{"id":2446,"date":"2016-05-28T12:00:46","date_gmt":"2016-05-28T06:30:46","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=2446"},"modified":"2022-02-05T13:18:13","modified_gmt":"2022-02-05T07:48:13","slug":"corporate-and-professional-update-may-2-2016","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-update-may-2-2016\/","title":{"rendered":"corporate and professional update may 2, 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-69d003533192a\" 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-69d003533192a\"  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-may-2-2016\/#Professional_Update_For_the_Day\" title=\"Professional Update For the Day:\u00a0\">Professional Update For the Day:\u00a0<\/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-may-2-2016\/#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-may-2-2016\/#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-may-2-2016\/#Company_Law\" title=\"Company Law:\">Company Law:<\/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-may-2-2016\/#Key_Dates\" title=\"Key Dates:\">Key Dates:<\/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-may-2-2016\/#Income_Tax_Updates\" title=\"Income Tax Updates:-\">Income Tax Updates:-<\/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-may-2-2016\/#New_TDS_deduction_No_cash_transactions_exceeding_1_Crore_-Section_194N\" title=\"New TDS deduction No cash transactions exceeding 1 Crore -Section 194N\">New TDS deduction No cash transactions exceeding 1 Crore -Section 194N<\/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-may-2-2016\/#Deduction_us_80CCD_of_Income_Tax_Act_196\" title=\"Deduction u\/s 80CCD of Income Tax Act, 196\">Deduction u\/s 80CCD of Income Tax Act, 196<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p style=\"text-align: justify;\"><strong><img loading=\"lazy\" decoding=\"async\" class=\"\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/02\/Untitled5.png\" alt=\"Untitled5\" width=\"614\" height=\"452\" \/><\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Professional_Update_For_the_Day\"><\/span><strong><span style=\"color: #003366;\">Professional Update For the Day:<\/span>\u00a0<\/strong><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: #003300;\"><strong><span style=\"text-decoration: underline;\">DIRECT TAX:<\/span><\/strong><\/span><\/a><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">Disallowance of the deduction claimed u\/s 54 &#8211; two flats situated on a different story &#8211; Held that:- There is nothing in these sections, which require the residential house to be constructed in a particular manner. The only requirement is that it should be for residential use and not for commercial use.<\/p>\n<p style=\"text-align: justify;\">We do not think that the fact that the residential house consists of several independent units can be permitted to act as an impediment to the allowance of the deduction under section 54\/54F. (Surendra Sharma Versus Income Tax Officer, Ward 6 (3), Jaipur).- 2016 (4) TMI 1098 \u2013 ITAT JAIPUR<\/p>\n<p style=\"text-align: justify;\">IT:\u00a0Period of Limitation for passing the Block Assessment Order\u00a0&#8211; benefit of exclusion of the period during which there was a stay order against the order of special audit is available to Revenue &#8211;\u00a0VLS Finance Ltd. &amp; Anr Vs. CIT &amp; Anr &#8211; 2016 (4) TMI 1133 &#8211; Supreme Court<\/p>\n<p style=\"text-align: justify;\">Society having 2 PAN cards asks to surrender duplicate one[2016] 68\u00a0taxmann.com\u00a0297 (Delhi)\u00a0Sri Ram Chandra Mission v. Commissioner of Income-tax<\/p>\n<p style=\"text-align: justify;\">IT<strong>:<\/strong>\u00a0Assessment against non-existing companies to be held as void ab initio &#8211;\u00a0Orbit Corporation Ltd. Vs. DCIT, Central Circle-47, Mumbai &#8211; 2016 (4) TMI 1130 &#8211; ITAT Mumbai<\/p>\n<p style=\"text-align: justify;\">Disallowance of interest paid by the appellant to the bank as well as to the other parties &#8211; Held that &#8211; The assessee was able to establish that he had incurred the expenditure wholly and exclusively for the purpose of business and therefore there is no justification for the revenue to disallowance the interest component.<\/p>\n<p style=\"text-align: justify;\">The revenue cannot claim to put itself in the armchair of the businessman and decide how much is reasonable expenditure. (M\/s. Lakhani Shoe Co. Pvt. Ltd. Versus The ACIT, Circle-2, Alwar)-\u00a0\u00a02016 (4) TMI 1127 &#8211; ITAT JAIPUR<\/p>\n<p style=\"text-align: justify;\">A transaction couldn\u2019t be deemed as a transaction of an agency just because the word \u2018agency\u2019 was written in agreement<br \/>\nIT: Where assessee-logistic company did not deduct TDS on payment made to overseas organizations for availing their logistic services, since the transaction was on principal to principal basis and merely word &#8216;agency&#8217; was used in the agreement did not mean that there existed a relationship of agency, TDS was not required to be deducted[2016] 68 taxmann.com 384 (Kolkata &#8211; Trib.) Balmer Lawrie &amp; Co. Ltd. v. Income-tax Officer<\/p>\n<p style=\"text-align: justify;\">Transactions having a contingent impact on profit\/ losses are not international transactions. [ Siro Clinpharm Pvt. ltd. vs. DCIT (ITAT Mumbai)].<\/p>\n<p style=\"text-align: justify;\">CBDT notifies new form 35 for e-filing of appeal with CIT (A). IT notification no. 11\/2016.<\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"INDIRECT_TAX\"><\/span><span style=\"color: #003300;\"><strong><span style=\"text-decoration: underline;\">INDIRECT TAX:<\/span><\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">In terms of the provisions authorization has to be specifically from the foreign service provider and cannot be fastened upon the Indian Service recipient by the Revenue &#8211; In absence of such authorization, no liability would fall upon the appellant. (Escorts Ltd. Versus CCE, Jaipur, And Vice-Versa)- 2016 (4) TMI 1077 &#8211; CESTAT NEW DELHI<\/p>\n<p style=\"text-align: justify;\">Seeking cross-examination of certain witnesses &#8211; Petitioner submitted that show cause notice is based on several statements of witnesses including those of the experts and any reliance on such statements without offering such witnesses for cross-examination would be opposed to the principles of natural justice.<\/p>\n<p style=\"text-align: justify;\">Held that:- the reasons cited by the adjudicating authority are completely baseless. Merely because the concerned witnesses have not retracted their statements would not be a ground to deny cross-examination. .(M\/s Mulchand M. Zaveri &amp; 1 Versus Union of India &amp; 1)- 2016 (4) TMI 1074 \u2013 GUJRAT HIGH COURT<\/p>\n<p style=\"text-align: justify;\">Additional Commissioner of Delhi VAT can\u2019t reject the application filed under Amnesty Scheme [2016] 68taxmann.com 385 (Delhi)Jaycon Infrastructure Ltd. v. Commissioner of Trade &amp; Taxes<\/p>\n<p style=\"text-align: justify;\">CST &amp; VAT: Delhi VAT &#8211; Where assessee, a bank, made advances to customers for purchase of cars and said cars were hypothecated to the bank as security and upon default in repaying the loan the bank had right to repossess the car and brought it to sale, disposal of repossessed cars by bank constituted &#8216;sale'[2016] 68 taxmann.com 296 (Delhi) Citi Bank v. Commissioner of Sales Tax<\/p>\n<p style=\"text-align: justify;\">The amount received by the bank from the sale of hypothecated goods is liable to sales tax under Delhi VAT<\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Company_Law\"><\/span><span style=\"color: #003300;\"><strong><span style=\"text-decoration: underline;\">Company Law:<\/span><\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">MCA clarifies that the Companies (Accounting Standards) Amendment Rules, 2016, dt.30.03.2016 is applicable from F.Y.2016-17. Cir. No.04\/2016.<\/p>\n<p style=\"text-align: justify;\">Government increases interest rates on employee provident fund (EPF) contributions from 8.7% to 8.8% for 2015-16.<\/p>\n<p style=\"text-align: justify;\">Taxis that run on petrol or diesel will not be allowed to ply\u00a0in NCR from May 1.<\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Key_Dates\"><\/span><span style=\"color: #003300;\"><strong><span style=\"text-decoration: underline;\">Key Dates:<\/span><\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">The last date of E-payment of service tax foe April by companies vides Challan No. GAR-7 -06\/05\/2016<\/p>\n<h4 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Income_Tax_Updates\"><\/span><span style=\"color: #003300;\"><strong><span style=\"text-decoration: underline;\">Income Tax Updates:-<\/span><\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p style=\"text-align: justify;\">The facility to upload online quarterly TDS\/TCS statements in the E-Filling portal shall be available with effect from 1st\u00a0May 2016. (Click here to see the procedure)<\/p>\n<p style=\"text-align: justify;\">Bulk uploads of form 15CA, Form 15CB, and Form 15CC are available for E-Filling.<\/p>\n<p style=\"text-align: justify;\">No teacher, no professor nor a mentor can teach the important lessons in life better than a hungry stomach and an empty pocket.<\/p>\n<p style=\"text-align: justify;\">The things that we love tell us what we are.\u00a0-Thomas Aquinas<\/p>\n<p style=\"text-align: justify;\">We look forward to your valuable comments. <a href=\"https:\/\/carajput.com\">www.carajput.com<\/a><\/p>\n<p style=\"text-align: justify;\"><strong>FOR\u00a0 FURTHER \u00a0QUERIES\u00a0 CONTACT\u00a0US:<\/strong><\/p>\n<p style=\"text-align: justify;\">W: www.carajput.com<\/p>\n<p style=\"text-align: justify;\">E: <a href=\"mailto:singh@carajput.com\">singh@carajput.com<\/a><\/p>\n<p style=\"text-align: justify;\">T:011-233 -4 -33333 ,\u00a0 9-555-555-480<\/p>\n<p>Popular blog:-<\/p>\n<h4><span class=\"ez-toc-section\" id=\"New_TDS_deduction_No_cash_transactions_exceeding_1_Crore_-Section_194N\"><\/span><a href=\"https:\/\/carajput.com\/learn\/new-tds-deduction-provision-prevent-cash-transactions-of-more-than-1-crore-section-194n.html\"><strong>New TDS deduction No cash transactions exceeding 1 Crore -Section 194N<\/strong><\/a><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<h4><span class=\"ez-toc-section\" id=\"Deduction_us_80CCD_of_Income_Tax_Act_196\"><\/span><strong><a href=\"https:\/\/carajput.com\/learn\/deductions-under-section-80ccd-of-income-tax-act.html\">Deduction u\/s 80CCD of Income Tax Act, 196<\/a><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p style=\"text-align: justify;\"><!--more--><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Professional Update For the Day:\u00a0 DIRECT TAX: Disallowance of the deduction claimed u\/s 54 &#8211; two flats situated on a different story &#8211; Held that:- There is nothing in these sections, which require the residential house to be constructed in a particular manner. The only requirement is that it should be for residential use and &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9933,258],"tags":[4670,5,333,322,4671],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2446"}],"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=2446"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2446\/revisions"}],"predecessor-version":[{"id":2448,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2446\/revisions\/2448"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=2446"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=2446"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=2446"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}