{"id":3864,"date":"2018-03-20T01:03:46","date_gmt":"2018-03-19T19:33:46","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=3864"},"modified":"2023-09-03T10:52:56","modified_gmt":"2023-09-03T05:22:56","slug":"corporate-and-professional-updates-20th-march-2018","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-20th-march-2018\/","title":{"rendered":"Corporate and Professional updates 20th March 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-69e86af27befc\" 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-69e86af27befc\"  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-march-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-march-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-20th-march-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-20th-march-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-march-2018\/#Other_updates\" title=\"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-6\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-20th-march-2018\/#Key_Dates\" title=\"Key Dates:\">Key Dates:<\/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>Delhi ITAT dismisses Revenue\u2019s appeal and deletes addition u\/s 68 on assessee-company during AY 2006-07, holds that the entire assessment proceedings are vitiated because of non-service of notice u\/s 143(2) within the period of limitation by the AO having jurisdiction over the case of the assessee;\u00a0[TS-120-ITAT-2018( DEL)]<\/li>\n<li>Mumbai ITAT allows deduction u\/s. 37 for penalty paid by assessee-company (engaged in the business of property development) to Slum Rehabilitation Authority (SRA) during AY 2010-11, rules that penalty was paid for regularization of certain construction work within the permissible byelaws of concerned authority and not for infringement or violation of any law [TS-119-ITAT-2018-(Mum)]<\/li>\n<li>Pune ITAT quashes CIT&#8217;s order u\/s. 263 denying deduction u\/s 80IA(4) to assessee (a partnership firm having 3 corporate entities as its partners) for AY 2012-13, rejects Revenue\u2019s stand that deduction u\/s 80IA(4) is available only to a company or a consortium of companies and since the assessee is a partnership firm, it is not eligible for impugned deduction;\u00a0[TS-118-ITAT-2018(PUN)]<\/li>\n<li>Benefit of Indexation of cost to be available where shares unlisted on 31.1.18 but are listed on date of transfer which happens on or after\u00a01.4.18<\/li>\n<\/ul>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Indirect_Tax\"><\/span><strong><em><span style=\"text-decoration: underline;\">Indirect Tax:<\/span><\/em><\/strong><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><strong><em><span style=\"text-decoration: underline;\">GST updates<\/span><\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul style=\"text-align: justify;\">\n<li>E-way bill shall be required wef\u00a001.04.2018\u00a0for inter-state supplies where value of consignment \u00a0Excluding Exempted goods exceeding Rs. 50000.<\/li>\n<li>GST has set up camps across India for Exporters refund beginning March 15, CBEC Chairperson Vanaja Sarna said they\u00a0has already given refunds to the tune of Rs 50 billion but as much as 70 per cent of total refunds to exporters is still stuck even after eight months of GST roll out.<\/li>\n<li>The government will not further extend the deadline for selling pre-GST stock with revised maximum retail price (MRP) stickers beyond this month, Minister of Consumer Affairs, Food and Public Distribution Ram Vilas Paswan has said.<\/li>\n<\/ul>\n<p>More read:<\/p>\n<ul>\n<li><a href=\"https:\/\/carajput.com\/blog\/key-characteristics-for-auto-population-of-e-invoice-details-in-gstr-1-2a-2b-4a-6a\/\">Key characteristics for Auto-population of e-invoice<\/a><\/li>\n<li><a href=\"https:\/\/carajput.com\/blog\/overview-of-invoice-furnishing-facility-iff-under-qrmp-scheme\/\">Overview of Invoice Furnishing Facility (IFF) Under QRMP Scheme<\/a><\/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>SEBI raised the exposure limit under exchange-traded currency derivatives trading for residents and FPIs to USD 100 million across all currency pairs involving the Indian rupee. The move will help entities engaged in forex transactions to maintain their currency risks in a better manner.<\/li>\n<\/ul>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Other_updates\"><\/span><strong><em><span style=\"text-decoration: underline;\">Other updates<\/span><\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul style=\"text-align: justify;\">\n<li>A\u00a0division bench of the Delhi High Court has admitted an appeal against the order of the Single bench in the CA Final Result mismatch case and\u00a0asks ICAI to produce Documents.<\/li>\n<\/ul>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Key_Dates\"><\/span><strong><em><span style=\"text-decoration: underline;\">Key Dates<\/span><\/em><\/strong><span style=\"text-decoration: underline;\">:<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li style=\"text-align: justify;\">GSTR return summary for February:\u00a020.03.2018<\/li>\n<li style=\"text-align: justify;\">Payment of ESI of February:\u00a021.03.2018.<\/li>\n<li style=\"text-align: justify;\">ITR Filling last date for Income Tax Returns (ITRs) for FY 2015-16 and FY 2016-17:-31-03-2018<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><em>Disclaimer:<\/em><\/p>\n<p style=\"text-align: justify;\">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)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Direct Tax: Delhi ITAT dismisses Revenue\u2019s appeal and deletes addition u\/s 68 on assessee-company during AY 2006-07, holds that the entire assessment proceedings are vitiated because of non-service of notice u\/s 143(2) within the period of limitation by the AO having jurisdiction over the case of the assessee;\u00a0[TS-120-ITAT-2018( DEL)] Mumbai ITAT allows deduction u\/s. 37 &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[150,172,9,4],"tags":[1131,1578,1063,1577,1132,1580,1579,1134,1576,1575],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3864"}],"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=3864"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3864\/revisions"}],"predecessor-version":[{"id":25366,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3864\/revisions\/25366"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=3864"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=3864"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=3864"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}