{"id":2172,"date":"2016-02-15T11:52:57","date_gmt":"2016-02-15T06:22:57","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=2172"},"modified":"2021-12-02T11:55:26","modified_gmt":"2021-12-02T06:25:26","slug":"corporate-and-professional-update-february-09-2016","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-update-february-09-2016\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATE FEBRUARY 09, 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-69d005fcdbd27\" 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-69d005fcdbd27\"  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-09-2016\/#CORPORATE_AND_PROFESSIONAL_UPDATE_FEBRUARY_09_2016\" title=\"CORPORATE AND PROFESSIONAL UPDATE FEBRUARY 09, 2016\">CORPORATE AND PROFESSIONAL UPDATE FEBRUARY 09, 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-09-2016\/#DIRECT_TAX\" title=\"DIRECT TAX:\">DIRECT TAX:<\/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-09-2016\/#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-4\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-february-09-2016\/#COMPANY_LAW\" title=\"COMPANY LAW:\">COMPANY LAW:<\/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-09-2016\/#OTHER\" title=\"OTHER \">OTHER <\/a><ul class='ez-toc-list-level-4'><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-february-09-2016\/#KEY_DATES\" title=\"KEY DATES:\">KEY DATES:<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2 style=\"text-align: justify;\"><\/h2>\n<p><a href=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/02\/6.png\" rel=\"attachment wp-att-2133\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-2133\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/02\/6-300x183.png\" alt=\"6\" width=\"770\" height=\"470\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/02\/6-300x183.png 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/02\/6-768x468.png 768w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/02\/6.png 854w\" sizes=\"(max-width: 770px) 100vw, 770px\" \/><\/a><\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"CORPORATE_AND_PROFESSIONAL_UPDATE_FEBRUARY_09_2016\"><\/span><span style=\"color: #000080;\">CORPORATE AND PROFESSIONAL UPDATE FEBRUARY 09, 2016<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"DIRECT_TAX\"><\/span><a href=\"https:\/\/www.caindelhiindia.com\/blog\/popular-faq-on-direct-indirect-tax-corporate-regulatory-matters\/\"><span style=\"color: #0000ff;\"><strong>DIRECT TAX:<\/strong><\/span><\/a><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">Exemption u\/s 11&amp; 12 : Merely because an institution, which otherwise is established for a charitable purpose, receives income that would not make it any less a charitable institution, denial of exemption should only be to the extent of income which was violative of section 13(1) (d) and not the total denial of exemption u\/s. 11 &#8211; Tribunal. [Institute of Haematology vs\u00a0ADIT\u00a0(E) , Trust\u00a0Circle-II, New Delhi &#8211; 2016 (2)\u00a0TMI\u00a0380 &#8211;\u00a0ITAT\u00a0DELHI]<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>IT:<\/strong>\u00a0<\/span>Exemption u\/s 11&amp; 12 &#8211; Denial of exemption should only be to the extent of income which was violative of Section 13(1) (d) and not the total income &#8211;\u00a0Institute of Haematology Vs. ADIT, Trust Circle-II, New Delhi (ITAT Delhi).<\/p>\n<p style=\"text-align: justify;\">Penalty upheld as assessee citing financial hardship for non-payment of ST pleaded for &#8216;ignorance of tax&#8217; as well [2016] 66\u00a0taxmann.com\u00a0114 (Gujarat)\u00a0Raval Trading Company v. Commissioner of Service Tax<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>IT:<\/strong><\/span> Recording of satisfaction by Assessing Officer having jurisdiction over person searched to effect that money, bullion or jewellery etc, found from person searched belong to &#8216;other person&#8217; is an essential and prerequisite condition for bestowing jurisdiction to Assessing Officer of &#8216;other person&#8217; under section 153C [2016] 66\u00a0taxmann.com\u00a0107 (Delhi &#8211; Trib.)\u00a0 Satkar Fincap Ltd. v. ACIT<\/p>\n<p style=\"text-align: justify;\">Deemed <a href=\"https:\/\/carajput.com\/blog\/tag\/what-is-interim-dividend-and-final-dividend\/\">dividend<\/a> under sec. 2(22)(e) : Initially, the assessee has chosen to declare the deemed dividend in his hand, later come with different explanation at different levels , the additional income offered should be telescoped against the deemed addition made under sec. 2(22)(e) &#8211;\u00a0\u00a0Tribunal.[M.\u00a0Amareswara\u00a0Rao, Hyderabad vs\u00a0DCIT, Central Circle, Vijayawada &#8211; 2016 (2)\u00a0TMI\u00a0379 &#8211;\u00a0ITAT\u00a0VISAKHAPATNAM]<\/p>\n<p style=\"text-align: justify;\">Import of medical equipment: As per the technical definition &#8220;Gastro Intestinal Video Endoscope&#8221;, it is nothing but Gastroscope using video technology. The present equipment is based on wireless capsule and which covers not only throat but also entire gastro intestinal tract. Benefit of exemption allowed. \u2013Tribunal. [Commissioner of Customs (Airport)\u00a0Chennai\u00a0vs Vishal\u00a0Surgical Equipment Co. (P) Ltd. &#8211; 2016 (2)\u00a0TMI\u00a0356 &#8211;\u00a0CESTAT\u00a0CHENNAI]<\/p>\n<p style=\"text-align: justify;\">Director would be disqualified on attaining age of 70 yrs even if he is appointed before 1-4-2014 [2016] 66\u00a0taxmann.com\u00a0167 (Bombay)\u00a0Sridhar Sundararajan v. Ultramarine &amp; Pigments Limited<\/p>\n<p style=\"text-align: justify;\">Procedure, Formats and Standards for ensuring secured transmission of electronic communication including scrutiny assessment u\/s 143(3)\u00a0&#8211;\u00a0Circular &#8211; Dated\u00a03-2-2016<\/p>\n<p style=\"text-align: justify;\">Disallowance u\/s 14A : no separate books of account are maintained for taxable income and exempt income, some expenditure on account of administrative expenses has to be disallowed on reasonable estimate basis \u2013 Tribunal.[M\/s. Coated Fabrics Pvt. Ltd. vs\u00a0ACIT,Circle-1\u00a0(1) ,\u00a0Pune\u00a0&#8211; 2016 (2)\u00a0TMI\u00a0373 &#8211;\u00a0ITAT\u00a0PUNE]<\/p>\n<p style=\"text-align: justify;\">Deemed dividend under sec. 2(22)(e) &#8211; Initially the assessee has chosen to declare the deemed dividend in his hand later come with different explanation at different levels &#8211; additions confirmed-(M. Amareswara Rao, Hyderabad Versus DCIT, Central Circle, Vijayawada &#8211; 2016 (2) TMI 379 &#8211; ITAT VISAKHAPATNAM)<\/p>\n<p style=\"text-align: justify;\">Exemption u\/s 11&amp; 12 &#8211; Merely because an institution which otherwise is established for a charitable purpose receives income that would not make it any less a charitable institution &#8211; denial of exemption should only be to the extent of income which was violative of Section 13(1) (d) and not the total denial of exemption u\/s. 11-\u00a0(Institute of Haematology Versus ADIT (E) , Trust Circle-II, New Delhi &#8211; 2016 (2) TMI 380 &#8211; ITAT DELHI)<\/p>\n<h3 style=\"text-align: justify;\"><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 style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>ST:<\/strong>\u00a0<\/span>Refund &#8211; unjust enrichment &#8211; the impugned amount was deducted by Revenue from the refunds of BHEL in terms of the powers u\/s 87(d) of Finance Act 1994 and BHEL recovered the said amount from the appellant by deducting the same from the payments due to the appellant for providing security services &#8211; refund allowed &#8211;\u00a0<strong>CCE&amp;ST, Bhopal Vs. Central Industrial Security Force<\/strong>\u00a0(<strong>CESTAT New Delhi)<\/strong><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>CBEC:<\/strong><\/span>\u00a0CBEC has amended Notification No.12\/2013-ST, dt. 1 JUL 2013, now the SEZ Unit or the Developer shall be entitled to\u00a0refund of the Swachh Bharat Cess paid on the specified services.<\/p>\n<p style=\"text-align: justify;\">Admissibility of credit of service tax paid on input service used in the manufacture of exempted as well as dutiable goods, as the credit has been reversed before utilization, the demand of interest is unsustainable. \u2013Tribunal. [M\/s.\u00a0Grasim\u00a0Bhiwani\u00a0Textiles Ltd. vs\u00a0CCE,\u00a0Rohtak\u00a0&#8211; 2016 (2)\u00a0TMI\u00a0361 &#8211;\u00a0CESTAT\u00a0NEW DELHI]<\/p>\n<p style=\"text-align: justify;\">Transshipment of goods without charging duty: The fact that the goods cleared under transshipment permit are required for the intended purpose is clear from the facts that the essentiality certificate has been issued. Whether it is issued under Notification No. 17\/2001 or 21\/2002 is immaterial, benefit of notification cannot be denied \u2013\u00a0Tribunal. [M\/s Frontier\u00a0Aban\u00a0Drilling (India) Ltd. vs Commissioner of Customs, Mumbai &#8211; 2016 (2)\u00a0TMI\u00a0358 &#8211;\u00a0CESTAT\u00a0MUMBAI]<\/p>\n<p style=\"text-align: justify;\">Demand of service tax &#8211; Activity of Erection of Tele-communication towers for BSNL &#8211; taxability prior to 01\/6\/2007 &#8211; certain basic facts like the actual supply of materials in the execution of contract to establish the composite nature of contract requires verification by the Original\u00a0Commissioner of Central Excise, Lucknow Versus M\/s KK Telecom, M\/s Surya Construction, M\/s Parijat Construction, M\/s S.K. Construction And Vica-Versa &#8211; 2016 (2) TMI 331 &#8211; CESTAT ALLAHABAD<\/p>\n<p style=\"text-align: justify;\">Condonation of delay in filing an appeal before Commissioner (Appeal) &#8211; writ petition &#8211; the law does not come to the aid of indolent tardy or lethargic litigant. The conduct of the petitioner would dissuade us from entertaining these petitions \u2013\u00a0(NICE CONSTRUCTION Versus UNION OF INDIA AND 2 &#8211; 2016 (2) TMI 255 &#8211; GUJARAT HIGH COURT)<\/p>\n<p style=\"text-align: justify;\">Now Courier entities in Delhi to file quarterly return for delivering goods above Rs 10,000 under DVAT.<\/p>\n<p style=\"text-align: justify;\">Excise &amp; Customs : When net duty demand (after adjusting credit) was reduced to Nil, then, since there was no outstanding duty payable, question of payment of interest and penalty would not arise[2016] 66\u00a0taxmann.com\u00a0116 (Madras)\u00a0 Vikash J. Shah v. Commissioner (appeals)<\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"COMPANY_LAW\"><\/span><span style=\"color: #0000ff;\"><strong>COMPANY LAW:<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>Query:<\/strong><\/span><strong>\u00a0\u00a0<\/strong>We are incorporating a Foreign Company. Do we need to apply for the DIN for directors of foreign company as well. Please guide.<\/p>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #00ccff;\">Answer:<\/span>\u00a0<\/strong><strong>\u00a0<\/strong>There is no need to apply and obtain DIN for directors of foreign company but the DSC of authorized representative is mandatory, which again is not required to be registered with the MCA Portal.<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>Query:<\/strong><\/span><strong>\u00a0\u00a0<\/strong>Kindly guide us regarding the registration of Part \u2013 I Company with the ROC.<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>Answer:<\/strong>\u00a0<\/span>In order to register Part I Company, you are required to file Form INC-1 for name availability. After approval of the same, applicant is required to file Form No. URC-1 (with all attachments) along with filing e forms INC-7, INC-22 and DIR-12 or e-forms INC-7 and DIR-12 as the case may be.<\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"OTHER\"><\/span><span style=\"color: #0000ff;\"><strong>OTHER <\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>ICAI:<\/strong><\/span> AASB\u00a0revised\u00a0Guidance Note on Reporting on Fraud under Section 143(12) of the Companies Act, 2013.<\/p>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #ff6600;\">An ICAI:<\/span> AASB<\/strong>\u00a0released\u00a02016 Guidance Note on Audit of Banks.<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>ICAI:<\/strong><\/span>\u00a0The Council elects\u00a0CA M. Devaraja Reddy\u00a0(Hyderabad) as President\u00a0and\u00a0CA Nilesh S. Vikamsey(Mumbai) as Vice President of ICAI for 2016-17.<\/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;\">Deposit of DVAT TDS for Jan:\u00a015.02.2016<\/p>\n<p style=\"text-align: justify;\">Issue of Quarterly TDS certificates for Dec Quarter by Govt Deductors:\u00a015.02.2016<\/p>\n<p style=\"text-align: justify;\">E-payment of PF for Jan (No grace of 5days): 15.02.2016<\/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 955555480<\/p>\n","protected":false},"excerpt":{"rendered":"<p>CORPORATE AND PROFESSIONAL UPDATE FEBRUARY 09, 2016 DIRECT TAX: Exemption u\/s 11&amp; 12 : Merely because an institution, which otherwise is established for a charitable purpose, receives income that would not make it any less a charitable institution, denial of exemption should only be to the extent of income which was violative of section 13(1) &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18,150,4,1],"tags":[162,5,333,9038,322,9016],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2172"}],"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=2172"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2172\/revisions"}],"predecessor-version":[{"id":19350,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2172\/revisions\/19350"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=2172"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=2172"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=2172"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}