{"id":2176,"date":"2016-02-15T12:21:19","date_gmt":"2016-02-15T06:51:19","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=2176"},"modified":"2021-12-02T15:01:54","modified_gmt":"2021-12-02T09:31:54","slug":"corporate-and-professional-update-february-11-2016","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-update-february-11-2016\/","title":{"rendered":"Corporate and professional updates february 11, 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-69d005fd7f0ee\" 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-69d005fd7f0ee\"  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-11-2016\/#CORPORATE_AND_PROFESSIONAL_UPDATE_FEBRUARY_11_2016\" title=\"CORPORATE AND PROFESSIONAL UPDATE FEBRUARY 11, 2016\">CORPORATE AND PROFESSIONAL UPDATE FEBRUARY 11, 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-11-2016\/#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-11-2016\/#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-11-2016\/#COMPANY_LAW\" title=\"COMPANY LAW:\">COMPANY LAW:<\/a><ul class='ez-toc-list-level-4'><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-february-11-2016\/#Proposed_CARO_2016_brings_additional_reporting_requirements\" title=\"Proposed CARO, 2016 brings additional reporting requirements\">Proposed CARO, 2016 brings additional reporting requirements<\/a><\/li><\/ul><\/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-11-2016\/#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\/2015\/10\/Untitled35.png\" rel=\"attachment wp-att-1765\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-1765\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/10\/Untitled35-300x109.png\" alt=\"Untitled35\" width=\"792\" height=\"288\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/10\/Untitled35-300x109.png 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/10\/Untitled35.png 723w\" sizes=\"(max-width: 792px) 100vw, 792px\" \/><\/a><\/p>\n<h2><span class=\"ez-toc-section\" id=\"CORPORATE_AND_PROFESSIONAL_UPDATE_FEBRUARY_11_2016\"><\/span><span style=\"color: #000080;\">CORPORATE AND PROFESSIONAL UPDATE FEBRUARY 11, 2016<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><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;\">Reassessment \u00a0\u00a0u\/s 147 not permissible merely on change of opinion \u2013ITAT. [ACIT vs. Reliance Industrial infrastructure Ltd.(ITAT Mumbai) I.T.A. No.5872\/M\/2012].<\/p>\n<p style=\"text-align: justify;\">Penalty under Customs can be imposed simultaneously on firm and its partners: Larger bench of HC[2016] 66\u00a0taxmann.com\u00a049 (Bombay) Amritlakshmi Machine Works v. Commissioner of Customs (import)<\/p>\n<p style=\"text-align: justify;\">Deductor to get interest on<a href=\"https:\/\/carajput.com\/tds.php\"> TDS refund<\/a> from date of filing claim and not from date of deposit of TDS [2016] 66\u00a0taxmann.com\u00a050 (Bombay)\u00a0Sunflag Iron &amp; Steel Co. Ltd. v. CBDT<\/p>\n<p style=\"text-align: justify;\">Govt. allows credit of commission agent&#8217;s services; overrules judgment of Gujarat HC<\/p>\n<p style=\"text-align: justify;\">CBEC eases procedure to claim excise duty refund on cars for physically handicapped persons<\/p>\n<p style=\"text-align: justify;\">No separate deduction of expenditure while computing income on presumptive basis under sec. 44BB [2016] 66\u00a0taxmann.com\u00a019 (Mumbai &#8211; Trib.)\u00a0Fugro Rovtech Ltd. v. Assistant Director of Income-tax (International Taxation)<\/p>\n<p style=\"text-align: justify;\">Sum spent on education of father of Church is deemed as spent on charitable purpose as he works as teacher in School[2016] 66\u00a0taxmann.com\u00a07 (Amritsar &#8211; Trib.) Assistant Commissioner of Income-tax, Hoshiarpur Circle v. Carmelite Charitable Society<\/p>\n<p style=\"text-align: justify;\">Entitlement to Exemption u\/s -11, Sum spent on education of father of Church is deemed as spent on charitable purpose as he works as teacher, supervisor &amp; principals etc. in School, run by the assessee. [Assistant Commissioner of Income Tax ,Hoshiarpur vs. M\/s. Carmelite\u00a0 Charitable Society-2016(2) TMI 226 -ITAT AMRITSAR.<\/p>\n<p>Place of registration of motor vehicle would be deemed as place of sale: Apex Court (Commissioner of Commercial Tax v. K.T.C. automobiles.)<\/p>\n<p style=\"text-align: justify;\">\u00a0No addition for change in valuation of stock, where method is changed in compliance of ICAI Accounting Standard. [ACIT vs. M\/s J.K. Synthetics Ltd. (ITAT Lucknow), ITA<\/p>\n<p style=\"text-align: justify;\">Addition in already assessed income is not sustainable, in absence of any incriminating material found during search.[Shri Vimal Kumar Rathi vs DCIT Mumbai.<\/p>\n<p style=\"text-align: justify;\">Now system generated letters can be sent to non-filers of returns using address given in last return\/AIR<\/p>\n<p style=\"text-align: justify;\">Rental income from a fully furnished house is taxable as income from other sources if composite rent is inseparable[2016] 66\u00a0taxmann.com\u00a099 (Delhi &#8211; Trib.)\u00a0ACIT v. Ajay Kalia<\/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;\"><a href=\"https:\/\/carajput.com\/services-tax-registration.php\">Service Tax:<\/a> Definition of &#8216;clearing and forwarding agent&#8217; nowhere requires clearing to be effected from factory; hence, taxability under said service would arise even if such agent does not effect clearing of goods from factory of client[2016] 66\u00a0taxmann.com\u00a079 (New Delhi &#8211; CESTAT)\u00a0Somani Agencies v. Commissioner of Central Excise &amp; Service Tax<\/p>\n<p style=\"text-align: justify;\">Time-limit for taking credit of duty paid on inputs : As per proviso to rule 4(1) and sixth proviso to rule 4(7) of Cenvat Credit Rules (inserted w.e.f. 1-9-2014), Cenvat credit should be taken\u00a0within six months\u00a0from date of issue of any duty paying document.<\/p>\n<p style=\"text-align: justify;\">Time limit is only for \u2018taking credit\u2019, There is no time limit for utilisation of Cenvat credit. Once Cenvat credit is taken in your records, it can be utilized any time without any time limit.<\/p>\n<p style=\"text-align: justify;\">Cenvat credit is allowable to input service distributor even if it is not registered, provided assessee has\u00a0 maintained all records for verification by revenue.<\/p>\n<p style=\"text-align: justify;\">Re-packing and labelling activities amounts to manufacture under EXIM policy [2016] 66\u00a0taxmann.com\u00a0100 (Mumbai &#8211; CESTAT)\u00a0 Keva Fragrances (P.) Ltd. v. Commissioner of Central Excise<\/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<h4><span class=\"ez-toc-section\" id=\"Proposed_CARO_2016_brings_additional_reporting_requirements\"><\/span>Proposed CARO, 2016 brings additional reporting requirements<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>MCA proposed new CARO, 2016 On 9th February. The newly proposed draft of CARO, 2016 contains 15 clauses, out of which some clauses have been carry forwarded from present CARO, 2015. The draft, if approved, shall be applicable for FY 15-16 onwards.<br \/>\nIn comparison to CARO (2015), CARO (2016) proposes few additional reporting requirements and eliminates some of the reporting requirements.<\/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;\">Online application are invited from CA Firms\/LLP from 1<sup>st<\/sup>\u00a0January 2016 to 15 February 2016 for empanelment for appointment as auditors of government Companies\/Corporations for the year 2016-2017<\/p>\n<p style=\"text-align: justify;\">ICAI notifies Manner of Signing of Certificates by Chartered Accountants.Name of the CA Firm ,FRN, Name of member, Designation &amp; Membership number.click here<\/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<p>Read our articles:<\/p>\n<p><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","protected":false},"excerpt":{"rendered":"<p>CORPORATE AND PROFESSIONAL UPDATE FEBRUARY 11, 2016 DIRECT TAX: Reassessment \u00a0\u00a0u\/s 147 not permissible merely on change of opinion \u2013ITAT. [ACIT vs. Reliance Industrial infrastructure Ltd.(ITAT Mumbai) I.T.A. No.5872\/M\/2012]. Penalty under Customs can be imposed simultaneously on firm and its partners: Larger bench of HC[2016] 66\u00a0taxmann.com\u00a049 (Bombay) Amritlakshmi Machine Works v. Commissioner of Customs (import) &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18,150,172,4,1],"tags":[162,5,333,4110,9039],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2176"}],"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=2176"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2176\/revisions"}],"predecessor-version":[{"id":19361,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2176\/revisions\/19361"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=2176"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=2176"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=2176"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}