{"id":2199,"date":"2016-02-22T12:51:07","date_gmt":"2016-02-22T07:21:07","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=2199"},"modified":"2021-12-18T12:32:25","modified_gmt":"2021-12-18T07:02:25","slug":"corporate-and-professional-update-february-16-2016","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-update-february-16-2016\/","title":{"rendered":"corporate and professional update february 16, 2016"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_88 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Page Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6ac76262dc576\" 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-6ac76262dc576\"  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-16-2016\/#CORPORATE_AND_PROFESSIONAL_UPDATE_FEBRUARY_16_2016\" >CORPORATE AND PROFESSIONAL UPDATE FEBRUARY 16, 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-16-2016\/#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-16-2016\/#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-16-2016\/#Other_Update\" >Other \u00a0Update<\/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-16-2016\/#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-6\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-february-16-2016\/#Read_our_articles_Top_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-7\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-february-16-2016\/#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\/Untitled7.png\" rel=\"attachment wp-att-2147\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-2147\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/02\/Untitled7-300x139.png\" alt=\"Untitled7\" width=\"790\" height=\"366\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/02\/Untitled7-300x139.png 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/02\/Untitled7.png 620w\" sizes=\"auto, (max-width: 790px) 100vw, 790px\" \/><\/a><\/span><\/h3>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"CORPORATE_AND_PROFESSIONAL_UPDATE_FEBRUARY_16_2016\"><\/span><span style=\"color: #000080;\">CORPORATE AND PROFESSIONAL UPDATE FEBRUARY 16, 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: #ff6600;\">Direct Tax<\/span><\/a><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li>CBDT\u00a0directs AOs to pass Sec-154 Rectification Orders in writing and serve a copy on the assessee and not just make an entry on the AST system-Instruction No.02\/2016, dt.15.02. \u00a0\u00a02016<\/li>\n<li>Securities Premium is not accumulated profits u\/s 2(22)(E): ITAT. [M\/s Jeans Knit Pvt. Ltd. vs. ACIT (ITAT Bangalore), ITA No.1105\/Bang\/2013 &amp; ITA No.1244\/Bang\/2013, AY 2008-09].<\/li>\n<li>Section 263 valid if AO fails to enquire business exigency of donations. [Shri M.D. Wadhokar vs. CIT (ITAT Pune), ITA No.837\/PN\/2012, AY 2007-08].<\/li>\n<li>Revised Return with same info is furnishing of inaccurate particulars.[DCIT vs. M\/s. Rattha Citadines (ITAT Chennai); IT Appeal No.-243\/2015]<\/li>\n<li>Daughter have equal rights in parents property prospectively: SC. [Prakash &amp; Ors vs. Phulavati &amp; Ors (Supreme Court), Civil Appeal No.7217 of 2013 &amp; others].<\/li>\n<li><span style=\"color: #00ccff;\"><strong>CBDT (TDS)<\/strong>\u00a0<\/span>has received request from field formations and tax payers to provide\u00a0functionality for issue of\u00a0online Certificate U\/s 195(2) and 195(3)\u00a0for lower<em>\/<\/em>\u00a0no deduction as manual certificates were not being considered during processing of <a href=\"https:\/\/carajput.com\/tds.php\">TDS<\/a> statements by CPC TDS.<\/li>\n<li><span style=\"color: #00ccff;\"><strong>IT:<\/strong><\/span>\u00a0Rental Income and Service Charges from shopping mall\/business centre &#8211; whether to be assessed as Income from House Property or Business Income &#8211; assessee is accordingly eligible to claim depreciation on the asset and other business expenditure &#8211;\u00a0Khandelwal Estates Pvt. Ltd. Vs. ACIT 10(1), Mumbai (2016 (2) TMI 419 ITAT Mumbai)<\/li>\n<li><span style=\"color: #00ccff;\"><strong><a href=\"https:\/\/carajput.com\/tds.php\">IT<\/a>:<\/strong><\/span>\u00a0Debentures whether fully or partly or optionally convertible are nothing but debt till the date of conversion and any interest paid on these debentures is allowable as normal business expenditure &#8211;<strong>\u00a0<\/strong>DCIT, Cir-1(1), New Delhi Vs. Alcobex Metals Ltd (2016 (2) TMI 424 ITAT Delhi)<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li><span style=\"color: #00ccff;\">IT:<\/span>\u00a0Interest being unpaid to the payees suppliers reversed in the books of accounts would not to attract TDS u\/s 194A as no income accrued to the payees suppliers &#8211;\u00a0M\/s Karnataka Power Transmission Cor. Ltd. Vs. DCIT (2016 (2) TMI 412 Karnataka High Court)<\/li>\n<li><span style=\"color: #00ccff;\">IT:\u00a0<\/span>Expenditure incurred on the issue of Foreign Currency Convertible Bonds (FCCB) is a revenue expenditure allowable under section 37(1) of the I.T. Act &#8211;\u00a0Gati Ltd. Vs. ITO, W \u2013 2(2) Hyderabad\u00a0(2016 (2) TMI 404 ITAT Hyderabad)<\/li>\n<li>CBDT directs AOs to pass rectification orderwithin 6 months\u2019 time-limit<\/li>\n<li>Assessee has option to choose \u2018Initial Assessment Year\u2019 for claiming Sec. 80-IA relief: CBDT<\/li>\n<li>Income-tax officers to maintain confidentiality of info. received under Money Laundering Act: Govt.<\/li>\n<li>Mere non-compliance with any procedural rule can&#8217;t deprive assessee of privilege to claim zero rated sale: HC [2016] 66 151 (Gujarat)\u00a0 State of Gujarat v. Shandong Tiejun Electric Power Engineering Company Ltd.<\/li>\n<li>Invocation of Section 263 on mere DCIT Suggestion is invalid. [Span Overseas Ltd vs. CIT (ITAT Pune); ITA No. 1223\/PN\/2013; Date of pronouncement- December 21, 2015; AY 2008-2009]<\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Indirect_Tax\"><\/span><span style=\"color: #ff6600;\">Indirect Tax<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li><strong><span style=\"color: #00ccff;\">ST:<\/span>\u00a0<\/strong>Payment of ST on construction of premises intended to put to use as commercial complex and rented out the premises to various entities as Output Services &#8211; Credit Allowed &#8211;\u00a0Nirlon Ltd. Vs. CCE, Mumbai (2016 (2) TMI 417 CESTAT Mumbai)<\/li>\n<li><strong><span style=\"color: #00ccff;\"><a href=\"https:\/\/carajput.com\/services-tax-registration.php\">Service Tax<\/a>:<\/span> <\/strong>Repair and maintenance of roads is exempt and not liable to service tax during period prior to 1-7-2012 and even on or after said date [2016] 66\u00a0 112 (Madras)\u00a0K.O. Periyakaruppan v. Union of India<\/li>\n<li>Asset Management Co. is entitled to take credit of ST paid on advertisement services availed to promote mutual fund [2016] 66\u00a0 129 (Chennai &#8211; CESTAT)\u00a0 Sundaram Asset Management Company Ltd. v. Commissioner of Central Excise &amp; Service Tax.<\/li>\n<li><span style=\"color: #00ccff;\"><strong>IT:<\/strong> <\/span>It is only Assessing Officer, who has passed original assessment order, is empowered to exercise powers under section 147\/148 to reopen that assessment [2016] 66\u00a0 126 (Delhi)\u00a0Dushyant Kumar Jain v. DCIT<\/li>\n<li>Guidance note issued on fraud reporting u\/s 143(12) of Companies Act<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li><span style=\"color: #00ccff;\"><strong>ST:<\/strong><\/span>\u00a0CENVAT Credit &#8211; duty paying documents &#8211; computer generated invoices were not signed by the service provider &#8211; the condition of Rule 9(2) fulfilled. It is also noticed that on the identical situation the CCE allowed the credit in respect of the other assessee &#8211;\u00a0Dewshree Network Pvt. Ltd. Vs. CCE&amp;ST, Surat-I (2016 (2) TMI 444 CESTAT Ahmedabad)<\/li>\n<li>Cenvat Credit utilisation to pay GTA service Tax prior to 01.03.2008. [M\/s. Surya Pharmaceuticals Ltd. vs. Commissioner of Central Excise;(CESTAT-New Delhi); FINAL ORDER NO. 53790-53791\/2015-ST(Br); Service Tax Appeal Nos. 65 &#8211; 652\u00a0 of 2009]<\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Other_Update\"><\/span><span style=\"color: #ff6600;\">Other \u00a0Update<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li>ICAI has issued a guidance note on bank audits. This aims to assist auditors in performing bank audits for FY 2015-16.<\/li>\n<li>Start-ups can issue shares through sweat equity or against any legitimate funds owed to others: <a href=\"https:\/\/carajput.com\/rbi-consulting.php\">RBI<\/a><\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li><span style=\"color: #00ccff;\"><strong>DIPP:<\/strong>\u00a0<\/span>The Department of Industrial Policy and Promotion\u00a0in discussion with the\u00a0MCA\u00a0to improve ease of doing business,\u00a0will soon introduce\u00a0Business Identification Number (BIN)\u00a0for Companies.<\/li>\n<li>C&amp;AG extended\u00a0the last date for\u00a0Online Empanelment of CA Firms \/ LLPs for the year 2016-17 to\u00a022 FEB 2016.<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>NIRC\u00a0is organizing a\u00a0Seminar on Direct &amp; Indirect Taxes cum Annual Prize Distribution Function on\u00a0SAT, 20 FEB 2016\u00a0at NDMC Convention Centre, Parliament Street, Opposite Jantar Mantar, New Delhi.<\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Company_Law\"><\/span><span style=\"color: #ff6600;\"><strong>Company Law <\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li>ICAI issues Revised 2016 Guidance Note on Reporting of Fraud under Section 143(12) of the Companies Act, 2013.<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>Guidance note issued by ICAI on Depreciation as per Schedule II of Companies Act, 2013The new guidance note deals with following:-<br \/>\n(i) Determination of useful life of fixed assets;<br \/>\n(ii) Determination of residual value of fixed assets;<br \/>\n(iii) Charging of depreciation on continuous process plant;<br \/>\n(iv) Charging of depreciation in case of use of assets in multiple shifts;<br \/>\n(v) Charging of depreciation using Unit of Production Method of depreciation;<br \/>\n(vi) Amortisation of intangible assets as per revenue-based method of amortisation;<br \/>\n(vii) Charging of depreciation in case of revaluation;<br \/>\n(viii) Accounting for and charging of depreciation on components of assets; and<br \/>\n(ix) Depreciation on low value items.<br \/>\nIt is applicable w.e.f1st April, 2016<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>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.<\/li>\n<li>Hope the information will assist you in your Professional endeavors. For query or help, contact: <a href=\"mailto:singh@carajput.com\">singh@carajput.com<\/a>\u00a0or call at 9555555480<\/li>\n<li>\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<\/li>\n<\/ul>\n<h4 style=\"text-align: justify;\"><\/h4>\n","protected":false},"excerpt":{"rendered":"<p>CORPORATE AND PROFESSIONAL UPDATE FEBRUARY 16, 2016 Direct Tax CBDT\u00a0directs AOs to pass Sec-154 Rectification Orders in writing and serve a copy on the assessee and not just make an entry on the AST system-Instruction No.02\/2016, dt.15.02. \u00a0\u00a02016 Securities Premium is not accumulated profits u\/s 2(22)(E): ITAT. [M\/s Jeans Knit Pvt. Ltd. vs. ACIT (ITAT &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":[4069,5902,5,6,9038,322,4071],"class_list":["post-2199","post","type-post","status-publish","format-standard","hentry","category-companies-act-roc","category-direct-tax","category-gst","category-income-tax","category-indirect-tax","tag-cbdt-tds","tag-icai","tag-income-tax","tag-rbi","tag-service-tax","tag-tds","tag-tds-us-194a"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 5.0.2 - aioseo.com -->\n\t<meta name=\"description\" content=\"corporate and professional update february 16, 2016, all about Direct Tax, Indirect Tax, other updates, company law, Highlights of International Taxation\" \/>\n\t<meta name=\"robots\" content=\"max-image-preview:large\" \/>\n\t<meta name=\"author\" content=\"Rajput Jain &amp; Associates\"\/>\n\t<meta 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