{"id":2982,"date":"2016-12-17T13:23:47","date_gmt":"2016-12-17T07:53:47","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=2982"},"modified":"2021-08-13T13:59:51","modified_gmt":"2021-08-13T08:29:51","slug":"corporate-and-professional-update-dec-17-2016","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-update-dec-17-2016\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATE DEC 17, 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-69d0035332003\" 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-69d0035332003\"  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-17-2016\/#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-2\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-dec-17-2016\/#Indirect_Tax\" title=\"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-17-2016\/#Companies_Act_Update\" title=\"Companies Act \u00a0Update:-\">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-17-2016\/#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-dec-17-2016\/#RBI_Update\" title=\"RBI Update:-\">RBI 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-17-2016\/#Other_Update\" title=\"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-7\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-dec-17-2016\/#Key_Dates\" title=\"Key Dates:-\">Key Dates:-<\/a><\/li><\/ul><\/nav><\/div>\n<p>&nbsp;<\/p>\n<p><strong>Professional Update for the Day:<\/strong><\/p>\n<p><a href=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/12\/shutterstock_523561387.jpg\" rel=\"attachment wp-att-2983\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-2983 aligncenter\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/12\/shutterstock_523561387-300x234.jpg\" alt=\"shutterstock_523561387\" width=\"546\" height=\"426\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/12\/shutterstock_523561387-300x234.jpg 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/12\/shutterstock_523561387.jpg 750w\" sizes=\"(max-width: 546px) 100vw, 546px\" \/><\/a><\/p>\n<h2><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>\n<li>Delhi High Court held that assessment proceedings to be invalid against the assessee in those cases where the assessee ceased to have legal existence on account of amalgamation with another entity on a date even prior to search. Because when the assessee ceased to have existence even on the date of search, no notice as a result of search can be issued in its name.\u00a0[CIT Vs Indu Surveyors &amp; Loss Assessors P. Ltd.].<\/li>\n<li>147 reopening opens a &#8220;Pandora&#8217;s box&#8221; and cannot be done in a casual manner. The reasons cannot be based on mere doubts or with a view to verify basic facts. If the AO takes the view that the income referred to in the reasons has not escaped assessment, he loses jurisdiction to assess other escaped income that comes to his notice during reassessment\u00a0Torm Shipping India Pvt Ltd vs. ITO (ITAT Mumbai).<\/li>\n<\/ul>\n<h2><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>\n<li>CESTAT Chennai in the below cited case held that merely because assessee has not reverse credit attributable to provision of exempted services would not disentitle it to claim credit which is otherwise available in respect of input services used in provision of taxable services.\u00a0[SIFY Technologies ltd. Vs Commissioner of Service <a href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-2-feb-2018\/\">Tax<\/a>, LTU Chennai].<\/li>\n<\/ul>\n<h2><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>\n<li>MCA has issued\u00a0the<a href=\"https:\/\/carajput.com\/blog\/tag\/public-limited-company\/\"> Companies<\/a> (Compromises, Arrangements and Amalgamations) Rules, 2016\u00a0which shall be\u00a0come into force\u00a0with effect from 15th December, 2016.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"GST_Update\"><\/span><strong><span style=\"text-decoration: underline;\"><a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\">GST<\/a> Update:-<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li><a href=\"https:\/\/carajput.com\/services-vat.php\">VAT<\/a> Dealers of Chandigarh, Delhi, Haryana, Himachal, J&amp;K, Punjab, Rajasthan, Uttarakhand &amp; UP start Enrolment at\u00a0www.gst.gov.in\u00a0w.e.f. 16 Dec 2016.<\/li>\n<li>In Revised Draft GST Law, Securities has been excluded from definitions of Goods &amp; Services. So no GST will be applicable on shares, bonds etc.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"RBI_Update\"><\/span><strong><span style=\"text-decoration: underline;\"><a href=\"https:\/\/carajput.com\/rbi-consulting.php\">RBI<\/a> Update:-<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>RBI\u00a0has advised all the Regulated Entities\u00a0(REs) to strictly comply with the extant instructions stipulated in the\u00a0Master Direction\u00a0on Know Your Customer (KYC).<\/li>\n<\/ul>\n<h2><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>\n<li>Pradhan Mantri Garib Kalyan Yojna where in 50% tax, surcharge, penalty and 25% deposit for four years is stipulated for disclosure of cash or deposit in bank, shall come into force from 17-12-2016 and shall be in force till 31-03-2017. [Notification No. 115\/2016 dated 16-12-2016].<\/li>\n<li>The Insolvency and Bankruptcy Board of India notifies Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 notified.<\/li>\n<\/ul>\n<h2><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>\n<li>E- Payment of DVAT &amp; CST for Nov :\u00a012.2016<\/li>\n<li>Issue of <a href=\"https:\/\/carajput.com\/services-vat.php\">DVAT<\/a> Certificate for Deduction made in Nov :\u00a012.2016<\/li>\n<\/ul>\n<p>\u201cDeal with your problems before they deal with your happiness. Most important time to hold our temper is, when the other person has lost.\u201d<\/p>\n<p>\u201cA fantastic sentence written on every Japanese bus stop: &#8220;Only buses will stop here, not your time. So keep walking towards your goal.&#8221; Time never waits; you have to run, to catch up with time.\u201d<\/p>\n<p>We look forward for your valuable comment \u00a0www.carajput.com<\/p>\n<p>FOR FURTHER QUERIES CONTACT US:<\/p>\n<p>W:\u00a0<a href=\"https:\/\/carajput.com\/\">www.carajput.com\u00a0<\/a> \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>&nbsp; Professional Update for the Day: Direct Tax:- Delhi High Court held that assessment proceedings to be invalid against the assessee in those cases where the assessee ceased to have legal existence on account of amalgamation with another entity on a date even prior to search. Because when the assessee ceased to have existence even &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[208,150,172,4,1],"tags":[2317,2304,2087,2320,2319,2318],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2982"}],"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=2982"}],"version-history":[{"count":4,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2982\/revisions"}],"predecessor-version":[{"id":15650,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2982\/revisions\/15650"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=2982"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=2982"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=2982"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}