{"id":2537,"date":"2016-07-09T17:34:22","date_gmt":"2016-07-09T12:04:22","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=2537"},"modified":"2021-08-28T00:42:33","modified_gmt":"2021-08-27T19:12:33","slug":"corporate-and-professional-update-july-9-2016","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-update-july-9-2016\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATE JULY 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-69e1c7ef330c7\" 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-69e1c7ef330c7\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-july-9-2016\/#DIRECT_TAX\" title=\"DIRECT TAX:\">DIRECT TAX:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-july-9-2016\/#INDIRECT_TAX\" title=\"INDIRECT TAX:\">INDIRECT TAX:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-july-9-2016\/#OTHER_UPDATES\" title=\"OTHER UPDATES:\">OTHER UPDATES:<\/a><\/li><\/ul><\/nav><\/div>\n<p><strong><span style=\"color: #008000;\">Professional Update For the Day:<\/span><\/strong><\/p>\n<h1 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"DIRECT_TAX\"><\/span><strong><span style=\"color: #ff6600;\">DIRECT TAX:<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/carajput.com\/blog\/govt-extends-few-direct-tax-timelines-due-to-covid-19-pandemic\/\"><strong>Income Tax<\/strong><\/a> : Cash deposits in bank can&#8217;t be held as undisclosed income without verifying source of deposits Gurpal Singh v. Income-tax Officer, Ward-1, Kapurthala Income-tax Officer, Ward-1, Kapurthala<\/p>\n<p style=\"text-align: justify;\">Income Tax : Chennai ITAT denies Sec 11 exemption to assessee\u00a0,an educational trust\u00a0\u00a0with respect to income earned from renting of \u2018auditorium hall\u2019 during AY 2010-11.It\u00a0observed\u00a0that exemption u\/s 11(4) is available on income derived from business held under trust and the words &#8216;property held under trust&#8217; includes <a href=\"https:\/\/carajput.com\/blog\/tag\/business-support-service\/\">business<\/a> undertaking held under trust.\u00a0[TS-364-ITAT-2016(CHNY)]<\/p>\n<p style=\"text-align: justify;\">Income Tax: \u00a0Hyderabad ITAT rules that compensation received by assessee\u00a0,an India based publication house,in terms of settlement \u00a0agreement for not using the trademark obtained from a London based company &#8211; Longman Communications Ltd. \u00a0which was taken over by\u00a0Pearson Group, UK, \u00a0is a non-taxable capital receipt for AY 2008-09.\u00a0[TS-363-ITAT-2016(HYD)]<\/p>\n<p><strong>You May Also like The Following Blogs;<\/strong><\/p>\n<ul>\n<li><em><a href=\"https:\/\/carajput.com\/blog\/consequences-of-not-deducting-tds-and-nonpayment-or-late-payment\/\"><strong>Consequences of not deducting TDS and Nonpayment or Late payment<\/strong><\/a><\/em><\/li>\n<li><strong><em><a href=\"https:\/\/carajput.com\/blog\/warning-due-dates-are-closer-than-they-appear\/\">Due Date is closer than it appears<\/a><\/em><\/strong><\/li>\n<li><strong><em><a href=\"https:\/\/carajput.com\/blog\/new-changes-on-tds-changes-in-withholding-tax\/\">New change on TDS in withholding Tax<\/a><\/em><\/strong><\/li>\n<\/ul>\n<h1 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"INDIRECT_TAX\"><\/span><strong><span style=\"color: #ff6600;\">INDIRECT TAX:<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p style=\"text-align: justify;\"><span style=\"line-height: 1.5;\">Service tax : \u00a0 Calcutta high court in the case of\u00a0Saurav\u00a0Ganguly held that there is no service tax for writing artlcles, anchoring TV shows, playing IPL matches &amp; Brand Endorsement.(\u00a0Sourav Ganguly -Vs.- Union of India &amp; Ors.) \u00a0 <\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"line-height: 1.5;\">\u00a0 \u00a0\u00a0<\/span>Service tax : Consultancy service availed to procure finance for business is eligible input service Commissioner of Central Excise Bangalore II Commissionerate v. Sanmar Speciality Chemicals Ltd.[2016] 71\u00a0taxmann.com\u00a010 (Karnataka)<\/p>\n<p><strong><em><span style=\"color: #0000ff;\">More read<\/span>:<a href=\"https:\/\/carajput.com\/blog\/all-about-gst-tds\/\">All thing know about GST TDS<\/a><\/em><\/strong><\/p>\n<p style=\"text-align: justify;\">Excise : Supreme Court in the judgment of the given case held that\u00a0Subsidy by way of\u00a0refund of excise duty and interest for setting up a new industrial undertaking is a capital receipt &amp; not taxable as income. Alternatively, such receipts are &#8220;derived&#8221; from the industrial undertaking and are deductible u\/s 80-IB.(\u00a0CIT Vs. Shree Balaji Alloys)<\/p>\n<p style=\"text-align: justify;\">Custom : Karnataka\u00a0HC upholds Tribunal order denying exemption u\/s 5(2) of CST Act on lease transactions effected by Hewlett Packard (assessee) with local customers on ground that same did not constitute \u2018sale in course of import.\u00a0[TS-268-HC-2016(KAR)-VAT]<\/p>\n<h1 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"OTHER_UPDATES\"><\/span><span style=\"color: #ff6600;\"><strong>OTHER UPDATES:<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p style=\"text-align: justify;\">Banks need not report details about invocation of bank guarantee for service imports RBI\/2016-17\/8\u00a0 A.P. (DIR Series) Circular No. 1 Dated July 07, 2016<\/p>\n<p style=\"text-align: justify;\">Time period u\/s 139 to comply with provisions of rotation, changed to 1st AGM held after 3yrs from commencement of Companies Act, 2013. Removal of Difficulties 3rd Order, 2016.<\/p>\n<p style=\"text-align: justify;\">Where appellant holding merely eight shares objected to scheme of amalgamation which had been approved by all shareholders, secured and unsecured creditor, objection of appellant was malicious and mala fide as he was disqualified from continuing as statutory auditor of company &#8211;\u00a0[2016] 70 taxmann 394 (Delhi)<\/p>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #ff6600;\">KEY DATES :<\/span><\/strong><\/p>\n<p style=\"text-align: justify;\">Excise return in Form ER-1 for non SSI assessee for the month of June:\u00a010\/07\/2016<\/p>\n<p style=\"text-align: justify;\">Excise Return in Form ER-2 for EOUs for the month of June:\u00a010\/07\/2016<\/p>\n<p style=\"text-align: justify;\">Submission of Excise Return in ER-3 by SSI unit for June quarter: 10\/07\/2016<\/p>\n<p style=\"text-align: justify;\">\u201cNo masterpiece was ever created by a lazy artist\u201d<\/p>\n<p style=\"text-align: justify;\">FOR FURTHER QUERIES CONTACT US:<\/p>\n<p style=\"text-align: justify;\">W:\u00a0<a href=\"https:\/\/carajput.com\/\">www.carajput.com<\/a> \u00a0E: <a href=\"mailto:singh@carajput.com\">singh@carajput.com<\/a>\u00a0 \u00a09-555-555-480<\/p>\n<p style=\"text-align: justify;\">Disclaimer:<\/p>\n<p style=\"text-align: justify;\">All efforts are made to keep the content of this site correct and up-to-date. But, this site does not make any claim regarding the information provided on its pages as correct and up-to-date. The contents of this site cannot be treated or interpreted as a statement of law. In case, any loss or damage is caused to any person due to his\/her treating or interpreting the contents of this site or any part thereof as a correct, complete, and up-to-date statement of law out of ignorance or otherwise, this site will not be liable in any manner whatsoever for such loss or damage.<\/p>\n<p style=\"text-align: justify;\">The visitors may visit the website of Government site Like Income Tax Department, Services Tax, Excise, Etc for resolving their doubts or for clarifications.<\/p>\n<p style=\"text-align: justify;\"><!--more--><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Professional Update For the Day: DIRECT TAX: Income Tax : Cash deposits in bank can&#8217;t be held as undisclosed income without verifying source of deposits Gurpal Singh v. Income-tax Officer, Ward-1, Kapurthala Income-tax Officer, Ward-1, Kapurthala Income Tax : Chennai ITAT denies Sec 11 exemption to assessee\u00a0,an educational trust\u00a0\u00a0with respect to income earned from renting &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"link","meta":{"footnotes":""},"categories":[9933],"tags":[4838,4835,4839,4831,4833,4837,2872],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2537"}],"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=2537"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2537\/revisions"}],"predecessor-version":[{"id":16347,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2537\/revisions\/16347"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=2537"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=2537"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=2537"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}