{"id":2352,"date":"2016-04-01T11:53:41","date_gmt":"2016-04-01T06:23:41","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=2352"},"modified":"2021-12-10T16:38:59","modified_gmt":"2021-12-10T11:08:59","slug":"corporate-and-professional-update-dated-march-31-2016","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-update-dated-march-31-2016\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATE DATED MARCH 31, 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-69d2e29d4350e\" 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-69d2e29d4350e\"  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-31-2016\/#CORPORATE_AND_PROFESSIONAL_UPDATE_DATED_MARCH_31_2016\" title=\"CORPORATE AND PROFESSIONAL UPDATE DATED MARCH 31, 2016\">CORPORATE AND PROFESSIONAL UPDATE DATED MARCH 31, 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-31-2016\/#DIRECT_TAX\" title=\"DIRECT TAX\">DIRECT TAX<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-dated-march-31-2016\/#_INDIRECT_TAX\" title=\"\u00a0INDIRECT TAX\">\u00a0INDIRECT TAX<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-dated-march-31-2016\/#Key_dates\" title=\"Key dates\u00a0\">Key dates\u00a0<\/a><\/li><\/ul><\/nav><\/div>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"CORPORATE_AND_PROFESSIONAL_UPDATE_DATED_MARCH_31_2016\"><\/span><span style=\"color: #000080;\">CORPORATE AND PROFESSIONAL UPDATE DATED MARCH 31, 2016<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><a href=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/11\/Untitled22A-1.png\" rel=\"attachment wp-att-1732\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-1732\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/11\/Untitled22A-1-300x151.png\" alt=\"Untitled22A\" width=\"846\" height=\"426\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/11\/Untitled22A-1-300x151.png 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/11\/Untitled22A-1.png 475w\" sizes=\"(max-width: 846px) 100vw, 846px\" \/><\/a><\/p>\n<h2 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;\"><strong>DIRECT TAX<\/strong><\/span><\/a><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul style=\"text-align: justify;\">\n<li><span style=\"color: #00ccff;\"><strong>Income Tax:\u00a0<\/strong><\/span>Reopening of assessment &#8211; receipt of accomadation enteries &#8211; without forming a prima facie opinion on the basis of such material that income has escaped assessment the AO can not assume valid jurisdiction to initiate proceedings and to issue notice u\/s 147\/148 &#8211; Notice u\/s 148 quashed- (Marathon Finlease Ltd. Versus ITO, Ward \u2013 6 (2) , New\u00a0Delhi &#8211; 2016 (3) TMI 923 &#8211; ITAT DELHI).<\/li>\n<li><span style=\"color: #ff6600;\"><strong><span style=\"color: #00ccff;\">Income Tax:<\/span>\u00a0<\/strong><\/span>Penalty levied u\/s 271(1)(c) &#8211; excess claim of deduction u\/s 35(2) &#8211; the assessee has made a bonafide legal claim which cannot be said to be fallacious or flippant and malafide &#8211; no penalty- (The D.C.I.T, Central Circle \u2013 9 (1) , New Delhi Versus M\/s SRF Limited\u00a0&#8211; 2016 (3) TMI 921 &#8211; ITAT DELHI)<\/li>\n<li><span style=\"color: #00ccff;\"><strong>Income Tax :<\/strong><\/span> f notice u\/s 143(2) &#8211; no notice u\/w 143(2) was served upon the assessee which a mandatory conditions &#8211; impugned assessment order dated 28.12.2011 is quashed being bad in law and void ab initio- (ITO, Ward \u2013 1, Uaar Pradesh Versus Shah Javed Saddat and Vica-Versa\u00a0&#8211; 2016 (3) TMI 919 &#8211; ITAT DELHI)<\/li>\n<\/ul>\n<p><a href=\"https:\/\/carajput.com\/blog\/taxation-on-income-from-equity-and-debt-mutual-fund\/\">More read:Taxation on Income from Equity and Debt Mutual Fund<\/a><\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"_INDIRECT_TAX\"><\/span><span style=\"color: #ff6600;\">\u00a0<strong>INDIRECT TAX<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul style=\"text-align: justify;\">\n<li><span style=\"color: #00ccff;\"><strong>Excise &amp; Customs :<\/strong> <\/span>Where assessee has furnished relevant certificate from relevant authority, exemption intended for laudable object of controlling cataract blindness, cannot be denied for procedural violation viz. absence of counter-signing of such certificate. [2016] 67\u00a0taxmann.com\u00a0272 (Chennai &#8211; CESTAT)<\/li>\n<li>Auro Lab v. Commissioner of Central Excise<\/li>\n<li><span style=\"color: #00ccff;\"><strong>EXCISE :<\/strong><\/span> The Union Budget 2016-17 has proposed to impose a 1% excise duty (without input tax credit) and 12.5 % (with input tax credit) on articles of jewellery excluding silver jewellery, other than studded with diamonds\/other precious stones. A higher threshold exemption upto Rs. 6 crore of clearances in a year subject to previous year clearances not exceeding Rs. 12 crore has been extended.<\/li>\n<\/ul>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Key_dates\"><\/span><span style=\"color: #ff6600;\">Key dates\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul style=\"text-align: justify;\">\n<li>Today (03.2016) is last date for filing of ITR for A.Y. 2015 &#8211; 16 without penalty and for A.Y. 2014 &#8211; 15 with penalty of Rs. 5000.<\/li>\n<li>Today (03.2016) is last date for e-payment of service tax and excise duty for the month \/ quarter ending in March 2016.<\/li>\n<li>Today (03.2016) is last date for filing of WT return in Form BB for A.Y.\u00a02014 &#8211; 15.<\/li>\n<\/ul>\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: <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 31, 2016 DIRECT TAX Income Tax:\u00a0Reopening of assessment &#8211; receipt of accomadation enteries &#8211; without forming a prima facie opinion on the basis of such material that income has escaped assessment the AO can not assume valid jurisdiction to initiate proceedings and to issue notice u\/s 147\/148 &#8211; Notice &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[150,172,9,4,1,15],"tags":[4578,4576,4577,4574,4575,4563],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2352"}],"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=2352"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2352\/revisions"}],"predecessor-version":[{"id":19682,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2352\/revisions\/19682"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=2352"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=2352"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=2352"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}