{"id":2410,"date":"2016-04-30T15:39:20","date_gmt":"2016-04-30T10:09:20","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=2410"},"modified":"2021-08-14T13:22:24","modified_gmt":"2021-08-14T07:52:24","slug":"corporate-and-professional-update-april-23-2016","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-update-april-23-2016\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATE APRIL 23, 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-69d0f7fd26590\" 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-69d0f7fd26590\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><ul class='ez-toc-list-level-5'><li class='ez-toc-heading-level-5'><ul class='ez-toc-list-level-5'><li class='ez-toc-heading-level-5'><ul class='ez-toc-list-level-5'><li class='ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-april-23-2016\/#CORPORATE_AND_PROFESSIONAL_UPDATE_APRIL_23_2016\" title=\"CORPORATE AND PROFESSIONAL UPDATE APRIL 23, 2016\">CORPORATE AND PROFESSIONAL UPDATE APRIL 23, 2016<\/a><\/li><\/ul><\/li><\/ul><\/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-april-23-2016\/#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-april-23-2016\/#INDIRECT_TAX\" title=\"INDIRECT TAX:\">INDIRECT 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-april-23-2016\/#Other_Update\" title=\"Other Update \">Other Update <\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-april-23-2016\/#Key_Dates\" title=\"Key Dates:\">Key Dates:<\/a><\/li><\/ul><\/nav><\/div>\n<h5 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"CORPORATE_AND_PROFESSIONAL_UPDATE_APRIL_23_2016\"><\/span><a href=\"https:\/\/carajput.com\/blog\/?p=2381\">CORPORATE AND PROFESSIONAL UPDATE APRIL 23, 2016<\/a><span class=\"ez-toc-section-end\"><\/span><\/h5>\n<p style=\"text-align: justify;\"><img loading=\"lazy\" decoding=\"async\" class=\"\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/02\/Untitled92A.png\" alt=\"Untitled92A\" width=\"634\" height=\"418\" \/><\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"DIRECT_TAX\"><\/span><strong><span style=\"text-decoration: underline;\">DIRECT TAX:<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/carajput.com\/income-tax-services.php\">IT<\/a>:\u00a0Expenditure relatable to day to day running of the business is allowable as revenue expenditure in the hands of assessee irrespective of the fact that the assessee was following percentage completion method of recognizing its revenue\u00a0\u2013\u00a0Arun Pitambar Seth\u00a0Vs. ACIT, Cir-3, Pune\u00a0<strong>(2016 (4) TMI 752 \u2013<\/strong>\u00a0ITAT Pune<strong>)<\/strong><\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/carajput.com\/income-tax-services.php\">IT<\/a>: Assessment u\/s 153C &#8211; the concerned documents \/ diaries did not emanate from out of seizures made in the course of search action \u2013 M\/s. Giriraj Developers Vs. ACIT, Cir-13, Mumbai (2016 (4) TMI 749 &#8211; ITAT Mumbai)<\/p>\n<p style=\"text-align: justify;\">No penalty for non-maintenance of TP docs if assessee furnished updated margins of earlier comparables Assistant Commissioner of Income-tax, Circle-6, Jaipur\u00a0v.Integrated Decisions &amp; Systems (India) (P.) Ltd.[2016] 68\u00a0taxmann.com\u00a0185 (Jaipur &#8211; Trib.)<\/p>\n<p style=\"text-align: justify;\">Fall in value of stock allowed to be deducted, though it was in transit and lying at port Pr. Commissioner of Income Tax\u00a0v.\u00a0STCL Ltd [2016] 68\u00a0taxmann.com\u00a0224 (Karnataka)<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/carajput.com\/income-tax-services.php\">IT<\/a>:\u00a0Export sales directly made to the consignee through the sister concern was the deemed export of the assessee &#8211; deduction u\/s 10B allowed \u2013\u00a0M\/s. Earth Stone Group Vs. ACIT (2016 (4) TMI 824 &#8211; ITAT Delhi)\\<\/p>\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<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"INDIRECT_TAX\"><\/span><strong><span style=\"text-decoration: underline;\">INDIRECT TAX:<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\"><strong>ST:<\/strong>\u00a0Once what is received by the service receiver being output services the same would automatically become input service in terms of Rule 2 (l) of Cenvat Credit Rules \u2013\u00a0M\/s Sundaram Industries Ltd. Vs. CCE, Madurai\u00a0<strong>(2016 (4) TMI 777 \u2013 CESTAT Chennai)<\/strong><\/p>\n<p style=\"text-align: justify;\">Excise &amp; Customs: Where assessee surrendered its registration certificate for de-registration, denial of de-registration on ground that a case of demand of duty was pending against it was wrong\u00a0[2016] 68\u00a0taxmann.com\u00a0200 (Mumbai &#8211; CESTAT)\u00a0 Akasha Syncotex Ltd. v. Commissioner of Central Excise<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/carajput.com\/services-vat.php\">VAT<\/a> &amp; ST:\u00a0Refund of excess <a href=\"https:\/\/carajput.com\/tds.php\">TDS<\/a> &#8211; construction business &#8211; Section 27 &amp; 24 of HVAT Act would be applicable only to the taxable turnover i.e. after deducting service component and turnover relating to sales outside State in the course of inter-state sales or in the course of import \u2013\u00a0M\/s. S.M. Constructions, Ludhiana\u00a0Vs. The State of Punjab (2016 (4) TMI 762 \u2013 Punjab &amp; Haryana High Court)<\/p>\n<p style=\"text-align: justify;\">DVAT:\u00a0Delhi Govt. has issued\u00a0Delhi <a href=\"https:\/\/carajput.com\/services-vat.php\">Value Added Tax<\/a> (Amendment) Rules, 2016.\u00a0Return Forms DVAT-16 and DVAT-17 have been amended wherein dealers are now required to\u00a0furnish details of purchases and sales in Annexure 2A and 2B along with the description of goods and their codes. Forms DVAT-30 and DVAT-31 have also been amended.<\/p>\n<p style=\"text-align: justify;\"><strong>ST:<\/strong>\u00a0Increase in rates of <a href=\"https:\/\/carajput.com\/services-tax-registration.php\">service tax<\/a> in respect of bank guarantee and insurance premium is directly relatable to the terms of the contract \u2013\u00a0M\/s Centrodorstroy Vs. NHAI\u00a0<strong>(2016 (4) TMI 801 \u2013 Supreme Court)<\/strong><\/p>\n<p style=\"text-align: justify;\">VAT &amp; ST:\u00a0Different view taken by Court &#8211; Tribunal has already decided the matter in case of original petitioner &#8211; Once a decision has attained finality it cannot be upset just on a mere ground that subsequently the higher forum has taken a different view \u2013\u00a0M\/s. IFB Industries Ltd.\u00a0Vs. DCCT (2016 (4) TMI 761 \u2013 Karnataka High Court)<\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Other_Update\"><\/span><strong><span style=\"text-decoration: underline;\">Other Update <\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\">MCA:\u00a0The relaxation of additional fees vide General Circular No.03\/2016 dated 12 APR 2016 has been implemented in MCA21 system w.e.f. 21 APR 2016. The additional fee payable on Company e-forms which are due for filing b\/w 25 MAR to 30 APR 2016 is relaxed till 10 MAY 2016.<\/p>\n<p style=\"text-align: justify;\">Department of Education, Delhi Govt. invites application from CAs for empanelment for audit of private schools For details, please\u00a0visit:\u00a0<a href=\"https:\/\/resource.cdn.icai.org\/lof2015\/source\/lof2015.html\">https:\/\/resource.cdn.icai.org\/lof2015\/source\/lof2015.html<\/a><\/p>\n<p style=\"text-align: justify;\">CALS, a sister concern of \u201cGrant Thornton (India)\u201doffers cost effective learning for CA Final in an offline mode anytime, anywhere. For details:Toll free number: 1800-1200-560. \u00a0\u00a0Email on\u00a0<a href=\"mailto:info@calearning.in\">info@calearning.in<\/a>, \u00a0\u00a0<a href=\"https:\/\/www.calearning.in\/\">www.calearning.in<\/a><\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Key_Dates\"><\/span><strong><span style=\"text-decoration: underline;\">Key Dates:<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\">Issue of <a href=\"https:\/\/carajput.com\/tds.php\">TDS<\/a> Certificate in case of payment\/credit made in March for purchase of property u\/s 194A:22\/04\/2016<\/p>\n<p style=\"text-align: justify;\">Issue of certificate for deduction made in March in DVAT-43:\u00a022\/04\/2016<\/p>\n<p style=\"text-align: justify;\">\u201cJudge a man by his questions rather than his answers.\u201d<\/p>\n<p style=\"text-align: justify;\">Happiness is a delicate balance between what you want and what you have. It is the\u00a0\u00a0inner joy that can be sought and\u00a0\u00a0caught but can never be taught and bought .<\/p>\n<p style=\"text-align: justify;\">We look forward for your valuable comments.\u00a0<a href=\"https:\/\/carajput.com\">www.carajput.com<\/a><!--more--><\/p>\n","protected":false},"excerpt":{"rendered":"<p>CORPORATE AND PROFESSIONAL UPDATE APRIL 23, 2016 DIRECT TAX: IT:\u00a0Expenditure relatable to day to day running of the business is allowable as revenue expenditure in the hands of assessee irrespective of the fact that the assessee was following percentage completion method of recognizing its revenue\u00a0\u2013\u00a0Arun Pitambar Seth\u00a0Vs. ACIT, Cir-3, Pune\u00a0(2016 (4) TMI 752 \u2013\u00a0ITAT Pune) &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18,150,172,9,4,1],"tags":[5,4467,4471,4468,4470],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2410"}],"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=2410"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2410\/revisions"}],"predecessor-version":[{"id":15758,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2410\/revisions\/15758"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=2410"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=2410"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=2410"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}