{"id":3869,"date":"2018-03-22T00:59:17","date_gmt":"2018-03-21T19:29:17","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=3869"},"modified":"2021-08-11T16:35:06","modified_gmt":"2021-08-11T11:05:06","slug":"corporate-professional-updates-22nd-march-2018","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-professional-updates-22nd-march-2018\/","title":{"rendered":"Corporate &#038; Professional Updates 22nd March 2018"},"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-6ac73948f4189\" 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-6ac73948f4189\"  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-professional-updates-22nd-march-2018\/#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-professional-updates-22nd-march-2018\/#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-professional-updates-22nd-march-2018\/#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-professional-updates-22nd-march-2018\/#MCA_updates\" >MCA 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-professional-updates-22nd-march-2018\/#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-6\" href=\"https:\/\/carajput.com\/blog\/corporate-professional-updates-22nd-march-2018\/#Key_dates\" >Key dates<\/a><\/li><\/ul><\/nav><\/div>\n<p style=\"text-align: justify;\"><img decoding=\"async\" src=\"https:\/\/www.clydeco.com\/images\/made\/uploads\/Blogs\/insurance\/Corporate-ClydeCo-0010_800_450_90_s_c1_c_c.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><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>Gujarat HC dismisses assessee&#8217;s writ, upholds reassessment initiated (beyond 4 years period) on the basis of information received from Investigation Wing of the Department for AY 2010-2011;\u00a0[TS-123-HC-2018(GUJ)]<\/li>\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 deletes\u00a0\u00a0notional income addition\u00a0\u00a0u\/s. 23\u00a0 towards\u00a0annual letting value of\u00a0unsold flats of Runwal builders (\u2018assessee\u2019) during AY 2012-13; ITAT observes that flats sold by assessee were assessed under the head \u2018income from business\u2019 and\u00a0the unsold flats were treated as its stock-in-trade, therefore holds that AO was incorrect in taxing notional value of unsold flats under the head \u2018income from house property\u2019;\u00a0[TS-124-ITAT-2018( Mum)]<\/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>CBEC issues advisory to field formations upon noticing <a href=\"https:\/\/carajput.com\/gst\/gst-refund.php\">IGST refunds<\/a> being held up on exports from Inland Container Depots (ICDs) either due to non-filing of Export General Manifest (EGM) at gateway port or information mismatch between local and gateway EGMs;<\/li>\n<li>CBEC to verify 50,000 Transitional Credit Claims. In a bid to tackle fraudulent transitional credit claims by the taxpayers in their TRAN-1 return.<\/li>\n<li>CBEC has issued circular regarding refund of <a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\">IGST<\/a> on export- EGM Error related cases.\u00a0Vide Circular No. 06\/2018, dated 16th March 2018.<\/li>\n<li>Kerala High Court quashed order of CESTAT since it failed to decide the issue that SCN is barred by time specifically raised by the party and directed to issue afresh. Excell Corrogogated Boxes P Ltd. Vs CCE 2018 (359) 639 Kerala.<\/li>\n<\/ul>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"GST_updates\"><\/span><span style=\"text-decoration: underline;\"><em><strong>GST updates<\/strong><\/em><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul style=\"text-align: justify;\">\n<li>E-way bill shall be required w.e.f\u00a01.4.2018\u00a0for inter-state supplies where value of consignment\u00a0excluding Exempted goods, exceeds Rs. 50000.<\/li>\n<li>GST Council has decided to extend <a href=\"https:\/\/carajput.com\/gst\/gst-return.php\">GSTR-3B<\/a> return filling up to\u00a030.06.2018<\/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=\"MCA_updates\"><\/span><strong><em><span style=\"text-decoration: underline;\">MCA updates<\/span><\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul style=\"text-align: justify;\">\n<li>The Bombay High Court has directed the Tribunal \u00a0to decide the specific issues raised in the rectification application wherein \u00a0it was pleaded \u00a0that tribunal has not considered vital issues \u00a0in the final \u00a0order. National Torches and Tubes Vs CCE 2018 (359)669.<\/li>\n<\/ul>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"SEBI_updates\"><\/span><span style=\"text-decoration: underline;\"><strong><em>SEBI updates<\/em><\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul style=\"text-align: justify;\">\n<li><a href=\"https:\/\/carajput.com\/sebi-consulting.php\">SEBI<\/a> has passed\u00a0an order providing exit to the Universal Commodity Exchange Limited (UCX)vide its Circular dated January 11, 2016, had issued guidelines for the exit of Commodity Derivatives Exchanges.<\/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 class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul style=\"text-align: justify;\">\n<li>ITR Filling last date for <a href=\"https:\/\/carajput.com\/income-tax-services.php\">Income Tax Returns (ITRs)<\/a> for FY 2015-16 and FY 2016-17:-31-03-2018<\/li>\n<li>Condonation of Delay Scheme 2018 which allows defaulting companies to file its overdue documents which were due for filing.:-31-03-2018<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Direct Tax: Gujarat HC dismisses assessee&#8217;s writ, upholds reassessment initiated (beyond 4 years period) on the basis of information received from Investigation Wing of the Department for AY 2010-2011;\u00a0[TS-123-HC-2018(GUJ)] 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 &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":[1147,1063,1105,1574,1115,1069],"class_list":["post-3869","post","type-post","status-publish","format-standard","hentry","category-companies-act-roc","category-direct-tax","category-gst","category-income-tax","category-indirect-tax","tag-cbec-has-issued-circular-regarding-refund-of-igst-on-export","tag-condonation-of-delay-scheme","tag-e-way-bill-shall-be-required-w-e-f-1-4-2018-for-inter-state-supplies","tag-extend-gstr-3b-return-filling-up-to-30-06-2018-by-gst-council","tag-gstr-3b-to-continue-for-further-3-months","tag-share-premiums-can-be-assessed-under-section-68-of-the-income-tax-act"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 5.0.2 - aioseo.com -->\n\t<meta name=\"description\" content=\"Direct Tax: Gujarat HC dismisses assessee&#039;s writ, upholds reassessment initiated (beyond 4 years period) on the basis of information received from Investigation Wing of the Department for AY 2010-2011; 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