{"id":2245,"date":"2016-02-29T14:54:07","date_gmt":"2016-02-29T09:24:07","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=2245"},"modified":"2023-12-24T23:16:39","modified_gmt":"2023-12-24T17:46:39","slug":"corporate-and-professional-update-february-26-2016","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-update-february-26-2016\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATE FEBRUARY 26, 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-69ea8ddb701bf\" 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-69ea8ddb701bf\"  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-26-2016\/#CORPORATE_PROFESSIONAL_UPDATE_FEBRUARY_26_2016\" title=\"CORPORATE &amp; PROFESSIONAL UPDATE FEBRUARY \u00a026, 2016\">CORPORATE &amp; PROFESSIONAL UPDATE FEBRUARY \u00a026, 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-26-2016\/#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-26-2016\/#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-26-2016\/#Service_Tax_And_Excise_Laws\" title=\"Service Tax And Excise Laws\">Service Tax And Excise Laws<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-february-26-2016\/#SEBI_%E2%80%93_Fractional_Ownership_Accommodating_Larger_Platforms\" title=\"SEBI &#8211; Fractional Ownership, Accommodating Larger Platforms\">SEBI &#8211; Fractional Ownership, Accommodating Larger Platforms<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-february-26-2016\/#FAQ_on_Company_Law\" title=\"FAQ on Company Law\">FAQ on Company Law<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-february-26-2016\/#Banking_Corporate_Laws\" title=\"Banking &amp; Corporate Laws\">Banking &amp; Corporate Laws<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h3 style=\"text-align: justify;\"><\/h3>\n<h3 style=\"text-align: justify;\"><span style=\"color: #000080;\"><strong><a href=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/11\/Untitled6.png\" rel=\"attachment wp-att-1723\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-1723\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/11\/Untitled6-300x190.png\" alt=\"Untitled6\" width=\"873\" height=\"553\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/11\/Untitled6-300x190.png 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/11\/Untitled6.png 623w\" sizes=\"(max-width: 873px) 100vw, 873px\" \/><\/a><\/strong><\/span><\/h3>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"CORPORATE_PROFESSIONAL_UPDATE_FEBRUARY_26_2016\"><\/span><span style=\"color: #000080;\"><strong>CORPORATE &amp; PROFESSIONAL UPDATE FEBRUARY \u00a026, 2016<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Direct_Tax\"><\/span><span style=\"color: #ff6600;\"><strong>Direct Tax<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li>When the issue has been decided by the CIT(A) then only CIT(A) can rectify the order u\/s 154, AO has no jurisdiction to rectify such order &#8211; Tribunal.[M\/s.\u00a0NHPC\u00a0Ltd. vs\u00a0Asstt. Commissioner of Income Tax,\u00a0Circle-II,\u00a0Faridabad\u00a0And vica-versa\u00a0&#8211; 2016 (2) TMI 676 &#8211;\u00a0ITAT\u00a0DELHI]<\/li>\n<li>Section 292C inter alia provides that where any books of accounts or other documents are found in possession or control of any person in the course of search u\/s 132 or survey under Section 133A of the Act it may be presumed that such books or documents belong to such person. Undisputedly such presumption is rebuttable- (PR. Commissioner of Income Tax Versus M\/s Delco India Pvt. Ltd.\u00a0&#8211; 2016 (2) TMI 607 &#8211; DELHI HIGH COURT)<\/li>\n<li>Loss on revaluation of investments &#8211; valuation of stock in trade &#8211; the securities of the Banks are investment and have to be valued at costs or market price whichever is less &#8211; claim of loss allowed- (The Commissioner of Income Tax (Large Tax Payer Unit) Versus M\/s Union Bank of India\u00a0&#8211; 2016 (2) TMI 606 &#8211; BOMBAY HIGH COURT)<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li><strong><span style=\"color: #00ccff;\">IT<\/span>:<\/strong>Expenses allowable as revenue expenditure u\/s 37 &#8211; there is no concept of deferred revenue expenditure in the Act except under certain specified sections where amortization is specifically provided. Normally the ordinary rule would be that the revenue expenditure incurred in a particular year is to be allowed in that year &#8211;\u00a0CIT Vs. Vadilal Enterprises Ltd (2016 (2) TMI 631\u00a0Gujarat\u00a0High Court)<\/li>\n<li><strong><span style=\"color: #00ccff;\">IT<\/span>:<\/strong>Non-deduction of tax at source u\/s 194H &#8211; non-cash payment to dealers &#8211; impugned proceedings were beyond prescribed time limitation and thus the same deserve to be annulled <strong>&#8211;\u00a0<\/strong>ACIT 51(1), New Delhi Vs. Samsung India Electronics (P) Ltd (2016 (2) TMI 629 ITAT Delhi)<\/li>\n<li>No disallowance of penalty paid for procedural non-compliances. [Mangal Keshav Securities Limited vs. ACIT (ITAT\u00a0Mumbai)]<\/li>\n<li>No charity in initial years cannot be sole basis for trust registration denial.[M\/s\u00a0Prabhat\u00a0(A House of Hope for Special Children) vs CIT (Exemptions), (ITAT\u00a0Chandigarh)].<\/li>\n<li>Expenses can be allowed once business is setup despite it&#8217;s non-commencement. [M\/s. Multi Act Realty Enterprises Pvt. Ltd. vs. ITO (ITAT\u00a0Mumbai)]<\/li>\n<li>Section 54EC deduction allowed if cheques presented\u00a0within 6 months. [Neela\u00a0S.\u00a0Karyakarte vs ITO (ITAT\u00a0Mumbai)].<\/li>\n<li>No reassessment on ground that assessee didn&#8217;t offer any disallowance under sec. 14A in respect of tax free income<\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><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>Services having indirect nexus with business are Input services. [Sudarshan\u00a0Chemical Industries Ltd. vs.\u00a0CCE Appeals (CESTAT Mumbai)]<\/li>\n<li>Export benefit cannot be denied on re-processed damaged goods. [M\/s\u00a0Uniworth\u00a0Textiles Ltd. Vs. Commissioner of Central Excise, Nagpur (CESTAT\u00a0Mumbai)]<\/li>\n<li>No CENVAT reversal under Rule 6 on SEZ supply with effect from 10\/09\/2004. [Commissioner of Central Excise vs. M\/s. Mather\u00a0Platt\u00a0Pumps Ltd. (CESTAT\u00a0Mumbai)]<\/li>\n<li>Testing cost of returnable durable cylinders not includible in AV. [M\/s Bombay Oxygen Corporation Ltd. vs. Commissioner of Central Excise (CESTAT\u00a0Mumbai)]<\/li>\n<li>Mandatory recovery of advertising cost should be included in AV.\u00a0[M\/s\u00a0Rathi\u00a0Transpower\u00a0Pvt. Ltd. vs. Commissioner of Central Excise (CESTAT-Mumbai)]<\/li>\n<li>Demand of service tax on management, maintenance or repair service collected from flat owners, in this fact the appellant is not liable for service tax &#8211; Tribunal.[M\/s Omega Associates vs Commissioner of Service Tax, Mumbai &#8211; 2016 (2) TMI 690 &#8211;\u00a0CESTAT\u00a0MUMBAI]<\/li>\n<li><span style=\"color: #00ccff;\"><strong>Business Auxiliary Service<\/strong><\/span> &#8211; Activity of maintaining complete Toll Operation supply of Man Power and maintenance of Toll Collection System including Plaza maintenance etc. &#8211; NHAI is not running any business &#8211; Activity is not taxable &#8211;\u00a0Shri Jivanlal Joitaram Patel Versus Commissioner of C. Ex. &amp; Service Tax, Ahmedabad-III\u00a0&#8211; 2016 (2) TMI 611 &#8211; CESTAT AHMEDABAD)<\/li>\n<li>Whether a single Member of the Appellate Tribunal Value Added Tax (AT) can legitimately function as the AT in terms of Section 73(1) of the Delhi Value Added Tax Act 2004 &#8211; Held Yes &#8211; HC &#8211;\u00a0Bharat Bijlee Limited. Versus Commissioner of Trade &amp; Taxes, Govt. of N.C.T. of Delhi &amp; Others\u00a0&#8211; 2016 (2) TMI 655 &#8211; DELHI HIGH COURT)<\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Service_Tax_And_Excise_Laws\"><\/span><span style=\"color: #ff6600;\">Service Tax And Excise Laws<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li><strong><span style=\"color: #00ccff;\">ST<\/span>:<\/strong><strong>\u00a0<\/strong>Refund of un-utilized CENVAT Credit &#8211; the assessee is not a registered C.E. or S.T. assessee and therefore cannot come under the purview of CENVAT Credit Rules 2004 and therefore cannot claim refund under Rule 5 of the Cenvat Credit Rules 2004 <strong>&#8211;\u00a0<\/strong>Shams Healthcare Software Pvt Ltd Vs. CCE&amp;ST, Nagpur (2016 (2) TMI 658 CESTAT Mumbai)<\/li>\n<li><strong><span style=\"color: #00ccff;\">ST<\/span>: <\/strong>CBEC<strong>\u00a0<\/strong>has<strong>\u00a0<\/strong>amended the negative list\u00a0e.f. 1<sup>st<\/sup>\u00a0April, 2016 to exempt services provided by Govt. or a Local Authority to a business entity with a turnover up to rupees ten lakh in the preceding financial year from ST leviable thereon under Section 66B of the said Act.<\/li>\n<li><strong><a href=\"https:\/\/www.caindelhiindia.com\/blog\/banking-complaints-with-rbis-ombudsman\/\"><span style=\"color: #00ccff;\">RBI<\/span><\/a>:<\/strong>RBI has decided to upward revise \u00a0the\u00a0threshold for monitoring and reporting of frauds in NBFCs from\u00a0Rs. 25 Lac to Rs. 1 Crore with immediate effect.<\/li>\n<li>Leading bourse National Stock Exchange (NSE) today said that &#8216;one person company&#8217; can act as stock broker provided the entity has at least two directors.<\/li>\n<li>However, such broker would not be allowed to trade in his proprietary account.<\/li>\n<li>&#8220;One Person Company (OPC) as described under the Companies Act is eligible to be registered as a stock broker, provided it satisfies the condition of minimum two directors, as stipulated under&#8230;Securities Contract (Regulation) Rules, 1957,&#8221; NSE s ..<\/li>\n<li>Partial recovery of rent of leased vehicles from employees couldn&#8217;t be chargeable to ST under &#8216;renting services&#8217;.<\/li>\n<li>CENVAT credit on foreign commission to foreign agent allowed. [Monarch Catalyst Pvt. Ltd. vs. Commissioner of Central Excise (CESTAT-Mumbai)]<\/li>\n<li>CENVAT of Inputs &amp; Input services for producing electricity captively consumed allowed.\u00a0[M\/s\u00a0JSW\u00a0Steel Coated Products Ltd. vs.\u00a0CCE (CESTAT\u00a0Mumbai)].<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"SEBI_%E2%80%93_Fractional_Ownership_Accommodating_Larger_Platforms\"><\/span><span style=\"color: #000080;\"><strong>SEBI &#8211; Fractional Ownership, Accommodating Larger Platforms<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Securities and Exchange Board of India&#8217;s approval for MSM Reits formalizes fractional ownership, accommodating larger platforms like Strata &amp; PropShare and smaller investors via structures like ALYF &amp; Brikkit, offering opportunities in India&#8217;s commercial real estate sector.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone  wp-image-25824\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/02\/fractional-ownership-accommodating-larger-platforms.jpg\" alt=\"fractional ownership, accommodating larger platforms\" width=\"943\" height=\"1114\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/02\/fractional-ownership-accommodating-larger-platforms.jpg 833w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/02\/fractional-ownership-accommodating-larger-platforms-254x300.jpg 254w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/02\/fractional-ownership-accommodating-larger-platforms-768x907.jpg 768w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/02\/fractional-ownership-accommodating-larger-platforms-800x945.jpg 800w\" sizes=\"(max-width: 943px) 100vw, 943px\" \/><\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"FAQ_on_Company_Law\"><\/span><span style=\"color: #ff6600;\"><strong>FAQ on Company Law<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>Query<\/strong>:\u00a0<\/span>\u00a0We have a query regarding the Board meeting of a <a href=\"https:\/\/carajput.com\/blog\/tag\/new-small-business-idea\/\">Small company<\/a>. As peCr SectioCn Small company.173(1), every company is required to hold 4 Board meetings in a year while Section 173(5) provides that OPC, Small companies &amp; Dormant companies are required to conduct one meeting in each half of the calendar year and gap between two meetings should not be less than 90 days. Does it mean that Small Company cannot hold two Board meetings within a period of 90 days?<\/p>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #00ccff;\">Answer:<\/span>\u00a0<\/strong>This is an optional provision which gives an option to the Small companies to either conduct minimum four Board meetings in a year and maximum gap between two consecutive meetings cannot be more than 120 days as per Section 173(1) of Companies Act 2013 or conduct one meeting in each half of the calendar year and gap between two meetings should not be less than 90 days as per Section 173(5) of the Companies Act 2013.<\/p>\n<p style=\"text-align: justify;\">However, it does not mean that a company cannot hold two Board meetings within a period of 90 days. But if it holds two meetings within a period of 90 days, it has to comply with Section 173(1) of the Companies Act 2013.<\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Banking_Corporate_Laws\"><\/span><span style=\"color: #ff6600;\">Banking &amp; Corporate Laws<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li style=\"text-align: justify;\">SFIO is solely empowered to investigate into affairs of co., it supersedes over other investigations under Cos Act: HC<\/li>\n<li style=\"text-align: justify;\">Director can&#8217;t run parallel business to compete with own Co. due to her animosity against co-director<\/li>\n<li style=\"text-align: justify;\">Deduction u\/s 80-IA-Whether the Tribunal was right in holding that the deduction under Section 80-IA is not allowable at all to the assessee since there was no taxable income though the unit\u00a0 eligible for deduction had net profit-Held Yes \u2013 Sanra Software Ltd.vs. DCIT, Chennai (2016 (2)TMI 574 Madras High Court).<\/li>\n<li style=\"text-align: justify;\">Registration petition u\/s 80G(5) is denied where assessee is not an institution expressed to be for the benefit of any particular religious\u00a0 community or caste u\/s 80G(5)(iii) or having any purpose the whole or substantially the whole of\u00a0 which is of religious nature under explanation 3 there in \u2013Tribunal .[Shri Yamunaji\u00a0 Mandir , Trust \u2013Moviya vs Commissioner of Income Tax-I-2016(2)TMI 569 ITAT RAJKOT]<\/li>\n<li style=\"text-align: justify;\">Interest from surplus fund is taxable as income from other sources. [M\/s Himalayan Expressway Limited vs. ITO (ITAT Chandigarh), ITA No. 690\/ Chd\/2014, AY 2009-2010]<\/li>\n<li style=\"text-align: justify;\">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 style=\"text-align: justify;\">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 style=\"text-align: justify;\">Debentures, 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 \u2013 [ITAT Delhi in case of DCIT, New Delhi Vs. M\/s Alcobex Metals Ltd.]<\/li>\n<li style=\"text-align: justify;\">Expenditure incurred on the issue of Foreign Currency Convertible Bonds (FCCB) is revenue expenditure allowable under section 37(1) of the I.T. Act \u2013Gati Ltd. vs. ITO , W -2(2)Hyderabad (2016\u00a0 (2) TMI 404 ITAT Hyderabad).<\/li>\n<li style=\"text-align: justify;\">Non TDS deduction disallowance is not sustainable if payee discharges his tax liability. [Kurian Ulahannan Moothukuzhi yil vs. ITO (ITAT Ahmedabad), I.T.A. No.2524\/Ahd\/2014,AY 2010-11]<\/li>\n<li style=\"text-align: justify;\">Penalty u\/s 271AAA is not tenable where no search was conducted.[DCIT vs. M\/s Sam India\u00a0 Abhimanyu Housing (ITAT Delhi) ITA No.1257\/Del.\/2015,AY2011-2012.<\/li>\n<li style=\"text-align: justify;\">Supreme Court on deemed registration u\/s 12AA in case 6 months deadline in not adhered to( SOCIETY FOR THE PROMN. OF EDN. CASE).&amp; another case is Delhi High Court on reopening u\/s 148 on quality of reason &amp; live link requirement (in SABHARWAL PROPERTIES case) .<\/li>\n<li style=\"text-align: justify;\">Exempts services provided by Government or local authority to a business entity with a turnover up to rupees ten lakh in the preceding financial year w.e.f.1.4.2016-Notification No. 07\/2016- Service Tax dated 18th\u00a0February,2016 Department of Revenue.)<\/li>\n<li style=\"text-align: justify;\">CENVAT credit eligible on furniture &amp; fittings used for output service.[ICICI Lombard General Insurance Company Ltd. vs. Commissioner of service Tax [Mumbai CESTAT].<\/li>\n<li style=\"text-align: justify;\">All the services provided by the Government or local authority to a business entity, except the services that are specifically exempted,or covered by any another entry in the Negative List ,shall be liable to service tax w.e.f. 1.4.2016-Notification No.06\/2016-Service Tax ,dated 18th\u00a0February ,2016 Department o revenue.<\/li>\n<li style=\"text-align: justify;\">Sebi prohibits an Auditor from issuing any certificates \u00a0required under securities laws, directly or indirectly .<\/li>\n<li style=\"text-align: justify;\">Union Bank of India invites applications from CA firms for concurrent audit of its branches. Start date 22.02.2016 end date 05.03.2016.<\/li>\n<li 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<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>CORPORATE &amp; PROFESSIONAL UPDATE FEBRUARY \u00a026, 2016 Direct Tax When the issue has been decided by the CIT(A) then only CIT(A) can rectify the order u\/s 154, AO has no jurisdiction to rectify such order &#8211; Tribunal.[M\/s.\u00a0NHPC\u00a0Ltd. vs\u00a0Asstt. Commissioner of Income Tax,\u00a0Circle-II,\u00a0Faridabad\u00a0And vica-versa\u00a0&#8211; 2016 (2) TMI 676 &#8211;\u00a0ITAT\u00a0DELHI] Section 292C inter alia provides that where &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18,150,172,9,4,1],"tags":[162,5,333,9038,322,9016],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2245"}],"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=2245"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2245\/revisions"}],"predecessor-version":[{"id":2250,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2245\/revisions\/2250"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=2245"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=2245"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=2245"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}