{"id":2174,"date":"2016-02-15T12:06:20","date_gmt":"2016-02-15T06:36:20","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=2174"},"modified":"2021-12-27T18:58:22","modified_gmt":"2021-12-27T13:28:22","slug":"corporate-and-professional-update-february-10-2016","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-update-february-10-2016\/","title":{"rendered":"corporate and professional update february 10, 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-69d01f313a6d2\" 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-69d01f313a6d2\"  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-10-2016\/#CORPORATE_AND_PROFESSIONAL_UPDATE_FEBRUARY_10_2016\" title=\"CORPORATE AND PROFESSIONAL UPDATE FEBRUARY 10, 2016\">CORPORATE AND PROFESSIONAL UPDATE FEBRUARY 10, 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-10-2016\/#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-10-2016\/#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-10-2016\/#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-10-2016\/#OTHER_UPDATE\" title=\"OTHER UPDATE\">OTHER UPDATE<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2 style=\"text-align: justify;\"><\/h2>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/02\/1.png\" rel=\"attachment wp-att-2123\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-2123\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/02\/1-300x159.png\" alt=\"1\" width=\"855\" height=\"453\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/02\/1-300x159.png 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/02\/1-768x407.png 768w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/02\/1.png 844w\" sizes=\"(max-width: 855px) 100vw, 855px\" \/><\/a><\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"CORPORATE_AND_PROFESSIONAL_UPDATE_FEBRUARY_10_2016\"><\/span><span style=\"color: #000080;\">CORPORATE AND PROFESSIONAL UPDATE FEBRUARY 10, 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;\"><span style=\"color: #ff6600;\"><strong><a href=\"https:\/\/carajput.com\/income-tax-services.php\">IT<\/a>:<\/strong><\/span> Mere deposit of surplus funds in FDRs cannot be treated as application of fund for charity as per section 11(1)(a) but there has to be nexus between investment in FDRs and achievement of charitable objects of assessee[2016] 66\u00a0taxmann.com\u00a012 (Chandigarh &#8211; Trib.)\u00a0Income-tax Officer (Exemptions) v. S.D. Public School<\/p>\n<p style=\"text-align: justify;\">Omission to produce auditor&#8217;s certificate for claiming a deduction is a mistake rectifiable under sec. 154[2016] 66\u00a0taxmann.com\u00a037 (Madras)\u00a0Craftsman Automation (P.) Ltd. v. CIT<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/carajput.com\/tds.php\">TDS<\/a> certificates under Sec. 195 would now be issued online: CBDT<\/p>\n<p style=\"text-align: justify;\">CBDT directs AOs to request for exchange of info for time barring assessments by\u00a029\/2\/2016<\/p>\n<p style=\"text-align: justify;\">Interest for late <a href=\"https:\/\/carajput.com\/blog\/tag\/filing-of-income-tax-return\/\">filing of ITR<\/a> or default in payment of advance tax is mandatorily charged and is not directory<\/p>\n<p style=\"text-align: justify;\">HC grants stay on TDS demand for discount given by &#8216;Vodafone&#8217; to its dealers as dispute was pending in Supreme Court<\/p>\n<p style=\"text-align: justify;\">HC dismissed winding up plea as petitioner failed to prove definite sum payable by respondent-Co [2016] 66\u00a0taxmann.com\u00a044 (Gujarat)\u00a0 Trident Interiors &amp; Designers (P.) Ltd. v. Shivalik IB Automotive (P.) Ltd.<\/p>\n<p style=\"text-align: justify;\">Disallowance of interest expenditure u\/s 57 &#8211; nexus between the interest income vis- -vis the interest expenditure &#8211; no nexus between the impugned income and interest is forthcoming &#8211; Additions confirmed- (ACIT, Navsari Circle, Navsari Versus Shri Jugalkishore K. Agrawal\u00a0&#8211; 2016 (2) TMI 113 &#8211; ITAT AHMEDABAD)<\/p>\n<p style=\"text-align: justify;\">Nature of road repairs expenses &#8211; assessee is required to incur expenditure every year to maintain the road of huge stretch shows that the assessee is not enjoying enduring benefit. &#8211; Claim allowed as revenue expenditure \u2013\u00a0(M\/s Maharashtra State Film Stage and Cultural Development Corporation Limited Versus Asstt. Commissioner of Income Tax 11 (1) , Mumbai\u00a0&#8211; 2016 (2) TMI 88 &#8211; ITAT MUMBAI)<\/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;\">Successor can use PLA balance of predecessor for payment of its service tax dues<br \/>\n[2016] 66\u00a0taxmann.com\u00a034 (Ahmedabad &#8211; CESTAT)\u00a0PSP Projects (P.) Ltd. v. Commissioner of Service Tax<\/p>\n<p style=\"text-align: justify;\">Presence of large players in development of commercial space in Gurgaon rules out abuse of dominance by &#8216;DLF'[2016] 66\u00a0taxmann.com\u00a023 (CCI)\u00a0Shyam Vir Singh, New Delhi v. DLF Universal Ltd.<\/p>\n<p style=\"text-align: justify;\">Rate of exchange of conversion of the foreign currency notified with effect from 5th February, 2016 vide notification no. 18\/2016 customs dated 04\/02\/2016-<\/p>\n<p style=\"text-align: justify;\">Instruction for Reduction of government litigation- withdrawl of appeals by the department before CESTAT passed vide notification no. F. No. 390\/Misc.\/163\/2010-JC\u00a0&#8211;<\/p>\n<p style=\"text-align: justify;\">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- (The State of Gujarat Versus Jwelly Tea Co.\u00a0&#8211; 2016 (2) TMI 94 &#8211; GUJARAT HIGH COURT).<\/p>\n<p style=\"text-align: justify;\">Reopening 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- (KANTI AUTO FABRICATION PVT LTD Versus ASSISTANT COMMISSIONER OF INCOME TAX\u00a0&#8211; 2016 (2) TMI 130 &#8211; GUJARAT HIGH COURT)<\/p>\n<p style=\"text-align: justify;\"><strong>\u00a0<\/strong>Place of registration of motor vehicle would be deemed as place of sale: Apex Court\u00a0[2016] 66\u00a0taxmann.com\u00a091 (SC)\u00a0Commissioner of Commercial Taxes v. K.T.C. Automobiles<\/p>\n<p style=\"text-align: justify;\">Cenvat Credit : Courier Service used for sending\/receiving documents related to business, or for movement of inputs and finished goods is eligible for credit only upto place of removal; credit cannot be allowed for movement of finished goods, after place of removal. [2016]66\u00a0taxmann.com\u00a057 (Ahmedabad &#8211; CESTAT)\u00a0Lear Automotive India (P.) Ltd. v. Commissioner of Central Excise &amp; Service Tax<\/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>\u00a0A Company is registered in March, 2015. It did no business at all till July, 2015. That is, no business was conducted during the FY 2014-15.<\/p>\n<p style=\"text-align: justify;\">Now, is this company required to file its Annual filing for the FY 2014-15 and if yes, then when?<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>Answer:<\/strong><\/span>\u00a0Section 96(1) of the Companies Act 2013 provides that in case of first Annual General Meeting, it shall be held within a period of nine months from the date of closing of the first financial year and in any case, within a period of six months, from the date of closing of the financial year.<\/p>\n<p style=\"text-align: justify;\">Further, Sec. 2(41) of the Com. Act 2013 defines financial year in relation to any company or body corporate as the period ending on 31st day of March every year and where it has been incorporated on or after 1st day of January of a year, the period ending on 31st day of March of the following year, in respect whereof financial statement of the company or body corporate is made up.<\/p>\n<p style=\"text-align: justify;\">Thus, the Annual accounts of the company incorporated after 1<sup>st<\/sup>\u00a0January 2015 shall be required to close their accounts on 31\/03\/2016. So, Annual filing for F.Y 2014-15 is not required.<\/p>\n<h3 style=\"text-align: justify;\"><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;\">Provision for contingent loss should be made even if amount is not quantifiable<br \/>\nAs per AS 4, &#8220;Contingencies and Events Occurring After the Balance Sheet Date&#8221; if it is likely that a contingency will result in a loss to an entity then it should create provision for that contingency on the estimated basis.<\/p>\n<h4 style=\"text-align: justify;\"><\/h4>\n<p style=\"margin: 0in; margin-bottom: .0001pt; line-height: 20.95pt;\"><span style=\"font-family: 'Helvetica','sans-serif'; color: #141b38; background: white;\">corporate and professional update february<\/span><\/p>\n<p style=\"text-align: justify;\">Quarter in DVAT-48: 05\/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 9555555480<\/p>\n","protected":false},"excerpt":{"rendered":"<p>CORPORATE AND PROFESSIONAL UPDATE FEBRUARY 10, 2016 DIRECT TAX: IT: Mere deposit of surplus funds in FDRs cannot be treated as application of fund for charity as per section 11(1)(a) but there has to be nexus between investment in FDRs and achievement of charitable objects of assessee[2016] 66\u00a0taxmann.com\u00a012 (Chandigarh &#8211; Trib.)\u00a0Income-tax Officer (Exemptions) v. S.D. &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":[5,333,4121,9038,322],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2174"}],"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=2174"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2174\/revisions"}],"predecessor-version":[{"id":7777,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2174\/revisions\/7777"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=2174"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=2174"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=2174"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}