{"id":2661,"date":"2016-09-02T21:24:36","date_gmt":"2016-09-02T15:54:36","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=2661"},"modified":"2021-08-07T15:10:13","modified_gmt":"2021-08-07T09:40:13","slug":"corporate-and-professional-update-sept-22016","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-update-sept-22016\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATE SEPT 2,2016"},"content":{"rendered":"

Professional Update For the Day:<\/h3>\n

\"Untitled21A\"<\/p>\n

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

No tax on income<\/a> from offshore supplies as supplier had no agency PE in India.<\/p>\n

No cancellation of trust\u2019s registration<\/a> just because its main income was from interest and miscellaneous receipt.<\/p>\n

CBDT Extends due date for quarterly furnishing of Form 15G\/155H<\/p>\n

Income Tax Authorities must mention official e-mail Ids & phone\/fax no in all notices\/letters issued to taxpayers. F No 225\/214\/2016\/ITA.II of 30-8-2016.<\/p>\n

No tax on income from offshore supplies as supplier had no agency PE in India.<\/p>\n

The CBDT vide\u00a0Circular no. 30\/2016 dated. 26 Aug. 2016 has streamlined the process for \u2018Port Clearance\/ No Objection Certificates and Voyage Return\/ Assessment\u2019 in the case of foreign shipping companies<\/p>\n

No cancellation of trust\u2019s registration just because its main income was from interest and miscellaneous receipt.<\/p>\n

Extension of due dates of Form 15G\/H received during 1.10.2015- 31.3.2016 & for Q1 of 2016-17, to31.10.2016; & for Q2 of 2016-17, to\u00a031.12.2016. CBDT notification no 10\/2016.<\/p>\n

SC dismisses review petition against its earlier order dated April 22, 2016 denying exemption u\/s 10(23C)(iiiab) to Visvesvaraya Technological University (\u2018VTU\u2019 ) on the ground that it doesn\u2019t satisfy the condition of being an institution \u2018wholly or substantially financed by the Govt.\u2019 for AYs 2004-05 to 2009-10. It Rejected VTU\u2019s contention that\u00a0\u2018fees of all kinds collected\u2019 must be regarded as receipts from Govt.[TS-465-SC-2016]<\/p>\n

ITAT pune in the below citied case held that The payments made by assessee to Gensler-USA were merely for project specific drawings & designs without transfer of technology or know-how or even title in drawing & designs and not in the nature of \u201cRoyalty\u201d or \u201cFee for Technical Services u\/s 195.[Gera Developments Pvt. Ltd. Vs. DCIT, (Int. Tax), Pune]<\/p>\n

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

Recovery of CENVAT credit imposition of interest and penalty machine tool accessories, tips and Inserts CHA service for export of goods Held that – the ownership of the goods and the risk related thereto remains with the appellant up to the loading of the goods on the ship at the port of shipment. Further, Section 4 of the Central Excise Act, 1944, inter alia, states that the place of removal is any other place from where the excisable goods are to be sold after the clearance from the factory.\u00a0( Kennametal India Ltd. Versus Commissioner of Central Excise, Large Taxpayers Unit) – 2016 (8) TMI 1031 – CESTAT BANGALORE – Service Tax<\/p>\n

Cenvat credit – manpower supply services – availed the input service in their manufacturing activity – whether 75% of service tax payable by the respondent should be considered as ineligible for credit when the provider of service was to pay only 25% of service tax having been paid 100 of the service tax – Held that \u2013 75% of the service tax, which is sought to be denied is admittedly paid to the Government by the provider of service instead of recipient of service.( M\/s. Prime Ispat Ltd. Versus CC and CE, Raipur) – 2016 (8) TMI 1026 – CESTAT NEW DELHI – Central Excise<\/p>\n

The state of Jammu & Kashmir CBDT further extends the \u2018due-date\u2019 for filing Return of Income from\u00a031st\u00a0August, 2016 to 30th\u00a0September, 2016.<\/p>\n

COM VAT\u00a0issued the notification:<\/p>\n