{"id":2906,"date":"2016-11-04T12:19:59","date_gmt":"2016-11-04T06:49:59","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=2906"},"modified":"2021-12-03T18:18:35","modified_gmt":"2021-12-03T12:48:35","slug":"corporate-and-professional-update-nov-4-2016","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-update-nov-4-2016\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATE NOV 4, 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-6a056e1f28049\" 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-6a056e1f28049\"  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-nov-4-2016\/#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-nov-4-2016\/#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-nov-4-2016\/#Indirect_Tax\" title=\"Indirect Tax:-\">Indirect Tax:-<\/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-nov-4-2016\/#FAQ_on_Company_Law\" title=\"FAQ on Company Law:\">FAQ on Company Law:<\/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-nov-4-2016\/#Key_Dates\" title=\"Key Dates:\">Key Dates:<\/a><\/li><\/ul><\/nav><\/div>\n<h2 style=\"text-align: justify;\"><\/h2>\n<p style=\"text-align: justify;\"><img decoding=\"async\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/03\/Untitled21A.png\" alt=\"Untitled21A\" \/><\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Professional_Update_For_the_Day\"><\/span>Professional Update For the Day:<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Direct_Tax\"><\/span><a href=\"https:\/\/www.caindelhiindia.com\/blog\/popular-faq-on-direct-indirect-tax-corporate-regulatory-matters\/\"><strong><span style=\"text-decoration: underline;\">Direct Tax:-<\/span><\/strong><\/a><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li>Karnataka High Court in the below citied case held that Sale consideration received by the assessee is entitled to benefit under\u00a0Section 54 of income tax act 1961, even though the transaction for purchase of new property was not completed and possession was also not handed over to the assessee\u00a0within 2 years.\u00a0(\u00a0CIT Vs Mrs. Shakuntala Devi\u00a0.)<\/li>\n<li>ITAT Visakhapatnam in the below citied case held that Since, the assessee failed to appear before the CIT, the CIT cannot presume things which is in the minds of assessee, as such opined that CIT has rightly assumed his jurisdiction to revise the assessment order based on the information available on record. (Sannareddy Sudheer Kumar Vs. ITO, Visakhapatnam)<\/li>\n<li>Income from sub-letting held as house property income as sub-letting wasn&#8217;t business activity of lessor Prolific Consultancy Services (P.) Ltd.\u00a0v.\u00a0Income-tax Officer, Ward 8 (2) (4), Mumbai [2016] 74\u00a0taxmann.com\u00a0203 (Mumbai &#8211; Trib.)<\/li>\n<li>SC to decide applicability of deemed dividend on sum lent to payee having indirect interest in lender-company Principal Commissioner of Income-tax-4\u00a0v.\u00a0Rajeev Chandrashekar [2016] 74\u00a0taxmann.com\u00a0194 (SC)<\/li>\n<li>CBDT issued clarification regarding Chapter VI-A deduction on enanced profits\u00a0vide Circular No. 37\/2016 dated 02\/11\/2016.<\/li>\n<li>Kerala High Court in the below citied case held thatthe assessment proceedings generated by the issuance of a notice u\/s 153A (1)(a) can be concluded against the interest of the assessee including making additions even without any incriminating material being available against the assessee in the search u\/s\u00a0132\u00a0&#8211;\u00a0 [E.N. Gopakumar Vs. CIT (Central)]<\/li>\n<li>IT:\u00a0Addition u\/s 68 &#8211; cash credits &#8211; The amount of share capital was not doubted &#8211; Only amount of premium was doubted &#8211; No additions &#8211;\u00a0Hariom Concast and Steel Pvt. Ltd. Vs ITO, Ward-2(2), Hyderabd (2016 (10) TMI 920 &#8211; ITAT Hyderabad)<\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Indirect_Tax\"><\/span><strong><span style=\"text-decoration: underline;\">Indirect Tax:-<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li>CBEC issued a Defferd payment of Import duty Rules vide\u00a0Notification No. 134\/2016 dated on02\/11\/2016.<\/li>\n<li>Valuation &#8211; inclusion of royalty in the value of imports &#8211; Running royalties are condition of sale for the transaction value and thus needs to be added in the value for the purpose of payment of Customs duty. &#8211; Tri \u2013 Customs. Commissioner of Central Excise, Mumbai Versus Herbalife International India Pvt. Ltd. &#8211; 2016 (9) TMI 830 &#8211; CESTAT MUMBAI<\/li>\n<li>Effect of the words Subject to the provisions contained in Section 11AB inserted in section 11AA &#8211; The contention therefore that for applying section 11AA all conditions provided in section 11AB must be satisfied is devoid of any merits. &#8211; HC &#8211; Central Excise.\u00a0GUJARAT NARMADA VALLEY FERTILIZERS CO. LTD. AND 1 Versus UNION OF INDIA AND 1 &#8211; 2016 (10) TMI 276 &#8211; GUJARAT HIGH COURT<\/li>\n<li>Mode and manner of refund &#8211; whether the rebate claims of the assessee(s) were to be allowed in cash or sanctioned by way of re-credit &#8211; the duty paid through actual credit or deemed credit account on the goods exported has to be refunded only in cash &#8211; HC &#8211; Central Excise.<\/li>\n<li>Commissioner of Central Excise Versus M\/s Auro Weaving Mills M\/s Auro Textile Ltd., M\/s Auro Spinning Mills &#8211; 2016 (10) TMI 275 &#8211; HIMACHAL PRADESH HIGH COURT<\/li>\n<li>DVAT:\u00a0Date of filing of <a href=\"https:\/\/carajput.com\/services\/vat-return-filing.php\">DVAT Returns<\/a> in Form-16, 17 &amp; 48 for Q2 of FY2016-17 has been\u00a0extended\u00a0upto\u00a014 NOV 2016. Circular No.17, dt.28.10.2016.<\/li>\n<li>ST:\u00a0Refund of service tax \/ cenvat credit &#8211; export of goods &#8211; Notification No. 41 of 2007 dated 6th October 2007 &#8211; the Revenue in this case can raise a plea that the merchant exporter was not entitled to seek refund \u2013\u00a0CST-V Vs Vijay Cotton and Fibre Co. (2016 (10) TMI 917 &#8211; Bombay High Court)<\/li>\n<\/ul>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"FAQ_on_Company_Law\"><\/span><strong><span style=\"text-decoration: underline;\">FAQ on Company Law:<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul style=\"text-align: justify;\">\n<li>Query: We want to strike off the name of a Private Limited company having two director one of whom expired last month. Now the other director don\u2019t want to continue the working in that company. Kindly advice<\/li>\n<\/ul>\n<p style=\"text-align: justify;\">Answer:\u00a0You may file Form FTE attaching Affidavit &amp; Indemnity Bond from one director and enclosing the copy of Death Certificate of other director for striking off the Company throufh FTE mode.<\/p>\n<p style=\"text-align: justify;\"><strong><span style=\"text-decoration: underline;\">ICAI Updates:-<\/span><\/strong><\/p>\n<p style=\"text-align: justify;\">ICAI issued FAQS regarding dividend distribution tax dated on 03\/11\/2016.<\/p>\n<p style=\"text-align: justify;\">The ICAI issued guidance note on report u\/s 92E of the Income Tax Act,1961 dated on 02\/11\/2016.<\/p>\n<p style=\"text-align: justify;\">ICAI Issued FAQ on Elaboration of terms \u2018infrequent number of sales\u2019 or \u2018insignificant in value\u2019 used in Ind AS 109 dated on 03\/11\/2016.<\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Key_Dates\"><\/span><strong><span style=\"text-decoration: underline;\">Key Dates:<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\">E-payment of service tax for the month of October by companies-06-11-2016<\/p>\n<p style=\"text-align: justify;\">Payment of <a href=\"https:\/\/carajput.com\/tds.php\">TDS\/TCS<\/a> deducted and collected in the month of October-07-11-2016<\/p>\n<p style=\"text-align: justify;\">Submission of form No. 27C(TCS)\u00a0 received in October to IT Commissioner-07-11-2016<\/p>\n<p style=\"text-align: justify;\">It is true that every effort is not converted into success. But it is equally true that success does not come without effort.<\/p>\n<p style=\"text-align: justify;\">Bad attitude is just like bad engine oil. The longer you keep it running through your system, more damage it does to your drive.<\/p>\n<p style=\"margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; background: white; vertical-align: baseline;\"><span style=\"font-size: 10.5pt; font-family: 'Tahoma','sans-serif'; color: #444444;\">The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Hope the information will assist you in your Professional\u00a0endeavors. For query or help, contact:<span class=\"apple-converted-space\">\u00a0<\/span><a style=\"-webkit-tap-highlight-color: rgba(0, 0, 0, 0);\" href=\"mailto:singh@carajput.com\"><span style=\"color: #01a0db;\">singh@carajput.com<\/span><\/a>\u00a0or call at\u00a0011-233 433 33<\/span><\/p>\n<p><strong>Read our articles: <\/strong><a href=\"https:\/\/carajput.com\/blog\/e-invoice-mechanism-under-the-gst\/\"><strong>E-Invoice Mechanism under the GST<\/strong><\/a><\/p>\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 style=\"text-align: justify;\"><\/h2>\n","protected":false},"excerpt":{"rendered":"<p>Professional Update For the Day: Direct Tax:- Karnataka High Court in the below citied case held that Sale consideration received by the assessee is entitled to benefit under\u00a0Section 54 of income tax act 1961, even though the transaction for purchase of new property was not completed and possession was also not handed over to the &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18,150,172,9,4],"tags":[9019,175,5,322],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2906"}],"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=2906"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2906\/revisions"}],"predecessor-version":[{"id":19414,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2906\/revisions\/19414"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=2906"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=2906"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=2906"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}