{"id":2575,"date":"2016-07-26T18:44:51","date_gmt":"2016-07-26T13:14:51","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=2575"},"modified":"2021-12-21T14:59:41","modified_gmt":"2021-12-21T09:29:41","slug":"corporate-and-professional-update-july-26-2016","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-update-july-26-2016\/","title":{"rendered":"corporate and professional update july 26, 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-69ed903b3a15d\" 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-69ed903b3a15d\"  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-26-2016\/#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-26-2016\/#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-26-2016\/#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-26-2016\/#COMPANY_LAW_UPDATES\" title=\"COMPANY LAW UPDATES:\">COMPANY LAW UPDATES:<\/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-26-2016\/#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-26-2016\/#KEY_DATES\" title=\"KEY DATES:\">KEY DATES:<\/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\/07\/12-768x433.jpg\" alt=\"12\" width=\"830\" height=\"468\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Professional_Update_for_the_Day\"><\/span><strong><span style=\"color: #0000ff;\">Professional Update for the Day:<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"DIRECT_TAX\"><\/span><span style=\"color: #ff6600;\"><strong>DIRECT TAX:<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/carajput.com\/income-tax-services.php\">Income Tax<\/a>: CBDT has issued a standard operating procedure for handling AIR transactions without valid PAN videF.No.225\/193\/2016\/ITA.1I dated 22nd July 2016.<\/p>\n<p style=\"text-align: justify;\">\u00a0Income tax ITAT Mumbai in the below-citied case held that the fair market value of the property is dependent on several factors which influence valuation and there is no scientific or straight jacket method to value the property at a particular point of time and somewhere estimation element will definitely creep in while determining the fair market value of the property as on date keeping in view the mandate of Section 55 and 55A.<\/p>\n<p style=\"text-align: justify;\">The ITAT Delhi in the below-cited case held that the need, rendition, and benefits test for services availed by the assessee from associated enterprises should be applied having regard to the assessee\u2019s business and not in a generic manner.<\/p>\n<p style=\"text-align: justify;\">TPO should have given due thought to the requirements, benefits, and manner of rendition of services by AES before jumping to the conclusion that services were not provided and no benefit accrued to the assessee.<\/p>\n<h3 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><\/h3>\n<p style=\"text-align: justify;\">Excise: CESTAT allows Revenue appeal, holds that assessee cannot claim a refund of Additional Duty of Excise (Textile and Textile Articles) credit remaining unutilized under Rule 5 of CENVAT Credit Rules, upon opting for Notification exemption.<\/p>\n<p style=\"text-align: justify;\">It held that assessee is not entitled to such refund unless it shows the fulfillment of conditions prescribed under Rule 5 and Notification thereunder, and in terms of SC ruling in Woodcraft Products Ltd, the assessee is bound to restitute the amount refunded pursuant to appellate order: Mumbai CESTAT\u00a0\u00a0[TS-292-CESTAT-2016-EXC]<\/p>\n<p style=\"text-align: justify;\">Vat &amp; Service tax: Levy of <a href=\"https:\/\/carajput.com\/services-vat.php\">VAT<\/a> and Service tax both on Supply of tangible goods service &#8211; Merely because the petitioner argues that not service tax but the value-added tax would be leviable since the title in the property does not pass on to the lessee would not be a ground to hold that the tax authorities cannot examine and entertain such a contention thus rendering them wholly without jurisdiction. &#8211; HC &#8211; Service Tax<\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"COMPANY_LAW_UPDATES\"><\/span><strong><span style=\"color: #ff6600;\">COMPANY LAW UPDATES:<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">Query:\u00a0\u00a0Do we need to execute any agreement\/deed for transferring the assets &amp; liabilities on the conversion of company into<a href=\"https:\/\/carajput.com\/services-llp-consultancy.php\"> LLP<\/a>?<\/p>\n<p style=\"text-align: justify;\">Answer:\u00a0\u00a0On conversion of the Company into LLP, all tangible (movable or immovable) and intangible property vested in the company, all assets, interests, rights, privileges, liabilities, obligations relating to the company, and the whole of the undertaking of the company shall be transferred to and shall vest in the limited liability partnership without further assurance, act or deed.<\/p>\n<p style=\"text-align: justify;\">The transfer of assets and liabilities will be made automatically on approval of conversion application and therefore there is no requirement of executing any agreement\/deed.<\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"OTHER_UPDATES\"><\/span><strong><span style=\"color: #ff6600;\">OTHER UPDATES:<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/carajput.com\/sebi-consulting.php\">SEBI<\/a>: SEBI\u00a0through its Circular has\u00a0asked\u00a0intermediaries to upload KYC documents with the central server\u00a0for all new individual accounts\u00a0that will be\u00a0opened from\u00a0August 1.<\/p>\n<p style=\"text-align: justify;\">Govt notifies pay scale as per 7th Pay Commission recommendations. Notification No. 1-2\/2016-IC dated 25.07.2016.<\/p>\n<h4 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"KEY_DATES\"><\/span>KEY DATES:<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p style=\"text-align: justify;\">Advance information in Form BE-2\u00a0 for 1st fortnight of August of functions with booking cost more than Rs 1 lakh in Banquet Halls, hotel etc. in Delhi in DVAT Act:-\u00a027\/07\/2016<\/p>\n<p style=\"text-align: justify;\">E-Return of DVAT in form no-16 and CST-1 for the quarter ended June-\u00a028\/07\/2016<\/p>\n<p style=\"text-align: justify;\">The last Date of filling of ITR for the A.Y. 2016-17 is 31st July, 2016.<\/p>\n<p style=\"text-align: justify;\">\u201cAnger comes alone but takes away all our good qualities. Patience too comes alone but brings all the good qualities for us. Choice is our so have patience.\u201d<\/p>\n<p style=\"text-align: justify;\">FOR FURTHER QUERIES CONTACT US:<br \/>\nW:\u00a0<a href=\"https:\/\/l.facebook.com\/l.php?u=http%3A%2F%2Fwww.carajput.com%2F&amp;h=SAQGflxq6AQEemiXU5m1Sleu5gX786YxP36euwMDL4osVrw&amp;enc=AZNOhiS8emvOi54UCNVnOtgbK0wGSKeEDPbJpQZAlf7cr5YxodSOowKyOSqQSaPOGvHdnvM7BqIC59kJjZSk01ga1fRZiYW43kCBMakJLj2AABFBk9rS2CYBcAfrJuc94lg0aPhuGpayaxGpsPeGoOhC-uzXppp1p3gEF_2Ypq758ZRU2ATuk77eX5g1paVf-MLMxpH-3DA9l9FUmq44lBe_&amp;s=1\">www.carajput.com<\/a> E: singh@carajput.com\u00a0 9-555-555-480<!--more--><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Professional Update for the Day: DIRECT TAX: Income Tax: CBDT has issued a standard operating procedure for handling AIR transactions without valid PAN videF.No.225\/193\/2016\/ITA.1I dated 22nd July 2016. \u00a0Income tax ITAT Mumbai in the below-citied case held that the fair market value of the property is dependent on several factors which influence valuation and there &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9933,172],"tags":[9156,5,9039,5932,9040,9022],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2575"}],"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=2575"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2575\/revisions"}],"predecessor-version":[{"id":20332,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2575\/revisions\/20332"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=2575"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=2575"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=2575"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}