{"id":2267,"date":"2016-03-08T11:49:51","date_gmt":"2016-03-08T06:19:51","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=2267"},"modified":"2021-11-18T15:54:40","modified_gmt":"2021-11-18T10:24:40","slug":"corporate-and-professional-update-dated-march-22016","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-update-dated-march-22016\/","title":{"rendered":"Corporate and professional update dated march 2,2016"},"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-69d2dedc649fe\" 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-69d2dedc649fe\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-dated-march-22016\/#CORPORATE_AND_PROFESSIONAL_UPDATE_DATED_MARCH_22016\" title=\"CORPORATE AND PROFESSIONAL UPDATE DATED MARCH 2,2016\">CORPORATE AND PROFESSIONAL UPDATE DATED MARCH 2,2016<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-dated-march-22016\/#Direct_Tax\" title=\"Direct Tax\">Direct Tax<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-dated-march-22016\/#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-dated-march-22016\/#Company_Law\" title=\"Company Law\">Company Law<\/a><\/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\/03\/untitled15.png\" rel=\"attachment wp-att-2268\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-2268\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/03\/untitled15-300x137.png\" alt=\"untitled15\" width=\"510\" height=\"233\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/03\/untitled15-300x137.png 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/03\/untitled15.png 478w\" sizes=\"(max-width: 510px) 100vw, 510px\" \/><\/a><\/span><\/h3>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"CORPORATE_AND_PROFESSIONAL_UPDATE_DATED_MARCH_22016\"><\/span><span style=\"color: #000080;\">CORPORATE AND PROFESSIONAL UPDATE DATED MARCH 2,2016<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<h2 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><\/h2>\n<ul style=\"text-align: justify;\">\n<li>Unless and until the capital asset is used as a tool for carrying out the business of the assessee and the assessee becomes the owner this Tribunal is of the considered opinion that the assessee may not be eligible for depreciation &#8211; Tri &#8211;\u00a0M\/s Hinduja Foundries Ltd. (formerly known as M\/s Ennore Foundries Ltd.) Versus The Assistant Commissioner of Income Tax\u00a0&#8211; 2016 (2) TMI 706 &#8211; ITAT CHENNAI<\/li>\n<li>Controlled by Delhi based CA firm held as resident in India [2016]283 (Delhi)Commissioner of Income-tax, Delhi v. Mansarovar Commercial (P.) Ltd.<\/li>\n<li><span style=\"color: #00ccff;\"><strong><a href=\"https:\/\/carajput.com\/income-tax-services.php\">IT<\/a>:<\/strong><\/span> CPU alone cannot be described as computer; routers and switches being input\/output devices, are integral part of computer and, hence, entitled to higher rate of depreciation at 60 per cent[2016]239 (Mumbai &#8211; Trib.)\u00a0IBAHN India (P.) Ltd. v. DCIT<\/li>\n<li>Investment in house property need not be sourced from capital gains only for availing of sec. 54F relief<\/li>\n<li><span style=\"color: #00ccff;\"><strong>IT :<\/strong><\/span> For availing exemption under section 54F, amount invested in new asset need not be entirely sourced from capital gain [2016] 191 (Punjab &amp; Haryana)\u00a0CIT v. Kapil Kumar Agarwal<\/li>\n<li><span style=\"color: #00ccff;\"><strong>Deemed dividend addition u\/s. 2(22)(e)<\/strong><\/span> &#8211; loan or advance to a non-shareholder cannot be taxed as Deemed Dividend in the hands of a non-shareholder. Since the Assessee in the present case is not a shareholder in the lender company addition to be deleted. &#8211; Tri &#8211;\u00a0M\/s. Jet Age Securities Pvt. Ltd. Versus D.C.I.T., Circle-7 (1) , Kolkata\u00a0&#8211; 2016 (2) TMI 703 &#8211; ITAT KOLKATA<\/li>\n<li><span style=\"color: #00ccff;\"><strong>CL:<\/strong><\/span> Sales tax dues of company-in-liquidation could not be termed as taxes in relation to property hence, Appellants who had purchased property of company-in-liquidation in court auction were not required to pay same[2016] 220 (Gujarat)\u00a0Readymix Concrete Ltd.\u00a0v. Official Liquidator of Beclawat of India Ltd.<\/li>\n<li>Controlled by Delhi based CA firm held as resident in India.<\/li>\n<\/ul>\n<p>Read our articles: \u00a0<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<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>Demand of <a href=\"https:\/\/carajput.com\/services-tax-registration.php\">service tax<\/a> on Management Maintenance or Repair service collected from Flat owners. &#8211; In this fact the appellant is not liable for service tax &#8211; Tri &#8211;\u00a0M\/s Omega Associates Versus Commissioner of Service Tax, Mumbai\u00a0&#8211; 2016 (2) TMI 690 &#8211; CESTAT MUMBAI<\/li>\n<li><span style=\"color: #00ccff;\"><strong>Valuation<\/strong><\/span> &#8211; Business auxiliary service (BAS) &#8211; inclusion of reimbursement of expenses &#8211; the entire amount received from M\/s Indian Oil Corporation is liable to be taxed &#8211; Tri &#8211;\u00a0Sanjeev Chaudhari Versus Commissioner of Central Excise Chandigarh\u00a0&#8211; 2016 (2) TMI 688 &#8211; CESTAT NEW DELHI<\/li>\n<li><span style=\"color: #00ccff;\"><strong>Purchaser of assets of liquidating<\/strong><\/span> -co. in a auction wasn&#8217;t liable to pay sales taxes dues of such Co.- HC<\/li>\n<li>Cenvat credit available of Service tax paid on construction of commercial complex used for renting of immovable property.<\/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 style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>Query:\u00a0<\/strong><\/span>In a <a href=\"https:\/\/www.caindelhiindia.com\/blog\/why-needed-to-register-a-private-limited-company\/\">Private Limited Company<\/a>, there are two directors since the date of incorporation of the company in around 1985. Now both the director\u2019s age is more than 70 years. Is directors are disqualified or any forms need to be filed with ROC.<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>Answer:\u00a0<\/strong><\/span>No provision on age limit has been prescribed in the Companies Act 2013 regarding the appointment or disqualification of directors.<\/p>\n<p style=\"text-align: justify;\">However in case of Managing director\/Whole-time director\/Manager, Section 196(3) of the Companies Act 2013 provides that \u2013\u201cNo company shall appoint or continue the employment of any person as MD\/WTD\/Manager who is below the age of 21 years or has attained the age of 70 years.<\/p>\n<p style=\"text-align: justify;\">Provided the appointment of person who has attained the age of 70 years may be made by passing a special resolution in which case the explanatory statement annexed to the notice for such motion shall indicate the justification for appointing such person.\u201d<\/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 955555480<\/p>\n","protected":false},"excerpt":{"rendered":"<p>CORPORATE AND PROFESSIONAL UPDATE DATED MARCH 2,2016 Direct Tax Unless and until the capital asset is used as a tool for carrying out the business of the assessee and the assessee becomes the owner this Tribunal is of the considered opinion that the assessee may not be eligible for depreciation &#8211; Tri &#8211;\u00a0M\/s Hinduja Foundries &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18,208,150,172,9,4],"tags":[4407,5,4406,4408,9038],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2267"}],"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=2267"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2267\/revisions"}],"predecessor-version":[{"id":19065,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2267\/revisions\/19065"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=2267"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=2267"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=2267"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}