{"id":2944,"date":"2016-12-12T14:01:52","date_gmt":"2016-12-12T08:31:52","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=2944"},"modified":"2021-08-13T14:38:39","modified_gmt":"2021-08-13T09:08:39","slug":"corporate-and-professional-update-dec-12-2016","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-update-dec-12-2016\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATE DEC 12, 2016"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_88 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Page Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6abff98e1ba3e\" 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-6abff98e1ba3e\"  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-dec-12-2016\/#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-2\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-dec-12-2016\/#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-3\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-dec-12-2016\/#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-4\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-dec-12-2016\/#RBI_Updates\" >RBI Updates:-<\/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-dec-12-2016\/#Other_Update\" >Other 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-dec-12-2016\/#Key_Dates\" >Key Dates:-<\/a><\/li><\/ul><\/nav><\/div>\n<p style=\"text-align: justify;\"><strong>Professional Update For the Day:<\/strong><\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/12\/images-13.jpg\" rel=\"attachment wp-att-2932\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-2932 aligncenter\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/12\/images-13.jpg\" alt=\"images (13)\" width=\"446\" height=\"323\" \/><\/a><\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Direct_Tax\"><\/span><strong><span style=\"text-decoration: underline;\">Direct Tax:-<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul style=\"text-align: justify;\">\n<li style=\"text-align: justify;\">Section 50C does not apply to transfer of land and building, being leasehold property the issue before the tribunal was whether section 50C of the act would be applicable to transfer of leasehold rights in land and buildings.\u00a0CIT vs. Greenfield Hotels &amp; Estates Pvt. Ltd (Bombay High Court).<\/li>\n<li style=\"text-align: justify;\">CBDT clarified that mere increase in turnover, because of use of digital means of payment or otherwise, in a particular year cannot be a sole reason to believe that income has escaped assessment in earlier years. Hence, Assessing Officers are advised not to reopen past assessments in cases merely on the ground that the current year&#8217;s turnover has increased\u00a0Vide Circular No. 40\/2016 dated 09.12.2016.<\/li>\n<li>Rate of royalty approved by <a href=\"https:\/\/carajput.com\/rbi-consulting.php\">RBI<\/a> couldn&#8217;t be considered to determine ALP Sara Lee TTK Ltd. v. Deputy Commissioner of Income-tax, Range-10(2), Mumbai [2016] 76\u00a0taxmann.com\u00a074 (Mumbai \u2013 Trib).<\/li>\n<li>AO should adopt report of Valuation Officer even if its valuation is lesser than that adopted by Stamp Authority Principal Commissioner of <a href=\"https:\/\/carajput.com\/income-tax-services.php\">Income-tax<\/a>-3 v.Ravjibhai Nagjibhai Thesia [2016] (Gujarat).<\/li>\n<\/ul>\n<h2 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><\/h2>\n<ul style=\"text-align: justify;\">\n<li>Allahabad High Court in the below cited case held that the attachment of property and bank accounts can only be done by the revenue authorities after giving proper notice to the assessee and reasonable opportunity of being heard. The attachments need to be only after following the prescribed procedures provided in the rules.\u00a0[M\/s kunj Power Project Pvt. Ltd. Vs Union of India].<\/li>\n<\/ul>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"GST_UPDATE\"><\/span><strong><span style=\"text-decoration: underline;\">GST UPDATE:-<\/span><\/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> Amendment, cancellation &amp;\u00a0 Every person whom schedule III is applicable is liable to register within 30 days. The registration is to be taken for every state, no centralized registration is available.<\/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=\"RBI_Updates\"><\/span><strong><span style=\"text-decoration: underline;\">RBI Updates:-<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul style=\"text-align: justify;\">\n<li><a href=\"https:\/\/carajput.com\/rbi-consulting.php\">RBI<\/a> issued security and risk mitigation measure \u2013 technical audit of prepaid payment instrument issuers.\u00a0RBI\/2016-17\/178\u00a0DPSS.CO.OSD.No.1485 \/06.08.005\/ 2016-17 December 09, 2016.<\/li>\n<\/ul>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Other_Update\"><\/span><strong><span style=\"text-decoration: underline;\">Other Update:- <\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul style=\"text-align: justify;\">\n<li>Allahabad High Court in the below cited case held that the attachment of property and bank accounts can only be done by the revenue authorities after giving proper notice to the assessee and reasonable opportunity of being heard. The attachments need to be only after following the prescribed procedures provided in the rules.\u00a0[M\/s kunj Power Project Pvt. Ltd. Vs Union of India].<\/li>\n<li><a href=\"https:\/\/carajput.com\/sebi-consulting.php\">SEBI<\/a> streamlining the process for acquisition of shares pursuant to tender offer made for takeover, buy back and delisting of securities.\u00a0CIRCULAR CFD\/DCR2\/CIR\/P\/ 2016\/131 Dec 09, 2016.<\/li>\n<li>ICAI issues mandatory KYC Norms applicable w.e.f 1.1.2017.<\/li>\n<\/ul>\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<ul style=\"text-align: justify;\">\n<li>Advance information of 2nd\u00a0fortnight of Dec functions with booking cost &gt; RS 1 lakh in Banquet Hall, hotels etc in Delhi: 12\/12\/2016<\/li>\n<li>Payment of Advance Income Tax for all assessee\u2019s (75%):\u00a015\/12\/2016<\/li>\n<li>E-Payment of PF for Nov:\u00a015\/12\/2016<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><strong>\u201cAlways pray to have eyes that see the best, a heart that forgive the worst, a mind that forget the bad and a soul that never loses faith\u201d<\/strong><\/p>\n<p style=\"text-align: justify;\"><strong>\u00a0<\/strong><strong>&#8220;The first step toward success is taken when you refuse to be a captive of the environment in which you first find yourself.&#8221;<\/strong><\/p>\n<p style=\"text-align: justify;\">We look forward for your valuable comment www.carajput.com<\/p>\n<p style=\"text-align: justify;\">FOR FURTHER QUERIES CONTACT US:<\/p>\n<p style=\"text-align: justify;\">W:\u00a0<a href=\"https:\/\/carajput.com\/\">www.carajput.com<\/a>\u00a0\u00a0 \u00a0E:<a href=\"https:\/\/carajput.com\/\"> singh@carajput.com<\/a> \u00a0 T: 011-233-4-3333 , 9-555-555-480<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Professional Update For the Day: Direct Tax:- Section 50C does not apply to transfer of land and building, being leasehold property the issue before the tribunal was whether section 50C of the act would be applicable to transfer of leasehold rights in land and buildings.\u00a0CIT vs. Greenfield Hotels &amp; Estates Pvt. Ltd (Bombay High Court). &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[175,5,9020,6,5932,322],"class_list":["post-2944","post","type-post","status-publish","format-standard","hentry","category-others","tag-gst","tag-income-tax","tag-pf","tag-rbi","tag-sebi","tag-tds"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 5.0.2 - aioseo.com -->\n\t<meta name=\"description\" content=\"Professional Update For the Day: Direct Tax:- Section 50C does not apply to transfer of land and building, being leasehold property the issue before the tribunal was whether section 50C of the act would be applicable to transfer of leasehold rights in land and buildings. CIT vs. Greenfield Hotels &amp; Estates Pvt. 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