{"id":2978,"date":"2016-12-16T14:45:41","date_gmt":"2016-12-16T09:15:41","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=2978"},"modified":"2021-08-13T14:23:01","modified_gmt":"2021-08-13T08:53:01","slug":"corporate-and-professional-update-dec-16-2016","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-update-dec-16-2016\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATE DEC 16, 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-6ac3441f12f3c\" 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-6ac3441f12f3c\"  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-16-2016\/#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-16-2016\/#_Indirect_Tax\" >\u00a0\u00a0Indirect 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-16-2016\/#Companies_Act_Update\" >Companies Act \u00a0Update:-<\/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-16-2016\/#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-5\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-dec-16-2016\/#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\/980866_1587882121533576_141960968038491886_o-1.jpg\" rel=\"attachment wp-att-2979\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-2979 aligncenter\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/12\/980866_1587882121533576_141960968038491886_o-1-300x109.jpg\" alt=\"980866_1587882121533576_141960968038491886_o\" width=\"579\" height=\"211\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/12\/980866_1587882121533576_141960968038491886_o-1-300x109.jpg 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/12\/980866_1587882121533576_141960968038491886_o-1-768x279.jpg 768w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/12\/980866_1587882121533576_141960968038491886_o-1-1024x372.jpg 1024w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/12\/980866_1587882121533576_141960968038491886_o-1.jpg 1920w\" sizes=\"auto, (max-width: 579px) 100vw, 579px\" \/><\/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>CBDT clarified that filing of revised return cannot be used as the tool for manipulating the figures of <a href=\"https:\/\/carajput.com\/blog\/tag\/filing-of-income-tax-return\/\">income,<\/a> cash-in-hand, profits etc. with an intention to show the current year\u2019s undisclosed income in the earlier return.<\/li>\n<li>ITAT Mumbai held that CIT cannot revise assessment for making a fresh examination of an issue already examined by the AO who has taken one of the possible views because there has been no erroneous order which could ordered to be revised.\u00a0[M\/s Rachana Finance &amp; Investment Pvt. Ltd. Vs CIT]<\/li>\n<\/ul>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"_Indirect_Tax\"><\/span><strong>\u00a0<\/strong><strong>\u00a0<\/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>Supreme Court held that the power of Sales Tax Commissioner to extend the time to pass an order on assessment is to be exercised before the normal period period of assessment expires.[State of Punjab &amp; Ors. Vs M\/s Shreyans Indus. Ltd. 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<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=\"Companies_Act_Update\"><\/span><strong><span style=\"text-decoration: underline;\">Companies Act \u00a0Update:-<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul style=\"text-align: justify;\">\n<li>MCA has\u00a0revised\u00a0the version of e-forms:\u00a0Form INC-18,\u00a0Form DIR-3 and Form\u00a0MGT-14\u00a0with effect\u00a0from 17th\u00a0Dec\u2019 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>Bombay High Court in Khandelwal Lab Pvt. Ltd vs. DCIT has directed the department to redeposit moneys collected illegally by attachment of assessee\u2019s bank account during pendency of stay application u\/s 220(6).<\/li>\n<li>Legal profession is not a commercial activity &#8211; Running of office by an Advocate in a building cannot be termed as Commercial activity &#8211; Electricity rates fixed for Commercial user cannot be charged. SUPREME COURT OF INDIA before: &#8211; Arijit Pasayat &amp; H.K. Sema, JJ.<\/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>E- Payment of <a href=\"https:\/\/carajput.com\/services-vat.php\">DVAT<\/a> &amp; CST for Nov :\u00a021.12.2016.<\/li>\n<li>Issue of DVAT Certificate for Deduction made in Nov :\u00a022.12.2016.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\">\u201c Success and Excuses do not travel together, if you want excuses forget about success and if you want success don&#8217;t give excuses.\u201d<\/p>\n<p style=\"text-align: justify;\">\u201cStress is the gap between our Expectation and Reality. More the gap, more the stress, so expect nothing and accept everything.\u201d<\/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\u00a0<\/a> \u00a0E:<a href=\"https:\/\/carajput.com\/\"> singh@carajput.com<\/a>\u00a0 \u00a0, 9-555-555-480<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Professional Update for the Day: Direct Tax:- CBDT clarified that filing of revised return cannot be used as the tool for manipulating the figures of income, cash-in-hand, profits etc. with an intention to show the current year\u2019s undisclosed income in the earlier return. ITAT Mumbai held that CIT cannot revise assessment for making a fresh &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":[160,9018,6256,5,9016],"class_list":["post-2978","post","type-post","status-publish","format-standard","hentry","category-companies-act-roc","category-direct-tax","category-gst","category-income-tax","category-indirect-tax","tag-central-sales-tax","tag-companies-act","tag-goods-and-services-tax","tag-income-tax","tag-value-added-tax"],"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:- CBDT clarified that filing of revised return cannot be used as the tool for manipulating the figures of income, cash-in-hand, profits etc. with an intention to show the current year\u2019s undisclosed income in the earlier return. 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