{"id":2911,"date":"2016-11-05T15:49:42","date_gmt":"2016-11-05T10:19:42","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=2911"},"modified":"2021-12-21T19:06:02","modified_gmt":"2021-12-21T13:36:02","slug":"corporate-and-professional-update-nov-5-2016","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-update-nov-5-2016\/","title":{"rendered":"corporate and professional update nov 5, 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-69ea46de0d18d\" 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-69ea46de0d18d\"  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-5-2016\/#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-5-2016\/#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-5-2016\/#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-nov-5-2016\/#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-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-nov-5-2016\/#GST_UPDATE\" title=\"GST UPDATE :\">GST UPDATE :<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-nov-5-2016\/#RBI_UPDATE\" title=\"RBI UPDATE :\">RBI UPDATE :<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-nov-5-2016\/#ICAI_Updates\" title=\"ICAI Updates:-\">ICAI Updates:-<\/a><ul class='ez-toc-list-level-4'><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-nov-5-2016\/#Key_Dates\" title=\"Key Dates:\">Key Dates:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-nov-5-2016\/#E-Invoice_Mechanism_under_the_GST\" title=\"E-Invoice Mechanism under the GST\">E-Invoice Mechanism under the GST<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-nov-5-2016\/#BlockingUnblocking_the_E-Way_Bill_creation_system_if_fails_to_file_GSTR-3B_GSTN\" title=\"Blocking\/Unblocking 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><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h4 style=\"text-align: justify;\"><\/h4>\n<p style=\"text-align: justify;\"><img loading=\"lazy\" decoding=\"async\" class=\"\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/02\/Untitled5.png\" alt=\"Untitled5\" width=\"668\" height=\"492\" \/><\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Professional_Update_For_the_Day\"><\/span><span style=\"color: #ff9900;\">Professional Update For the Day:<\/span><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: #000000;\"><a style=\"color: #000000;\" 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><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">CBDT has issued Circular on 2nd Nov 2016 on Chapter VI-A deduction on enhanced profits, by virtue of which expenditure disallowed if related to the business activity against which the Chapter VI-A deduction has been claimed, the deduction needs to be allowed on the enhanced profits.<\/p>\n<p style=\"text-align: justify;\">Capital gain tax will be paid by the partners of the dissolved partnership firm on the sale of its assets.{Vatsala Shenoy Vs. JCIT, Supreme Court of India}. High Court disallows travel exp. of wife who went with director on business tour Commissioner of Income-tax (Central), Ludhiana\u00a0v.Hero Cycles Ltd.<br \/>\n[2016] 74\u00a0taxmann.com\u00a0254 (Punjab &amp; Haryana)<\/p>\n<p style=\"text-align: justify;\">Sec. 80P relief available if society provides credit to its members alone and it doesn&#8217;t receive deposits from public Commissioner of <a href=\"https:\/\/carajput.com\/income-tax-services.php\">Income-tax,<\/a> Circle-I, Vellore\u00a0v.Kalpadi Co-operative Township Ltd. [2016] 74\u00a0taxmann.com\u00a0226 (Madras)<\/p>\n<p style=\"text-align: justify;\">Application for sec. 10(23C) relief can be made even prior to\u00a0April 1\u00a0of AY for which exemption is sought Shri Guru Ram Dass Ji Educational Trust\u00a0v.\u00a0Chief Commissioner of Income-tax, Amritsar [2016] 74\u00a0taxmann.com\u00a0220 (Punjab &amp; Haryana)<\/p>\n<p style=\"text-align: justify;\">Delhi High Court in the below citied case held that even if the claim for s. 80-IA deduction is contrary to Pandian Chemicals 262 ITR 278 (SC) and Liberty India 317 ITR 218 (SC), the assessment cannot be reopened (beyond 4 years) in the absence of tangible material. The reasons recorded for the reopening cannot be improved or supplemented later.(Woodword governer (India) Ltd. Vs. ACIT)<\/p>\n<p style=\"text-align: justify;\">In valuing the shares of a privately held co, the \u201centerprise valuation\u201d has to be taken by valuing even the assets held by subsidiaries of the Company. It is common for the sellers to charge a \u201ccontrolling premium\u201d for the sale of the shares.<\/p>\n<p style=\"text-align: justify;\">Such transfers to enable restructuring and re-aligning the shareholding pattern are genuine and bona fide. The alleged excess consideration for the sale of the shares cannot be treated as \u201cunexplained income\u201d.(Amritlal T Shah Vs. ITO Mumbai)<\/p>\n<p style=\"text-align: justify;\">Electric bikes assembled from parts procured from China held as manufacturing for sec. 80-IC relief Assistant Commissioner of <a href=\"https:\/\/carajput.com\/income-tax-services.php\">Income-tax<\/a>, Circle Palanpur\u00a0v.\u00a0Accura Bikes (P.) Ltd. [2016] 74\u00a0taxmann.com\u00a0200 (Ahmedabad &#8211; Trib.)<br \/>\nMere default in furnishing Form 15G\/15H doesn&#8217;t call for sec. 40(a)(ia) disallowance Assistant Commissioner of Income-tax, Circle 1(1), Tirupati\u00a0v.\u00a0Chittoor Dist. Co-operative Central Bank Ltd. [2016] 74\u00a0taxmann.com\u00a0202 (Hyderabad &#8211; Trib.)<\/p>\n<p style=\"text-align: justify;\">HC allows withdrawal of oppression petition as other shareholders approached CLB on similar issue Karnataka Theaters Ltd. v. Ratnavarma Padival [2016] 74\u00a0taxmann.com\u00a0230 (Karnataka)<\/p>\n<p style=\"text-align: justify;\">SC to decide whether &#8216;Ansal Housing&#8217; is liable to pay tax on flats lying unsold; SLP admitted Ansal Housing &amp; Construction Ltd.\u00a0v.\u00a0Commissioner of Income-tax-1 [2016] 74\u00a0taxmann.com\u00a0245 (SC)<\/p>\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<p style=\"text-align: justify;\">CESTAT upholds transaction value declared by assessee during import of electric motors of assorted KW from China, absent evidence of any additional flow back of money to foreign supplier. [TS-436-CESTAT-2016-CUST]<\/p>\n<p style=\"text-align: justify;\">CESTAT grants refund of 4% SAD paid during import of Set Top Boxes (STBs) by DTH service provider despite subsequent sale to distributors in packaged form as \u2018antenna system &amp; accessories.\u00a0[TS-437-CESTAT-2016-CUST]<\/p>\n<p style=\"text-align: justify;\">Dept. can initiate recovery proceeding even after declaring return as invalid due to short-payment of tax: HC Shakti Bhog Foods Ltd.\u00a0v.\u00a0Deputy Commissioner of Income-tax [2016] 74\u00a0taxmann.com\u00a0204 (Delhi)<\/p>\n<p style=\"text-align: justify;\">Mumbai CESTAT grants partial respite to assessee, holds no excise duty payable on debit notes raised on purchaser towards excess amount of material used during manufacture of electrical transmission towers, during the period April 1999 to June 2000.<\/p>\n<p style=\"text-align: justify;\">Perusing the provisions of old Section 4 of Central Excise Act, CESTAT holds that contracted value between the parties would constitute \u2018normal price\u2019 u\/s 4(1)(b) and hence, no addition would be required even if debit note was issued for excess material consumed. [TS-429-CESTAT-2016-EXC]<\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"FAQ_on_Company_Law\"><\/span><strong>FAQ on Company Law:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">Query\u00a0: One of our client company is a foreign company based in Japan. Now it has passed resolution which is in Japanese language. Now our query is that is it valid or we could only file resolution in English language?<\/p>\n<p style=\"text-align: justify;\">Answer: As per Rule 10 of the Companies (Registration of Foreign Companies) Rules 2014, all the documents required to be filed with the Registrar by foreign company shall be in English language and where any such document is not in English language, there shall be attached a translation thereof in English language duly certified to be correct in the manner given in the rules.<\/p>\n<h3 style=\"text-align: justify;\"><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><\/h3>\n<p style=\"text-align: justify;\">Under GST Upto 10 bank accounts can be added during enrolment. Proof of Bank A\/c No,\u00a0 Branch, Address of A\/c holder &amp; few transaction details required.<\/p>\n<p style=\"text-align: justify;\">Under GST no physical documents for enrolment. Soft copy in jpeg or pdf format, upto 1 mb acceptable. Photos can be in jpeg format, upto 100 kb.<\/p>\n<p style=\"text-align: justify;\"><strong>MCA UPDATE :<\/strong><\/p>\n<p style=\"text-align: justify;\">MCA has notified that revised Form MGT &#8211; 7 and Form GNL-4 are likely to be revised on MCA21 w.e.f\u00a03rd November, 2016.<\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"RBI_UPDATE\"><\/span><strong>RBI UPDATE :<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/carajput.com\/rbi-consulting.php\">RBI<\/a> allowed banks to issue rupee-denominated bonds or Masala bonds in the overseas market to shore up their capital base as well as for financing infrastructure and affordable housing.<\/p>\n<p style=\"text-align: justify;\">RBI has directed banks to put entire banking areas under the CCTV surveillance and keep all the recordings.<\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"ICAI_Updates\"><\/span><strong><span style=\"text-decoration: underline;\">ICAI Updates:-<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">ICAI Has issued a guidance note on Report u\/s 92E of the Income Tax Act (Transfere Pricing) dated on 02-11-2016<\/p>\n<h4 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><\/h4>\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 d<\/a>educted 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;\">Courage\u00a0is resistance to fear, mastery of fear&#8211;not absence of fear.<\/p>\n<p style=\"text-align: justify;\">Strive not to be a success, but rather to be of value. -Albert Einstein<\/p>\n<p style=\"text-align: justify;\">The starting point of all achievement is desire.\u00a0 -Napoleon Hill<\/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><\/span><a href=\"mailto:singh@carajput.com\"><span style=\"font-size: 10.5pt; font-family: 'Tahoma','sans-serif'; color: #01a0db;\">singh@carajput.com<\/span><\/a><span style=\"font-size: 10.5pt; font-family: 'Tahoma','sans-serif'; color: #444444;\">\u00a0or call at\u00a0011-233 433 33<\/span><\/p>\n<p>Popular\u00a0 blog:<\/p>\n<h4><span class=\"ez-toc-section\" id=\"E-Invoice_Mechanism_under_the_GST\"><\/span><a href=\"https:\/\/carajput.com\/blog\/e-invoice-mechanism-under-the-gst\/\"><strong>E-Invoice Mechanism under the GST<\/strong><\/a><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<h4><span class=\"ez-toc-section\" id=\"BlockingUnblocking_the_E-Way_Bill_creation_system_if_fails_to_file_GSTR-3B_GSTN\"><\/span><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><span class=\"ez-toc-section-end\"><\/span><\/h4>\n","protected":false},"excerpt":{"rendered":"<p>Professional Update For the Day: Direct Tax:- CBDT has issued Circular on 2nd Nov 2016 on Chapter VI-A deduction on enhanced profits, by virtue of which expenditure disallowed if related to the business activity against which the Chapter VI-A deduction has been claimed, the deduction needs to be allowed on the enhanced profits. Capital gain &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],"tags":[175,5,6,322,9022],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2911"}],"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=2911"}],"version-history":[{"count":4,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2911\/revisions"}],"predecessor-version":[{"id":20345,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2911\/revisions\/20345"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=2911"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=2911"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=2911"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}