{"id":2462,"date":"2016-05-28T13:12:14","date_gmt":"2016-05-28T07:42:14","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=2462"},"modified":"2021-12-02T16:58:45","modified_gmt":"2021-12-02T11:28:45","slug":"corporate-and-professional-update-may-27-2016","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-update-may-27-2016\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATE MAY 27, 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-69eaa3a050f24\" 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-69eaa3a050f24\"  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-27-2016\/#Direct_Tax\" title=\"Direct Tax:\">Direct Tax:<\/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-27-2016\/#Professional_Update_For_the_Day\" title=\"Professional Update For the Day:\u00a0\">Professional Update For the Day:\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-27-2016\/#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-27-2016\/#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-27-2016\/#Key_Dates\" title=\"Key Dates:\">Key Dates:<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2 style=\"text-align: justify;\"><\/h2>\n<p style=\"text-align: justify;\"><strong><span style=\"text-decoration: underline;\"><img loading=\"lazy\" decoding=\"async\" class=\"\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/03\/Untitled18A.png\" alt=\"Untitled18A\" width=\"809\" height=\"531\" \/><\/span><\/strong><\/p>\n<h2 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\/\"><strong><span style=\"text-decoration: underline;\"><span style=\"color: #993300;\">Direct Tax:<\/span><\/span><\/strong><\/a><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Professional_Update_For_the_Day\"><\/span><span style=\"color: #33cccc;\"><strong>Professional Update For the Day:<\/strong><strong><span style=\"text-decoration: underline;\">\u00a0<\/span><\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">Domestic <a href=\"https:\/\/carajput.com\/blog\/tag\/black-money\/\">black money<\/a> to be declared to jurisdictional principal CIT or CIT: CBDT clarifies<\/p>\n<p style=\"text-align: justify;\">No disallowance could be made on estimated basis without rejecting books of account of Assessee<strong>\u00a0<\/strong><\/p>\n<p style=\"text-align: justify;\">The demolition of the structure would not constitute a transfer of the assets in terms of Section 54(3) of the Act in view of the decision of the Apex Court in the matter of Vania Silk Mills P. Ltd. v. CIT, reported in 191 ITR 647.<\/p>\n<p style=\"text-align: justify;\">In the above case, the Apex Court has held that\u00a0when an asset is destroyed, there is no question of transfer taking place\u00a0under the Act. The Apex court held that in terms of the Act that the words \u2018Extinguishment of any right\u2019 in Section 2(47) of the Act, does not include an extinguishment of right on account of destruction.<\/p>\n<p style=\"text-align: justify;\">It has to be an extinguishment of right on account of transfer. Thus,\u00a0a destruction of assets when not on account of any transfer would not be hit by Section 54F(3) of the Act.(Dilip Manhar Parekh Vs. DCIT) ITAT Mumbai<\/p>\n<p style=\"text-align: justify;\">HC disallows input tax credit to Karnataka Dealer for its default in maintaining books and producing tax invoices[2016] 69\u00a0taxmann.com\u00a0299 (Karnataka)Nav Bharat Steel v. State of Karnataka<strong>\u00a0<\/strong><\/p>\n<p><a href=\"https:\/\/carajput.com\/blog\/taxation-on-income-from-equity-and-debt-mutual-fund\/\">More read:Taxation on Income from Equity and Debt Mutual Fund<\/a><\/p>\n<p style=\"text-align: justify;\">High court had allowed Sec 10A benefit to assessee sub-contracting part of its software development work (&#8216;onsite work&#8217;) to AEs abroad. High court had rejected Revenue&#8217;s contention that Sec 10A benefit should be denied as onsite work was not performed in a free trade zone or through assessee&#8217;s own personnel \/ employees.<\/p>\n<p style=\"text-align: justify;\">High court had held that\u00a0Sec 10A nowhere provides that &#8216;onsite&#8217; work of software development should be carried out by assessee&#8217;s own personnel. HC had further held that the &#8220;on-site&#8221; work done under the direct supervision and control of assessee\u00a0&#8220;would be nothing but on behalf of the assessee\u00a0&#8216;itself'&#8221;(MphereSoftware)<\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Indirect_Tax\"><\/span><span style=\"color: #993300;\"><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;\">CBEC has issued a\u00a0circular no. 19\/2016\u00a0dated\u00a020.05.2016\u00a0In furtherance to the proposal that each warehouse be allotted a unique warehouse code so that importers can declare the warehouse in which goods shall be deposited, at the into-bond bill of entry stage, CBEC explains the module developed at ICES to capture details of customs bonded warehouses licensed in each Commissionerate.<\/p>\n<p style=\"text-align: justify;\">Unique warehouse code generated shall be published on ICEGATE website for information of trade. Declaration of Warehouse Code in Bill of Entry would become mandatory for filing Into-Bond and Ex-Bond Bill of Entry from\u00a0June 20, 2016<\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Company_Law\"><\/span><span style=\"color: #993300;\"><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>Query<\/strong>: &#8211; In case status of the Company is non-active on MCA portal, can it make active and apply under fast track exit mode?<\/p>\n<p style=\"text-align: justify;\"><strong>Answer<\/strong>: In case ROC has sent notices to the Company under Section 560 (1) or 560 (2) or 560 (3) of the Companies Act 1956, then such Company needs to make an application to the Registrar of Companies, in writing, that it proposes to strike off the name of the Company by following the procedure under Fast Track Exit mode and submit the documents requisite under fast track exit mode. Further procedure will be initiated by the Registrar in this regard.<\/p>\n<h4 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Key_Dates\"><\/span><span style=\"color: #993300;\"><strong><span style=\"text-decoration: underline;\">Key Dates:<\/span><\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p style=\"text-align: justify;\">Issue of <a href=\"https:\/\/carajput.com\/tds.php\">TDS\/TCS<\/a> certificates for March quarter by all deductors\/collectors:\u00a030.05.2016<\/p>\n<p style=\"text-align: justify;\">Extension to\u00a027.05.16\u00a0of last date to file DVAT-16, DVAT-17 &amp; DVAT-48 for Q4 of 2015-16.circular no. 7 of 2016-17 dated 23.5.16.<\/p>\n<p style=\"text-align: justify;\">True guidance is like a small torch in a dark forest. It doesn&#8217;t show everything at once.But gives enough light for the next step to be safe.<\/p>\n<p style=\"text-align: justify;\">If you want a quality, act as if you already had it. \u00a0 -William James<\/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 FURTHER QUERIES\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<!--more--><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Direct Tax: Professional Update For the Day:\u00a0 Domestic black money to be declared to jurisdictional principal CIT or CIT: CBDT clarifies No disallowance could be made on estimated basis without rejecting books of account of Assessee\u00a0 The demolition of the structure would not constitute a transfer of the assets in terms of Section 54(3) of &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18,150,172,16,15],"tags":[4621,4617,4619],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2462"}],"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=2462"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2462\/revisions"}],"predecessor-version":[{"id":19367,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2462\/revisions\/19367"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=2462"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=2462"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=2462"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}