{"id":2414,"date":"2016-04-30T15:45:19","date_gmt":"2016-04-30T10:15:19","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=2414"},"modified":"2021-08-14T13:09:44","modified_gmt":"2021-08-14T07:39:44","slug":"corporate-and-professional-update-april-26-2016","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-update-april-26-2016\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATE APRIL 26, 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-69e9094d997a2\" 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-69e9094d997a2\"  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-26-2016\/#CORPORATE_AND_PROFESSIONAL_UPDATE_APRIL_26_2016\" title=\"CORPORATE AND PROFESSIONAL UPDATE APRIL 26, 2016\">CORPORATE AND PROFESSIONAL UPDATE APRIL 26, 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-26-2016\/#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-26-2016\/#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-26-2016\/#Company_Law\" title=\"Company Law:\">Company Law:<\/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-26-2016\/#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_26_2016\"><\/span><a href=\"https:\/\/carajput.com\/blog\/?p=2381\">CORPORATE AND PROFESSIONAL UPDATE APRIL 26, 2016<\/a><span class=\"ez-toc-section-end\"><\/span><\/h5>\n<p style=\"text-align: justify;\"><img decoding=\"async\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/02\/29-768x406.png\" alt=\"29\" \/><\/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;\">Waiver of loan tantamount to benefit or perquisite, chargeable to tax under Sec. 28(iv)[2016] 68\u00a0289 (Madras)\u00a0Commissioner of Income Tax v. Ramaniyam Homes (P.) Ltd.<\/p>\n<p style=\"text-align: justify;\">Interest on loan allowed to be deducted as loan was obtained to repay on old business loan [2016] 68\u00a0223 (Bangalore Trib.)\u00a0Senate v. Deputy Commissioner of Income-tax<\/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;\">Govt. constitutes board to issue eligibility certificates for availing tax benefits by &#8216;startups&#8217;25 April 2016, Govt. constitutes board to issue eligibility certificates for availing tax benefits by <a href=\"https:\/\/carajput.com\/blog\/tag\/startup-india-hub\/\">&#8216;startups<\/a>&#8216;<\/p>\n<p style=\"text-align: justify;\">Operating of plants of client is &#8216;Business Support Services&#8217; and not &#8216;Maintenance or Repair services'[2016] 68\u00a0239 (Mumbai &#8211; CESTAT)\u00a0 Commissioner of Service Tax v. Global S.S. Construction (P.) Ltd.<\/p>\n<p style=\"text-align: justify;\">Department cannot insist to avail particular option under rule 6. [Mahindra &amp; Mahindra Limited vs. CCE (CESTAT New Delhi)].<\/p>\n<p style=\"text-align: justify;\">CENVAT allowed on linkage of inputs\/capital goods to production. [C.C.E. Raipur vs. Bharat Aluminum Co. Ltd. (CESTAT NewDelhi)].<\/p>\n<p style=\"text-align: justify;\">Excise &amp; Customs : Where assessee has manufactured or exported goods by procuring domestic inputs without payment of duty under rule 19(2) of Central Excise Rules, 2002, then, in view of specific restrictions imposed by drawback notifications, no drawback can be allowed to assessee (not even of customs component of drawback)[2016] 68\u00a0238 (Bombay)\u00a0 Anandeya Zinc Oxides (P.) Ltd. v. Union of India<\/p>\n<p style=\"text-align: justify;\">Delhi VATCOM assured extension of return filing due date till\u00a016\/05\/2016\u00a0for Q4 15-16. Further assured that item name and item code to be optional for Q4 15-16. Members are advised to file returns only after new updation of software i.e.\u00a003\/05\/2016. Digital signature is also made optional for Q4 (All dealers).<\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Company_Law\"><\/span><strong><span style=\"text-decoration: underline;\">Company Law:<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\"><strong>Query<\/strong>:\u00a0We filed Form INC-29 and there is resubmission but when we affixing DSC, the size of e-form automatically increase by 2 MB and there is pop-error as file size cannot exceed 5 MB. Kindly advice as is there any alternate way as its last date of resubmission is also approaching.<\/p>\n<p style=\"text-align: justify;\"><strong>Answer:\u00a0<\/strong>This is a technical issue on the part of new modified MCA Portal, you can compress the attachments and try accordingly.<\/p>\n<p style=\"text-align: justify;\">AASB of ICAI issues guidance note on the Companies (Auditors Report) Order, 2016 on 23.04.2016.<\/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;\"><strong>Extension of due date of filing ST-3 returns from 25th April to 29th April<\/strong> : Assessees have faced difficulties in accessing the ACES application on 25th April 2016, therefore, in exercise of the powers conferred by sub\u00adrule (4) of rule 7 of the Service Tax Rules, 1994, the Central Board of Excise &amp; Customs has extended the date of submission of the Form ST-\u00ad3 for the period from\u00a01st October 2015 to 31st March 2016, from 25th April 2016 to 29th April 2016 vide Order No. 1\/2016-ST.<\/p>\n<p style=\"text-align: justify;\">I think if you just look at life in a positive way, positive things will happen. -Jake Owen<\/p>\n<p style=\"text-align: justify;\">Words have no value.\u00a0But the manner in which you chose them while speaking decides whether you will get value or pay for them.<\/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 26, 2016 Direct Tax: Waiver of loan tantamount to benefit or perquisite, chargeable to tax under Sec. 28(iv)[2016] 68\u00a0289 (Madras)\u00a0Commissioner of Income Tax v. Ramaniyam Homes (P.) Ltd. Interest on loan allowed to be deducted as loan was obtained to repay on old business loan [2016] 68\u00a0223 (Bangalore Trib.)\u00a0Senate v. &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18,150,172,4,1,15],"tags":[4457,4459],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2414"}],"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=2414"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2414\/revisions"}],"predecessor-version":[{"id":15753,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2414\/revisions\/15753"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=2414"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=2414"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=2414"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}