arm&#8217;s length for performing services in respect of direct sales made by assessee in India, no part &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9933],"tags":[162,5,333,9038,322,9016],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/1367"}],"collection":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/comments?post=1367"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/1367\/revisions"}],"predecessor-version":[{"id":22081,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/1367\/revisions\/22081"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=1367"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=1367"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=1367"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}