{"id":3744,"date":"2018-02-20T12:12:56","date_gmt":"2018-02-20T06:42:56","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=3744"},"modified":"2023-09-03T10:52:34","modified_gmt":"2023-09-03T05:22:34","slug":"corporate-and-professional-updates-20th-feb-2018","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-20th-feb-2018\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATES 20TH FEB 2018"},"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-69ea8166b0953\" 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-69ea8166b0953\"  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-updates-20th-feb-2018\/#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-updates-20th-feb-2018\/#Indirect_Tax_Updates\" title=\"Indirect Tax Updates:\">Indirect Tax Updates:<\/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-updates-20th-feb-2018\/#GST_Updates\" title=\"GST\u00a0Updates:\">GST\u00a0Updates:<\/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-updates-20th-feb-2018\/#SEBI_Updates\" title=\"SEBI Updates\">SEBI 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-updates-20th-feb-2018\/#FAQ_on_Condonation_of_Delay_Scheme_CODS\" title=\"FAQ on\u00a0 Condonation\u00a0 of Delay Scheme (CODS):\">FAQ on\u00a0 Condonation\u00a0 of Delay Scheme (CODS):<\/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-updates-20th-feb-2018\/#MCA_Update\" title=\"MCA Update:\">MCA Update:<\/a><\/li><\/ul><\/nav><\/div>\n<h2 style=\"text-align: justify;\"><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>Assessee wasn&#8217;t entitled to claim sec. 54F relief if agreement to sell property wasn&#8217;t executed by buyer within the stipulated time frame under the provision of Income Tax Act.\u00a0ITAT HYDERABAD BENCH &#8216;A&#8217; Mahesh Malneedi v. Income-tax Officer.<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>153C proceedings couldn&#8217;t be invoked against third person without recording satisfaction note; SLP dismissed.\u00a0SC- Income-tax officer, New Delhi v. Canyon Financial Services Ltd.<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>No TDS disallowance without rendering any finding on assessee&#8217;s contention that there was no PE of foreign company. ITAT BANGALORE -Telsima Communications (P.) Ltd. v. DCIT.<\/li>\n<li>Only E-assessment for pending Scrutiny cases (other than Search). If assessee objects to e-assessment, case to be kept on hold. CBDT Instruction 1 of 12.2.18.<\/li>\n<li>Kerala HC reverses ITAT order for AY 2002-03 and rules in favour of assessee (engaged in manufacture and sale of centrigued latex and rubber), rules that while computing written down value (\u2018WDV\u2019) u\/s. 43(6) for claiming depreciation, the depreciation allowed under the Kerala Agricultural Income Tax Act 1991 (\u2018AIT Act\u2019) cannot be reduced, however, since only 35% of assessee\u2019s income was deemed to be taxable as per Rule 7A, HC directs AO to take 35% of the cost of the total assets as WDV;\u00a0[TS-61-HC-2018(KER)]<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>Mumbai ITAT dismisses Revenue\u2019s appeal against CIT(A)\u2019s adoption of Rent Capitalisation Method contemplated in Schedule III \u2013 Part B of the Wealth Tax Act, 1957 for determining FMV of tenancies, holds Sec. 50C not applicable since the sale consideration received by the assessee as per the agreement to sell, was found to be more than the fair market value of the tenanted galas\/building for AY 2006-07 to 2008-09;\u00a0[TS-638-ITAT-2017(Mum)]<\/li>\n<li>Last date to file Income Tax Returns (ITRs) for AY 2016-17 and AY 2017-18 is\u00a031st March 2018.<\/li>\n<li>Authority of Advance Rulings has held that the salary income of a non resident individual for services rendered overseas cannot be taxed in India, even when such salary is paid into a bank account in India. Case TN Santosh Kumar.<\/li>\n<\/ul>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Indirect_Tax_Updates\"><\/span><strong><em><span style=\"text-decoration: underline;\">Indirect Tax Updates:<\/span><\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul style=\"text-align: justify;\">\n<li>CBEC \u00a0has issued Circular No. 1063\/2\/2018-CX dated 16.02.2018 on the subject \u201cOrders of Supreme Court, High Courts and CESTAT accepted by the Department and on which no review petitions, SLPs have been filed\u201d, in relation to Indirect Taxes.<\/li>\n<li>CBEC issued Circular No 1063\/2\/2018 &#8211; CX on orders by Supreme Court, High Courts and CESTAT accepted by the Department and on which no review petitions, SLPs have been filed.<\/li>\n<\/ul>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"GST_Updates\"><\/span><strong><em><span style=\"text-decoration: underline;\">GST\u00a0Updates:<\/span><\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul style=\"text-align: justify;\">\n<li>GST\/Excise &amp; Customs: Job worker as manufacturer of goods on job work basis, unless otherwise exempted from payment of duty, is liable to pay duty on job worked goods.\u00a0CESTAT, MUMBAI -Thermax Babcock &amp; Wilcox Ltd. \u00a0v. CCE<\/li>\n<li>GST\/UP Vat: Charger sold in composite package with mobile phones not liable to tax separately:\u00a0Allahabad HC- Samsung (India) Electronics (P.) Ltd. v. Commissioner of Commercial Taxes<\/li>\n<li>Global index provider MSCI has slammed Indian exchanges\u00b4 decision to terminate licensing and data need agreements with their global counterparts. It said the concerted announcement by the three domestic exchanges was \u201canticompletive\u201d and would restrict access to the Indian market.<\/li>\n<li>GST Council is expected to meet early next month to finalize a new &amp; simplified monthly return filing format.<\/li>\n<li>CBEC vide DO Letter dated Feb. 6 to all Chief &amp; Principal Comm said that \u201ca few field offices have requested clarification as to whether LUT for exports would be accepted by Customs or GST Officials. It is clarified that LUT would have to be accepted by GST Officials.\u201d<\/li>\n<li>To check Status of Last 5 Returns filed by taxpayer, enter GSTIN in Search Taxpayer option on\u00a0<span style=\"color: #000000;\"><a style=\"color: #000000;\" href=\"https:\/\/www.gst.gov.in\/\">gst.gov.in<\/a><\/span>without logging into account.<\/li>\n<li>Another petition has been filed before the Delhi High Court on ground of technical glitches in the Goods and Services Tax Network (GSTN) wherein the petitioners, M\/s Bhargava Motors were unable to file GST TRAN-01.<\/li>\n<li>GST Network Chairman Ajay Bhushan Pandey has said the company will try to ensure that stakeholders become fully familiar with the technology system before the re-rollout of the e-way bill system.<\/li>\n<\/ul>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"SEBI_Updates\"><\/span><strong><em><span style=\"text-decoration: underline;\">SEBI Updates<\/span><\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul style=\"text-align: justify;\">\n<li>Securities and exchange board of India (issue of capital and disclosure requirements) (amendment) regulations, 2018.\u00a0No. SEBI\/LAD-NRO\/GN\/2018\/01\u00a0dated 12th February 2018.<\/li>\n<li>SEBI in consultation with stakeholders has decided to make some changes in extant regulatory provisions to ease the access norms for investment by Foreign Portfolio Investors (FPIs).<\/li>\n<li>SEBI is readying a framework for issuance of participatory notes (p-notes) from international financial services centres such as GIFT City. It is in talks with FPIs, which act as issuers of p-notes, sources said.<\/li>\n<\/ul>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"FAQ_on_Condonation_of_Delay_Scheme_CODS\"><\/span><strong><em><span style=\"text-decoration: underline;\">FAQ on\u00a0 Condonation\u00a0 of Delay Scheme (CODS):<\/span><\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul style=\"text-align: justify;\">\n<li>Query: Under this Scheme, Can branch offices\/liaison offices also file their overdue documents?<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>Answer:\u00a0The Scheme is applicable only to companies under the provisions of Companies Act, 2013 or any previous company law and only to overdue documents as specified above. Therefore, branch offices\/liaison offices shall not be eligible to file documents under this Scheme as they are not falling under the definition of Company and neither their annual documents are included in definition of overdue documents.<\/li>\n<\/ul>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"MCA_Update\"><\/span><strong><em><span style=\"text-decoration: underline;\">MCA Update:<\/span><\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul style=\"text-align: justify;\">\n<li>AOC-4 (XBRL) e-form and validation tool is available for IND-AS filling. The form can be filed without additional fee\u00a0up to\u00a031st March 2018.\u00a0Stakeholders are advised to plan accordingly.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><strong><em><span style=\"text-decoration: underline;\">Key Dates:<\/span><\/em><\/strong><\/p>\n<ul style=\"text-align: justify;\">\n<li>GSTR Return summary for Jan:20\/02\/2018<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><strong><em>Word of Wisdom:<\/em><\/strong><\/p>\n<ul style=\"text-align: justify;\">\n<li>\u201cThe will to win, the desire to succeed, the urge to reach your full potential\u2026 these are the keys that will unlock the door to personal excellence.\u201d<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><strong><em><span style=\"text-decoration: underline;\">Disclaimer:<\/span><\/em><\/strong><\/p>\n<ul style=\"text-align: justify;\">\n<li>The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Before making any decisions do consult your Professional \/ tax advisor. For misrepresentation or interpretation of act or rules Author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. The author is a Chartered Accountant and the Chief Gardener &amp; Founder Director of Rajput Jain &amp; Associates , a leading Tax &amp; Investment Planning Advisory Service Provider. His blog can be found at\u00a0<a href=\"https:\/\/carajput.com\/blog\/\">https:\/\/carajput.com\/blog\/<\/a>For any query you can write to\u00a0<a href=\"https:\/\/mailto:singh@carajput.com\/\">singh@carajput.com<\/a>. Hope the information will assist you in your Professional\u00a0endeavors. For query or help, contact:\u00a0\u00a0\u00a0<a href=\"https:\/\/mailto:singh@carajput.com\/\">singh@carajput.com<\/a>\u00a0or call at\u00a009811322785\/4 9555 5555 480)<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Direct Tax: Assessee wasn&#8217;t entitled to claim sec. 54F relief if agreement to sell property wasn&#8217;t executed by buyer within the stipulated time frame under the provision of Income Tax Act.\u00a0ITAT HYDERABAD BENCH &#8216;A&#8217; Mahesh Malneedi v. Income-tax Officer. 153C proceedings couldn&#8217;t be invoked against third person without recording satisfaction note; SLP dismissed.\u00a0SC- Income-tax officer, &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":[1693,1695,1697,1692,1696,960,556,962,632,958,959,448,443,616,561,1694],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3744"}],"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=3744"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3744\/revisions"}],"predecessor-version":[{"id":25365,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3744\/revisions\/25365"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=3744"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=3744"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=3744"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}