{"id":1713,"date":"2016-01-20T18:09:16","date_gmt":"2016-01-20T12:39:16","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=1713"},"modified":"2022-01-19T12:10:41","modified_gmt":"2022-01-19T06:40:41","slug":"corporate-and-professional-update-january-152016","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-update-january-152016\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATE JANUARY 15,2016"},"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-69d0245a78f9e\" 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-69d0245a78f9e\"  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-152016\/#CORPORATE_AND_PROFESSIONAL_UPDATE_JANUARY_152016\" title=\"CORPORATE AND PROFESSIONAL UPDATE JANUARY 15,2016\">CORPORATE AND PROFESSIONAL UPDATE JANUARY 15,2016<\/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-152016\/#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\/corporate-and-professional-update-january-152016\/#CHARITABLE_PURPOSE\" title=\"CHARITABLE PURPOSE\">CHARITABLE PURPOSE<\/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\/corporate-and-professional-update-january-152016\/#EDUCATIONAL_INSTITUTIONS\" title=\"EDUCATIONAL INSTITUTIONS\">EDUCATIONAL INSTITUTIONS<\/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\/corporate-and-professional-update-january-152016\/#CIVIL_CONSTRUCTION_BUSINESS\" title=\"CIVIL CONSTRUCTION BUSINESS\">CIVIL CONSTRUCTION BUSINESS<\/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\/corporate-and-professional-update-january-152016\/#UNEXPLAINED_MONEY\" title=\"UNEXPLAINED MONEY\">UNEXPLAINED MONEY<\/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\/corporate-and-professional-update-january-152016\/#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-8\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-january-152016\/#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-9\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-january-152016\/#TAXABLE_SERVICES_%E2%80%93_COMMERCIAL_OR_INDUSTRIAL_CONSTRUCTION_SERVICES\" title=\"TAXABLE SERVICES &#8211; COMMERCIAL OR INDUSTRIAL CONSTRUCTION SERVICES\">TAXABLE SERVICES &#8211; COMMERCIAL OR INDUSTRIAL CONSTRUCTION SERVICES<\/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\/corporate-and-professional-update-january-152016\/#PENALTY_%E2%80%93_NOT_TO_BE_IMPOSED_IN_CERTAIN_CASES\" title=\"PENALTY &#8211; NOT TO BE IMPOSED IN CERTAIN CASES\">PENALTY &#8211; NOT TO BE IMPOSED IN CERTAIN CASES<\/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\/corporate-and-professional-update-january-152016\/#INDIRECT_TAX\" title=\"INDIRECT TAX:\">INDIRECT TAX:<\/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\/corporate-and-professional-update-january-152016\/#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-13\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-january-152016\/#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-14\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-january-152016\/#OTHER_UPDATE\" title=\"OTHER UPDATE \">OTHER UPDATE <\/a><ul class='ez-toc-list-level-4'><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-january-152016\/#KEY_DATES\" title=\"KEY DATES:\">KEY DATES:<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h3 style=\"text-align: justify;\"><\/h3>\n<h3 style=\"text-align: justify;\"><span style=\"color: #000080;\"><strong><a href=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/01\/Untitled20A.png\" rel=\"attachment wp-att-1719\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-1719\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/01\/Untitled20A-300x209.png\" alt=\"Untitled20A\" width=\"929\" height=\"648\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/01\/Untitled20A-300x209.png 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/01\/Untitled20A.png 509w\" sizes=\"(max-width: 929px) 100vw, 929px\" \/><\/a><\/strong><\/span><\/h3>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"CORPORATE_AND_PROFESSIONAL_UPDATE_JANUARY_152016\"><\/span><span style=\"color: #000080;\"><strong>CORPORATE AND PROFESSIONAL UPDATE JANUARY 15,2016<\/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:\/\/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 style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>SECTION 2(15)<\/strong><\/span><\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"CHARITABLE_PURPOSE\"><\/span><span style=\"color: #00ccff;\"><strong><a style=\"color: #00ccff;\" href=\"https:\/\/carajput.com\/blog\/tag\/charitable-trust\/\">CHARITABLE<\/a> PURPOSE<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #800000;\">Object of general public utility\/Trade promotion association :<\/span>\u00a0<\/strong>Where assessee-association was formed with an object to promote leather trade, in view of fact that assessee&#8217;s receipt of rent from non-members by allowing them to keep their stalls in trade fairs organised by assessee was negligible in comparison to total trade receipts, assessee&#8217;s case could not be said to be covered under proviso to section 2(15) &#8211;\u00a0<em>[2015] 406 (Kolkata &#8211; Trib.)<\/em><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>SECTION 10(23C)<\/strong><\/span><\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"EDUCATIONAL_INSTITUTIONS\"><\/span><span style=\"color: #00ccff;\"><strong>EDUCATIONAL INSTITUTIONS<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #800000;\">Profit motive :<\/span>\u00a0<\/strong>At stage of registration, under section 10(23C) authority is only required to examine nature, activity and genuineness of institution and mere existence of some profit does not disqualify applicant if sole purpose of its existence is not profit making but educational activities &#8211;\u00a0<em>[2016] 30 (Allahabad)<\/em><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>SECTION 44AD<\/strong><\/span><\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"CIVIL_CONSTRUCTION_BUSINESS\"><\/span><span style=\"color: #00ccff;\"><strong>CIVIL CONSTRUCTION <a style=\"color: #00ccff;\" href=\"https:\/\/carajput.com\/blog\/tag\/business-support-service\/\">BUSINESS<\/a><\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">Merely because, assessee&#8217;s income from civil construction work had been accepted at six per cent of contract receipt in earlier year, it could not be ground to claim that for relevant year also, assessee&#8217;s income was to be assessed at six per cent of contract receipt &#8211;\u00a0<em>[2016] \u00a019 (Patna &#8211; Trib.)<\/em><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>SECTION 69<\/strong><\/span><\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"UNEXPLAINED_MONEY\"><\/span><span style=\"color: #00ccff;\"><strong>UNEXPLAINED MONEY<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"color: #800000;\"><strong>Seized books :\u00a0<\/strong><\/span>Addition to assessee&#8217;s income merely on basis of papers seized from possession of assessee&#8217;s brother was unjustified when material sought to be relied on was not corroborated &#8211;\u00a0<em>[2016] \u00a029 (Calcutta)<\/em><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>SECTION 92C<\/strong><\/span><\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"TRANSFER_PRICING_%E2%80%93_COMPUTATION_OF_ARMS_LENGTH_PRICE\"><\/span><span style=\"color: #00ccff;\"><strong>TRANSFER PRICING &#8211; COMPUTATION OF ARM\u2019S LENGTH PRICE<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #800000;\">Comparables and adjustments &#8211; Method of computation\/RPM v. TNMM :<\/span>\u00a0<\/strong>Where Tribunal held in earlier year in assessee&#8217;s case that RPM was appropriate method as assessee was distributor, but prima facie facts of relevant year suggested that assessee was not merely a distributor, matter should be reconsidered afresh &#8211;<em>[2016] \u00a021 (Mumbai &#8211; Trib.)<\/em><\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"SERVICE_TAX\"><\/span><a href=\"https:\/\/carajput.com\/services-tax-registration.php\"><span style=\"color: #0000ff;\"><strong>SERVICE TAX<\/strong><\/span><\/a><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>SECTION 65(25b)<\/strong><\/span><\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"TAXABLE_SERVICES_%E2%80%93_COMMERCIAL_OR_INDUSTRIAL_CONSTRUCTION_SERVICES\"><\/span><span style=\"color: #00ccff;\"><strong>TAXABLE SERVICES &#8211; COMMERCIAL OR INDUSTRIAL CONSTRUCTION SERVICES<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">Abatement in respect of construction services cannot be denied where &#8216;minor credit&#8217; inadvertently taken by assessee has been reversed with interest &#8211;\u00a0<em>[2016] \u00a027 (Ahmedabad &#8211; CESTAT)<\/em><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>SECTION 80<\/strong><\/span><\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"PENALTY_%E2%80%93_NOT_TO_BE_IMPOSED_IN_CERTAIN_CASES\"><\/span><span style=\"color: #00ccff;\"><strong>PENALTY &#8211; NOT TO BE IMPOSED IN CERTAIN CASES<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">Where internal auditor of company perpetrated fraud by booking &#8216;service tax due&#8217; as &#8216;income&#8217;\/&#8217;commission&#8217; in books of account and it was found that directors of company were aware thereof, company was liable to evasion penalty for consequent non-payment of service tax &#8211;\u00a0<em>[2016] 25 (Mumbai &#8211; CESTAT)<\/em><\/p>\n<p style=\"text-align: justify;\">Where delayed payment was not due to any bona fide confusion occurring in prevalent statue and related provisions were quite crystal clear, penalty cannot be waived merely on ground of ignorance of law, as it is not a reasonable cause under section 80 &#8211;\u00a0<em>[2016] \u00a023 (Ahmedabad &#8211; CESTAT)<\/em><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>IT:<\/strong><\/span>\u00a0Reopening of assessment &#8211; mere accounting entry or even if there was some defect in indicating such amount in the accounts presented by the assessee as long as income chargeable to tax had not escaped assessment reopening of the assessment would not be permissible\u00a0\u2013\u00a0<em>Kanti Auto Fabrication Pvt Ltd Vs. ACIT(Gujarat High Court)<\/em><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>IT:<\/strong><strong>\u00a0<\/strong><\/span>Entitlement to exemption u\/s 11 &#8211; payment was for the purpose of the education of the Fathers who serve in various schools run by the assessee as teachers supervisors and principals etc. &#8211; expenditure have been incurred for charitable purposes allowed \u2013<em>\u00a0ACIT, Hoshiarpur Vs. M\/s. Carmelite Charitable Society (ITAT Amritsar)<\/em><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>IT<\/strong>:<\/span> TDS u\/s 195 &#8211; carrier payments made to M\/s. Clikatel South Africa without deduction of tax at source &#8211; these services do not involve human intervention and these services cannot be regarded as fee for technical services\u00a0&#8211;<em>\u00a0DCIT, Corporate Cir-1(1), Chennai Vs. M\/s. Velti India Pvt. Ltd.\u00a0(ITAT\u00a0Chennai)<\/em><\/p>\n<p style=\"text-align: justify;\">\u00a0<strong><span style=\"color: #ff6600;\">IT:<\/span>\u00a0<\/strong>Addition on account of Capital Subsidy u\/s. 41(1) &#8211; to encourage the setting up of wind mill to promote generation of energy through non conventional sources &#8211; the subsidy received by the assessee is not taxable u\/s 41(1) neither u\/s 43(1) and nor u\/s 50\u00a0&#8211;<strong>\u00a0<\/strong><em>M\/s. UniDeritend Ltd Vs. ACIT, Range \u2013 1 (3) , Mumbai\u00a0(ITAT Mumbai)<\/em><\/p>\n<p style=\"text-align: justify;\">Addition on account of Capital Subsidy s.u\/ 41(1) &#8211; to encourage the setting up of wind mill to promote generation of energy through non conventional sources &#8211; the subsidy received by the assessee is not taxable u\/s 41(1) neither u\/s 43(1) and nor u\/s 50-\u00a0(M\/s. UniDeritend Limited Versus The Additional Commissioner of Income Tax, Range \u2013 1 (3) , Mumbai\u00a0&#8211; 2016 (2) TMI 117 &#8211; ITAT MUMBAI)<\/p>\n<p style=\"text-align: justify;\">Disallowance u\/s 14A &#8211; the expenditure relatable to making the investment and taking steps for its redemption and reinvestment involved an element of expenditure and in view of the provisions of Rule 8D(2)(iii) of the Rules such expenditure is disallowable in the hands of the assessee- (M\/s Thermotech Engineering Versus The Asstt. Commissioner of Income Tax, Circle- 8, Pune.\u00a0&#8211; 2016 (1) TMI 979 &#8211; ITAT PUNE)<\/p>\n<h3><span class=\"ez-toc-section\" id=\"INDIRECT_TAX\"><\/span><span style=\"color: #0000ff;\"><strong>INDIRECT TAX:<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><a href=\"https:\/\/carajput.com\/services-vat.php\"><span style=\"color: #0000ff;\"><strong>CST &amp; VAT<\/strong><\/span><\/a><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>SECTION 8 OF KERALA VALUE ADDED TAX ACT, 2003<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>TAX INCIDENCE AND LEVY &#8211; COMPOUNDED TAX RATES<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">Where for assessment years 2005-06 and 2006-07, assessee applied for payment of tax on compounded basis at lower rate under section 8(a)(i) and in meanwhile section 8(a)(i) was amended on 28-8-2005 with effect from 1-4-2005 and assessee in order to satisfy conditions laid down in amended section 8(a)(i) applied for cancellation of its central sales registration for assessment year 2005-06 after 28-8-2005 and for assessment year 2006-07 at commencement of said year, assessee was not entitled to concessional rate of tax for assessment year 2005-06 but not for assessment year 2006-07 &#8211;\u00a0<em>[2016] \u00a022 (Kerala)<\/em><\/p>\n<p>&nbsp;<\/p>\n<h3><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;\"><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 &#8211; INSURANCE SERVICES<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">Mediclaim of employees is in nature of welfare measure and is voluntary and is not taken in compliance with any statutory requirement; therefore, a provider of advertising services cannot take input service credit of mediclaim insurance premium &#8211;\u00a0<em>[2016] \u00a026 (Ahmedabad &#8211; CESTAT)<\/em><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>ST:<\/strong>\u00a0<\/span>Demand of interest on reversal of cenvat credit &#8211; reversal of credit against refund claim where the service tax was paid wrongly &#8211; provisions of Rule 14 of CENVAT Credit Rules 2004 for recovery of interest on the subject CENVAT credit amount will not be attracted<strong> &#8211;<em>\u00a0<\/em><\/strong><em>M\/s. TNT (India) Pvt Ltd Vs. CCE&amp;ST, Bangalore-III (CESTAT Bangalore)<\/em><\/p>\n<p style=\"text-align: justify;\">Revenue not justified in declining Form-C issuance for non-inclusion of interstate purchases in revised returns, when assessee offered a valid explanation for such omission-\u00a0<em>[TS-26-HC-2016(DEL)-VAT]<\/em><\/p>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #ff6600;\">VAT &amp; ST:<\/span>\u00a0<\/strong>Recovery of outstanding dues &#8211; liability of members of HUF is not joint or several &#8211; the property of the individual member of the Hindu Undivided Family could not be attached under section 45 of the GVAT Act <em>&#8211;\u00a0The State of Gujarat Vs. Jwelly Tea Co (Gujarat High Court)<\/em><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>DVAT<\/strong>:<\/span> Today (05 FEB 2016) is the last date for filing DVAT return in form DVAT-16, DVAT-17, &amp; DVAT-48 for Q3FY2015-16. Cir.No.36 of 2015-16, dt.28 JAN 16.<\/p>\n<h4><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<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>CORPORATE LAWS<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">Competition Commission of India (Procedure in Regard to the Transaction of Business Relating to Combinations) Amendment Regulations, 2016 \u2013 Amendment in Regulations 5, 6, 9, 13, 14, Schedule I &amp; Form I and Omission of Regulation 31 &#8211;\u00a0<em>NOTIFICATION F.NO.CCI \/CD \/AMEND \/ COMB.REGL.\/2016, DATED 7-1-2016<\/em><\/p>\n<p style=\"text-align: justify;\">Establishment of Local Office of SEBI at Jammu &#8211;\u00a0<em>NOTIFICATION NO.SEBI\/LAD-NRO\/GN\/2015-16\/028, DATED 1-1-2016<\/em><\/p>\n<p style=\"text-align: justify;\">Payment of Contribution by Employers by 15th of following Mont H \u2013 Removing of Grace Period of 5 Days &#8211;<em>CIRCULAR \u00a0NO.WSU\/9(1)2013 \/ SETTLEMENT, DATED 8-1-2016<\/em><\/p>\n<p style=\"text-align: justify;\">Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2016 \u2013 Amendment in Regulation 2 &#8211;\u00a0<em>NOTIFICATION NO.SEBI\/LAD-NRO\/GN\/2015-16\/29, DATED 11-1-2016<\/em><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>Query:<\/strong><\/span><strong>\u00a0<\/strong>Kindly let us know the procedure for changing the Address of a director which is attached automatically with his DIN?<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>Answer:<\/strong><\/span>\u00a0Director is required to download and fill up eForm DIR-6 for such changes and follow the same process for uploading the same as mentioned for eForm DIR-3.<\/p>\n<p style=\"text-align: justify;\">Further duly attested copy of Verification as per Prescribed format Form DIR-7 by Practising Professional, copy of Self attested &amp; attested by Practising Professional PAN Card &amp; copy of Self attested &amp; attested by Practising Professional Address Proof (Latest Electricity bill\/ Gas bill\/ Water bill\/ Bank statement) is required to be attached with e Form DIR-6.<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>Comapny Law:<\/strong><strong>\u00a0<\/strong><\/span>Wherever necessary to give effect to the policy of law, sale of shares of a company may be regarded as sale of its assets by piercing the corporate veil (Supreme Court)<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>MCA-NCLT:\u00a0<\/strong><\/span>MCA has invited\u00a0applications to fill up, on deputation basis, for the posts including Deputy Registrar, Assistant Registrar, Court Officer\u00a0at Delhi, Mumbai, Chennai, Kolkatta, Bengaluru, Ahmedabad, Allahabad &amp; Hyderabad.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"OTHER_UPDATE\"><\/span><span style=\"color: #0000ff;\"><strong>OTHER UPDATE <\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">ICAI\u00a0issues\u00a0Standard on Assurance Engagement\u00a0(SAE) 3420, Assurance Engagements to Report on the Compilation of Pro-Forma Financial Information\u00a0Included in a Prospectus.<\/p>\n<p style=\"text-align: justify;\">ICAI\u00a0revised\u00a0Standard on Auditing\u00a0(SA) 610\u00a0&#8211; Using the Work of Internal Auditors.<\/p>\n<p style=\"text-align: justify;\">C&amp;AG\u00a0Online Empanelment of CA Firms \/ LLPs for the year 2016-17 started on 01 JAN 16 is available atwww.saiindia.gov.in\u00a0till\u00a015 FEB 2016.<\/p>\n<p>&nbsp;<\/p>\n<h4 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"KEY_DATES\"><\/span><span style=\"color: #0000ff;\"><strong>KEY DATES:<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p style=\"text-align: justify;\">E-Payment of Service Tax for January by Cos:\u00a006\/02\/2016<\/p>\n<p style=\"text-align: justify;\">Submission of forms received in January to IT Commissioner:\u00a007\/02\/2016<\/p>\n<p style=\"text-align: justify;\">Payment of TDS\/TCS deducted\/collected in January:\u00a007\/02\/2016<\/p>\n<p style=\"text-align: justify;\">\u00a0For query or help, contact: <a href=\"mailto:singh@carajput.com\">singh@carajput.com<\/a>\u00a0or call at 9555555480<\/p>\n","protected":false},"excerpt":{"rendered":"<p>CORPORATE AND PROFESSIONAL UPDATE JANUARY 15,2016 INCOME TAX ACT SECTION 2(15) CHARITABLE PURPOSE Object of general public utility\/Trade promotion association :\u00a0Where assessee-association was formed with an object to promote leather trade, in view of fact that assessee&#8217;s receipt of rent from non-members by allowing them to keep their stalls in trade fairs organised by assessee &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":[9083,4024,4027,9082,2601,9038],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/1713"}],"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=1713"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/1713\/revisions"}],"predecessor-version":[{"id":19326,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/1713\/revisions\/19326"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=1713"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=1713"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=1713"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}