{"id":2451,"date":"2016-05-28T12:24:25","date_gmt":"2016-05-28T06:54:25","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=2451"},"modified":"2021-12-07T18:17:44","modified_gmt":"2021-12-07T12:47:44","slug":"corporate-and-professional-update-may-11-2016","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-update-may-11-2016\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATE MAY 11, 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-69d004ed7afe8\" 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-69d004ed7afe8\"  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-11-2016\/#Professional_Update_For_the_Day\" title=\"Professional Update For the Day:\">Professional Update For the Day:<\/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-11-2016\/#Direct_Tax\" title=\"Direct Tax:\u00a0\">Direct Tax:\u00a0<\/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-11-2016\/#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-11-2016\/#FEMA_Updates\" title=\"FEMA Updates:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\">FEMA Updates:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0<\/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-11-2016\/#MCA_Updates\" title=\"MCA Updates:\">MCA Updates:<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p style=\"text-align: justify;\"><span style=\"color: #003300;\"><strong><u><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/11\/Untitled34A.png\" alt=\"Untitled34A\" width=\"733\" height=\"547\" \/><\/u><\/strong><\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Professional_Update_For_the_Day\"><\/span><span style=\"color: #ff6600;\"><strong><u>Professional Update For the Day:<\/u><\/strong><\/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: #003300;\"><strong><u>Direct Tax:<\/u><\/strong><strong>\u00a0<\/strong><\/span><\/a><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">IT:\u00a0Taxing of <a href=\"https:\/\/carajput.com\/blog\/tag\/income-from-capital-gain\/\">capital gain<\/a>s u\/s.50B r.w.s.2 (42C) &#8211; sale of undertaking as a going concern for a lump sum consideration &#8211; addition made by the AO u\/s.50B on account of gain arising from transfer of BOPP Films Undertaking confirmed \u2013\u00a0Supreme Industries Ltd.\u00a0Vs. ACIT, CC-29, Mumbai (2016 (5) TMI 264 \u2013 ITAT Mumbai)<\/p>\n<p style=\"text-align: justify;\">IT:\u00a0Undisclosed income &#8211; Addition made on the basis of the statement during the survey u\/s. 133A is not sustainable in the eyes of law \u2013\u00a0Avinash Kumar Setia Vs. DCIT, CC-17, New Delhi (2016 (5) TMI 261 \u2013 ITAT Delhi)<\/p>\n<p style=\"text-align: justify;\">CBDT prescribes procedure for e-filing of Form 15CC in respect of foreign remittance made u\/s 195<\/p>\n<p style=\"text-align: justify;\">CBDT prescribes procedure for e-filing of Form 15G\/15H<\/p>\n<p style=\"text-align: justify;\">Provisions relating to gift apply only to an Individual or HUF and not to an AOP<br \/>\n[2016] 68\u00a0taxmann.com\u00a0376 (Delhi &#8211; Trib.)\u00a0Mridu Hari Dalmia Parivar Trust v. Assessing Officer, Circle 31(1)<\/p>\n<p style=\"text-align: justify;\">A person can apply for non-deduction of TDS u\/s 195 even if he has been subjected to concealment penalty: CBDT<\/p>\n<p style=\"text-align: justify;\">Now, TDS or TCS return can also be filed via\u00a0incometaxindiaefiling.gov.in<\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Indirect_Tax\"><\/span><span style=\"color: #003300;\"><strong><u>Indirect Tax:<\/u><\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">Excise &amp; Customs : Where pre-deposit amount has been determined after considering\/adjusting Cenvat credit amount, then, such &#8216;net pre-deposit&#8217; amount has to be paid in cash and cenvat credit cannot be used to pay same[2016] 69\u00a0taxmann.com\u00a010 (Kerala)\u00a0Commissioner of Central Excise, Customs &amp; Service Tax v. Kinship Services (India) (P.) Ltd.<\/p>\n<p style=\"text-align: justify;\">Govt. entities in Delhi no more required to file details of purchases below Rs. 1000 in DVAT Form GE-II<\/p>\n<p style=\"text-align: justify;\"><strong>ST:<\/strong>\u00a0Levy of penalty &#8211; As the assessee had paid service tax and interest by showing their bonafides before issuance of SCN &#8211; Penalty liable to be waived of by invoking Section 80 \u2013\u00a0Cognizant Technology Solutions India Pvt. Ltd. Vs. CCE&amp;ST, Chennai\u00a0<strong>(2016 (5) TMI 230 \u2013 CESTAT Chennai)<\/strong><\/p>\n<p style=\"text-align: justify;\">VAT &amp; ST:\u00a0Merely because the advertisements of the advertisers were displayed on the Sites would not necessarily lead to the conclusion that they had acquired the right to use the Sites \u2013\u00a0Tim Delhi Airport Advertising Pvt. Ltd.\u00a0Vs. CT&amp;T (2016 (5) TMI 297 \u2013 Delhi High Court)<\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"FEMA_Updates\"><\/span><span style=\"color: #003300;\"><strong><u>FEMA Updates:\u00a0<\/u><\/strong><\/span><strong><span style=\"color: #003300;\">\u00a0<\/span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">Ministry of Commerce &amp; Industry has issued\u00a0\u00a0Policy on foreign investment for Asset Reconstruction Companies-amendment of paragraph 6.2.18.1 of \u2018consolidated FDI Policy Circular of 2015\u2019 vide press No. 4(2016 Series) dated\u00a006\/05\/2016.<\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"MCA_Updates\"><\/span><span style=\"color: #003300;\"><strong><u>MCA Updates:<\/u><\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">MCA has issued\u00a0Companies (Registration Offices and Fees) Amendment Rules, 2016\u00a0vide Notification dated 06\/05\/2015, which shall come into force from the date of their publication in the Official Gazette. The New Rules has further substituted Form No. GNL-1 (Form for filing an application with Registrar of Companies) and Form GNL-4 (Form for filing addendum for rectification of defects or incompleteness)<\/p>\n<p style=\"text-align: justify;\"><strong><u>Word of Wisdom:<\/u><\/strong><\/p>\n<p style=\"text-align: justify;\">The most difficult task is to make everybody happy. The simplest task is to be happy with everyone. Surprisingly, the purpose of both are the same.<\/p>\n<p style=\"text-align: justify;\">Mankind is made great or little by its own will.\u00a0\u00a0\u00a0\u00a0\u00a0 -Friedrich Schiller<\/p>\n<p style=\"text-align: justify;\">Life isn&#8217;t about finding yourself. Life is about creating yourself. \u00a0 \u00a0 \u00a0George Bernard Shaw<!--more--><\/p>\n<p style=\"text-align: justify;\">\n","protected":false},"excerpt":{"rendered":"<p>Professional Update For the Day: Direct Tax:\u00a0 IT:\u00a0Taxing of capital gains u\/s.50B r.w.s.2 (42C) &#8211; sale of undertaking as a going concern for a lump sum consideration &#8211; addition made by the AO u\/s.50B on account of gain arising from transfer of BOPP Films Undertaking confirmed \u2013\u00a0Supreme Industries Ltd.\u00a0Vs. ACIT, CC-29, Mumbai (2016 (5) TMI &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[150,172,16,15],"tags":[5,333,309,322,190],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2451"}],"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=2451"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2451\/revisions"}],"predecessor-version":[{"id":19575,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2451\/revisions\/19575"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=2451"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=2451"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=2451"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}