{"id":2271,"date":"2016-03-08T12:12:47","date_gmt":"2016-03-08T06:42:47","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=2271"},"modified":"2021-08-14T14:44:02","modified_gmt":"2021-08-14T09:14:02","slug":"corporate-and-professional-update-dated-march-3-2016","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-update-dated-march-3-2016\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATE DATED MARCH 3, 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-6a2254623bcfd\" 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-6a2254623bcfd\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 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-3-2016\/#CORPORATE_AND_PROFESSIONAL_UPDATE_DATED_MARCH_3_2016\" title=\"CORPORATE AND PROFESSIONAL UPDATE DATED MARCH 3, 2016\">CORPORATE AND PROFESSIONAL UPDATE DATED MARCH 3, 2016<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-dated-march-3-2016\/#INCOME_TAX_ACT\" title=\"INCOME TAX ACT\">INCOME TAX ACT<\/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-dated-march-3-2016\/#COMPANIES_ACT\" title=\"COMPANIES ACT\">COMPANIES ACT<\/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-3-2016\/#SEBI_ACT\" title=\"SEBI ACT\">SEBI ACT<\/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-dated-march-3-2016\/#CENTRAL_EXCISE_ACT\" title=\"CENTRAL EXCISE ACT\">CENTRAL EXCISE ACT<\/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-dated-march-3-2016\/#CST_VAT\" title=\"CST &amp; VAT\">CST &amp; VAT<\/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-dated-march-3-2016\/#CENTRAL_EXCISE_RULES\" title=\"CENTRAL EXCISE RULES\">CENTRAL EXCISE RULES<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-dated-march-3-2016\/#STATUTES\" title=\"STATUTES\">STATUTES<\/a><\/li><\/ul><\/nav><\/div>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"CORPORATE_AND_PROFESSIONAL_UPDATE_DATED_MARCH_3_2016\"><\/span><span style=\"color: #000080;\"><strong>CORPORATE AND PROFESSIONAL UPDATE DATED MARCH 3, 2016<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<h3 style=\"text-align: justify;\"><span style=\"color: #000080;\"><strong><a href=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/03\/Untitled15A.png\" rel=\"attachment wp-att-2272\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-2272\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/03\/Untitled15A-300x166.png\" alt=\"Untitled15A\" width=\"782\" height=\"433\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/03\/Untitled15A-300x166.png 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/03\/Untitled15A.png 514w\" sizes=\"(max-width: 782px) 100vw, 782px\" \/><\/a><\/strong><\/span><\/h3>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"INCOME_TAX_ACT\"><\/span><a href=\"https:\/\/carajput.com\/income-tax-services.php\"><span style=\"color: #0000ff;\"><strong>INCOME TAX ACT<\/strong><\/span><\/a><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>SECTION 92C<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>TRANSFER PRICING &#8211; COMPUTATION OF ARM\u2019S LENGTH PRICE<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #800000;\"><strong>Comparables and adjustments\/Adjustments \u2013 Illustrations :\u00a0<\/strong><\/span>Where business operation of assessee could not be carried on without services in question and same was to be outsourced and ostensible benefits were received from services rendered by AE, value of payments made to AE could not be taken as nil; consequent addition was to be deleted &#8211;\u00a0<em>[2016] 221 (Jaipur &#8211; Trib.)<\/em><\/p>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #800000;\">Comparables and adjustments\/Methods \u2013 General :<\/span>\u00a0<\/strong>Where in respect of international transactions entered into with AE, assessee was changing its stand with regard to application of most appropriate method from stage to stage, i.e., from TP study report to proceedings before Assessing Officer and DRP, matter was to be remanded back for disposal afresh &#8211;\u00a0<em>[2016] 234 (Pune &#8211; Trib.)<\/em><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>SECTION 115JB<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>MINIMUM ALTERNATE TAX<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #800000;\"><strong>Computation of book profit :\u00a0<\/strong><\/span>While computing book profit under section 115JB, Assessing Officer has no power to embark upon a fresh enquiry with regard to entries made in books of account of assessee-company; he has to rely upon authentic statements of accounts of company, being scrutinized and certified by statutory auditors &#8211;\u00a0<em>[2016]233 (Karnataka)<\/em><\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"COMPANIES_ACT\"><\/span><span style=\"color: #0000ff;\"><strong>COMPANIES ACT<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>SECTION 397<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>OPPRESSION AND MISMANAGEMENT<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">Where pursuant to increase in their shareholding petitioners sought for reconstitution of board of directors but same was refused, petitioners were entitled to seek redressal under sections 397 &amp; 398 against act of oppression and mismanagement &#8211;\u00a0<em>[2016] \u00a0219 (Bombay)<\/em><\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"SEBI_ACT\"><\/span><a href=\"https:\/\/carajput.com\/sebi-consulting.php\"><span style=\"color: #0000ff;\"><strong>SEBI ACT<\/strong><\/span><\/a><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #ff6600;\">REGULATION 7 OF THE SEBI (SUBSTANTIAL ACQUISITION OF SHARES AND TAKEOVERS) REGULATIONS, 1997<\/span><\/strong><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>ACQUISITION OF 5 PER CENT AND MORE SHARES OR VOTING RIGHTS OF A COMPANY<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">No penalty could be imposed on failure to make disclosure of &#8216;sale&#8217; under regulation 7(1A)\u00a0within two days\u00a0&#8211;<em>[2016] \u00a0224 (SAT &#8211; Mumbai)<\/em><\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"CENTRAL_EXCISE_ACT\"><\/span><a href=\"https:\/\/carajput.com\/services-excise-registration.php\"><span style=\"color: #0000ff;\"><strong>CENTRAL EXCISE ACT<\/strong><\/span><\/a><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>SECTION 9<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>OFFENCES AND PENALTIES &#8211; CENTRAL EXCISE<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">Where prima facie quantification of duty shows alleged evasion of duty of Rs. 10 crores, offence is cognizable and non-bailable; therefore, arrests can be made by Intelligence Officers of department &#8211;\u00a0<em>[2016] \u00a0226 (Jharkhand)<\/em><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>SECTION 21<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>ARRESTS &#8211; CENTRAL EXCISE<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">In case of arrested persons, only Superintendent and higher officers of Central Excise have power to send them to Magistrate as per sections 19 and 21; since Intelligence Officers have not been empowered in this behalf, judicial remand ordered at request of Intelligence Officers is void &#8211;\u00a0<em>[2016] \u00a0226 (Jharkhand<\/em><\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"CST_VAT\"><\/span><a href=\"https:\/\/carajput.com\/services-vat.php\"><span style=\"color: #0000ff;\"><strong>CST &amp; VAT<\/strong><\/span><\/a><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>SECTION 6A OF CENTRAL SALES TAX ACT 1956<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>BURDEN OF PROOF, ETC., IN CASE OF TRANSFER OF GOODS CLAIMED OTHERWISE THAN BY WAY OF SALE<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">Assessee was converting spent catalyst into support catalyst (&#8216;goods&#8217;) for its customers. It received spent catalyst from various customers from outside and within the State of Maharashtra and after processing the same, support catalyst were returned back to the customers. The assessee claimed that it had charged only for job work done for the customers and goods were not sent back by way of sale &#8211;\u00a0<em>\u00a0261 (Bombay)<\/em><\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"CENTRAL_EXCISE_RULES\"><\/span><span style=\"color: #0000ff;\"><strong>CENTRAL EXCISE RULES<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>RULE 173Q<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>PENALTY \u2013 GENERAL<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">In absence of any specific provision for levy of penalty under Automobile Cess Rules or under parent Act Industries (Development and Regulation) Act, 1951, no penalty can be levied for failure to pay automobile cess &#8211;<em>[2016] 227 (Jharkhand)<\/em><\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"STATUTES\"><\/span><span style=\"color: #0000ff;\"><strong>STATUTES<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>DIRECT TAX LAWS<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">Section 10(46) of the <a href=\"https:\/\/carajput.com\/income-tax-services.php\">Income-tax Act, 1961<\/a> &#8211; Exemptions &#8211; Statutory Body\/Authority\/Board\/Commission &#8211; Notified Body or Authority &#8211; <em>NOTIFICATION NO. SO 530(E) [NO.8\/2016 (F.NO.196\/32\/2014-ITA-I)], DATED 19-2-2016<\/em><\/p>\n<p style=\"text-align: justify;\">Section 80CCD of the Income-tax Act, 1961 &#8211; Deduction &#8211; Contribution to Pension Scheme of Central Government &#8211; Notified Pension Scheme &#8211;\u00a0<em>NOTIFICATION NO. SO 529(E) [NO.7\/2016 (F.NO.173\/394\/2015-ITA-I)], DATED 19-2-2016<\/em><\/p>\n<p style=\"text-align: justify;\">Section 10(15) of the Income-tax Act, 1961 &#8211; Exemptions &#8211; Interest on Bonds, Debentures, Securities, etc. &#8211; Notified Bonds or Debentures issued by public sector Companies under section 10(15)(iv)(h) &#8211;\u00a0<em>NOTIFICATION NO. SO 520(E) [NO.6\/2016 (F.NO.178\/1\/2016-ITA-I)], DATED 18-2-2016<\/em><\/p>\n<p style=\"text-align: justify;\">Income-Tax (Second Amendment) Rules, 2016 &#8211; Amendment in Rules 10THB, 10THC 10THD and Form No.3CEFB &#8211;\u00a0<em>NOTIFICATION NO.SO 502(E) [NO.5\/2016 (F.NO.142\/7\/2014-TPL)], DATED 17-2-2016<\/em><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>CORPORATE LAWS<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">Insurance (Appeal to Securities Appellate Tribunal) Rules, 2016 &#8211;\u00a0<em>NOTIFICATION NO. GSR 179(E) [F.NO.12018\/1\/2015-INS.II], DATED 17-2-2016<\/em><\/p>\n<p style=\"text-align: justify;\">Insurance (Procedure for Holding Inquiry by Adjudicating Officer) Rules, 2016 &#8211;\u00a0<em>NOTIFICATION NO. GSR 178(E) [F.NO.12018\/1\/2015-INS.II], DATED 17-2-2016<\/em><\/p>\n<p style=\"text-align: justify;\">FEM (Transfer or Issue of Security by A Person Resident Outside India) (Second Amendment) Regulations, 2016 \u2013 Amendment in Regulations 2, 14, Schedule 1, Schedule 9 and Substitution of Schedule 11 &#8211;<em>NOTIFICATION [NO.FEMA.362\/2016-RB]\/GSR 166(E), DATED 15-2-2016<\/em><\/p>\n<p style=\"text-align: justify;\">FEM (Transfer or Issue of Security by A Person Resident Outside India) (Amendment) Regulations, 2016 \u2013 Amendment in Regulations 2, 5 and Substitution of Schedule 3 &amp; Schedule 4 &#8211;\u00a0<em>NOTIFICATION [NO.FEMA.361\/2016-RB]\/GSR 165(E), DATED 15-2-2016<\/em><\/p>\n<p style=\"text-align: justify;\">Section 46 of the Prevention of Money-Laundering Act, 2002 &#8211; Special Courts &#8211; Application of Cr. PC, 1973 to proceedings before Special Court &#8211; Appointment of Special Public ProsecutorS &#8211;\u00a0<em>NOTIFICATION NO. S.O. 506(E) [F.NO.C-18016\/7\/2015-AD.ED], DATED 17-2-2016<\/em><\/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","protected":false},"excerpt":{"rendered":"<p>CORPORATE AND PROFESSIONAL UPDATE DATED MARCH 3, 2016 INCOME TAX ACT SECTION 92C TRANSFER PRICING &#8211; COMPUTATION OF ARM\u2019S LENGTH PRICE Comparables and adjustments\/Adjustments \u2013 Illustrations :\u00a0Where business operation of assessee could not be carried on without services in question and same was to be outsourced and ostensible benefits were received from services rendered by &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[150,172,9,4,1],"tags":[3236,9063,5,4400,9038],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2271"}],"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=2271"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2271\/revisions"}],"predecessor-version":[{"id":15787,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2271\/revisions\/15787"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=2271"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=2271"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=2271"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}