{"id":2233,"date":"2016-02-29T11:28:19","date_gmt":"2016-02-29T05:58:19","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=2233"},"modified":"2021-12-27T18:04:11","modified_gmt":"2021-12-27T12:34:11","slug":"corporate-and-professional-update-february-23-2016","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-update-february-23-2016\/","title":{"rendered":"Corporate and professional update february 23, 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-69ea5ad4db417\" 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-69ea5ad4db417\"  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-23-2016\/#CORPORATE_AND_PROFESSIONAL_UPDATE_FEBRUARY_23_2016\" title=\"CORPORATE AND PROFESSIONAL UPDATE FEBRUARY 23, 2016\">CORPORATE AND PROFESSIONAL UPDATE FEBRUARY 23, 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-23-2016\/#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-23-2016\/#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-23-2016\/#RBI_Updates\" title=\"RBI Updates:\">RBI Updates:<\/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-23-2016\/#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-6\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-february-23-2016\/#Key_Dates\" title=\"Key Dates:\">Key Dates:<\/a><\/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=\"944\" height=\"576\" 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: 944px) 100vw, 944px\" \/><\/a><\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"CORPORATE_AND_PROFESSIONAL_UPDATE_FEBRUARY_23_2016\"><\/span><span style=\"color: #000080;\">CORPORATE AND PROFESSIONAL UPDATE FEBRUARY 23, 2016<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul style=\"text-align: justify;\">\n<li><a href=\"https:\/\/carajput.com\/blog\/tag\/outward-supply-or-sales\/\">Supply Of Goods<\/a> to Indian Navy not must to claim excise exemption.<\/li>\n<li>Manufacture of rosin and turpentine without aid of power , seeking retrospective exemption is not a constitutional right &#8211; HC.\u00a0[Mangalam Organics Limited vs Union of India &#8211; 2016 (2) TMI 529 &#8211; Delhi High Court].<\/li>\n<li>Brokerage paid to the third party has nothing to do with the rental income paid by the tenant brokerage not deductible in computing income from house property<\/li>\n<li>Cenvat of Goods\/ Service used in construction of rented property allowed. [Nirlon Ltd. vs. Commissioner of Central Excise,Mumbai].<\/li>\n<li>Proceedings under rule declared unconstitutional by HC in invalid. [Vipul-S Plasticrafts P. Ltd. vs. Commissioner of Central Excise].<\/li>\n<li>The petitioner is admittedly not a foreign company : Since the petitioner is not an eligible assessee in terms of section 144C(15)(b), no draft order can be passed in the case of the petitioner u\/s 144C(1) &#8211; HC.\u00a0[Honda Cars India Limited (Formerly \u2013 M\/s. Honda\u00a0Siel\u00a0Cars India Limited vs Deputy\u00a0Commissioner of Income Tax &amp; Another &#8211; 2016 (2) TMI 527 &#8211; Delhi High Court].<\/li>\n<li>Kindly attend the Annual Award Function of NIRC of ICAI\u00a0 on\u00a0February 20th at 3 PM\u00a0in NDMC Convention Centre, Connaught Place, New Delhi.<\/li>\n<\/ul>\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;\"><strong>Direct Tax:<\/strong><\/span><\/a><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li>Bogus purchases &#8211; CIT(A) was fully justified in deleting the addition made by the AO on account of alleged bogus purchases particularly when the GP rate declared by the assessee was progressive and was accepted by the AO. &#8211;\u00a0ITO, Ward 2 (2) , Ghaziabad Versus Ray Steels &#8211; 2016 (2) TMI 498 &#8211; ITAT DELHI<\/li>\n<li>Disallowance of short term capital loss on sale of shares &#8211; sale of share was effected between two group companies having the same directors about the shares of the group company during the lock-in period &#8211; it is case of sham transaction &#8211; loss booked not allowed &#8211; \u00a0AAA Portfolios Pvt. Ltd. Versus DCIT, Circle-1 (1) , New Delhi &#8211; 2016 (2) TMI 499 &#8211; ITAT DELHI<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Indirect_Tax\"><\/span><span style=\"color: #ff6600;\"><strong>Indirect Tax:<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li>Claim of refund of <a href=\"https:\/\/carajput.com\/services-tax-registration.php\">service tax<\/a> paid by them during the period from April 2011 to March 2012 on services of constructions of college building &#8211; Ld. Commissioner (Appeals) by proper application of mind set aside rejection of refund claim and allowed appeal of the respondent. &#8211; Refund cannot be denied &#8211;\u00a0Commissioner of Service Tax-VII Versus M\/s SM Sai Construction &#8211; 2016 (2) TMI 486 &#8211; CESTAT MUMBAI<\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"RBI_Updates\"><\/span><span style=\"color: #ff6600;\"><strong>RBI Updates:<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li>IRDAI has issued Clarification on IRDAI (Registration of corporate Agents) Regulations, 2015\u00a0Vide Ref:\u00a0IRDA\/CAGTS\/CIR\/LCE\/029\/ 02\/2016 dated 16.02.2016.<\/li>\n<li>RBI has recently issued Notification on the Implementation of Section 51-A of Unlawful Activities Prevention Act (UAPA), 1967 &#8211; Updates to ISIL (Da\u2019esh) &amp; Al-Qaida Sanctions List\u00a0Vide Notification No.\u00a0 DBR.AML.No.10293\/14.06.001\/ 2015-16 dated 16.02.2016<\/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<p><span style=\"color: #00ccff;\"><strong>Query:<\/strong>\u00a0<\/span>\u00a0Does income tax representation services can be rendered by an auditor under section 144? Are they covered in management services?<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>Answer:<\/strong><\/span>\u00a0\u00a0No, they are not considered as management services. So, an auditor can render tax representation services provided it shall be approved by the Board or Audit committee of the company, as the case may be, in pursuant to Section 144 of the Act.<\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Key_Dates\"><\/span><span style=\"color: #ff6600;\"><strong>Key Dates:<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li>E-payment of <a href=\"https:\/\/carajput.com\/services-vat.php\">DVAT &amp; CST tax<\/a> for Jan:\u00a021.02.2016<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>New appeal filing monetary limit shall\u00a0 apply to pending appeals also.[ITO vs. Smt. Sudha Brijratan Damani (ITAT Mumbai), I.T.A. No. 6952\/Mum\/2013].<\/li>\n<li>CBEC makes it mandatory for RBI and Electricity Board to file Annual Information Return. Notification no. 04\/2016 dated 15.02.2016.<\/li>\n<li>Interest from surplus fund is taxable as income from other sources. [M\/s Himlayan Expressway Limited vs. ITO (ITAT Chandigarh), ITA No. 690\/ Chd \/2014, AY 2009-2010].<\/li>\n<li>172 : No TDS on payment to Non\u2013Resident shipping companies. [CIT vs. V.S. Dempo &amp; Co. Pvt. Ltd. (Bombay High Court), Income Tax Appeal Nos. 989, 991, 948, 957,978 of 2015].<\/li>\n<li>WIP Valuation on receipt basis is forbidden in Mercantile Accounting. [The ACIT vs. M\/s. Ambarwadikar &amp; Co., Engineers &amp; Contractors (ITAT Pune), ITA Nos.169 to 171\/PN\/2006 &amp; C.O.No.27\/PN\/2010].<\/li>\n<li>MCA invites comments on The Draft Companies (Accounting Standards) &amp; (Indian Accounting Standards) Amendment Rules 2016 to be submitted latest by03.2016.<\/li>\n<li>Last date for submission of online application form for emplacement with O\/o\u00a0C&amp;AG for the year 2016-2017 for audit of PSUs is extended to 2.2016.<\/li>\n<\/ul>\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\u00a0011-233 433 33<\/p>\n","protected":false},"excerpt":{"rendered":"<p>CORPORATE AND PROFESSIONAL UPDATE FEBRUARY 23, 2016 Supply Of Goods to Indian Navy not must to claim excise exemption. Manufacture of rosin and turpentine without aid of power , seeking retrospective exemption is not a constitutional right &#8211; HC.\u00a0[Mangalam Organics Limited vs Union of India &#8211; 2016 (2) TMI 529 &#8211; Delhi High Court]. Brokerage &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9933,172,4,1,11],"tags":[9018,9156,162,9063,5,333,9038,9016],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2233"}],"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=2233"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2233\/revisions"}],"predecessor-version":[{"id":2236,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2233\/revisions\/2236"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=2233"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=2233"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=2233"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}