{"id":2918,"date":"2016-11-11T14:48:12","date_gmt":"2016-11-11T09:18:12","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=2918"},"modified":"2021-08-13T14:18:28","modified_gmt":"2021-08-13T08:48:28","slug":"corporate-and-professional-update-nov-11-2016","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-update-nov-11-2016\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATE NOV 11, 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-69ea5ad4cd078\" 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-69ea5ad4cd078\"  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-11-2016\/#Professional_Update_For_the_Day\" title=\"Professional Update For the Day:\">Professional Update For the Day:<\/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-nov-11-2016\/#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-3\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-nov-11-2016\/#_Indirect_Tax\" title=\"\u00a0Indirect Tax:-\">\u00a0Indirect Tax:-<\/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-nov-11-2016\/#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-5\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-nov-11-2016\/#OTHER_UPDATE\" title=\"OTHER UPDATE\">OTHER UPDATE<\/a><\/li><\/ul><\/nav><\/div>\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<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=\"577\" height=\"399\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Direct_Tax\"><\/span><strong><em><span style=\"text-decoration: underline;\">Direct Tax:-<\/span><\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul style=\"text-align: justify;\">\n<li><strong>CBDT issued clarification regarding Chapter VI-A <\/strong>deduction on enanced profits\u00a0vide Circular No. 37\/2016 dated 02\/11\/2016.(Click here to view)<\/li>\n<li>Kerala High Court in the below citied case held that\u00a0the 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>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)<\/li>\n<li>CBDT: Deduction under Chapter VI-A is admissible on the Enhanced profits\u00a0 by the disallowance made under sections 32, 40(a)(ia), 40A(3), 43B, etc. &#8211;\u00a0\u00a0Circular # 37, dt.02.11.2016.<\/li>\n<li>IT: Expenditure related to exempted income &#8211; Provisions of Sec.14A are clearly applicable to the investment made in a EOU covered under u\/s 10B &#8211; Riviera Home Furnishings Pvt. Ltd. Vs ACIT, Range-15, New Delhi (Vice Versa) (2016 (11) TMI 256 &#8211; ITAT Delhi)<\/li>\n<li><a href=\"https:\/\/carajput.com\/income-tax-services.php\">IT<\/a>: Disallowance of expenditure on advertisement on television &#8211; the corporate advertisement expenditure facilitates the business having a direct impact on sales and profitability of the Assessee &#8211; CIT, Mumbai Vs Asian Paints (India) Ltd. (2016 (11) TMI 258 &#8211; Bombay High Court)<\/li>\n<li>Validity of reopening of assessment &#8211; Since this is a case of original non-scrutiny assessment, the concept of change of opinion cannot be applied &#8211; Gujarat High Court in case of [Gujarat State Board of School Textbooks Vs. ACIT Gandhinagar Circle].<\/li>\n<li>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}..<\/li>\n<li>Since no material whatsoever was found in the course of search, the question of allowing additional depreciation or not could not have been subject matter of proceedings u\/s 153A of the Act &#8211; ITAT KOLKATA in case of [M\/s. Ujjal Transport Agency Vs.\u00a0 CIT, Kolkata].<\/li>\n<li>Mere 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 v. Chittoor Dist. Co-operative Central Bank Ltd. [2016] 74 taxmann.com 202 (Hyderabad &#8211; Trib.).<\/li>\n<li>ITAT kolkata in the below citied case held that Since no material whatsoever was found in the course of search, the question of allowing additional depreciation or not could not have been subject matter of proceedings u\/s 153A of the Act [M\/s. Ujjal Transport Agency Vs.\u00a0 CIT, Kolkata].<\/li>\n<\/ul>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"_Indirect_Tax\"><\/span><strong><span style=\"text-decoration: underline;\">\u00a0<\/span><\/strong><strong><span style=\"text-decoration: underline;\">Indirect Tax:-<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\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.(Click here to view)<\/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>VAT:Nothing prevents a constitutional court from granting interest on refund in extraordinary circumstances where the money has been withheld by the State for a long period of time without any authority in law &#8211;\u00a0Indian Farmers Fertiliser Co.Op. Ltd. Vs State of Guj. (2016 (11) TMI 215 &#8211; Gujarat HC).<\/li>\n<li><a href=\"https:\/\/carajput.com\/services-vat.php\">VAT<\/a>:4% or 12.50% &#8211; tissue paper napkin, toilet paper rolls etc. retain the essential characteristics of paper &#8211; to be taxed at 4% &#8211;\u00a0S. R. Foils &amp; Tissue Ltd. Vs The State of Haryana &amp; Anr (2016 (11) TMI 216 &#8211; Punjab &amp; Haryana High Court)<\/li>\n<li>Import of cosmetics and exporting the same after reassembling tantamounts to manufacturing<\/li>\n<li>Commissioner of Customs v. Baccarose Perfumes &amp; Beauty Products Ltd. [2016] 4\u00a0taxmann.com\u00a0222 (SC)<\/li>\n<li>Penalty could be levied under omitted provision which was validated retrospectively Bharat Steel Rolling Mills v. Commissioner of Central Excise [2016] 74\u00a0taxmann.com\u00a0259 (SC)<\/li>\n<\/ul>\n<h2 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><\/h2>\n<ul style=\"text-align: justify;\">\n<li><a href=\"https:\/\/carajput.com\/gst\/gst-registration.php\">GST Registration<\/a> started from today (08.11.2016) at www.gst.gov.in. Assessees with verified PAN are allowed to fill details and submit proofs.<\/li>\n<li>Under \u00a0GST GSTIN generated in phased manner. Already done for 20 lac VAT assessees in 8 states. Others to get later. ST Assessees to get in Jan&#8217;17.<\/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<li><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><\/li>\n<li><strong><a href=\"https:\/\/carajput.com\/blog\/reasons-for-the-movement-of-goods-under-the-gst\/\">Reasons for the Movement of Goods under the GST<\/a><\/strong><\/li>\n<\/ul>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"OTHER_UPDATE\"><\/span><strong>OTHER UPDATE<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul style=\"text-align: justify;\">\n<li>HC rejects PIL for scrapping of notification on demonetization.)<\/li>\n<li>Payment Systems (RTGS, NEFT, Cheque Clearing, Repo, CBLO and Call markets) to remain open on\u00a0<span data-term=\"goog_1098513627\">Saturday, November 12 and Sunday, November 13, 2016<\/span><\/li>\n<li>No cash refund for Rail ticket cancellation of Rs.10,000\u00ad &amp; above<\/li>\n<li>Updated Point of Taxation Rules, 2011 {Notification No. 18\/2011-S.T., dated 1-3-2011)<\/li>\n<li>PNB invites applications from CA \/Advocates for empanelment as (i) Tax Retainer; and (ii) Tax Consultants.<\/li>\n<li>PNB invites applications from practicing &#8216;Partnership firms of CA in India&#8217;\u00a0 to have their Firms empanelled as Revenue Auditors of branches.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\">We look forward for your valuable comments.\u00a0<a href=\"https:\/\/carajput.com\">www.carajput.com<\/a><\/p>\n<p style=\"text-align: justify;\">FOR FURTHER QUERIES CONTACT US: W:\u00a0<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>\u00a0E: singh@carajput.com T: 011-233-4-3333, 9-555-555-460<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Professional Update For the Day: Direct Tax:- CBDT issued clarification regarding Chapter VI-A deduction on enanced profits\u00a0vide Circular No. 37\/2016 dated 02\/11\/2016.(Click here to view) Kerala High Court in the below citied case held that\u00a0the assessment proceedings generated by the issuance of a notice u\/s 153A (1)(a) can be concluded against the interest of 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":[150,172,9,4],"tags":[175,5,322,9022],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2918"}],"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=2918"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2918\/revisions"}],"predecessor-version":[{"id":15652,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2918\/revisions\/15652"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=2918"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=2918"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=2918"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}