{"id":4996,"date":"2018-07-19T12:03:59","date_gmt":"2018-07-19T06:33:59","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=4996"},"modified":"2021-08-10T15:40:45","modified_gmt":"2021-08-10T10:10:45","slug":"corporate-professional-updates-19th-july-2018","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-professional-updates-19th-july-2018\/","title":{"rendered":"CORPORATE &#038; PROFESSIONAL UPDATES 19TH 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-69eda39808854\" 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-69eda39808854\"  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-19th-july-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-professional-updates-19th-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-3\" href=\"https:\/\/carajput.com\/blog\/corporate-professional-updates-19th-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-4\" href=\"https:\/\/carajput.com\/blog\/corporate-professional-updates-19th-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-5\" href=\"https:\/\/carajput.com\/blog\/corporate-professional-updates-19th-july-2018\/#OTHER_UPDATES\" title=\"OTHER UPDATES\u00a0\">OTHER UPDATES\u00a0<\/a><\/li><\/ul><\/nav><\/div>\n<p style=\"text-align: justify;\"><img decoding=\"async\" src=\"https:\/\/nebula.wsimg.com\/f7e64d0a11db5fbf52fc402c9413ad4b?AccessKeyId=257631260A7E0C08008A&amp;disposition=0&amp;alloworigin=1\" alt=\"Image result for corporate and professional\" \/><\/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>ITAT deletes TP-adjustment, upholds TNMM over TPO\u2019s CPM as MAM for benchmarking export transaction for Himalaya Drug <a href=\"https:\/\/carajput.com\/blog\/process-of-company-registration-in-india\/\">Company<\/a> (assessee &#8211; partnership firm engaged in the business of manufacture and sale of herbal pharmaceutical products) for AY 2011-12; Rejects TPO\u2019s approach in applying gross profit margin of the domestic consumer product division to the cost of goods sold in exports to AE as\u00a0\u2018factually erroneous and contrary to the mandate of Rule 10B(1)(c)\u2019, notes that though the products sold in the domestic consumer product division were comparable to the products sold to AEs, the functions performed, assets employed and risks undertaken in both the segments were not the same;[TS-614-ITAT-2018(Bang)- TP]<\/li>\n<li>Gujarat HC holds fresh re-assessment notice issued in March, 2017 on assessee (a share broking company) as invalid absent formal withdrawal of first notice of reopening by AO for AY 2010-11; A re-assessment notice was first issued in 2015, which AO had agreed to withdraw in the first round of litigation before the co-ordinate bench, thereafter a fresh notice was issued in 2017 recording fresh reasons for re-opening;[TS-381-HC-2018( GUJ)]<\/li>\n<li>CBDT amends Forms for advance ruling; seeks unique number for identification of non-resident.<\/li>\n<li>CBDTamends Form-34C, 34D, 34DA, 34E &amp; 34EA of application for obtaining an advance ruling and corresponding Rule-44E of the Income Tax Rules, 1962.<\/li>\n<li>Transfer of case u\/s 127 &#8211; \u201cAbsence of dissenting note\u201d from officer of equal rank who has to agree to the proposed transfer would not constitute Agreement, envisaged U\/s-123(2)(a) of the Act, the impugned order held as without jurisdiction \u2013\u00a0<strong>Dilip Tanaji Kashid Vs. Pr.CIT (2018 (7) TMI 1023 &#8211; Bombay HC).<\/strong><\/li>\n<\/ul>\n<p>More read:<\/p>\n<ul>\n<li><a href=\"https:\/\/carajput.com\/learn\/new-tds-deduction-provision-prevent-cash-transactions-of-more-than-1-crore-section-194n.html\">New TDS deduction No cash transactions exceeding 1 Crore -Section 194N<\/a><\/li>\n<li><a href=\"https:\/\/carajput.com\/learn\/nsdl-extension-of-qtr-tdstcs-statement-filing-dates-for-4-quarter-of-fy-201920-until-30-june.html\">Extention of TDS\/TCS statement filing Date<\/a><\/li>\n<li><a href=\"https:\/\/carajput.com\/blog\/basic-understanding-on-tds-on-payments-to-resident-contractors-professionals-section-194m-form-26qd-and-form-16d\/\">TDS payment to resident contractors<\/a><\/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>Delhi High Court has given relief to exporters utilising a scheme that allows duty-free importers from paying <a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\">integrated goods and services tax (IGST)<\/a> on their\u00a0imports.<\/li>\n<li>Govt on Monday kicked off a special fortnight-long drive to facilitate pending GST refunds which will last\u00a0till July 30.\u00a0During this period, dedicated refund cells and help desks would be provided for exporters to get their refund claims processed in each commissionerate.<\/li>\n<li>The Indian government is likely to impose a safeguard duty (SGD) of 25 per cent on solar cells and modules imported from China and Malaysia for the coming two years,\u00a0increasing the cost of more than 85 per cent of the solar capacity in the country.<\/li>\n<li><strong>FRIDAY\u00a0<\/strong><strong>(20JUL2018)<\/strong><strong>is the last date for filing\u00a0<\/strong><strong>GSTR-3B, GSTR-5 &amp; GSTR-5A<\/strong><strong>\u00a0for Jun, 2018.<\/strong><\/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:<\/span><strong>Whether Proper Officer is required to give\u00a0any notice to taxable person before completing\u00a0assessment u\/s 46?<\/strong><\/li>\n<li><span style=\"text-decoration: underline;\">Answer:<\/span><strong>As this provision relates to \u2018best judgment assessment\u2019,\u00a0giving a notice to the taxable person is not required.<\/strong><\/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>MCA\u00a0has constituted a 10 Member Committee, headed by the Secretary of Ministry of Corporate Affairs, for review of the penal provisions in the Companies Act, 2013\u00a0may be setup to examine \u2018de-criminalisation\u2019 of certain offences.<\/li>\n<li>Due Date forGSTR-3B for month of June 2018 &amp;\u00a0payment of due tax till this date-June 20, 2018.<\/li>\n<li>MCA has constituted a 10 Member Committee, headed by the Secretary of Ministry of Corporate Affairs, for review of the penal provisions in the Companies Act, 2013may be setup to examine \u2018de-criminalisation\u2019 of certain offences under the Act.<\/li>\n<li>MCAhas established\u00a0the Centralised Scrutiny &amp; Prosecution Mechanism (CSPM) and officers are appointed as Inspectors for Compliance of Investor Education &amp; Protection Fund\u00a0(Section 124-125) provisions conferred under first proviso to sub-section 4 of Section 206 of the Companies Act, 2013.<\/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\u00a0<\/span><\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul style=\"text-align: justify;\">\n<li>ICAI has submitted\u00a0121 suggestions on various topics under GST to\u00a0 Union Minister of Finance\u00a0\u00a0on\u00a0General Issues, Definitions,\u00a0\u00a0Classification And Exemption, Scope Of Supply, Composite And Mixed Supply, Composition Levy, Time &amp; Value Of Supply, Input Tax Credit etc<\/li>\n<\/ul>\n<p style=\"text-align: justify;\">For any query you can write to\u00a0<a>singh@carajput.com<\/a>. Hope the information will assist you in your Professional\u00a0endeavors. For query or help, contact:\u00a0\u00a0\u00a0<a>singh@carajput.com<\/a>\u00a0or call at\u00a009811322785\/4 9555 5555 480)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Direct Tax : ITAT deletes TP-adjustment, upholds TNMM over TPO\u2019s CPM as MAM for benchmarking export transaction for Himalaya Drug Company (assessee &#8211; partnership firm engaged in the business of manufacture and sale of herbal pharmaceutical products) for AY 2011-12; Rejects TPO\u2019s approach in applying gross profit margin of the domestic consumer product division to &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[5411,5412,5413,5410,5420,5415,5422,5416,5407,5417,5409,5406,5408,5418,5421,5419,5405,5414],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/4996"}],"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=4996"}],"version-history":[{"count":4,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/4996\/revisions"}],"predecessor-version":[{"id":15287,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/4996\/revisions\/15287"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=4996"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=4996"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=4996"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}