{"id":4417,"date":"2018-06-26T00:27:19","date_gmt":"2018-06-25T18:57:19","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=4417"},"modified":"2021-12-03T15:06:23","modified_gmt":"2021-12-03T09:36:23","slug":"corporate-and-professional-updates-26th-june-2018","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-26th-june-2018\/","title":{"rendered":"corporate and professional updates 26th june 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-69d2c57ddc40b\" 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-69d2c57ddc40b\"  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-26th-june-2018\/#corporate_and_professional_updates_26th_june_2018\" title=\"corporate and professional updates 26th june 2018\">corporate and professional updates 26th june 2018<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-26th-june-2018\/#Direct_Tax\" title=\"Direct Tax :\">Direct Tax :<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-26th-june-2018\/#INDIRECT_TAX\" title=\"INDIRECT TAX\">INDIRECT TAX<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-26th-june-2018\/#FAQ_on_E-WAY_BILLS\" title=\"FAQ on E-WAY BILLS:\">FAQ on E-WAY BILLS:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-26th-june-2018\/#OTHER_UPDATES\" title=\"OTHER UPDATES\">OTHER UPDATES<\/a><ul class='ez-toc-list-level-4'><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-26th-june-2018\/#KEY_DATE\" title=\"KEY DATE:\">KEY DATE:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-26th-june-2018\/#More_read_Refund_mechanism_under_GST_service_export\" title=\"More read:Refund mechanism under GST service export\">More read:Refund mechanism under GST service export<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p style=\"text-align: justify;\"><img decoding=\"async\" src=\"https:\/\/www.jetairways.com\/Images\/cards\/management.jpg\" alt=\"Image result for corporate and professional\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"corporate_and_professional_updates_26th_june_2018\"><\/span>corporate and professional updates 26th june 2018<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3 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><\/h3>\n<ul style=\"text-align: justify;\">\n<li>Mumbai ITAT rules that capital gains of Rs. 455.70 Cr. arising to assessee-company (a tax resident of Singapore), pursuant to trading in Indian securities during AY 2011-12, not taxable in India under Article 13(4) of India-Singapore DTAA; Rejects Revenue\u2019s stand that in view of Article 24 (Limitation of Benefit clause), capital gains exemption under Article 13(4) cannot be allowed since income was not repatriated to Singapore, ITAT clarifies that Article 24 does not have much relevance insofar as it relates to applicability of Article 13(4);\u00a0[TS-321-ITAT-2018(Mum)]<\/li>\n<li>Kolkata ITAT dismisses Revenue\u2019s appeal for AY 2009-10, deletes<a href=\"https:\/\/carajput.com\/blog\/tag\/long-term-capital-asset\/\"> long term capital gains <\/a>(\u2018LTCG\u2019) addition u\/s. 50B, made by the AO on transfer of Trading and Distribution (\u2018T&amp;D\u2019) division of assessee-company (GE Healthcare OY\u2019s wholly owned subsidiary) to Wipro GE Healthcare vide demerger (approved w.e.f. April 1, 2008);\u00a0[TS-320-ITAT-2018(Kol)]<\/li>\n<li>Validity of reopening of assessment beyond 4 years &#8211; there is no mention that income amounting to \u20b9 1 lac or more is believed to have escaped assessment &#8211; reassessment proceedings held to be null &amp; void ab-initio \u2013<strong>Usha Agarwal Vs. ITO (2018 (6) TMI 1175 &#8211; ITAT Agra).<\/strong><\/li>\n<li>Assessment u\/s 153A &#8211; Addition u\/s 68 &#8211; the burden had shifted to revenue to show the basis of some reliable and tangible material which could indicate undisclosed receipts out of books of accounts in the hands of assesse &#8211; we cannot improve upon what AO could have done himself &#8211; addition made by AO on account of alleged receipts of cash deleted <strong>\u2013\u00a0<\/strong><strong>Godwin Construction Pvt. Ltd. Vs. ACIT, CC &amp; Vice Versa (2018 (6) TMI 1172 &#8211; ITAT Delhi).<\/strong><\/li>\n<li>CBDT has proposed clear-cut timelines by which excess amount assessed by transfer pricing officials (TPOs) over what was declared by associated enterprises of multinational corporations (MNCs) has to be brought in India. These timelines relate to advance pricing agreements (APAs) and mutual agreement procedures (MAPs).<\/li>\n<\/ul>\n<h3 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><\/h3>\n<ul style=\"text-align: justify;\">\n<li>Services provided by TPADL with respect to the non-tariff charges recovered from their customers are not eligible for exemption and TPADL is liable to pay tax on the aforesaid recovery made from their customers \u2013\u00a0<strong>AAR, Rajasthan\u00a0<\/strong><strong>in\u00a0<\/strong><strong>TP Ajmer Distribution Ltd. (2018 (6) TMI 1196).<\/strong><\/li>\n<li>The service provided by M\/s. Rishi Shipping is classifiable as \u2018Rental or leasing services involving own or leased non-residential property\u2019 (Service Accounting Code \u2013 9972) leviable to <a href=\"https:\/\/www.caindelhiindia.com\/blog\/application-of-gst-on-contribution-by-rwa-members\/\">GST <\/a>@ 18% <strong>&#8211;\u00a0<\/strong><strong>AAR, Gujarat<\/strong><strong>in\u00a0<\/strong><strong>Rishi Shipping (2018 (6) TMI 1195).<\/strong><\/li>\n<li>CBEC has issued modifications to the procedure for interception of conveyances for inspection of goods in movement, and detention, release and confiscation of such goods and conveyances, as clarified in Circular No. 41\/15\/2018-GST dated 13.04.2018<strong>.\u00a0<\/strong><\/li>\n<li>E-Way bill generation touches 10-crore mark over 80 days after its launch on April 1, e-way bill generation hit the 10-crore mark. \u201cTen crore E-Way bills in two months and 21 days and still it is showing an upward trend.<\/li>\n<li>Short term accommodation, conferencing, banqueting etc provided to <a href=\"https:\/\/carajput.com\/sez-stpi.php\">SEZ<\/a> developer\/ unit to be treated as Inter-State supply. Circular 48 of 14.6.18.<\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"FAQ_on_E-WAY_BILLS\"><\/span><strong><em><span style=\"text-decoration: underline;\">FAQ on E-WAY BILLS:<\/span><\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li><span style=\"text-decoration: underline;\">Query:<\/span>How does the unregistered transporter get his unique id or transporter id?<\/li>\n<li><span style=\"text-decoration: underline;\">Answer:<\/span>The transporter is required to provide the essential information for enrolment on the EWB portal. The transporter id is created by the EWB system after furnishing the requisite information. The details of information to be furnished are available in the user manual.<strong>\u00a0<\/strong><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h3 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><\/h3>\n<ul style=\"text-align: justify;\">\n<li>Overriding IBC, 2016 &#8211; Since NCLT is not a forum superior to the High Court, it&#8217;s orders cannot be construed as injuncting this Court from proceeding with a winding up proceeding in which it has clear jurisdiction to hear and decide <strong>&#8211;\u00a0<\/strong><strong>Vinod Jain Vs. Jaipur Metals &amp; Electricals (2018 (6) TMI 1167 &#8211; Rajasthan HC).<\/strong><\/li>\n<li>ICICI Bank NSE 0.91 % has disclosed that it has received a whistleblower complaint, alleging irregularities in respect of 31 loan accounts worth Rs 6,082 Crore.<\/li>\n<li>The allegations pertain to incorrect accounting of interest income on non-performing assets (NPAs) as fees and overvaluation of security provided for corporate loans.<\/li>\n<li>Prime Minister Narendra Modi called for targeting double-digit GDP growth for breaking into the USD 5 trillion economy club and said India&#8217;s share in world trade has to more than double to 3.4 per cent.<\/li>\n<\/ul>\n<h4 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"KEY_DATE\"><\/span><strong><em>KEY DATE<\/em><\/strong>:<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<ul style=\"text-align: justify;\">\n<li>QUARTERLY RETURN FOR REGISTERED PERSONS WITH AGGREGATE TURNOVER UP TO RS. 1.50 CRORES: GSTR-1 :-31. JULY\u00a02018<\/li>\n<li>DUE DATE FOR FILLING GST TRAN-2- 30.06.2018<\/li>\n<li><span style=\"color: #0000ff;\"><strong><a style=\"color: #0000ff;\" href=\"https:\/\/carajput.com\/blog\/reasons-for-the-movement-of-goods-under-the-gst\/\"><em>More read: Reasons for the Movement of Goods under the GST<\/em><\/a><\/strong><\/span><br \/>\n<h4><span class=\"ez-toc-section\" id=\"More_read_Refund_mechanism_under_GST_service_export\"><\/span><strong><a href=\"https:\/\/carajput.com\/blog\/refunds-mechanism-under-service-exports-under-gst-2\/\">More read:Refund mechanism under GST service export<\/a><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>corporate and professional updates 26th june 2018 Direct Tax : Mumbai ITAT rules that capital gains of Rs. 455.70 Cr. arising to assessee-company (a tax resident of Singapore), pursuant to trading in Indian securities during AY 2011-12, not taxable in India under Article 13(4) of India-Singapore DTAA; Rejects Revenue\u2019s stand that in view of Article &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":[2549,2551,2550,2552,2554,1455,2555,558,2553,2548,2547,2441],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/4417"}],"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=4417"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/4417\/revisions"}],"predecessor-version":[{"id":7043,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/4417\/revisions\/7043"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=4417"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=4417"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=4417"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}