{"id":2540,"date":"2016-07-11T17:49:38","date_gmt":"2016-07-11T12:19:38","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=2540"},"modified":"2021-12-27T13:59:02","modified_gmt":"2021-12-27T08:29:02","slug":"corporate-and-professional-update-july-11-2016","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-update-july-11-2016\/","title":{"rendered":"corporate and professional update july 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-69e1b6a95c1db\" 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-69e1b6a95c1db\"  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-july-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-july-11-2016\/#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-july-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-july-11-2016\/#Excise_custom\" title=\"Excise &amp; custom\">Excise &amp; custom<\/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-july-11-2016\/#OTHER_UPDATES\" title=\"OTHER UPDATES:\">OTHER UPDATES:<\/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-july-11-2016\/#Factors_to_be_considered_while_choosing_a_Accountants\" title=\"Factors to be considered while choosing a Accountants\">Factors to be considered while choosing a Accountants<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p style=\"text-align: justify;\"><img loading=\"lazy\" decoding=\"async\" class=\"\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/03\/Untitled18A.png\" alt=\"Untitled18A\" width=\"974\" height=\"640\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Professional_Update_For_the_Day\"><\/span><span style=\"color: #0000ff;\"><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: #0000ff;\"><strong>DIRECT TAX:<\/strong><\/span><\/a><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">Income Tax : Where assessee trust was carrying on <a href=\"https:\/\/carajput.com\/blog\/tag\/micro-finance-business\/\">microfinance business<\/a> in a commercial manner so as to earn profit and there was no iota of charity carried on by assessee, exemption under section 11 could not have been granted to assessee\u00a0.(\u00a0Assistant Commissioner of Income-tax v. Grama Vidiyal Trust)<\/p>\n<p style=\"text-align: justify;\">Income Tax : Mesne profits (amount received from a person in wrongful possession of property) is a capital receipt and not chargeable to tax either as income or as &#8220;book profits&#8221; u\/s 115JB. As the department has implicitly accepted Narang Overseas vs. ACIT 100 ITD (Mum) (SB), it cannot file an appeal on the issue in the case of other assessees. (CIT Vs. Goodwill Theaters Pvt. Ltd. (Bombay High Court)<\/p>\n<p style=\"text-align: justify;\">Income Tax: \u00a0<strong>\u00a0<\/strong>Slot hire facility is an integral part of the contract for carriage of goods by sea and, thus, such an activity is also entitled to treaty protection under article 8 from source taxation of income arising from the transportation of goods by operation of ships in international traffic, irrespective of whether or not such ships were owned or chartered by assessee &#8211; [2016] 70 taxmann 402 (Ahmedabad &#8211; Trib.)<\/p>\n<p>&nbsp;<\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"INDIRECT_TAX\"><\/span><span style=\"color: #0000ff;\"><strong>INDIRECT TAX:<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">Excise: Exporter can claim credit of duty paid to job-worker even if he performs only testing and packing of goods Commissioner of Central Excise, Chennai III Commissionerate v. Braked India Ltd. [2016] 71 taxmann.com 103 (Madras)<\/p>\n<p style=\"text-align: justify;\">Service tax: Services received from agents carrying out &#8216;sales promotion&#8217; as well as &#8216;sale&#8217; of products manufactured by the assessee are eligible for input service credit.- [2016]- 71 taxman 12 ( Banglore CESTAT)<\/p>\n<p style=\"text-align: justify;\">Vat: Haryana Govt. specifies 15 days deadline to clear application for amendment in VAT certificate NOTIFICATION NO.15\/ST-1\/H.A. 6\/2003\/S.60\/2016, DATED 25-5-2016<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Excise_custom\"><\/span><span style=\"color: #0000ff;\"><strong>Excise &amp; custom<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">Excise: Where assessee was engaged in manufacturing of powder at its factory and it cleared said powder from a factory in bulk without putting any brand name thereon and sent same to its godown, where it was repacked in containers of 200 gms and labelled with brand name and cleared therefrom, powder cleared from factory would be covered under Chapter Heading 2108.91- (2016) 71 taxman 5 (New Delhi) CESTAT<\/p>\n<p style=\"text-align: justify;\">Custom: Where Customs Department directed bank to keep amounts frozen in current account of assessee, then, in absence of valid directions from assessee to transfer said amount in Fixed Deposit, bank cannot be expected to transfer same in Fixed Deposit; hence, assessee cannot claim &#8216;unearned interest&#8217; on frozen amounts -[2016] 71 taxmann 9 (Bombay)<\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"OTHER_UPDATES\"><\/span><span style=\"color: #0000ff;\"><strong>OTHER UPDATES:<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">SEBI: The Securities and Exchange Board of India has issued a Consultation paper for Disclosure of financial information in the offer document\/ placement memorandum and for Valuation in respect of SEBI (Infrastructure investment trusts) Regulations, 2014.<\/p>\n<p style=\"text-align: justify;\">The SEBI (Infrastructure investment trusts) Regulations, 2014 (InvIT Regulations) were notified on September 26, 2014, thereby providing a regulatory framework for registration and regulation of InvITs in India. The regulations, inter alia, prescribe conditions for making a public offer and private placement and broad guidelines for making initial and continuous disclosures including disclosures of financials of the InvIT.<\/p>\n<p style=\"text-align: justify;\">HC held that when assessee participated in reassessment proceedings by furnishing the required documents and challenges the reopening subsequently before the high court by filing a writ petition then it would not be appropriate for the high court to exercise its exclusive jurisdiction because the assessee has already chosen AO to exercise jurisdiction in the matter and to challenge his order before the appropriate appellate forum provided under the Act.<\/p>\n<p style=\"text-align: justify;\">\u201cQuality is never an accident. It is always the result of high intention, sincere effort, intelligent direction, and skillful execution.\u00a0It represents the wise choice of many alternatives\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 T: 011-233-4-3333, 9-555-555-480<\/p>\n<p style=\"text-align: left;\"><strong>Disclaimer:<\/strong><\/p>\n<p style=\"text-align: left;\">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 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: left;\">The visitors may visit the website of Government site Like Income <span style=\"color: #993300;\">Tax<\/span> Department, Services Tax, Excise, Etc for resolving their doubts or for clarifications.<\/p>\n<p>Popular blog:-<\/p>\n<h4><span class=\"ez-toc-section\" id=\"Factors_to_be_considered_while_choosing_a_Accountants\"><\/span><strong><a href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-november-22-2015\/\">Factors to be considered while choosing a Accountants<\/a><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><!--more--><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Professional Update For the Day: DIRECT TAX: Income Tax : Where assessee trust was carrying on microfinance business in a commercial manner so as to earn profit and there was no iota of charity carried on by assessee, exemption under section 11 could not have been granted to assessee\u00a0.(\u00a0Assistant Commissioner of Income-tax v. Grama Vidiyal &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],"tags":[4826,4829,4994,3872,4828,4825,4824,4827],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2540"}],"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=2540"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2540\/revisions"}],"predecessor-version":[{"id":20503,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2540\/revisions\/20503"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=2540"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=2540"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=2540"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}