{"id":5337,"date":"2018-10-05T00:01:34","date_gmt":"2018-10-04T18:31:34","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=5337"},"modified":"2021-08-17T18:36:07","modified_gmt":"2021-08-17T13:06:07","slug":"corporate-and-professional-updates-5th-oct-2018","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-5th-oct-2018\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATES 5TH OCT 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-69e1aca97b0a4\" 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-69e1aca97b0a4\"  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-5th-oct-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-5th-oct-2018\/#INTERNATIONAL_TRANSATIONS_TRANSFER_PRICING\" title=\"INTERNATIONAL TRANSATIONS \/ TRANSFER PRICING\">INTERNATIONAL TRANSATIONS \/ TRANSFER PRICING<\/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-5th-oct-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-5th-oct-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-5th-oct-2018\/#MCA_UPDATES\" title=\"MCA UPDATES\">MCA UPDATES<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-5th-oct-2018\/#RBI_UPDATES\" title=\"RBI UPDATES\">RBI UPDATES<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-5th-oct-2018\/#OTHER_UPDATES\" title=\"OTHER UPDATES\">OTHER UPDATES<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-5th-oct-2018\/#KEY_DUE_DATES\" title=\"KEY DUE DATES\">KEY DUE DATES<\/a><\/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 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>ITAT Mumbai held that set-off of long-term capital loss on sale of unquoted equity shares against gain on sale of property.\u00a0Chandra N. Hingorani Vs ITO (ITAT Mumbai)<\/li>\n<li>Calcutta High Court held that payment by tenant for removal of sub-tenants from property is capital expenditure.\u00a0nited Spirits Limited Vs Commissioner of Income Tax (Calcutta High Court)<\/li>\n<li>The ITAT Delhi in ITO vs. Gisil Designs Pvt. Ltd has held that\u00a0the AO was negligent in filing the remand report before the CIT(A). The same attitude has continued at the stage of filing appeal to the ITAT as condonation of delay was filed for 92 days. The excuse that the appeal was not filed due to the AO being busy with time barring assessment is not acceptable. The AO deliberately overlooked the impugned order and did not file appeal before the Tribunal within the period of limitation. Even the authorization by Pr. CIT to file the appeal has been granted after the period of limitation. Hence sufficient cause is not shown &#8211;\u00a0[2018-ITRV-ITAT-DEL-027]<\/li>\n<li>The ITAT Delhi in ITO vs. Virat Credit &amp; Holdings Pvt.Ltd has held that\u00a0the grant of approval by the CIT with the words \u201cYes. I am satisfied\u201d proves that the sanction is merely mechanical and he has not applied independent mind while according sanction as there is not an iota of material on record as to what documents he had perused and what were the reasons for his being satisfied to accord the sanction to initiate the reopening of assessment u\/s 148 of the Act\u00a0&#8211; [2018-ITRV-ITAT-DEL-031]<\/li>\n<li>The Delhi High Court in Pr. CIT vs. N. C. Cables Ltd has held that\u00a0mere appending of the word &#8220;approved&#8221; by the CIT while granting approval u\/s 151 to the reopening u\/s 147 is not enough. While the CIT is not required to record elaborate reasons, he has to record satisfaction after application of mind. The approval is a safeguard and has to be meaningful and not merely ritualistic or formal &#8211;\u00a0[2017-ITRV-HC-DEL-181]<\/li>\n<\/ul>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"INTERNATIONAL_TRANSATIONS_TRANSFER_PRICING\"><\/span><strong><em><span style=\"text-decoration: underline;\">INTERNATIONAL TRANSATIONS \/ TRANSFER PRICING<\/span><\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul style=\"text-align: justify;\">\n<li>The Karnataka High Court in PCIT vs. Softbrands India P. Ltd has explained the\u00a0entire law on when transfer pricing disputes constitute &#8220;substantial questions of law&#8221; for challenge in the High Court explained. Transfer Pricing Adjustments on the basis of the comparables are a matter of estimate of broad and fair guess-work of the Authorities based on relevant material. The exercise of fact finding or \u2018Arm\u2019s Length Price\u2019 determination or \u2018Transfer Pricing Adjustments\u2019 should become final with a quietus at the hands of the final fact finding body, i.e. the Tribunal. The ITAT&#8217;s findings of fact cannot be challenged in the High Court unless it is shown that the findings are ex-facie perverse and unsustainable and exhibit total non-application of mind by the Tribunal to the relevant facts of the case and evidence before it &#8211;\u00a0[2018-ITRV-HC-KAR-025]<\/li>\n<li>The ITAT Ahmedabad in ACIT vs. Veer Gems has explained the important law on\u00a0meaning of expression &#8220;associated enterprise&#8221; u\/s 92A. The mere fact that an enterprise has de facto participation in the capital, management or control over the other enterprise does not make the two enterprises &#8220;associated enterprises&#8221; so as to subject their transactions to the rigors of transfer pricing law &#8211;\u00a0[2017-ITRV-ITAT-AHD-179]<\/li>\n<li>The ITAT Ahmedabad in Quick Flight Limited vs. ITO has held that\u00a0in case where payments have been made to deductees on the strength of the beneficial provisions of s. 115A(1)(b) of the Act or as per DTAA rates r.w.s. 90(2) of the Act, the provisions of s. 206AA cannot be invoked by the AO insisting to deduct tax @ 20% for non-availability of PAN\u00a0&#8211; [2017-ITRV-ITAT-AHD-180<\/li>\n<li>Delhi High Court has issued notice in a plea seeking a direction to the CBDT to extend the date of filing of ITR and Tax Audit Report for AY 2018-2019 by assessees who are required to file the same by Sept 30, 2018<\/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>Finance ministry expects the <a href=\"https:\/\/carajput.com\/blog\/gst\/\">GST<\/a> collections to cross Rs 1 trillion in November and December on account of festive season demand and the anti-evasion measures initiated by the revenue department.\u00a0GST) revenue rose to Rs 944.42 billion in Sept.<\/li>\n<li>ICAI is clarified that an Internal Auditor of an entity cannot undertake GST Audit of the same entity.<\/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 GST Audit:<\/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>What would be the action by the proper officer upon conclusion of the audit?<\/li>\n<li><span style=\"text-decoration: underline;\">Answer:<\/span>The proper officer shall, on conclusion of audit, within 30 days inform the taxable person about his findings, reasons for findings and the taxable person\u2019s rights and obligations in respect of such findings.<\/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>Standard Operating Procedure by MCA for Grievance Redressal Mechanism:\u00a0Complaint on MCA website through link\u00a0https:\/\/www.mca.gov.in\/mcafoportal\/usercompaintDetails.doshould be raised by the Stakholders\/professionals.<\/li>\n<li>Form 1 and Form 2 (along with Form 17 &amp; Form 18) which are pending processing as on 1st October 2018 shall be marked under resubmission.\u00a0 All forms shall be resubmitted by using new service RUN-LLP for name reservation or FiLLiP for incorporation only.\u00a0 All names which have been approved and against which incorporation form is not filed, shall be allowed to be used to file form FiLLiP for incorporation.\u00a0 All names which have been approved and against which change of name Form 5 is not filed, shall be allowed to be used to file in revised Form 5 only.<\/li>\n<\/ul>\n<p>More read for relates blogs are:<\/p>\n<p><a href=\"https:\/\/carajput.com\/blog\/interim-dividend-final-dividend\/\">What are the interim dividend and final dividend?<\/a><\/p>\n<p><a href=\"https:\/\/carajput.com\/blog\/what-is-process-to-get-back-shares-from-iepf\/\">What is the Process to get back shares from IEPF<\/a><\/p>\n<p><a href=\"https:\/\/carajput.com\/blog\/closure-of-subsidiary-company\/\">CLOSURE OF SUBSIDIARY COMPANY<\/a><\/p>\n<p><a href=\"https:\/\/carajput.com\/blog\/compliance-for-foreign-subsidiary-companies-in-india\/\">Compliance for Foreign Subsidiary Companies in India<\/a><\/p>\n<p><a href=\"https:\/\/carajput.com\/blog\/key-highlights-of-racp-bill-2020-and-companies-amendment-bill2020\/\">Key Highlights of RACP Bill, 2020 and Companies (Amendment) Bill,2020<\/a><\/p>\n<h3 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><\/h3>\n<ul style=\"text-align: justify;\">\n<li>The Reserve Bank of India has issued notification regarding External Commercial Borrowings (ECB) Policy. Vide notification no <a href=\"https:\/\/carajput.com\/blog\/tag\/rbi-update\/\">RB<\/a>I\/2018-2019\/54, dated 3<sup>rd<\/sup>October 2018.<\/li>\n<\/ul>\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>NFRA IS CHALLENGED IN THE COURT: ICAI, in Hon\u2019ble High Court, after hearing the counsels the high court passed the order to stay any disciplinary action against any member, next date of hearing is 16.01.2019<\/li>\n<li>Govt is mulling permitting 100% FDI in insurance broking to give a boost to the sector.\u00a0The FDI policy, at present, allows 49% foreign investment in the insurance broking, insurance cos, third party administrators, surveyors and loss assessors<\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"KEY_DUE_DATES\"><\/span><strong><em><span style=\"text-decoration: underline;\">KEY DUE DATES<\/span><\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">October 2018 Due Dates:<\/p>\n<ul style=\"text-align: justify;\">\n<li>5th October- DIR 3 KYC of Directors<\/li>\n<li>7th October- TDS Deposit &#8211; Sep 2018 Month<\/li>\n<li>14th October- ADT 1 for Appointment of Auditor<\/li>\n<li>15th October- TCS Return for Jul to Sep 2018<\/li>\n<li>&#8211; Tax Audit &amp; ITR for FY 2017-18<\/li>\n<li>18th October- GSTR 4 for Composition Dealer for Jul 2017 to Sep 2018<\/li>\n<li>20th October- GSTR 3B &#8211; Sep 2018 Month<\/li>\n<li>30th October- AOC 4 for FY 2017-18<\/li>\n<li>31st October- GSTR 1 for July 2017 to Sep 2018<\/li>\n<li>31st Oct- TDS Return for Jul to Sep 2018<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><em>Disclaimer:<\/em><\/p>\n<p style=\"text-align: justify;\">The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Before making any decisions do consult your Professional \/ tax advisor. For misrepresentation or interpretation of act or rules Author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. The author is a Chartered Accountant and the Chief Gardener &amp; Founder Director of Rajput Jain &amp; Associates , a leading Tax &amp; Investment Planning Advisory Service Provider. His blog can be found at\u00a0<a href=\"https:\/\/carajput.com\/blog\/\">https:\/\/carajput.com\/blog\/<\/a>For any query you can write to\u00a0singh@carajput.com. Hope the information will assist you in your Professional\u00a0endeavors. For query or help, contact:\u00a0\u00a0\u00a0singh@carajput.com\u00a0or call at\u00a009811322785\/4 9555 5555 480)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Direct Tax: ITAT Mumbai held that set-off of long-term capital loss on sale of unquoted equity shares against gain on sale of property.\u00a0Chandra N. Hingorani Vs ITO (ITAT Mumbai) Calcutta High Court held that payment by tenant for removal of sub-tenants from property is capital expenditure.\u00a0nited Spirits Limited Vs Commissioner of Income Tax (Calcutta High &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[5850,5849,1296,5851,5852,558,5848,5853,5847],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/5337"}],"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=5337"}],"version-history":[{"count":4,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/5337\/revisions"}],"predecessor-version":[{"id":16134,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/5337\/revisions\/16134"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=5337"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=5337"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=5337"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}