{"id":2792,"date":"2016-10-24T20:52:36","date_gmt":"2016-10-24T15:22:36","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=2792"},"modified":"2023-09-27T13:48:44","modified_gmt":"2023-09-27T08:18:44","slug":"corporate-and-professional-update-oct-24-2016","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-update-oct-24-2016\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATE OCT 24, 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-69ed90489b1a0\" 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-69ed90489b1a0\"  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-oct-24-2016\/#CORPORATE_AND_PROFESSIONAL_UPDATE_OCT_24_2016\" title=\"CORPORATE AND PROFESSIONAL UPDATE OCT 24, 2016\">CORPORATE AND PROFESSIONAL UPDATE OCT 24, 2016<\/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-oct-24-2016\/#Direct_Tax\" title=\"Direct Tax:-\">Direct Tax:-<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-oct-24-2016\/#Recent_update_judgement_on_Settlement_Commission\" title=\"Recent update judgement on Settlement Commission\u00a0\">Recent update judgement on Settlement Commission\u00a0<\/a><\/li><\/ul><\/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-oct-24-2016\/#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-5\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-oct-24-2016\/#RBI_UPDATE\" title=\"RBI UPDATE : \">RBI UPDATE : <\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-oct-24-2016\/#MCA_UPDATE\" title=\"MCA UPDATE : \">MCA UPDATE : <\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-oct-24-2016\/#GST_UPDATE\" title=\"GST UPDATE : \">GST UPDATE : <\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-oct-24-2016\/#Key_Dates\" title=\"Key Dates:\">Key Dates:<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"CORPORATE_AND_PROFESSIONAL_UPDATE_OCT_24_2016\"><\/span><span style=\"color: #000080;\">CORPORATE AND PROFESSIONAL UPDATE OCT 24, 2016<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/06\/8-Tips-Biz-Name-768x531.jpg\" alt=\"8-Tips-Biz-Name\" width=\"1030\" height=\"712\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Direct_Tax\"><\/span><strong>Direct Tax:-<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>Sum paid to brothers for vacating house held as cost of improvement of house Nanubhai Keshavlal Chokshi <a href=\"https:\/\/carajput.com\/services\/hindu-undivided-family.php\">HUF<\/a> v. Income-tax Officer, Ward- 6 (2), Ahmedabad [2016] 74\u00a0taxmann.com\u00a0113 (Ahmedabad &#8211; Trib.)<\/li>\n<li>Discrepancies in docs under penultimate sales would also lead to denial of export exemption Commissioner of Commercial Tax\u00a0v.\u00a0Shakti Containers[2016] 74\u00a0taxmann.com\u00a039 (Gujarat)<\/li>\n<li>ITAT denies set-off of speculative loss when assessee misstated that it was connected with brokerage business commissioner of <a href=\"https:\/\/carajput.com\/income-tax-services.php\">Income-tax<\/a>, Kol-II v. Eureka Stock &amp; Share Broking Services Ltd.[2016] 74 taxmann.com 114 (Calcutta)<\/li>\n<li>IT: Notice u\/s 148 for reopening assessment by the very same officer who executed the scrutiny assessment and granted exemption U\/s 11- It is a case of change of opinion &#8211; Notice quashed &#8211; <strong>Gujarat State Board of School Textbooks Vs ACIT (2016 (10) TMI 775 &#8211; Gujarat High Court)<\/strong><\/li>\n<li>Attachment order had be lifted when ITAT deleted all tax demand and revenue didn&#8217;t apply for stayShangkalpam Industries (P.) Ltd. v. Income Tax Officer, Company ward VI(1), Chennai [2016] 74\u00a0taxmann.com\u00a0102 (Chennai &#8211; Trib.)<\/li>\n<li>The Delhi High Court in Pr CIT vs. Samcor Glass Ltdhas warned the department\u00a0not to harass taxpayers by reopening assessments u\/s 147\/148 in a mechanical and casual manner. Pr CIT directed to issue instructions to AOs to strictly adhere to the law explained in various decisions and make it mandatory for them to ensure that an order for reopening of an assessment clearly records compliance with each of the legal requirements. AOs also directed to strictly comply with the law laid down in GKN Driveshafts 259 ITR 19 (SC) as regards disposal of objections to reopening assessment.<\/li>\n<li>The Karnataka High Court inColumbia Sportswear Company vs. DIT\u00a0has held that\u00a0a liaison office of a foreign co which identifies a manufacturer in India, negotiates the price, helps in choosing raw material to be used, ensures compliance with quality and gets material tested is not a \u2018permanent establishment\u2019 under Article 5 of India-USA DTAA.<\/li>\n<li>CBDT vide Notification No. 95\/2016 notified director, vigilance and anti-corruption bureau, Kerala U\/s. 138(1)(a)(ii) to whom in public interest disclosure of information respecting assessees can be made by income tax Department.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Recent_update_judgement_on_Settlement_Commission\"><\/span><span style=\"color: #000080;\"><strong>Recent update judgement on Settlement Commission\u00a0<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Honorable SC on 25.09.2023, in a judgment on issue of immunity from penalty and prosecution by the Settlement Commission, delivered that: the assessee ought to have\n<ul>\n<li>made full &amp; true disclosure before Settlement Commission.<\/li>\n<li>Co-operated with Settlement Commission in proceedings before it.<\/li>\n<\/ul>\n<\/li>\n<li>The Honorable SC also held that \u201c having regard to legislative intent, frequent interference with the orders or proceedings of Commission should be avoided. There are ltd Grounds on which an order or proceeding of the Commission can be judicially reviewed. High Court should not scrutinize an order or proceeding of Commission as an appellate court.<\/li>\n<li>Honorable SC upheld the order of Settlement Commission may granting immunity from prosecution&amp; penalty.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Indirect_Tax\"><\/span><strong>Indirect Tax:-<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>HC dismisses writ petition, denies assessee cross examination of Chemical Examiner of Central Revenue Control Laboratory who gave sample testing report of imported goods; Person whom assessee seeks to cross examine is an officer \/ Govt. servant who was discharging statutory duty and therefore, not a witness to the proceedings.\u00a0[TS-415-HC-2016(MAD)-CUST]<\/li>\n<li>HC dismisses writ petitions, refuses to interfere with order of Settlement Commission that directed payment of excise duty liability against removal of leather goods by assessee by indulging in manipulation of records of sister concerns and job-workers to avail <a href=\"https:\/\/carajput.com\/services-ssi-registration.php\">SSI<\/a> exemption.\u00a0[TS-414-HC-2016(MAD)-EXC]<\/li>\n<li>ST: Activity of toll collection on commission basis would not fall under the category of business auxiliary services so as to make the same liable to <a href=\"https:\/\/carajput.com\/services\/service-tax-registration.php\">service tax<\/a> &#8211; service not liable to tax &#8211;<strong>Prakash Asphal Ting &amp; Toll Highways (India) Ltd. Vs CCE, Jaipur-II (2016 (10) TMI 746 &#8211; CESTAT New Delhi)<\/strong><\/li>\n<li>VAT: Taxability of a Car Stereo System &#8211; electronic goods falling under Entry 75 or motor vehicle falling under Entry 18 &#8211; It cannot be gainsaid that a car stereo does add to the comfort for the use of a motor vehicle &#8211; car stereo held as accessory &#8211; to be taxed accordingly &#8211; <strong>Sony India Pvt. Ltd. Vs CIT &amp; Anr. (2016 (10) TMI 720 &#8211; Allahabad High Court)<\/strong><\/li>\n<li>Quarterly returns under <a href=\"https:\/\/carajput.com\/services-vat.php\">DVAT Act<\/a> and CST Act for dealers registered in Delhi for the 2nd quarter of 2016 ended on 30.09.2016 is due to be filed on or before 28.10.2016.<\/li>\n<li>Body building of buses on job-work basis should be valued under rule 10A of Excise<br \/>\nHMM Infra Ltd.\u00a0v.\u00a0Commissioner of Central Excise, Panchkula[2016] 74\u00a0taxmann.com\u00a086 (SC)<\/li>\n<li>Discrepancies in docs under penultimate sales would also lead to denial of export exemption<br \/>\nCommissioner of Commercial Tax\u00a0v.\u00a0Shakti Containers[2016] 74\u00a0taxmann.com\u00a039 (Gujarat)<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"RBI_UPDATE\"><\/span><strong>RBI UPDATE : <\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>The <a href=\"https:\/\/carajput.com\/rbi-consulting.php\">Reserve Bank of India<\/a> decided to allow foreign investment up to 100 per cent under the automatic route in \u2018other financial services\u2019.<\/li>\n<li>RBI issued operational guidelines for sovereign gold bonds 2016-17 series III vide notification No.RBI\/ 2016-17\/ 99I DMD. CDD.No.894 \/14.04.050\/2016-17 October 20, 2016.<\/li>\n<\/ul>\n<p><strong>\u00a0<\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"MCA_UPDATE\"><\/span><strong>MCA UPDATE : <\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>MCA\u00a0has recently revised\u00a0Forms CHG-8, AOC-4 and 20-B. Stakeholders are advised to check the latest version before filing.<\/li>\n<li>MCA:MGT-07\/20B filed but the same has not been taken on records due to non-submission\/non-uploading of CD are requested to upload the data in excel sheet by 07th November 2016.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"GST_UPDATE\"><\/span><strong><a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\">GST<\/a> UPDATE : <\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>Under GST proposed GST Rates. Food items-Exempt, Gold, Silver-4%, Essential items-6%, Luxury items, FMCG, cigarettes-26%+cess, most items-18%, Others-12%.<\/li>\n<li>Under GST w.e.f. \u00a08\/11\/16, existing 80 lac assessees will be able to access their data migrated to GSTN, make necessary corrections &amp; upload relevant documents.<\/li>\n<li>GSTCouncil to meet on 3-4 Nov to consent on Rates, Draft Bill, Etc.<\/li>\n<\/ul>\n<p><strong>Read our articles:<\/strong><\/p>\n<ul>\n<li><a href=\"https:\/\/carajput.com\/blog\/e-invoice-mechanism-under-the-gst\/\"><strong>E-Invoice Mechanism under the GST<\/strong><\/a><\/li>\n<\/ul>\n<p><strong><a href=\"https:\/\/carajput.com\/blog\/blocking-the-e-way-bill-creation-system-if-fails-to-file-gstr-3b-gstn\/\">Blocking\/Unblocking the E-Way Bill creation system if fails to file GSTR-3B: GSTN<\/a><\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Key_Dates\"><\/span><strong>Key Dates:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>Issue of DVAT Certificate for deduction made in the month of September-22\/10\/2016<\/li>\n<li>E-return of DVAT for the quarter ended September(Form 61 and CST-1)-25\/10\/2016<\/li>\n<li>Filling of half yearly\u00a0service tax return-25\/10\/2016<\/li>\n<\/ul>\n<p>Everyone has two eyes. But no one has the same view. So always try to prove that you are right but never attempt to prove that others are wrong. The kite gives us a nice &amp; wonderful message. Fly high &amp; high. But stay connected to the ground to our roots or else you will be lost.<\/p>\n<p>FOR FURTHER QUERIES CONTACT US: W: <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>\u00a0 E: singh@carajput.com T: 011-233-4-3333, 9-555-555-480<\/p>\n","protected":false},"excerpt":{"rendered":"<p>CORPORATE AND PROFESSIONAL UPDATE OCT 24, 2016 Direct Tax:- Sum paid to brothers for vacating house held as cost of improvement of house Nanubhai Keshavlal Chokshi HUF v. Income-tax Officer, Ward- 6 (2), Ahmedabad [2016] 74\u00a0taxmann.com\u00a0113 (Ahmedabad &#8211; Trib.) Discrepancies in docs under penultimate sales would also lead to denial of export exemption Commissioner of &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[150,4],"tags":[175,5,322,9022],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2792"}],"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=2792"}],"version-history":[{"count":6,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2792\/revisions"}],"predecessor-version":[{"id":25454,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2792\/revisions\/25454"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=2792"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=2792"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=2792"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}