{"id":2563,"date":"2016-07-22T18:52:13","date_gmt":"2016-07-22T13:22:13","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=2563"},"modified":"2021-08-18T13:35:19","modified_gmt":"2021-08-18T08:05:19","slug":"corporate-and-professional-update-july-22-2016","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-update-july-22-2016\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATE JULY 22, 2016"},"content":{"rendered":"

Professional Update for the Day:<\/span><\/strong><\/p>\n

\"8-Tips-Biz-Name\"<\/p>\n

DIRECT TAX:<\/span><\/strong><\/p>\n

Income Tax<\/a>: ITAT Ahemdabad confirmed the addition of unexplained investments in purchase\u00a0of\u00a0agricultural land u\/s 69 as the co-purchaser admittedly is not entitled to purchase agricultural lands. It has been observed that even he had purchased the land in assessee\u2019s name, the latter is the sole owner thereof as per the provisions of the Benami transations (Prohibition) Act 1988. (Shri Chandrakant N. Patel Vs.\u00a0The\u00a0ITO, Ahmedabad)<\/p>\n

Income tax : CBDT has issued a instruction on compulsory manual selection of cases for scrutiny during the\u00a0 financial year 2016-17 vide\u00a0instruction no. 4\/2016\u00a0dated 13th\u00a0July 2016<\/p>\n

Income tax : No Sec. 69C additions when assessee is covered by presumptive taxation Scheme of Sec. 44AD Nand Lal Popli v. Deputy Commissioner of Income-tax Central Circle-II, Chandigarh [2016] 71\u00a0taxmann.com\u00a0246 (Chandigarh – Trib.)<\/p>\n

INDIRECT TAX:<\/strong><\/span><\/p>\n

Excise : Tools and dies used in fabrication of capital goods are eligible for Cenvat credit Makino Auto Industries (P.) Ltd. v. Commissioner of Central Excise & Service Tax<\/a>, Noida [2016] 71\u00a0taxmann.com\u00a0209 (Allahabad – CESTAT)<\/p>\n

Excise : In case of clearance of paints under “Composite Supply and Apply Contracts of manufacturing paint and applying painting at customer’s site”, paint must be valued at ‘Contract Price less labour charges’ under rule 11 and not at 110 per cent of cost under rule 8 –\u00a0[2016] 71 taxmann 186 (Hyderabad – CESTAT)<\/p>\n

VAT<\/a> & sales tax : Where assessee sold cement to various customers during year 2007-08 and at end of year it finalised discount to be given to such customers and accordingly issued credit notes to them and further it claimed benefit of reduced tax collected from customers in subsequent year 2008-09, assessee was eligible to claim such benefit in subsequent assessment year 2008-09 – [2016] 71 taxmann 180 (Gujarat)<\/p>\n

COMPANY LAW UPDATES :<\/strong><\/span><\/p>\n

Query:\u00a0\u00a0\u00a0Whether vacancy arising in the office of an independent director of a limited company – a casual vacancy?<\/p>\n

Answer:\u00a0\u00a0As per the explanation to sub-section (4) of section 152, Independent director would not be counted for the purpose of determining the total number of directors who are liable to retire by rotation. Therefore, he would not be a director retiring by rotation and a vacancy arising in the office of an independent director is not a causal vacancy\u00a0<\/strong><\/p>\n

OTHER UPDATES:<\/strong><\/span><\/p>\n

CBEC has issued a circular regarding Manual Signature on digital\u00a0signed invoices vide\u00a0circular no. 1038\/26\/2016-CX dated 19th\u00a0July 2016.\u00a0It is hereby clarified that the manufacturer or service provider who opts to issue invoices\u00a0authenticated by digital signature may print a copy of such invoice and sign them manually and forward the same to such customers who are unable to accept or receive the digitally signed invoices.<\/p>\n

KEY DATES:<\/strong><\/span><\/p>\n

Issue of DVAT<\/a> certificate (DVAT-43) for deduction made in the month of June-\u00a022\/07\/2016<\/p>\n

\u201cNothing in the world is more common than unsuccessful people with talent.”<\/strong><\/p>\n

We look forward for your valuable comments.\u00a0www.carajput.com<\/a><\/p>\n

FOR FURTHER QUERIES CONTACT US:
\nW:\u00a0www.carajput.com<\/a>\u00a0E: singh@carajput.com T: 011-233-4-3333, 9-555-555-480<\/p>\n

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\nThe visitors may visit the web site of Government site Like Income Tax Department, Services Tax, Excise, Etc for resolving their doubts or for clarifications.<\/p>\n","protected":false},"excerpt":{"rendered":"

Professional Update for the Day: DIRECT TAX: Income Tax: ITAT Ahemdabad confirmed the addition of unexplained investments in purchase\u00a0of\u00a0agricultural land u\/s 69 as the co-purchaser admittedly is not entitled to purchase agricultural lands. It has been observed that even he had purchased the land in assessee\u2019s name, the latter is the sole owner thereof as …<\/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":[4994,5,9038,9016],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2563"}],"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=2563"}],"version-history":[{"count":6,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2563\/revisions"}],"predecessor-version":[{"id":7654,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2563\/revisions\/7654"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=2563"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=2563"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=2563"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}