{"id":2281,"date":"2016-03-08T13:21:05","date_gmt":"2016-03-08T07:51:05","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=2281"},"modified":"2021-11-18T15:36:45","modified_gmt":"2021-11-18T10:06:45","slug":"corporate-and-professional-update-dated-march-52016","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-update-dated-march-52016\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATE DATED MARCH 5,2016"},"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-6a3b1bf2d383f\" 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-6a3b1bf2d383f\"  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-52016\/#CORPORATE_AND_PROFESSIONAL_UPDATE_DATED_MARCH_52016\" title=\"CORPORATE AND PROFESSIONAL UPDATE DATED MARCH 5,2016\">CORPORATE AND PROFESSIONAL UPDATE DATED MARCH 5,2016<\/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-52016\/#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-dated-march-52016\/#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-52016\/#MCA_Updates\" title=\"MCA Updates\">MCA 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-dated-march-52016\/#Key_Dates\" title=\"Key Dates\">Key Dates<\/a><\/li><\/ul><\/nav><\/div>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"CORPORATE_AND_PROFESSIONAL_UPDATE_DATED_MARCH_52016\"><\/span><span style=\"color: #000080;\">CORPORATE AND PROFESSIONAL UPDATE DATED MARCH 5,2016<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<h3 style=\"text-align: justify;\"><span style=\"color: #000080;\"><a href=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/03\/Untitled21A.png\" rel=\"attachment wp-att-2283\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-2283\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/03\/Untitled21A-300x164.png\" alt=\"Untitled21A\" width=\"905\" height=\"495\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/03\/Untitled21A-300x164.png 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/03\/Untitled21A.png 534w\" sizes=\"(max-width: 905px) 100vw, 905px\" \/><\/a><\/span><\/h3>\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><strong><span style=\"color: #00ccff;\">TRANSFER PRICING &#8211; COMPUTATION OF ARM&#8217;S LENGTH PRICE:<\/span><\/strong> Where assessee had benchmarked its international transactions on TNMM basis and TPO had neither disputed assessee&#8217;s claim that TNMM was most appropriate method, nor comparables selected by assessee, it was not open for TPO to reject benchmarking done by assessee and make adhoc ALP additions in value of international transactions &#8211; [2016] \u00a016 (Mumbai &#8211; Trib.)<\/li>\n<li><strong><span style=\"color: #00ccff;\">ON BORROWED CAPITAL:<\/span><\/strong>\u00a0Where assessee paid interest on borrowed capital which was used for acquisition of windmill for extension of existing business of generation of electricity through windmill, interest could not be allowed till capital asset acquired by assessee was put to use &#8211; [2016] INTEREST 277 (Chennai &#8211; Trib.)<\/li>\n<li><a href=\"https:\/\/carajput.com\/blog\/tag\/ltcg-stcg-not-chargeable-to-tax-to-non-resident-on-account-of-dtaa-benefit\/\"><span style=\"color: #00ccff;\"><strong>UTILIZATION OF CAPITAL GAINS :<\/strong><\/span><\/a> Where assessee purchased a vacant site but couldn&#8217;t complete construction of house within prescribed period of three years to avail exemption from capital gain, whole of capital gain was liable to be taxed in previous year in which period of three years expired from date of sale of original asset<\/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>Following activities undertaken by the applicant would not amount to manufacture or deemed manufacture under Section 2(f) of the Central Excise Act 1944 namely; Inspection testing and installing batteries Cleaning lint brushing and deodorizing Touching up and re-stitching Filing debundling and jewellery correction Activities related to spectacles and frames Folding hanging and ironing Polishing shinning and coating Tagging Freebies Protective stickering Placing the products in original box Inserting warranty card Inserting moisture absorbing tablets Inserting books mark and Replacing shoe laces- (\/s Amazon Seller Services Private Limited, Bangalore Versus The Commissioner of Central Excise, Thane-I &#8211; 2016 (3) TMI 69 &#8211; AUTHORITY FOR ADVANCE RULINGS).<\/li>\n<li><span style=\"color: #00ccff;\"><strong>Claim of interest on delayed Refund<\/strong> <\/span>&#8211; delay in grant of refund &#8211; relevant date to be computed from the date of application of refund or from the date of rectification of defect in the refund application &#8211; The adjudicatory process by no stretch of imagination can be carried on beyond three months.<\/li>\n<li>It is required to be concluded within three months &#8211; Interest allowed from the date of application- (Union of India &amp; Others Versus M\/s Hamdard (Waqf) Laboratories &#8211; 2016 (3) TMI 68 &#8211; SUPREME COURT)<\/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=\"MCA_Updates\"><\/span><span style=\"color: #ff6600;\">MCA Updates<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"color: #00ccff;\"><strong>SHARES &#8211; POWER OF COMPANY TO PURCHASE ITS OWN SECURITIES:<\/strong><\/span> In law, petitioner is entitled to buy back its own shares by means of a scheme under section 391 read with sections 100 \u2013 104 of the Companies Act, 1956 , scheme cannot be said to be a colourable device to evade income tax, it is a legally permissible procedure which petitioner is entitled to follow to buy back its shares<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Key_Dates\"><\/span><strong><span style=\"color: #ff6600;\">Key Dates<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>E-Payment of Service Tax for Feb by companies: 06\/03\/2016<\/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 endeavors. 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 5,2016 Direct Tax TRANSFER PRICING &#8211; COMPUTATION OF ARM&#8217;S LENGTH PRICE: Where assessee had benchmarked its international transactions on TNMM basis and TPO had neither disputed assessee&#8217;s claim that TNMM was most appropriate method, nor comparables selected by assessee, it was not open for TPO to reject benchmarking done &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18,208,150,172,4,1,11,15],"tags":[338,5,4390,4392,9038],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2281"}],"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=2281"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2281\/revisions"}],"predecessor-version":[{"id":19062,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2281\/revisions\/19062"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=2281"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=2281"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=2281"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}