{"id":2138,"date":"2016-02-08T13:05:37","date_gmt":"2016-02-08T07:35:37","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=2138"},"modified":"2021-12-18T12:19:51","modified_gmt":"2021-12-18T06:49:51","slug":"corporate-and-professional-update-february-72016","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-update-february-72016\/","title":{"rendered":"corporate and professional update february 7,2016"},"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-69eaa4d94718d\" 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-69eaa4d94718d\"  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-february-72016\/#CORPORATE_AND_PROFESSIONAL_UPDATE_FEBRUARY_72016\" title=\"CORPORATE AND PROFESSIONAL UPDATE FEBRUARY 7,2016\">CORPORATE AND PROFESSIONAL UPDATE FEBRUARY 7,2016<\/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-february-72016\/#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-february-72016\/#COMPANIES_ACT\" title=\"COMPANIES ACT\">COMPANIES ACT<\/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-february-72016\/#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-5\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-february-72016\/#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-6\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-february-72016\/#CENTRAL_EXCISE_ACT\" title=\"CENTRAL EXCISE ACT\">CENTRAL EXCISE ACT<\/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-february-72016\/#CENTRAL_EXCISE_RULES\" title=\"CENTRAL EXCISE RULES\">CENTRAL EXCISE RULES<\/a><ul class='ez-toc-list-level-4'><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-february-72016\/#STATUTES\" title=\"STATUTES\">STATUTES<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-february-72016\/#_INDIRECT_TAX_LAWS_STEXCUS_CST_VAT\" title=\"\u00a0INDIRECT TAX LAWS (ST.\/EX.\/CUS. &amp; (CST &amp; VAT))\">\u00a0INDIRECT TAX LAWS (ST.\/EX.\/CUS. &amp; (CST &amp; VAT))<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-february-72016\/#Read_our_articles_Top_Taxation_Relaxation_to_MSMS\" title=\"Read our articles: \u00a0Top Taxation Relaxation to MSMS\">Read our articles: \u00a0Top Taxation Relaxation to MSMS<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-february-72016\/#Highlights_of_International_Taxation\" title=\"Highlights of International Taxation\">Highlights of International Taxation<\/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;\"><a href=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/02\/Untitled5A.png\" rel=\"attachment wp-att-2139\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-2139\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/02\/Untitled5A-300x170.png\" alt=\"Untitled5A\" width=\"880\" height=\"498\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/02\/Untitled5A-300x170.png 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/02\/Untitled5A.png 548w\" sizes=\"(max-width: 880px) 100vw, 880px\" \/><\/a><\/span><\/h3>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"CORPORATE_AND_PROFESSIONAL_UPDATE_FEBRUARY_72016\"><\/span><span style=\"color: #000080;\">CORPORATE AND PROFESSIONAL UPDATE FEBRUARY 7,2016<\/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 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 PAYMENT EXCEEDING PRESCRIBED LIMITS<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #800000;\">Agent in villages :<\/span>\u00a0<\/strong>Where assessee made cash payments in excess of Rs. 20,000 for purchase of crackers, in absence of even names of agencies or agents or retailers living in villages to whom said payments were made on a day-to-day basis, impugned disallowance made by authorities below under section 40A(3) was to be confirmed &#8211;\u00a0<em>[2016] 65 189 (Madras)<\/em><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>SECTION 47<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>CAPITAL GAINS &#8211; TRANSACTIONS NOT REGARDED AS TRANSFER\u00a0<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #800000;\">Others :<\/span>\u00a0<\/strong>Where assessee had sold his residential property in April, 2010 and invested sale proceeds in August, 2010 in another residential property and in November, 2010 he had settled new property to his daughter out of love and affection, settlement of property was a gift falling under section 47(iii) and assessee was entitled to exemption under section 54 in respect of capital gains arising on sale of property &#8211;\u00a0<em>[2016] 65\u00a0211 (Chennai &#8211; Trib.)<\/em><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>SECTION 69A<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>UNEXPLAINED MONEYS<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #800000;\">Pay order :<\/span>\u00a0<\/strong>Where Authorised Officer during search seized a letter dated 12-4-1999 from a colleague of assessee, which was written by Chief Manager of Union Bank of Switzerland to assessee stating that pay order in favour of assessee payable in India had expired its encashment period and fresh pay order was in process of being issued and thereafter Assessing Officer assessed assessee for assessment year 2000-01 and on basis of above letter made certain addition to his income, since assessee had not established that amount mentioned in pay order was not in nature of income, impugned addition deserved to be upheld &#8211;\u00a0<em>[2016] 65\u00a081 (Mumbai &#8211; Trib.)<\/em><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>SECTION 69B<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>UNDISCLOSED INVESTMENTS<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #800000;\">Jewellery :<\/span>\u00a0<\/strong>Where Assessing Officer on basis of documents seized on search made addition to income of assessee on account of unexplained ornaments, watches and cash in hand and assessee in that regard stated that he had shown said assets in account books for current assessment year as opening capital carried over from generations as part of family heirloom, since income returned by assessee for preceding nine years was meager, impugned addition deserved to be confirmed &#8211;\u00a0<em>[2016] 65181 (Mumbai &#8211; Trib.)<\/em><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>SECTION 69C<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>UNEXPLAINED EXPENDITURE<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #800000;\"><strong>Personal expenses :\u00a0<\/strong><\/span>Where Assessing Officer made addition of Rs. 28.50 lakhs to income of assessee on account of life style other expenditure, said estimate, to be valid in law, had to be an informed one, taking into account different variables or attributes on which it depended and since no such exercise had been attempted by Assessing Officer, addition required to be made on basis of assessee&#8217;s own estimate at Rs. 7.50 lakhs<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>SECTION 92C<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>TRANSFER PRICING &#8211; COMPUTATION OF ARM\u2019S LENGTH PRICE<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #993300;\">Comparables and adjustments\/Adjustment &#8211; AMP expense :<\/span>\u00a0<\/strong>Where existence of an international transaction involving AMP expense with an ascertainable price is unable to be shown to exist, even if such price is nil, Chapter X provisions cannot be invoked to undertake a TP adjustment exercise &#8211;\u00a0<em>[2016] 65\u00a0141 (Delhi)<\/em><\/p>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #993300;\">Comparables and adjustments\/Adjustments-General\u00a0<\/span><\/strong>Where assesse<a href=\"https:\/\/carajput.com\/blog\/tag\/public-limited-company\/\"> e-company<\/a> received support services from AE in terms of marketing services, operations and logistics services etc. on basis of which it managed to reduce its raw material cost and achieve higher sales, TPO could not determine ALP of said services at nil taking a view that services so rendered had not resulted in any benefit to assessee &#8211;\u00a0<em>[2016] 65\u00a0\u00a0188 (Delhi &#8211; Trib.)<\/em><\/p>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #800000;\">A Comparables and adjustments\/Adjustments &#8211; Sale proceeds realization :<\/span>\u00a0<\/strong>Where transactions relating to purchase and sale entered into by assessee with its AE were found to be at arm&#8217;s length, since early or late realization of sale proceeds was integral part of main transaction of sale made to AE, impugned addition made by TPO on account of delay in realisation of dues from AE was to be set aside &#8211;\u00a0<em>[2016] 65\u00a0187 (Bangalore &#8211; Trib.)<\/em><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>SECTION 194J<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong><a href=\"https:\/\/carajput.com\/tds.php\">DEDUCTION OF TAX AT SOURCE<\/a> &#8211; FEES FOR PROFESSIONAL OR TECHNICAL SERVICES<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #800000;\">Payment of wheeling charges :<\/span>\u00a0<\/strong>Where assessee-company paid wheeling charges for transportation of electricity, said charges paid could not be characterized as fee for technical service and no deduction under section 194J could be made &#8211;\u00a0<em>[2015] 62\u00a0\u00a0166 (Delhi)<\/em><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>SECTION 268A<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>FILING OF APPEALS OR APPLICATION FOR REFERENCE BY INCOME-TAX AUTHORITIES<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #800000;\"><strong>Circular No. 21 of 2015 :\u00a0<\/strong><\/span>Where department against order of Commissioner (Appeals) dated 15-1-2009 filed appeal before Tribunal, wherein tax effect was less than Rs. 10 lakhs, keeping in view Circular No. 21 of 2015, dated 10-12-2015 and also provisions of section 268A, department should not have filed instant appeal &#8211;\u00a0<em>[2016] 65\u00a0212 (Delhi &#8211; Trib.)<\/em><\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"COMPANIES_ACT\"><\/span><span style=\"color: #0000ff;\"><strong>COMPANIES ACT<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>SECTION 391<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>COMPROMISE AND ARRANGEMENT<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">Composite scheme involving more than one independent scheme of arrangement is maintainable &#8211;\u00a0<em>[2016] 65\u00a0159 (Punjab &amp; Haryana)<\/em><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>SECTION 394<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/carajput.com\/services-amalgamation-service.php\"><span style=\"color: #00ccff;\"><strong>AMALGAMATION<\/strong><\/span><\/a><\/p>\n<p style=\"text-align: justify;\">Where there was nothing prejudicial to interest of creditors, members of both transferor and transferee company or to public interest and all required procedures had been followed, scheme of amalgamation so proposed had to be sanctioned &#8211;\u00a0<em>[2016] 65\u00a0\u00a0183 (Rajasthan)<\/em><\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"SARFAESI_ACT\"><\/span><span style=\"color: #0000ff;\"><strong>SARFAESI ACT<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>SECTION 35<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>PROVISION OF ACT TO OVERRIDE OVER OTHER LAWS<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">A tenant cannot be arbitrarily evicted by using the provisions of the SARFAESI Act as that would amount to stultifying the statutory rights of protection given to the tenant.<\/p>\n<p style=\"text-align: justify;\">A non obstante clause (Section 35 of the SARFAESI Act) cannot be used to bulldoze the statutory rights vested on the tenants under the Rent Control Act. The expression &#8216;any other law for the time being in force&#8217; as appearing in Section 35 of the SARFAESI Act cannot mean to extend to each and every law enacted by the Central and State legislatures. It can only extend to the laws operating in the same field. &#8211;\u00a0<em>[2016] 65\u00a0\u00a080 (SC)<\/em><\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"SERVICE_TAX\"><\/span><span style=\"color: #0000ff;\"><strong>SERVICE TAX<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>SECTION 65(19)<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>TAXABLE SERVICES &#8211; BUSINESS AUXILIARY SERVICES &#8211; STAY ORDER<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">New percentage-based pre-deposit law is applicable to appeals filed on or after 6-8-2014 and all pending appeals\/stay applications filed prior to 6-8-2014 shall be governed by erstwhile law &#8211;\u00a0<em>[2016] 65\u00a0\u00a0133 (Madras)<\/em><\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"CENTRAL_EXCISE_ACT\"><\/span><span style=\"color: #0000ff;\"><strong>CENTRAL EXCISE ACT<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>SECTION 11A<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>RECOVERY &#8211; OF DUTY OR TAX NOT LEVIED\/PAID OR SHORT-LEVIED\/PAID OR ERRONEOUSLY REFUNDED &#8211; INVOCATION OF EXTENDED PERIOD OF LIMITATION<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">Where all relevant facts were within knowledge\/notice of Department while issuing first notice and said notice was even dropped on merits, department cannot issue second notice invoking extended period alleging mis-statement\/mis-declaration on part of assessee &#8211;\u00a0<em>[2015] 62\u00a0<\/em><em>\u00a0200 (SC)<\/em><\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"CENTRAL_EXCISE_RULES\"><\/span><span style=\"color: #0000ff;\"><strong>CENTRAL EXCISE RULES<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>RULE 57A<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>CENVAT CREDIT \u2013 INPUT<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">&#8220;Aquachem&#8221; used for purifying water used in manufacture of cement is eligible for input credit and parts\/accessories used in construction\/manufacture of &#8216;plant and machinery&#8217; are eligible for capital goods credit &#8211;<em>[2016] 65\u00a0\u00a0114 (Chennai &#8211; CESTAT)<\/em><\/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<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><b>\u00a0<\/b><\/span>Amendment to SEBI Circular CIR\/MRD\/DSA\/33\/2012, dated 13-12-2012 pursuant to amendment in Regulation 2(1)(b) of SECC Regulations, 2012 &#8211;\u00a0<em>CIRCULAR NO.SEBI\/HO\/MRD\/DSA\/CIR\/P\/2016\/30, DATED 22-1-2016<\/em><\/p>\n<p style=\"text-align: justify;\">Competition Commission of India (Salary, Allowances, other Terms and Conditions of Service of the Secretary and Officers and other Employees of the Commission and the Number of such Officers and other Employees) (Second Amendment) Rules, 2016 \u2013 Amendment in Schedule I &#8211;\u00a0<em>NOTIFICATION NO. GSR 83(E) [F.NO.5\/21\/2015-CS], DATED 14-1-2016<\/em><\/p>\n<p style=\"text-align: justify;\">Know Your Client Requirements \u2013 Clarification on Voluntary Adaptation of Aadhaar based E-Kyc Process &#8211;<em>CIRCULAR NO.MIRSD\/29\/2016, DATED 22-1-2016<\/em><\/p>\n<h4 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"_INDIRECT_TAX_LAWS_STEXCUS_CST_VAT\"><\/span><span style=\"color: #ff6600;\"><strong>\u00a0INDIRECT TAX LAWS (ST.\/EX.\/CUS. &amp; (<a href=\"https:\/\/carajput.com\/services-vat.php\">CST<\/a> &amp;<a href=\"https:\/\/carajput.com\/services-vat.php\"> VAT<\/a>))<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p style=\"text-align: justify;\">Section 5A of the Central Excise Act, 1944 &#8211; Power to grant exemption from duty of excise &#8211; Amendment in Notifications No.56\/2012-C.E. and No.57\/2002-C.E., both dated 14-11-2002 &#8211;\u00a0<em>NOTIFICATION NO.3\/2016-C.E., DATED 22-1-2016<\/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 9555555480<\/p>\n<h4><span class=\"ez-toc-section\" id=\"Read_our_articles_Top_Taxation_Relaxation_to_MSMS\"><\/span>Read our articles: \u00a0<a href=\"https:\/\/carajput.com\/blog\/relevant-parts-of-the-honorable-fm-press-conference\/\">Top Taxation Relaxation to MSMS<\/a><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<h4><span class=\"ez-toc-section\" id=\"Highlights_of_International_Taxation\"><\/span><a href=\"https:\/\/carajput.com\/blog\/international-taxation\/\">Highlights of International Taxation<\/a><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p style=\"text-align: justify;\">\n","protected":false},"excerpt":{"rendered":"<p>CORPORATE AND PROFESSIONAL UPDATE FEBRUARY 7,2016 INCOME TAX ACT SECTION 40A(3) BUSINESS DISALLOWANCE &#8211; CASH PAYMENT EXCEEDING PRESCRIBED LIMITS Agent in villages :\u00a0Where assessee made cash payments in excess of Rs. 20,000 for purchase of crackers, in absence of even names of agencies or agents or retailers living in villages to whom said payments were &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[150,172,9,4],"tags":[4994,9074,162,5,9038],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2138"}],"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=2138"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2138\/revisions"}],"predecessor-version":[{"id":7771,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2138\/revisions\/7771"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=2138"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=2138"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=2138"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}