{"id":3200,"date":"2017-05-27T12:24:46","date_gmt":"2017-05-27T06:54:46","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=3200"},"modified":"2021-08-12T19:10:21","modified_gmt":"2021-08-12T13:40:21","slug":"corporate-and-professional-update-may-27-2017","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-update-may-27-2017\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATE May 27, 2017"},"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-6acb9f7fa7d11\" 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-6acb9f7fa7d11\"  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-may-27-2017\/#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-may-27-2017\/#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-may-27-2017\/#Other_Updates\" >Other Updates:<\/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-may-27-2017\/#Key_dates\" >Key dates:<\/a><\/li><\/ul><\/nav><\/div>\n<p><strong>\u00a0Professional Update for the Day:<\/strong><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/06\/FDi-in-E-Commerce-www.carajput.com_-300x222.jpg\" alt=\"FDi in E Commerce www.carajput.com\" width=\"545\" height=\"403\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Direct_Tax\"><\/span><strong><span style=\"text-decoration: underline;\">Direct Tax<\/span><\/strong><strong>:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>271(1)(c): &#8216;Furnishing of inaccurate particulars of income&#8217; and &#8216;concealment of particulars of <a href=\"https:\/\/carajput.com\/blog\/taxes-on-income-received-from-blogging-under-income-tax\/\">income<\/a>&#8216; have different connotations. The failure by the AO to specify in the s. 274 notice which of the two charges is applicable reflects non-application of mind and is in breach of natural justice as it deprives the assessee of an opportunity to contest. The penalty proceedings have to be quashed\u00a0Jehangir HC Jehangir vs. ACIT (ITAT Mumbai)<\/li>\n<\/ul>\n<ul>\n<li>Allahabad High Court held that Rejection of Books of Accounts is Pre-Requisite As Per Section 145(3) For Making an Assessment Under Section 144\u00a0CIT vs. Pashupati Nath Agro Food Products Pvt. Ltd (Allahbad High Court)<\/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>HC allows assessee\u2019s appeal, sets aside CESTAT order which denied SSI exemption on ground that turnover of manufactured electric furnace and heating elements exceeded turnover limit prescribed under Notification No. 1\/93\u00a0[TS-131-HC-2017(MAD)-EXC]<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Other_Updates\"><\/span><strong><span style=\"text-decoration: underline;\">Other Updates:<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li><a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\">GST<\/a> Council may reconsider the proposed 43 per cent tax on hybrid cars at its meeting next week after the auto industry voiced disappointment over the steep rate hike.<\/li>\n<li><a href=\"https:\/\/carajput.com\/rbi-consulting.php\">RBI<\/a> issued\u00a0Regulatory requirements for issue of Pre-paid Payment Instruments by Co-operative Banks\u00a0which have installed ATMs and issued ATM cum Debit cards to introduce semi-closed Prepaid Payment Instruments (PPIs) for payment of utility bills \/ essential services up to a limit of Rs.10, 000.<\/li>\n<\/ul>\n<p><strong><em><u>Read more about: <\/u><\/em><em><a href=\"https:\/\/carajput.com\/blog\/what-is-core-business-activity-in-gst\/\">What is core Business Activity GST<\/a><\/em><\/strong><\/p>\n<p><strong><em><u>Read more about: <\/u><\/em><em><a href=\"https:\/\/carajput.com\/blog\/43rd-gst-council-meeting\/\">Important decisions made at the \u00a043<sup>rd<\/sup> GST Council\u00a0 meeting<\/a><\/em><\/strong><\/p>\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<p>Advance Information for 1<sup>st<\/sup>\u00a0fortnight of June functions with booking cost &gt; Rs. 1 lakh in Banquet Halls, hotels etc. in <a href=\"https:\/\/carajput.com\/services-vat.php\">DVAT<\/a>:\u00a027\/05\/2017<\/p>\n<p>Issue of TCS Certificates by collectors for quarter ended March:\u00a030\/05\/2017<\/p>\n<p>Issue of <a href=\"https:\/\/carajput.com\/tds.php\">TDS<\/a> certificate to employee:31\/05\/2017<\/p>\n<p><a href=\"https:\/\/carajput.com\/services\/tds-return-filing.php\">TDS returns<\/a> for march quarter by ALL deductors:31\/05\/2017<\/p>\n<p><strong><span style=\"text-decoration: underline;\">Quote of the Day:<\/span><\/strong><\/p>\n<p>You can get assent to almost any proposition so long as you are not going to do anything about it.<\/p>\n<p>We look forward for your valuable comment<a href=\"https:\/\/carajput.com\/\"> www.carajput.com<\/a><\/p>\n<p>FOR FURTHER QUERIES CONTACT US:<\/p>\n<p>W:<a href=\"https:\/\/carajput.com\/\">\u00a0www.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>\u00a0Professional Update for the Day: Direct Tax: 271(1)(c): &#8216;Furnishing of inaccurate particulars of income&#8217; and &#8216;concealment of particulars of income&#8216; have different connotations. The failure by the AO to specify in the s. 274 notice which of the two charges is applicable reflects non-application of mind and is in breach of natural justice as it &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":[4197,5118,4200,5119,4201,4199],"class_list":["post-3200","post","type-post","status-publish","format-standard","hentry","category-companies-act-roc","category-direct-tax","category-gst","category-income-tax","category-indirect-tax","tag-furnishing-of-inaccurate-particulars-of-income","tag-assessment-under-section-144","tag-pre-paid-payment-instruments-by-co-operative-banks","tag-pre-requisite-as-per-section-1453","tag-prepaid-payment-instruments-ppis","tag-rejection-of-books-of-accounts"],"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: 271(1)(c): &#039;Furnishing of inaccurate particulars of income&#039; and &#039;concealment of particulars of income&#039; have different connotations. 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