{"id":2453,"date":"2016-05-28T12:34:39","date_gmt":"2016-05-28T07:04:39","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=2453"},"modified":"2021-12-09T17:49:21","modified_gmt":"2021-12-09T12:19:21","slug":"corporate-and-professional-update-may-13-2016","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-update-may-13-2016\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATE MAY 13, 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-69d01f302a774\" 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-69d01f302a774\"  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-13-2016\/#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-13-2016\/#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-13-2016\/#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-13-2016\/#Company_Law\" title=\"Company Law:\">Company Law:<\/a><ul class='ez-toc-list-level-4'><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-may-13-2016\/#Word_of_Wisdom\" title=\"Word of Wisdom:\">Word of Wisdom:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-may-13-2016\/#Monitoring_of_high-value_Transaction_by_Department\" title=\"Monitoring of high-value Transaction by Department\">Monitoring of high-value Transaction by Department<\/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-13-2016\/#CBDT_issue_an_explanation_in_Vivad_se_Vishwas_act2020\" title=\"CBDT issue an explanation in Vivad se Vishwas act,2020\">CBDT issue an explanation in Vivad se Vishwas act,2020<\/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-13-2016\/#CBDT-Tax_dept_hopes_to_finalize_all_faceless_e-assessment\" title=\"CBDT-Tax dept. hopes to finalize all faceless e-assessment\">CBDT-Tax dept. hopes to finalize all faceless e-assessment<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-may-13-2016\/#Tax_filing_Changes_are_taken_into_account_when_filing_ITR_for_FY-2019-20\" title=\"Tax filing Changes are taken into account when filing ITR for FY-2019-20\">Tax filing Changes are taken into account when filing ITR for FY-2019-20<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-may-13-2016\/#Reduction_in_compliance_of_obligation_under_Atmanirbhar_Scheme\" title=\"Reduction in compliance of obligation under Atmanirbhar Scheme\">Reduction in compliance of obligation under Atmanirbhar Scheme<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-may-13-2016\/#Section_54F_read_with_section_263_of_the_Income-tax_Act_1961\" title=\"Section 54F, read with section 263, of the Income-tax Act, 1961\">Section 54F, read with section 263, of the Income-tax Act, 1961<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-may-13-2016\/#Monitoring_of_high-value_Transaction_by_Department-2\" title=\"Monitoring of high-value Transaction by Department\">Monitoring of high-value Transaction by Department<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p style=\"text-align: justify;\"><span style=\"color: #99cc00;\"><strong><span style=\"text-decoration: underline;\"><img loading=\"lazy\" decoding=\"async\" class=\"\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/02\/Untitled7.png\" alt=\"Untitled7\" width=\"801\" height=\"371\" \/><\/span><\/strong><\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Professional_Update_For_the_Day\"><\/span><span style=\"color: #ff0000;\"><strong>Professional Update For the Day:<\/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: #99cc00;\"><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;\">CBDT has issued a circular regarding\u00a0Verification of tax-returns for Assessment Years 2009-2010, 2010-2011, 2011-2012 2012-2013, 2013-2014 and 2014-2015 through EVC which are pending due to non-filing of ITR-V Form and processing of such returns vide circular No. 13\/2016 dated\u00a009.05.2016.<\/p>\n<p style=\"text-align: justify;\">Gujarat HC allows assessee\u2019s writ, holds that interest on enhanced compensation doesn\u2019t fall within the ambit of the expression \u201cinterest\u201d as envisaged u\/s 145A (which provides that interest received on compensation\/ enhanced compensation shall be taxable in the year of receipt)<\/p>\n<p style=\"text-align: justify;\">Revenue had rejected assessee\u2019s NIL TDS certificate application made u\/s 197(1) on the ground that interest on enhanced compensation (received u\/s 28 of the Land Acquisition Act) is taxable as income from other sources in terms of Sec 145A- Gujrat High Court<\/p>\n<p style=\"text-align: justify;\">Only consistent loss making co. should be excluded from the list of comparables: ITAT<\/p>\n<p style=\"text-align: justify;\">IT:\u00a0Interest income accrued on time deposits &#8211; AO has only taken into account the Journal entries credited in the account. The AO has not taken into account the corresponding Journal entries debited &#8211; No additions \u2013DLF Hilton Hotels Vs. CIT, Delhi (2016 (5) TMI 492 \u2013 Delhi High Court)<\/p>\n<p style=\"text-align: justify;\">IT:\u00a0Refund of TDS wrongly deducted &#8211; Deduction for TDS on Compensation u\/s 28 of Land acquisition Act &#8211; ITO (TDS) directed to forthwith deposit such amount with the Reference Court which shall thereafter disburse such amount to the petitioner herein \u2013\u00a0Movaliya Bhikhubhai Balabhai Vs. ITO, Surat (2016 (5) TMI 488<strong> \u2013 Gujarat High Court)<\/strong><\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Indirect_Tax\"><\/span><span style=\"color: #99cc00;\"><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;\">HC reverses CESTAT decision, disallows MODVAT credit under Rule 57G of Central Excise Rules on the basis of invoices endorsed by consignee; Said Rule amended w.e.f. April 1, 1994 by which invoices issued by manufacturers and dealers in prescribed form were considered valid duty paying documents, thus eliminating endorsement thereof.<\/p>\n<p style=\"text-align: justify;\">Further, in terms of Notifications dated March 30, 1994 and July 4, 1994, invoices issued by specified category of persons viz. wholesale distributors, dealers &amp; importers, enabled input credit availment; HC finds that CESTAT has ignored LB ruling in Balmer Lawrie &amp; Co. Ltd. where it was held that after the issuance of Notification dated July 4, 1994, invoices can be issued only by a registered dealer and only then MODVAT credit can be claimed on strength thereof; Hence, by virtue of changes in procedure, manufacturer could avail MODVAT credit only upon invoices being issued under Rule 52A, holds HC thereby allowing Revenue appeal\u00a0 : Gujarat HC<\/p>\n<p style=\"text-align: justify;\">HC dismisses Revenue appeal, upholds availment of CENVAT credit by company HO i.r.o. input services rendered to various units, absent restriction of proportionate distribution in terms of Rule 7(d) of CENVAT Credit Rules; Rule 7 at relevant time, permitted input service distributor (ISD) to distribute CENVAT credit of input services to its manufacturing units or units providing output services subject to conditions that (a) credit distributed does not exceed service tax amount, and (b) credit of service tax attributable to service used by one or more units exclusively engaged in manufacture of exempted goods or providing exempted services shall not be distributed.- Rajsthan High Court<\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Company_Law\"><\/span><span style=\"color: #99cc00;\"><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;\"><strong>MCA<\/strong>\u00a0has notified new versions of e-forms PAS-3, CHG-1, DIR-12, SH-11 and FTE.<\/p>\n<h4 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Word_of_Wisdom\"><\/span><span style=\"color: #99cc00;\"><strong><span style=\"text-decoration: underline;\">Word of Wisdom:<\/span><\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p style=\"text-align: justify;\">Life is ten percent what happens to you and ninety percent how you respond to it.\u00a0\u00a0\u00a0 -Lou Holtz<\/p>\n<p style=\"text-align: justify;\">Life&#8217;s most persistent and urgent question is, &#8216;What are you doing for others?&#8217;\u00a0\u00a0\u00a0\u00a0 -Martin Luther King, Jr.<\/p>\n<p style=\"text-align: justify;\">We look forward for your valuable comments.\u00a0<a href=\"https:\/\/carajput.com\">www.carajput.com<\/a><strong>\u00a0<\/strong><\/p>\n<p style=\"text-align: justify;\"><strong>FOR\u00a0 FURTHER \u00a0QUERIES\u00a0 CONTACT\u00a0US:<\/strong><br \/>\nW: 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>more updates for related blogs are:<\/p>\n<ul>\n<li>\n<h4><span class=\"ez-toc-section\" id=\"Monitoring_of_high-value_Transaction_by_Department\"><\/span><a href=\"https:\/\/carajput.com\/blog\/few-ways-through-department-is-monitoring-your-high-value-transactions\/\">Monitoring of high-value Transaction by Department<\/a><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/li>\n<li>\n<h4><span class=\"ez-toc-section\" id=\"CBDT_issue_an_explanation_in_Vivad_se_Vishwas_act2020\"><\/span><a href=\"https:\/\/carajput.com\/learn\/cbdt-issue-an-explanation-in-respect-of-direct-tax-vivad-se-vishwas-act-2020.html\">CBDT issue an explanation in Vivad se Vishwas act,2020<\/a><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/li>\n<li>\n<h4><span class=\"ez-toc-section\" id=\"CBDT-Tax_dept_hopes_to_finalize_all_faceless_e-assessment\"><\/span><a href=\"https:\/\/carajput.com\/learn\/income-tax-department-hopes-to-finalize-all-faceless-eassessments-by-midseptember.html\">CBDT-Tax dept. hopes to finalize all faceless e-assessment<\/a><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/li>\n<li>\n<h4><span class=\"ez-toc-section\" id=\"Tax_filing_Changes_are_taken_into_account_when_filing_ITR_for_FY-2019-20\"><\/span><a href=\"https:\/\/carajput.com\/learn\/tax-filing-changes-are-taken-into-account-when-making-the-itr-for-fy-20192020.html\">Tax filing Changes are taken into account when filing ITR for FY-2019-20<\/a><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/li>\n<li>\n<h4><span class=\"ez-toc-section\" id=\"Reduction_in_compliance_of_obligation_under_Atmanirbhar_Scheme\"><\/span><a href=\"https:\/\/carajput.com\/blog\/important-updates-on-the-reduction-compliance-obligation-under-atmanirbhar-scheme\/\">Reduction in compliance of obligation under Atmanirbhar Scheme<\/a><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/li>\n<li>\n<h4><span class=\"ez-toc-section\" id=\"Section_54F_read_with_section_263_of_the_Income-tax_Act_1961\"><\/span><a href=\"https:\/\/carajput.com\/blog\/sec-54f-relief-available-in-entirety-if-investment-exceeds-sale-proceeds-irrespective-of-usage-of-housing-loan\/\">Section 54F, read with section 263, of the Income-tax Act, 1961<\/a><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/li>\n<li>\n<h4><span class=\"ez-toc-section\" id=\"Monitoring_of_high-value_Transaction_by_Department-2\"><\/span><a href=\"https:\/\/carajput.com\/blog\/few-ways-through-department-is-monitoring-your-high-value-transactions\/\">Monitoring of high-value Transaction by Department<\/a><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/li>\n<\/ul>\n<h4 style=\"text-align: justify;\"><!--more--><\/h4>\n","protected":false},"excerpt":{"rendered":"<p>Professional Update For the Day: Direct Tax: CBDT has issued a circular regarding\u00a0Verification of tax-returns for Assessment Years 2009-2010, 2010-2011, 2011-2012 2012-2013, 2013-2014 and 2014-2015 through EVC which are pending due to non-filing of ITR-V Form and processing of such returns vide circular No. 13\/2016 dated\u00a009.05.2016. Gujarat HC allows assessee\u2019s writ, holds that interest on &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[150,172,9,4,9027,15],"tags":[5,170,4649,9038,322,4651],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2453"}],"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=2453"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2453\/revisions"}],"predecessor-version":[{"id":19650,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2453\/revisions\/19650"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=2453"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=2453"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=2453"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}