{"id":2297,"date":"2016-03-15T11:15:13","date_gmt":"2016-03-15T05:45:13","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=2297"},"modified":"2021-12-20T21:50:51","modified_gmt":"2021-12-20T16:20:51","slug":"corporate-and-professional-update-dated-march-9-2016","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-update-dated-march-9-2016\/","title":{"rendered":"corporate and professional update dated march 9, 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-69d75b7437b6d\" 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-69d75b7437b6d\"  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-dated-march-9-2016\/#CORPORATE_AND_PROFESSIONAL_UPDATE_DATED_MARCH_9_2016\" title=\"CORPORATE AND PROFESSIONAL UPDATE DATED MARCH 9, 2016\">CORPORATE AND PROFESSIONAL UPDATE DATED MARCH 9, 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-dated-march-9-2016\/#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-dated-march-9-2016\/#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-dated-march-9-2016\/#GST_UPDATES\" title=\"GST UPDATES\">GST 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-9-2016\/#OTHER_UPDATES\" title=\"OTHER UPDATES\">OTHER UPDATES<\/a><ul class='ez-toc-list-level-4'><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-dated-march-9-2016\/#Popular_Articles\" title=\"Popular Articles:\">Popular Articles:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-dated-march-9-2016\/#Top_Taxation_Relaxation_to_MSMS\" title=\"Top Taxation Relaxation to MSMS\">Top Taxation Relaxation to MSMS<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-dated-march-9-2016\/#Highlights_of_International_Taxation\" title=\"Highlights of International Taxation\">Highlights of International Taxation<\/a><\/li><\/ul><\/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\/02\/29.png\" rel=\"attachment wp-att-2129\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-2129\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/02\/29-300x159.png\" alt=\"29\" width=\"575\" height=\"305\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/02\/29-300x159.png 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/02\/29-768x406.png 768w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/02\/29.png 875w\" sizes=\"(max-width: 575px) 100vw, 575px\" \/><\/a><\/span><\/h3>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"CORPORATE_AND_PROFESSIONAL_UPDATE_DATED_MARCH_9_2016\"><\/span><span style=\"color: #000080;\">CORPORATE AND PROFESSIONAL UPDATE DATED MARCH 9, 2016<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\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<p style=\"text-align: justify;\">\u2022<strong><span style=\"color: #00ccff;\"> IT:<\/span><\/strong> There cannot be a notice for re-assessment inasmuch as the question of re-assessment arises only when there is an assessment in the first instance &#8211; M\/s Standard Chartered Finance Ltd. Vs. CIT, Bangalore &amp; Anr (2016 (3) TMI 150 &#8211; Supreme Court)<\/p>\n<p style=\"text-align: justify;\">\u2022 CBDT notifies 15% depreciation allowance on Oil Wells. Notification 13\/2016.<\/p>\n<p>\u2022<span style=\"color: #00ccff;\"><strong> IT<\/strong><\/span> &#8211; VDS\u2019 2016: Cases where notices have been issued or search has taken place or individuals against whom Govt. has prior information from another Country won\u2019t be eligible for the scheme.<\/p>\n<p>\u2022 Where assessee was following mercantile system of accounting, once interest amount had been credited to assessee and tax had also been deducted by payer, the assessee could not take the plea of not offering it as income on the ground that he had not actually received same &#8211; [2016] \u00a0(Mumbai &#8211; Trib.)<\/p>\n<p style=\"text-align: justify;\">Tax Recovery Officer could not declare a transaction of transfer as void under section 281 and if revenue wants to have transaction nullified under section 281, it must go to civil court to seek a declaration to that effect- Madras HC<\/p>\n<p style=\"text-align: justify;\"><strong>Amendment Made by The Finance Act, 2010 in Sec 40(a)(ia) of the Income Tax Act is Retrospective in Nature:<\/strong><\/p>\n<p style=\"text-align: justify;\">Supreme Court in CIT vs. M\/s. Calcutta Export Company held that the amendment made to section 40(a)(ia) i.e deposit of TDS before the filing of return of income by the Finance Act, 2010 being curative in nature, applies retrospectively.<\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"INDIRECT_TAX\"><\/span><strong><span style=\"color: #ff6600;\">INDIRECT TAX<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">\u2022<strong><span style=\"color: #00ccff;\"> ST<\/span><\/strong>: Management Maintenance and Repair Services &#8211; Whether notional interest to be taken as the value of service &#8211; prima facie case is against the appellant since Notional interest is to be included in the value of services &#8211; Satya Prakash Builders Pvt. Ltd. Vs. CCE&amp;ST, Jaipur-I (2016 (3) TMI 137 &#8211; CESTAT New Delhi<\/p>\n<p style=\"text-align: justify;\">\u2022 6% Tax on online advertisement \/ Google Tax, Such provisions are applicable from 1st June 2016.<\/p>\n<p style=\"text-align: justify;\">The levy clearly is targeted to tax various online advertisements companies like YouTube, Google, Facebook, Twitter, etc.<\/p>\n<p>Punjab and Haryana HC dismisses assessee\u2019s writ (engaged in trading of shares through his broker) for AY 2009-10, upholds reassessment proceedings u\/s 147\/148, rules that there was a direct nexus\/live link between material submitted by Investigation Wing and the formation of Revenue\u2019s belief that there has been escapement of income on account use of Client Code Modification (CCM) for shifting losses and manipulating assessee\u2019s income. \u00a0[TS-239-HC-2018(P &amp; H)]<\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"GST_UPDATES\"><\/span><span style=\"color: #ff6600;\">GST UPDATES<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Education Subsidy given by Employer to Schools where Children of Employees pay only part Fee is not Prerequisite:<\/strong><\/p>\n<p>Gujarat HC in Gujarat Co-operative Milk Marketing Federation Ltd vs. ITO held that the subsidy provided by the employer to the school towards the deficit of education expenses of children of his employees is not perquisite in the hands of the employees U\/S 17 of Income Tax Act 1961.<\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"OTHER_UPDATES\"><\/span><span style=\"color: #ff6600;\">OTHER UPDATES<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">\u2022 <span style=\"color: #00ccff;\"><strong>Bank Branch Statutory Audit<\/strong><\/span>:<\/p>\n<p style=\"text-align: justify;\">Banks have received the lists from RBI and commenced sending emails to the prospective Auditors.<\/p>\n<ul style=\"text-align: justify;\">\n<li>Estimating expenditure incurred on labor &amp; wages in new units merely on basis of comparison with expenditure incurred in old units and made addition on account of unexplained expenditure, such addition was unjustified \u2013 HC.<\/li>\n<li>If assessee claimed rice packing expenditure as assessee procured paddy from farmers in bags and old bags leftover were utilized in the new unit to pack rice but failed to support said explanation by any inventory detail in respect of utilization of old bags in the new unit, addition under section 69C in respect of packing expenditure was justified.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\">For query or help, contact: <a href=\"mailto:singh@carajput.com\">singh@carajput.com<\/a>\u00a0or call at 9555555480<\/p>\n<h4><span class=\"ez-toc-section\" id=\"Popular_Articles\"><\/span>Popular Articles:<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<h4><span class=\"ez-toc-section\" id=\"Top_Taxation_Relaxation_to_MSMS\"><\/span><a href=\"https:\/\/carajput.com\/blog\/relevant-parts-of-the-honorable-fm-press-conference\/\">Top Taxation Relaxation to MSMS<\/a><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<h4><span class=\"ez-toc-section\" id=\"Highlights_of_International_Taxation\"><\/span><a href=\"https:\/\/carajput.com\/blog\/international-taxation\/\">Highlights of International Taxation<\/a><span class=\"ez-toc-section-end\"><\/span><\/h4>\n","protected":false},"excerpt":{"rendered":"<p>CORPORATE AND PROFESSIONAL UPDATE DATED MARCH 9, 2016 DIRECT TAX \u2022 IT: There cannot be a notice for re-assessment inasmuch as the question of re-assessment arises only when there is an assessment in the first instance &#8211; M\/s Standard Chartered Finance Ltd. Vs. CIT, Bangalore &amp; Anr (2016 (3) TMI 150 &#8211; Supreme Court) \u2022 &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9933],"tags":[9156],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2297"}],"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=2297"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2297\/revisions"}],"predecessor-version":[{"id":20294,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2297\/revisions\/20294"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=2297"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=2297"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=2297"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}