{"id":5277,"date":"2018-08-31T00:05:09","date_gmt":"2018-08-30T18:35:09","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=5277"},"modified":"2021-09-16T23:31:13","modified_gmt":"2021-09-16T18:01:13","slug":"corporate-and-professional-updates-31st-aug-2018","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-31st-aug-2018\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATES 31ST AUG 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-69ea805be4b6f\" 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-69ea805be4b6f\"  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-31st-aug-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-31st-aug-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-31st-aug-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-and-professional-updates-31st-aug-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-5\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-31st-aug-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-31st-aug-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-31st-aug-2018\/#KEY_DUE_DATES\" title=\"KEY DUE DATES\u00a0\">KEY DUE DATES\u00a0<\/a><\/li><\/ul><\/nav><\/div>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Direct_Tax\"><\/span><img decoding=\"async\" src=\"https:\/\/nebula.wsimg.com\/f7e64d0a11db5fbf52fc402c9413ad4b?AccessKeyId=257631260A7E0C08008A&amp;disposition=0&amp;alloworigin=1\" alt=\"Image result for corporate and professional updates\" \/><strong><em><span style=\"text-decoration: underline;\"><a href=\"https:\/\/carajput.com\/blog\/meaning-of-relative-under-different-act-2\/\">Direct Tax<\/a> :<\/span><\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul style=\"text-align: justify;\">\n<li>Delhi ITAT rejects TPO\/DRP\u2019s Net Asset Value (NAV) based ALP for benchmarking consideration for sale of shares in an Indian company by assessee (Singapore company) to another non-resident entity (AE) for AY 2012-13\u00a0[TS-897-ITAT-2018(DEL)-TP]<\/li>\n<li>Delhi ITAT confirms Rs. 80 lakh bogus share capital subscription addition u\/s 68 in case of assessee (a private limited company) for AY 2005-06, also confirms unaccounted expenditure addition in respect of commission @ 2.5% for arranging the accommodation entries, upholds re-assessment[TS-496-ITAT-2018(DEL)]<\/li>\n<li>ITAT: Grants stay considering earlier-year refunds due; Comparables selection for software-developer in dispute\u00a0[TS-891-ITAT-2018(DEL)-TP]<\/li>\n<li>CBDT has extended the due date for filing<a href=\"https:\/\/carajput.com\/income-tax-services.php\"> income tax returns (ITR)<\/a> for all income tax assessees in Kerala to\u00a0September 15, 2018, as per an official release.<\/li>\n<li>CBDT has decided, in\u00a0super-session\u00a0of Circulars issued, that departmental appeals may be filed on merits before Income Tax Appellate Tribunal and High Courts and SLPs\/ appeals before Supreme Court keeping in view the monetary limits and conditions specified.<\/li>\n<li>CBDT told the Bombay High Court that 0.10% STT would be levied on physical delivery of shares in the equity derivatives segment. A division bench of justices B R Gavai and M S Karnik had last week sought clarity from the CBDT on the STT rate after the ANMI filed a petition.<\/li>\n<li>Penalty u\/s. 271D r.w.s. 269SS &#8211; No penalty u\/s. 271D can be levied on an assessee where the loans have been accepted in an assessment u\/s. 143(3) of the Act made by the AO as genuine \u2013\u00a0<strong>DCIT Vs. Akash InfraCom Project Pvt. Ltd. (2018 (8) TMI 1489 &#8211; ITAT Cuttack).<\/strong><\/li>\n<li>Bad debts \u2013 CIT (A) and Tribunal concurrently held that the respondent bank would also be a scheduled bank and consequently allowed the bad debts u\/s 36(1)(viia)(a) of the Act. Such being the position, we find no error in the view \u2013\u00a0<strong> CIT Vs. Saurashtra Gramin Bank (2018 (8) TMI 1558 &#8211; Gujarat High Court).<\/strong><\/li>\n<\/ul>\n<p>More read : \u00a0 \u00a0 \u00a0<a href=\"https:\/\/carajput.com\/blog\/tax-audit-ceiling-u-s-44ab\/\">Tax audit limit for fy 2019 20<\/a><\/p>\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>Govt is planning to compare data filed by companies with different departments to detect discrepancies and check whether there\u2019s been any leakage in tax collected, raising the prospect of even greater scrutiny, said people with knowledge of the matter.<\/li>\n<li><a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\">GSTIN<\/a>\u00a0has addeda\u00a0New facility for filing of refund application for multiple tax period,\u00a0which is\u00a0available for supplies made w<strong>ithout payment of Tax for i). Export of Goods &amp; Services; and ii). Supplies made to SEZ Unit \/ SEZ Developer.<\/strong><\/li>\n<li>Tax officials are working on a proposal to link electricity connection of some manufacturers with GSTIN to keep a tab on power consumption. This will act as an anti-evasion measure to dissuade taxpayers from underreporting sales.<\/li>\n<\/ul>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"FAQ_on_GST_Audit\"><\/span><strong><em>FAQ on <a href=\"https:\/\/carajput.com\/gst\/gst-audit.php\">GST Audit<\/a>:<\/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>What is Prosecution?<\/li>\n<li><span style=\"text-decoration: underline;\">Answer:<\/span>Prosecution is the institution or commencement of legal proceeding; the process of exhibiting formal charges against the offender. Section 198 of the Criminal Procedure Code defines \u201cprosecution\u201d as the institution and carrying on of the legal proceedings against a person.<\/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;\"><a href=\"https:\/\/carajput.com\/rbi-consulting.php\">RBI<\/a> UPDATES<\/span><\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul style=\"text-align: justify;\">\n<li>RBI tightened norms for bad loan resolution by setting timelines for resolving large NPAs, failing which banks will have to mandatory refer them for insolvency proceedings. It also withdrew existing debt restructuring schemes such as SDR and S4A.<\/li>\n<li>RBI has issued definitions of different resolution plans and an indicative list of financial difficultly, and directed lenders to share data on certain defaulted borrowers with the central bank\u2019s database on large exposures on every Friday.<\/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 10-member committee, which submitted its report, has made various recommendations as part of larger efforts to promote ease of doing business and better compliance levels.<\/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>The presence of an arbitration clause in the share purchase agreement would not cause any impediment with regard to initiation of CIRP because u\/s 7 of the Code the mentioning of an arbitration clause in the disputed agreement is no bar to the admission of the petition and initiation of CIRP unlike Section 8 &amp; 9 of the Code \u2013\u00a0<strong>Dinesh Chand Jain &amp; Ors. Vs. Fantastic Buildcon Pvt. Ltd. &amp; Ors (2018 (8) TMI 1541 &#8211; NCLT, New Delhi).<\/strong><\/li>\n<\/ul>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"KEY_DUE_DATES\"><\/span><strong><em>KEY DUE DATES\u00a0<\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul style=\"text-align: justify;\">\n<li>GSTR-3B (AUG 2018)-SEP 20th, 2018<\/li>\n<li>GSTR-5 (AUG 2018)-SEP 20th, 2018<\/li>\n<li>GSTR-6 (JULY 17 \u2013 AUG\u201918)- SEP 30TH, 2018<\/li>\n<li>GSTR-4 (JULY-SEP, 2018)-OCT 18th, 2018<\/li>\n<li><a href=\"https:\/\/carajput.com\/gst\/gst-return.php\">GSTR-5A<\/a> (AUG 2018)-SEP 20th, 2018<\/li>\n<li>Quarterly return for registered persons with aggregate turnover up to Rs. 1.50 Crores- GSTR-1 (JULY- SEP, 2018)-OCT 31ST, 2018.<\/li>\n<li>Quarterly return for registered persons with aggregate turnover more than Rs. 1.50 Crores- GSTR-1-(AUG 2018)-SEP 11th\u00a02018<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Direct Tax : Delhi ITAT rejects TPO\/DRP\u2019s Net Asset Value (NAV) based ALP for benchmarking consideration for sale of shares in an Indian company by assessee (Singapore company) to another non-resident entity (AE) for AY 2012-13\u00a0[TS-897-ITAT-2018(DEL)-TP] Delhi ITAT confirms Rs. 80 lakh bogus share capital subscription addition u\/s 68 in case of assessee (a private &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":[5705,556,558,4509,5704,5706,5707],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/5277"}],"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=5277"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/5277\/revisions"}],"predecessor-version":[{"id":15246,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/5277\/revisions\/15246"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=5277"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=5277"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=5277"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}