{"id":3781,"date":"2018-02-27T11:06:17","date_gmt":"2018-02-27T05:36:17","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=3781"},"modified":"2021-08-11T18:33:42","modified_gmt":"2021-08-11T13:03:42","slug":"corporate-and-professional-updates-27th-feb-2018","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-27th-feb-2018\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATES 27TH 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-69d0094dc904b\" 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-69d0094dc904b\"  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-27th-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-27th-feb-2018\/#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-updates-27th-feb-2018\/#Gst_updates\" title=\"Gst updates\">Gst 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-updates-27th-feb-2018\/#FAQ_on_Condonation_of_Delay_Scheme_CODS\" title=\"FAQ on Condonation of Delay Scheme (CODS):\">FAQ on Condonation 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-5\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-27th-feb-2018\/#MCA_Update\" title=\"MCA Update:\">MCA 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-updates-27th-feb-2018\/#_Other_updates\" title=\"\u00a0Other updates\">\u00a0Other updates<\/a><\/li><\/ul><\/nav><\/div>\n<p style=\"text-align: justify;\"><img decoding=\"async\" src=\"https:\/\/media.licdn.com\/mpr\/mpr\/AAEAAQAAAAAAAAzaAAAAJGUwMDg1NThhLWJiMDYtNDQzMi05OGQ0LWNkMTcxMDdmNzYwNQ.jpg\" alt=\"Image result for corporate and professional updates\" \/><\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Direct_Tax\"><\/span><span style=\"text-decoration: underline;\"><em><strong>Direct Tax:<\/strong><\/em><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul style=\"text-align: justify;\">\n<li>Mumbai ITAT allows set off of brought forward house property losses of AY 2009-10 and 2010-11 against <a href=\"https:\/\/carajput.com\/blog\/tag\/tax-on-all-undisclosed-foreign-income\/\">income<\/a> of relevant AY 2012-13 to assessee, holds Sec. 79 provisions inapplicable observing that 2 individual shareholders who became direct shareholders of assessee in AY 2012-13 (50% each) also beneficially held more than 51% of voting power through intermediate companies as at the end of previous year relevant to AY 2009-10 and 2010-11;[TS-82-ITAT-2018(Mum)]<\/li>\n<li>ITAT Jaipur held that exemption u\/s 54F cannot be denied merely for property purchase in wife name.\u00a0Shri Vivek Jain Vs. DCIT (ITAT Jaipur)<\/li>\n<li>ITAT (Mumbai) which allowed <a href=\"https:\/\/carajput.com\/blog\/deduction-in-respect-of-royalty-income-royalty\/\">deduction<\/a> u\/s 80IC for A. Y. 2008-09 where the assessee company made the claim in a revised return of income filed u\/s 139(5), filed tax audit report and the prescribed Form 10CCB in support of the claim.<\/li>\n<\/ul>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Indirect_Tax\"><\/span><span style=\"text-decoration: underline;\"><em><strong>Indirect Tax:<\/strong><\/em><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul style=\"text-align: justify;\">\n<li>CESTAT Delhi held that without marketability excise duty not leviable on semi- finished Granules, Extracts and oils.\u00a0\u00a0M\/s The Himalaya Drug Co. Vs. CCE (CESTAT Delhi)<\/li>\n<\/ul>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Gst_updates\"><\/span><em><span style=\"text-decoration: underline;\"><strong>Gst updates<\/strong><\/span><\/em><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul style=\"text-align: justify;\">\n<li>In <a href=\"https:\/\/carajput.com\/gst\/gst-return.php\">GSTR-3B<\/a>, reverse ITC for bills older than 180 days. For Feb return, reverse ITC for bills dt 31.8.17 or before. Pay interest @ 24% p.a.<\/li>\n<li>In GSTR-1 GST must be exactly equal to Taxable Value X GST Rate rounded off to 2 decimals (for each invoice line item). Other rounding gives error.<\/li>\n<li><a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\">GSTN<\/a> has enabled online filing of letter of Undertaking LOU. Go to User Services and Select the Tab \u201cFurnishing Letter of Undertaking.<\/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 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"FAQ_on_Condonation_of_Delay_Scheme_CODS\"><\/span><em><span style=\"text-decoration: underline;\"><strong>FAQ on Condonation of Delay Scheme (CODS):<\/strong><\/span><\/em><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul style=\"text-align: justify;\">\n<li><span style=\"text-decoration: underline;\">Query:<\/span>\u00a0\u00a0Defaulting companies and their disqualified directors who have not filed application before NCLT for revival, What is the remedy available?<\/li>\n<li><span style=\"text-decoration: underline;\">Answer<\/span>:\u00a0such companies and disqualified directors shall not be eligible to avail benefits under this Scheme as the Scheme clearly lays down that only companies whose application of revival has been filed before NCLT u\/s 252 can avail benefits of this Scheme, subject to favourable order from NCLT for revival. Hence, in order to avail benefit under this Scheme, first application has to be made to NCLT u\/s 252 and favorable order for revival is also to be obtained during the validity of the Scheme and thereafter overdue documents to be filed within the prescribed time limit under the Scheme.<\/li>\n<\/ul>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"MCA_Update\"><\/span><em><strong><span style=\"text-decoration: underline;\">MCA Update:<\/span><\/strong><\/em><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul style=\"text-align: justify;\">\n<li style=\"text-align: justify;\">MCA specified that Chapter IX, Section 129 of Companies Act, 2013 Shall not apply to the companies engaged in defense production to the extent of application of relevant Accounting Standard on segment reporting.\u00a0Dated 23<sup>rd<\/sup>February 2018.<\/li>\n<\/ul>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"_Other_updates\"><\/span><em><strong>\u00a0<\/strong><strong><span style=\"text-decoration: underline;\">Other updates<\/span><\/strong><\/em><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul style=\"text-align: justify;\">\n<li>Discounts and Rebates would not form part of \u2018Sale Price\u2019: Supreme Court\u00a0In the case of M\/s. Universal Cylinders Limited v. Commercial Tax Officer.<\/li>\n<li>UIDAI instructs Govt. departments &amp; states not to refuse essential services like medical, school admission, ration through PDS etc for want of Aadhaar.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Direct Tax: Mumbai ITAT allows set off of brought forward house property losses of AY 2009-10 and 2010-11 against income of relevant AY 2012-13 to assessee, holds Sec. 79 provisions inapplicable observing that 2 individual shareholders who became direct shareholders of assessee in AY 2012-13 (50% each) also beneficially held more than 51% of voting &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18,150,172,9,4],"tags":[1063,1674,1001,980,583,753,460,1021,1673,1022],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3781"}],"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=3781"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3781\/revisions"}],"predecessor-version":[{"id":15480,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3781\/revisions\/15480"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=3781"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=3781"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=3781"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}