{"id":2632,"date":"2016-08-09T15:49:52","date_gmt":"2016-08-09T10:19:52","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=2632"},"modified":"2021-08-13T17:20:03","modified_gmt":"2021-08-13T11:50:03","slug":"corporate-and-professional-update-aug-9-2016","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-update-aug-9-2016\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATE AUG 9, 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-6a055f903077d\" 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-6a055f903077d\"  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-aug-9-2016\/#Direct_Tax\" title=\"Direct Tax:\">Direct Tax:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-aug-9-2016\/#Indirect_Tax\" title=\"Indirect Tax:\">Indirect Tax:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-aug-9-2016\/#GST\" title=\"GST \">GST <\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-aug-9-2016\/#RBI_Updates\" title=\"RBI Updates:-\">RBI Updates:-<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-aug-9-2016\/#Key_Dates\" title=\"Key Dates:\">Key Dates:<\/a><\/li><\/ul><\/nav><\/div>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Direct_Tax\"><\/span><strong><u>Direct Tax:<\/u><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\"><img decoding=\"async\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/08\/bigstock-D-Man-Tax-Help-44327380-resized-600.png\" alt=\"bigstock-D-Man-Tax-Help-44327380-resized-600\" \/><\/p>\n<p style=\"text-align: justify;\">Kolkata ITAT allows assessee\u2019s (cooperative bank)\u00a0appeal against levy of penalty u\/s 271FA for delay in furnishing annual information return (\u2018AIR\u2019) u\/s 285BA, accepts assessee&#8217;s \u201cbonafide ignorance\u201d of relevant provisions\u00a0as sufficient cause for non-compliance.[TS-425-ITAT- 2016(Kol)]<\/p>\n<p style=\"text-align: justify;\">Delhi High Court in the below citied case held that The payment made by the Petitioner to Steria France for the managerial services provided by the latter cannot be taxed as fee for technical services and are not liable to withholding of tax u\/s 195.(\u00a0Steria (India) Ltd. Vs. CIT &amp; Anr.)<\/p>\n<p style=\"text-align: justify;\">Fee charged by Finance Co. for collecting EMI from bank customers would be considered for sec. 36(viii) deduction. [Gruh Finance Ltd. v. Assistant Commissioner Income-tax, Circle-4, Ahmedabad]<\/p>\n<p style=\"text-align: justify;\">No disallowance of ITC for mere technical defect in <a href=\"https:\/\/carajput.com\/services-vat.php\">VAT<\/a> invoice.[M\/s Avdesh Tracks Private Limited vs. The State of Punjab and another (Punjab &amp; Haryana High Court)]<\/p>\n<p style=\"text-align: justify;\">NCLT has issued order to prescribed Rs. 200\/- per inspection as the\u00a0fee for inspection for the records as provided under Rule 114 of the NCLT Rules,2016<\/p>\n<p style=\"text-align: justify;\">Only when a corresponding liability arises on the ONGC to pay up the accrued amount, the income will become taxable. [Deep Industries Limited vs Assistant Commissioner of\u00a0\u00a0Income Tax, Circle-1-2016(8)TMI 225 \u2013 Gujarat High Court]<\/p>\n<p style=\"text-align: justify;\">The assessee is eligible for the claim of depreciation u\/s 32(1)(ii) on the amount of intangible assets acquired by it as per Business Transfer Agreement. [Grindwell Norton Ltd. vs Addl. CIT 1 (1) , Mumbai and Vice-Versa &#8211; 2016 (8) TMI 222 &#8211; ITAT MUMBAI]<\/p>\n<p style=\"text-align: justify;\">\u00a0<strong><a href=\"https:\/\/carajput.com\/income-tax-services.php\">IT<\/a>:<\/strong><strong>\u00a0<\/strong><strong>MAT<\/strong>\u00a0computation &#8211; deferred revenue expenditure is nothing but a window dressing and the authority should not be mislead or guided by the balance sheet which is prepared to satisfy the shareholders. It is the P&amp;L a\/c prepared on the basis of the books of accounts as contemplated in Part-II of Schedule-VI which should form and assist to find out what is the profit earned and on that profit tax is levied &#8211;\u00a0<strong>CIT &amp; Anr Vs. Karnataka Soaps &amp; Detergents Ltd. (Supreme Court of India)<\/strong><\/p>\n<p style=\"text-align: justify;\">ITAT Chennai in the below citied case held that the mere sale of few pieces of lands here and there, now and then, irrespective of their value, as long as the said assets\/lands did not lose the basic character of agricultural lands, does not constitute business activity for the assessee. (The DCIT, Corporate Circle 6 (1), Chennai Vs. Shri S. Amar Narayana Reddy)<\/p>\n<p style=\"text-align: justify;\">Gujarat High court in the below cited case held that the Tribunal has rightly decide that the assessee is entitled for deduction under Section 801A of the <a href=\"https:\/\/carajput.com\/income-tax-services.php\">Income Tax Act, 1961<\/a> without deducting the amount of subsidy given by the Government to the farmers and accordingly allowed the claim of the assessee\u00a0.(CIT, Ahmedabad Vs. Kishan Discretionary Family Trust)<\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Indirect_Tax\"><\/span><strong><u>Indirect Tax:<\/u><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\">Punjab and Haryana High Court held that no disallowance of ITC for mere technical defect in VAT invoice.(\u00a0M\/s Avdesh Tracks Private Limited vs. The State of Punjab and another<\/p>\n<p style=\"text-align: justify;\">ST:\u00a0Erection Commissioning or Installation Services &#8211; receipt of labour charges for installation and commissioning of GRP Pipes for various customers &#8211; The pipes that the respondent \/ assessee had to lay were not plant machinery or equipment &#8211; demand was rightly set aside \u2013\u00a0Addn.C.C.E.\u00a0<strong>Vs. M\/s Strategic Engineering Pvt. Ltd. (Madras High Court).<\/strong><\/p>\n<p style=\"text-align: justify;\">DVAT\u00a0prescribes\u00a0Delhi Sugam-2 (DS2) to be produced at check-post or barrier for bringing the goods in Delhi &#8211;\u00a0<a href=\"https:\/\/dvat.gov.in\/website\/home.html\">Notification No.F.7(433)\/Policy-II\/VAT\/2012\/PF\/1259-70, dt.08 JAN 2016.<\/a><\/p>\n<p style=\"text-align: justify;\">DVAT\u00a0specifies Conditions for downloading Central Statutory forms online \u2013\u00a0<a href=\"https:\/\/dvat.gov.in\/website\/home.html\">Notification No.F.3(556)\/Policy\/VAT\/2015\/1271-82, dt.08 JAN 2016.<\/a><\/p>\n<p style=\"text-align: justify;\">Transportation services up to customer&#8217;s premises eligible for credit if transfer of title takes place therein-(Commissioner of Central Excise, Service Tax, Bengaluru-IV v. Ultra Tech Cement Ltd.)<\/p>\n<p style=\"text-align: justify;\">Delhi HC sets aside order passed by Jt. Secretary to Govt. of India rejecting assessee\u2019s revision application u\/s 129DD of Customs Act, absent valid signature. It Rejected Revenue\u2019s submission that it is consistent practice of Dept. of Revenue that only draft orders are signed by Adjudicating Authority and on that basis, certified copies of final orders are issued to parties and that the word \u2018draft\u2019 is mere appendage.\u00a0[TS-299-HC-2016(DEL)-CUST]<\/p>\n<p style=\"text-align: justify;\">Melting and converting old batteries into lead plates amounts to manufacture under UP VAT.(\u00a0Shyam Behari Lal Keserwani v. Commissioner, U.P. Trade Tax, Lucknow)-[2016] 72\u00a0\u00a042 (Allahabad)<\/p>\n<p style=\"text-align: justify;\">Normal mining exp. couldn&#8217;t be disallowed just because assessee was engaged in illegal mining.(Obulapuram Mining Company (P.) Ltd.hj v Deputy Commissioner of Income-tax, Central Circle-1 (3), Bangalore)<\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"GST\"><\/span><a href=\"https:\/\/carajput.com\/income-tax-services.php\"><strong><u>GST <\/u><\/strong><\/a><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\">ICAI releases BGM on Model GST Law- Order online\u00a0https:\/\/goo.gl\/NxX2n5\u00a0and download soft copy from\u00a0www.idtc.icai.org<\/p>\n<p style=\"text-align: justify;\"><strong><u>ICAI Updates:-<\/u><\/strong><\/p>\n<p style=\"text-align: justify;\">ICAI invites comments on any aspect of exposure draft of IND AS 102, share based payments, issued by the Accounting Board of the Institute of Chartered Accountants of India dated on 4\/8\/2016.<\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"RBI_Updates\"><\/span><strong><u><a href=\"https:\/\/carajput.com\/rbi-consulting.php\">RBI<\/a> U<\/u><\/strong><strong><u>pdates:-<\/u><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\">RBI launched new website named \u201csachet\u201d\u00a0on Thursday, where information regarding entities that are allowed to accept deposits, lodge complaints, and share information regarding illegal acceptance of deposits by unscrupulous entities can be obtained.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/carajput.com\/sebi-consulting.php\">SEBI<\/a> clarified that in case an eligible seller does not receive the tender\/offer form, he can participate in the delisting by providing the application in writing on plain paper, signed by the eligible seller, by introducing the issue in the\u00a0FAQs on SEBI (Delisiting Of Equity Shares) Regulations, 2009<\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Key_Dates\"><\/span><u>Key Dates:<\/u><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul style=\"text-align: justify;\">\n<li>The income tax department extends ITR-V verification deadline till 31 JAN 2016.<\/li>\n<li>10.08.16 is last date to file ER-1,2 &amp; 6 for Excise returns by Non SSI assesses, EOUs,&amp; by units paying duty of more than 1Cr respectively, for July 2016.<\/li>\n<li>Excise return in form ER-1 for NON SSI assessee for the month of July:\u00a010\/08\/2016<\/li>\n<li>Return by EOU in the ER-2 form for the month of July-10\/08\/2016<\/li>\n<li>Public Servants Annual Assets Liabilities Return Filing due date extended to\u00a031.12.2016<\/li>\n<li>15-08-16\u00a0is the last date for Issue of TDS certificates in form 16A for quarter ended 30-6-16 by all deductors.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\">The road to success and the road to failure are almost exactly the same.<\/p>\n<p style=\"text-align: justify;\">Why we have so many temples when god is everywhere? An intelligent man said air is everywhere, but we still need a fan to feel it.<\/p>\n<p style=\"text-align: justify;\">We look forward for your valuable comments.\u00a0www.carajput.com<\/p>\n<p style=\"text-align: justify;\"><strong>FOR\u00a0 FURTHER\u00a0 QUERIES\u00a0 CONTACT\u00a0US:<\/strong><br \/>\nW: www.carajput.com \u00a0\u00a0 \u00a0\u00a0 E: singh@carajput.com \u00a0 \u00a0\u00a0T:011-233-4-33333, \u00a0\u00a0M: 9-555-555-480<!--more--><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Direct Tax: Kolkata ITAT allows assessee\u2019s (cooperative bank)\u00a0appeal against levy of penalty u\/s 271FA for delay in furnishing annual information return (\u2018AIR\u2019) u\/s 285BA, accepts assessee&#8217;s \u201cbonafide ignorance\u201d of relevant provisions\u00a0as sufficient cause for non-compliance.[TS-425-ITAT- 2016(Kol)] Delhi High Court in the below citied case held that The payment made by the Petitioner to Steria France &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[150,172,9,4,15],"tags":[6256,9176,5,6,541,5932,9016],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2632"}],"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=2632"}],"version-history":[{"count":4,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2632\/revisions"}],"predecessor-version":[{"id":15697,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2632\/revisions\/15697"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=2632"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=2632"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=2632"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}