{"id":4971,"date":"2018-07-16T11:26:52","date_gmt":"2018-07-16T05:56:52","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=4971"},"modified":"2021-11-20T17:27:11","modified_gmt":"2021-11-20T11:57:11","slug":"corporate-and-professional-updates-16th-july-2018","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-16th-july-2018\/","title":{"rendered":"corporate and professional updates 16th july 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-69d04ced1ba32\" 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-69d04ced1ba32\"  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-16th-july-2018\/#corporate_and_professional_updates_16th_july_2018\" title=\"corporate and professional updates 16th july 2018\">corporate and professional updates 16th july 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-16th-july-2018\/#Direct_Tax\" title=\"Direct Tax :\">Direct Tax :<\/a><\/li><\/ul><\/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-16th-july-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-4\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-16th-july-2018\/#FAQ_on_GST_Audit\" title=\"FAQ on GST Audit:\">FAQ on GST Audit:<\/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-16th-july-2018\/#MCA_UPDATES\" title=\"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-6\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-16th-july-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-7\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-16th-july-2018\/#RBI_UPDATES\" title=\"RBI UPDATES\">RBI UPDATES<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-16th-july-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-9\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-16th-july-2018\/#KEY_DUE_DATES\" title=\"KEY DUE DATES\">KEY DUE DATES<\/a><\/li><\/ul><\/nav><\/div>\n<p style=\"text-align: justify;\"><img decoding=\"async\" src=\"https:\/\/scintilladigi.com\/wp-content\/uploads\/2017\/07\/corporate-film-making-company.jpg\" alt=\"Image result for corporate\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"corporate_and_professional_updates_16th_july_2018\"><\/span>corporate and professional updates 16th july 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 Sec. 79 restriction on loss set-off and carry forward would apply to assessee-company, whose entire stake was acquired by a widely held company during subject AY 2011-12; Holds that Sec. 79 was applicable as assessee was a closely held company at the time when change in shareholding took place; Rejects assessee\u2019s stand that since it became a widely held company post stake sale, i.e., a company in which public are substantially interested, Sec. 79 restriction cannot apply, ITAT clarifies that the status of the company after the change in shareholding pattern is not relevant for invoking Sec 79 ;[TS-377-ITAT-2018(Mum)]<\/li>\n<li>Delhi HC stays operation of the order of ITAT President consolidating various cases, calls it as \u2018utterly unreasoned\u2019; HC notes that ITAT had consolidated several appeals which apparently did not involve the same question of law or facts, further observes that they arose out of different assessment proceedings and appeals which had no connection with each other;[TS-374-HC-2018(DEL)]<\/li>\n<li>CBDT &amp; CBIC has increased the monetary threshold limits for departmental appeals at various levels \u2014 appellate tribunals, high courts, and\u00a0 the Supreme Court.<\/li>\n<li>This is the second time in two years that the threshold has been hiked for the (CBDT) and (CBIC).<\/li>\n<\/ul>\n<table width=\"576\">\n<tbody>\n<tr>\n<td width=\"26\"><\/td>\n<td width=\"272\">Appeals in Income Tax matters<\/td>\n<td width=\"279\">Monetary Limits (in Rs.)<\/td>\n<\/tr>\n<tr>\n<td width=\"26\">1<\/td>\n<td width=\"272\">Before Appellate Tribunal<\/td>\n<td width=\"279\">20,00,000\/-<\/td>\n<\/tr>\n<tr>\n<td width=\"26\">2<\/td>\n<td width=\"272\">Before High Court<\/td>\n<td width=\"279\">50,00,000\/-<\/td>\n<\/tr>\n<tr>\n<td width=\"26\">3<\/td>\n<td width=\"272\">Before Supreme Court<\/td>\n<td width=\"279\">1,00,00,000\/-<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul style=\"text-align: justify;\">\n<li>ITAT Mumbai has sought further investigation into cases linked to HSBC\u2019s Geneva branch involving A US-based NRI. A list of people of\u00a0 Indian origin having bank accounts in Geneva was handed to India by France in 2011.<\/li>\n<li>Delhi ITAT remits issue of ALP-determination in respect of assessee\u2019s provision of business support services to AE considering that entire TP analysis was made by the TPO on the basis of wrong FAR of the assesse as well as comparables for AY 2010-11; Opines that\u00a0\u201cwhen the entire TP analysis is based upon the wrong FAR of the comparables and the TPO has assumed wrong functions being performed by the taxpayer, the entire subsequent exercise as to selecting the comparables has become erroneous and is of no use to determine the arm\u2019s length price of international transaction for determining ALP of international transaction rather entire exercise needs to be carried out afresh\u201d;\u00a0[TS-521-ITAT-2018( DEL)-TP]<\/li>\n<li>ITAT remits ALP determination of royalty payment to AE for AY 2010-11; Relies upon ITAT order in assessee&#8217;s own case for AY 2007-08 and 2008-09; TPO had restricted the ALP for royalty at 1% of net sales under CUP while assessee had used TNMM for determining ALP of royalty payment; Separately, ITAT rejects assessee&#8217;s ground to set aside DRP&#8217;s order alleging judicial bias, observes that no instance of bias was brought to its notice;\u00a0[TS-524-ITAT-2018(Bang)-TP]<\/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>Multi Vehicle Option for e-Way bill: The new option has been introduced wherein the consignment of one e-way bill has to be moved in multiple vehicles, after moving to transshipment place.<\/li>\n<li><a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\">GST<\/a> Practitioners Required To Pass Enrollment Of GST Practitioners Examination Before 31st December, 2018.<\/li>\n<li>To make compliance easy for businesses the Government has introduced various initiatives like GST Practitioners and GST Facilitation Centres.<\/li>\n<li>Section 48 of the CGST Act provides for the authorisation of an eligible person to act as approved GST practitioner.<\/li>\n<\/ul>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"FAQ_on_GST_Audit\"><\/span><strong><em><span style=\"text-decoration: underline;\">FAQ on<a href=\"https:\/\/carajput.com\/gst\/gst-audit.php\"> GST Audit<\/a>:<\/span><\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul style=\"text-align: justify;\">\n<li><span style=\"text-decoration: underline;\">Query:\u00a0<\/span>Is summary assessment order to be necessarily passed against the taxable person?<\/li>\n<li><span style=\"text-decoration: underline;\">Answer:<\/span> In certain cases, like when goods are under transportation or are stored in a warehouse, and the taxable person in respect of such goods cannot be ascertained, the person in charge of such goods shall be deemed to be the taxable person and will be assessed to tax (proviso to Section 64 of CGST \/ SGST Act).<\/li>\n<li>Query:\u00a0What is the legal recourse available in respect of a person who is liable to pay tax but has failed to obtain registration?<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li><span style=\"text-decoration: underline;\">Answer:\u00a0<\/span>Section 63 of CGST\/SGST Act provides that in such a case, the proper officer can assess the tax liability and pass an order to his best judgment for the relevant tax periods. However, such an order must be passed within a period of five years from the due date for furnishing the annual return for the financial year to which non-payment of tax relates.<\/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 <\/a><a href=\"https:\/\/www.caindelhiindia.com\/blog\/application-of-gst-on-contribution-by-rwa-members\/\">GST<\/a><\/em><\/strong><\/p>\n<p><strong><em><u>Read more about<\/u><u>: <\/u><\/em><em><a href=\"https:\/\/carajput.com\/blog\/all-about-gst-offenses-penalties-appeals\/\">All about GST Offenses, Penalties, and Appeals<\/a><\/em><\/strong><\/p>\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>MCA has notified the constitution of the Jaipur Bench of National Company Law Tribunal w.e.f. 01-07-2018. It is now further informed to all\u00a0 the Stakeholders and companies that all matters having territorial jurisdiction at NCLT, Jaipur Bench, as filed under the different provisions of\u00a0 the Companies Act, 2013 and \/ or Insolvency &amp; Bankruptcy Code, 2016 have been transferred from NCLT, New Delhi Bench to NCLT, Jaipur\u00a0 Bench.<\/li>\n<li>DIR-3 KYC will be available on MCA21 Company Forms Download page w.e.f\u00a014th July 2018\u00a0for filing purposes. Stakeholders are advised to plan accordingly.<\/li>\n<li>Forms MGT-7, AOC-4 and Additional Attachment are likely to be revised on MCA21 Company Forms Download page w.e.f\u00a014th JULY 2018. Stakeholders are advised to check the latest version before filing.<\/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>India is now the world&#8217;s sixth-biggest economy, having muscled past France.\u00a0India is expected to grow at 7.4 per cent in 2018 and 7.8 per cent\u00a0 in 2019, leaving its nearest rival China behind.<\/li>\n<li>Ministry of Law &amp; Justice, vide Circular No F.No: A-12023(1)\/2\/2018-Admn.III(LA) dated 06.07.2018, has invited applications for appointment to the posts of Judicial &amp; Accountant Members of the Income Tax Appellate Tribunal.<\/li>\n<li>Membership Open For Ccatax (Tax Bar) \u00a0Chd Ca Taxation Association \u00a0Apply Online At\u00a0WWW.CCA.Tax\u00a0\u00a0No Membership Fees , Only Tax Practitioner May Apply. Membership Only For Chandigarh Region.<\/li>\n<li>Amounts paid as part of the lease premium or biannual or annual payments for a limited\/specific period towards acquisition of lease hold rights are not subject to TDS, being capital payments.<\/li>\n<li>\u00a0New Okhla Industrial Development Authority (NOIDA) vs. ACIT (Supreme Court) (S. 194-I).<\/li>\n<\/ul>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"RBI_UPDATES\"><\/span><strong><em><span style=\"text-decoration: underline;\">RBI UPDATES<\/span><\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul style=\"text-align: justify;\">\n<li><a href=\"https:\/\/carajput.com\/rbi-consulting.php\">RBI<\/a> has mandated for Incorporation of Name of the Purchaser on the Face of the Demand Draftand its possible misuse for money laundering.<\/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><a href=\"https:\/\/carajput.com\/sebi-consulting.php\">SEBI<\/a> has issued circular w.r.t. Discontinuation of acceptance of cash by Stock Brokers from their clients either directly or by way of cash deposit to the bank account of stock broker.<\/li>\n<\/ul>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"KEY_DUE_DATES\"><\/span><em><strong>KEY DUE DATES<\/strong><\/em><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul style=\"text-align: justify;\">\n<li>GSTR-3B (Jun 2018)-Jul 20th, 2018<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>GSTR-5 (Jun 2018)-Jul 20th, 2018<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>GSTR-6 (Jul\u201917 \u2013 Jun\u201918)- Jul 31st, 2018<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>GSTR-4 (Apr-Jun, 2018)-Jul 18th, 2018<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>GSTR-5A (Jun 2018)-Jul 20th, 2018<\/li>\n<li>Quarterly return for registered persons with aggregate turnover up to Rs. 1.50 Crores- GSTR-1 (Apr-Jun, 2018)-Jul 31st, 2018.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>corporate and professional updates 16th july 2018 Direct Tax : Mumbai ITAT rules that Sec. 79 restriction on loss set-off and carry forward would apply to assessee-company, whose entire stake was acquired by a widely held company during subject AY 2011-12; Holds that Sec. 79 was applicable as assessee was a closely held company at &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":[5382,5377,5380,5381,1296,5379,558,5384,5378,5383],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/4971"}],"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=4971"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/4971\/revisions"}],"predecessor-version":[{"id":19132,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/4971\/revisions\/19132"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=4971"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=4971"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=4971"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}