{"id":1616,"date":"2016-01-20T10:58:13","date_gmt":"2016-01-20T05:28:13","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=1616"},"modified":"2021-11-19T16:18:02","modified_gmt":"2021-11-19T10:48:02","slug":"corporate-and-professional-update-january-9-2016","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-update-january-9-2016\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATE JANUARY 9, 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-69d00bbf87c61\" 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-69d00bbf87c61\"  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\/corporate-and-professional-update-january-9-2016\/#CORPORATE_AND_PROFESSIONAL_UPDATE_JANUARY_9_2016\" title=\"CORPORATE AND PROFESSIONAL UPDATE JANUARY 9, 2016\">CORPORATE AND PROFESSIONAL UPDATE JANUARY 9, 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\/corporate-and-professional-update-january-9-2016\/#INCOME_TAX_ACT\" title=\"INCOME TAX ACT\">INCOME TAX ACT<\/a><ul class='ez-toc-list-level-4'><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-january-9-2016\/#INCOME_%E2%80%93_DEEMED_TO_ACCRUE_OR_ARISE_IN_INDIA\" title=\"INCOME &#8211; DEEMED TO ACCRUE OR ARISE IN INDIA\">INCOME &#8211; DEEMED TO ACCRUE OR ARISE IN INDIA<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-january-9-2016\/#EXPORT_ORIENTED_UNDERTAKING\" title=\"EXPORT ORIENTED UNDERTAKING\">EXPORT ORIENTED UNDERTAKING<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-january-9-2016\/#COMPETITION_ACT\" title=\"COMPETITION ACT\">COMPETITION ACT<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-january-9-2016\/#CENVAT_CREDIT_RULES\" title=\"CENVAT CREDIT RULES\">CENVAT CREDIT RULES<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-january-9-2016\/#STATUTES\" title=\"STATUTES\">STATUTES<\/a><\/li><\/ul><\/nav><\/div>\n<h3 style=\"text-align: justify;\"><span style=\"color: #000080;\"><strong><a href=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/01\/Untitled280.png\" rel=\"attachment wp-att-1621\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-1621\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/01\/Untitled280-300x146.png\" alt=\"Untitled280\" width=\"860\" height=\"419\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/01\/Untitled280-300x146.png 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/01\/Untitled280.png 595w\" sizes=\"(max-width: 860px) 100vw, 860px\" \/><\/a><\/strong><\/span><\/h3>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"CORPORATE_AND_PROFESSIONAL_UPDATE_JANUARY_9_2016\"><\/span><span style=\"color: #000080;\"><strong>CORPORATE AND PROFESSIONAL UPDATE JANUARY 9, 2016<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"INCOME_TAX_ACT\"><\/span><a href=\"https:\/\/carajput.com\/income-tax-services.php\"><span style=\"color: #0000ff;\"><strong>INCOME TAX ACT<\/strong><\/span><\/a><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>SECTION 9<\/strong><\/span><\/p>\n<h4 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"INCOME_%E2%80%93_DEEMED_TO_ACCRUE_OR_ARISE_IN_INDIA\"><\/span><span style=\"color: #00ccff;\"><strong>INCOME &#8211; DEEMED TO ACCRUE OR ARISE IN INDIA<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #800000;\">Fee for technical services :<\/span>\u00a0<\/strong>Where in earlier years, consideration received by assessee Swede company for supply of telecom equipments as not taxable, while in current year Tribunal had recorded that Commissioner (Appeals)&#8217;s order was bad as he did not confront assessee with new material gathered during survey, Tribunal ought to have remanded matter back to Commissioner (Appeals) for readjudication of facts; it should not have itself appreciated facts.<\/p>\n<p><span style=\"color: #0000ff;\">Read our articles<\/span>: \u00a0<a href=\"https:\/\/carajput.com\/blog\/relevant-parts-of-the-honorable-fm-press-conference\/\">Top Taxation Relaxation to MSMS<\/a><\/p>\n<p><a href=\"https:\/\/carajput.com\/blog\/international-taxation\/\">Highlights of International Taxation<\/a><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>SECTION 10B<\/strong><\/span><\/p>\n<h4 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"EXPORT_ORIENTED_UNDERTAKING\"><\/span><span style=\"color: #00ccff;\"><strong>EXPORT ORIENTED UNDERTAKING<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #800000;\">Computation of exemption :<\/span>\u00a0<\/strong>Where sale price of export was credited to bank account as per existing exchange rate, foreign exchange gain\/loss subsequent to receipt of sale proceed was not eligible for exemption under section 10B.<\/p>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #800000;\">Computation of :<\/span>\u00a0<\/strong>Where an amount from a foreign customer was not received into India and said amount was adjusted for purchase of an item from said foreign party, impugned amount was liable to be excluded from export turnover for purpose of computation of exemption under section 10B.<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>SECTION 37(1)<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>BUSINESS EXPENDITURE &#8211; ALLOWABILITY OF FILM PRODUCTION<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">Where assessee acquired rights for exhibition of films on minimum guarantee basis which did not complete commercial run of 180 days during preceding financial year, in terms of Explanation to sub-rule (1) of rule 9B, minimum guarantee amount excluding expenditure incurred on preparation of positive prints and expenditure incurred in connection with advertisement of films, was to be considered to be cost of acquisition of distribution rights of films which could be carried forward for amortization.<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>SECTION 40A (3)<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>BUSINESS DISALLOWANCE &#8211; CASH PAYMENTS EXCEEDING PRESCRIBED LIMITS<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #800000;\">Business exigencies :<\/span>\u00a0<\/strong>Where assessee made cash payments to film producers in excess of Rs. ten thousand, in view of fact that said payments were made due to business exigencies and, moreover, genuineness of same was never disputed, impugned disallowance made under section 40A(3) was to be deleted.<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>SECTION 80-IC<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>DEDUCTIONS &#8211; SPECIAL PROVISIONS IN RESPECT OF CERTAIN UNDERTAKINGS OR ENTERPRISES IN CERTAIN SPECIAL CATEGORY STATES<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #800000;\">Interest :<\/span>\u00a0<\/strong>Where assessee, a manufacturer of shampoo products, received interest on fixed deposits with bank under section 80-IC on amount of interest, Assessing Officer should examine nature of interest and decide issue of granting section 80-IC deduction.<\/p>\n<p style=\"text-align: justify;\">Where assessee after using material, had sold packing materials\/scrap and aggregate amount of scrap sale was credited to profit and loss account (thereby reducing cost of material), amount derived by sale of scrap was eligible for deduction under section 80-IC.<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>SECTION 145<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>METHOD OF ACCOUNTING &#8211; ESTIMATION OF INCOME<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #800000;\">Work in progress :<\/span>\u00a0<\/strong>Where Commissioner came to conclusion that assessee incurred work in progress expenditure of Rs. 47.59 crores and raised a bill of Rs. 48.06 crores and difference between two was profit, whereas assessee submitted that amount of Rs. 48.06 crores was bill amount raised by customers, Commissioner proceeded on misunderstood facts and accordingly revision order could not be sustained.<\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"COMPETITION_ACT\"><\/span><span style=\"color: #0000ff;\"><strong>COMPETITION ACT<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>SECTION 3<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>PROHIBITION OF AGREEMENTS &#8211; ANTI-COMPETITIVE AGREEMENTS<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">Where OP was limiting and controlling services of dumpers inside prohibited area of Paradip Port denying said services to informant and other stevedores, act of OP was anti-competitive.<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>SECTION 4<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>PROHIBITION OF ABUSE OF DOMINANT POSITION<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">Where OP was a facilitator between licensed stevedores and owners of dumpers for handling of cargo, it would not be an enterprise and its conduct could not be examined in respect of abuse of dominant position.<\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"CENVAT_CREDIT_RULES\"><\/span><span style=\"color: #0000ff;\"><strong><span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"https:\/\/www.caindelhiindia.com\/blog\/changes-in-cenvat-credit-rules-2004\/\">CENVAT<\/a> <\/span>CREDIT RULES<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>RULE 2 (l)<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>CENVAT CREDIT &#8211; INPUT SERVICE<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">Exporter is eligible to take credit of &#8216;banking and other financial services&#8217; used in connection with their export activities of finished excisable goods.<\/p>\n<h2 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><\/h2>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>CORPORATE LAWS <\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">SEBI (Delisting of Equity Shares) (Amendment) Regulations, 2016 \u2013 Amendment in Regulation 27 &#8211;<em>NOTIFICATION NO.SEBI\/LAD-NRO\/GN\/2015-16\/30, DATED\u00a012-1-2016<\/em><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>INDIRECT TAX LAWS (ST\/CE. &amp; CUS\/ CST &amp; <a href=\"https:\/\/carajput.com\/services-vat.php\">VAT<\/a>)<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">General Guidelines for Implementation of E-Payment of Refund\/Rebate &#8211;\u00a0<em>CIRCULAR NO.1013\/1\/2016-CX, DATED\u00a012-1-2016<\/em><\/p>\n<p style=\"text-align: justify;\">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\u00a0endeavors. For query or help, contact:\u00a0<a href=\"mailto:singh@carajput.com\">singh@carajput.com<\/a>\u00a0or call at\u00a0011-233 433 33<\/p>\n","protected":false},"excerpt":{"rendered":"<p>CORPORATE AND PROFESSIONAL UPDATE JANUARY 9, 2016 INCOME TAX ACT SECTION 9 INCOME &#8211; DEEMED TO ACCRUE OR ARISE IN INDIA Fee for technical services :\u00a0Where in earlier years, consideration received by assessee Swede company for supply of telecom equipments as not taxable, while in current year Tribunal had recorded that Commissioner (Appeals)&#8217;s order was &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18,150,172,9,4],"tags":[9083,9066,162,5,333,9016],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/1616"}],"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=1616"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/1616\/revisions"}],"predecessor-version":[{"id":19113,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/1616\/revisions\/19113"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=1616"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=1616"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=1616"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}