{"id":5351,"date":"2018-10-18T00:49:55","date_gmt":"2018-10-17T19:19:55","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=5351"},"modified":"2022-02-16T23:11:13","modified_gmt":"2022-02-16T17:41:13","slug":"corporate-and-professional-updates-18th-oct-2018","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-18th-oct-2018\/","title":{"rendered":"corporate and professional updates 18th 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-69d0706d0109c\" 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-69d0706d0109c\"  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-18th-oct-2018\/#corporate_and_professional_updates_18th_oct_2018\" title=\"corporate and professional updates 18th oct 2018\">corporate and professional updates 18th oct 2018<\/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-18th-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-3\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-18th-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-18th-oct-2018\/#FAQ_ON_GST\" title=\"FAQ ON GST\">FAQ ON GST<\/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-18th-oct-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-18th-oct-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-7\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-18th-oct-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-18th-oct-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-9\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-18th-oct-2018\/#KEY_DUE_DATES\" title=\"KEY DUE DATES\">KEY DUE DATES<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"corporate_and_professional_updates_18th_oct_2018\"><\/span><a href=\"https:\/\/www.caindelhiindia.com\/blog\/category\/corporate-and-professional-update\/\"><span style=\"color: #000080;\">corporate and professional updates 18th oct 2018<\/span><\/a><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h2><span class=\"ez-toc-section\" id=\"DIRECT_TAX\"><\/span><img decoding=\"async\" src=\"https:\/\/4.bp.blogspot.com\/-wNJClJqatnY\/VyitHIW_mDI\/AAAAAAAAJWQ\/aADIWyCr7kwwv9OmGZd_ZtMc0FhhDqH_ACLcB\/s1600\/corporate.jpg\" alt=\"Image result for corporate and professional\" \/><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>Addition on account of un-explained loan &#8211; assessee discharged its initial onus to prove the identity of the investor company, its creditworthiness and genuineness of the transaction in the matter &#8211; No additions\u00a0\u00a0&#8211;\u00a0ITAT\u00a0Delhiin case of [Raj Kumar Chawla\u00a0Vs.\u00a0ACIT,\u00a0Central Circle-IX,\u00a0New Delhi<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>Scope of Exemption u\/s 10(20) &#8211; Municipal Committee &#8211; Scheme of the Rajasthan Urban Improvement Act, 1959 does not permit acceptance of the contention of the appellant assessee that Urban Improvement Trust is a Municipal Committee within the meaning of Section 10(20) Explanation (iii)\u00a0\u00a0&#8211;\u00a0Supreme Court Of Indiain case of [The\u00a0ITO, CITVs.\u00a0Urban Improvement Trust,\u00a0Urban Improvement Trust Kota,\u00a0Urban Improvement Trust Through Director<\/li>\n<li>Reopening of assessment u\/s 148 &#8211; rejection of objections raised by the assessee &#8211; the reopening of the assessment in the writ petitions with reference to Sections 147 to 153 is in accordance with law and there is no infirmity, as such\u00a0\u00a0&#8211;\u00a0Madras High Courtin case of [M\/S.\u00a0South Asia Fm Limited\u00a0Vs.The\u00a0ACIT,\u00a0The\u00a0DCIT<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>Exemption 10(37) &#8211; acquisition of the urban agricultural land as a compulsory acquisition &#8211; &#8211; merely because the sale price was fixed through a negotiated settlement, the character of acquisition would still remain compulsory \u2013\u00a0ITO\u00a0Vs Smt. Girijakumari M (2018 (10) TMI 852 &#8211; ITAT Ahmedabad)<strong>.<\/strong><\/li>\n<li>The revenue department has issued preliminary notices to about 10,000 people under the benami law seeking source of income details as it analyses data on deposits of cancelled notes after the November 2016 demonetisation.<\/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 <a href=\"https:\/\/carajput.com\/income-tax-services.php\">Income Tax<\/a> (Calcutta High Court)<\/li>\n<li>Search assessments. The time limit of 2 years u\/s 153B for framing search assessment orders applies only to the original order and to orders passed after remand. The time limit for passing remand orders is governed by s. 153(3)\/ erstwhile 153 (2A) &amp; not by s. 153B. Limitation begins (for any purpose under the Act) from the point of time when the departmental representative receives the copy of a decision or an order of the ITATSurendra Kumar Jain vs. PCIT (Delhi High Court)<\/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>SC upholds the time limitation for claiming ITC i.e. 90 days from the date of purchase or before the end of the FY whichever is later \u2013\u00a0<strong>ALD Automotive Pvt. Ltd. Vs ACT &amp; Ors. (2018 (10) TMI 814 &#8211; Supreme Court).<\/strong><\/li>\n<li>Correction of errors in the TRAN-1 declarations &#8211; migration to GST Regime &#8211; transitional provisions &#8211; There is no scope for directing the respondents to allow the petitioner to correct the TRAN-1 declaration already made \u2013\u00a0<strong>Jay Chemical Industries Ltd. Vs Union of India (2018 (10) TMI 876 &#8211; Gujarat High Court).<\/strong><\/li>\n<li>Supreme Court of India in Section 19 (11) of TNVAT Act,2006-Cases failure to claim ITC with in the time prescribed has since been disposed off. The SC has dismissed all the Civil Appeals of the dealers.<\/li>\n<li>Delhi High Court allows manual filing of <a href=\"https:\/\/carajput.com\/gst\/gst-return.php\">GSTR-3B<\/a>. IndusInd Media &amp; Anr. Vs. Union of India &amp; Ors. W.P. (c) No. 8691\/2018.<\/li>\n<\/ul>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"FAQ_ON_GST\"><\/span><strong><em><span style=\"text-decoration: underline;\">FAQ ON GST<\/span><\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul style=\"text-align: justify;\">\n<li>Query:Other than appellate remedy, is there any\u00a0other recourse available to the taxpayer against a\u00a0summary assessment order?<\/li>\n<li>Answer:A taxable person against whom a summary\u00a0assessment order has been passed canapply for its\u00a0withdrawal to the jurisdictional Additional\/Joint\u00a0Commissioner within thirty days of the date of receipt\u00a0of the order. If the said officer finds the order erroneous,\u00a0he can withdraw it and direct the proper officer to carry\u00a0out determination of tax liability in terms of section 51\u00a0of MGL. The Additional\/Joint Commissioner can follow a\u00a0similar course of action on his own motion if the finds the\u00a0summary assessment order to be erroneous (section 48 of\u00a0MGL).<\/li>\n<li>Query:\u00a0Under what circumstances can a special audit\u00a0be instituted?<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>Answer:A special audit can be instituted in limited\u00a0circumstances where during scrutiny, investigation, etc. it\u00a0comes to the notice that a case is complex or the revenue\u00a0stake is high. This power is given in section 50 of MGL.<\/li>\n<\/ul>\n<p><strong><em>Read more about: <a href=\"https:\/\/carajput.com\/blog\/what-is-core-business-activity-in-gst\/\">What is core Business Activity GST<\/a><\/em><\/strong><\/p>\n<p><strong><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<ul style=\"text-align: justify;\">\n<li>The Gujarat High Court has issued the notice to Centre and GST Council on a petition challenging the provisions of <a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\">Central Goods and Services Tax (CGST) Act<\/a>,\u00a0seeking interest for delayed IGST Refund.<\/li>\n<li>AAR Punjab held that\u00a0GST Payable on complementary IPL tickets &amp; ITC can be claimed.\u00a0In re KPH Dream Cricket Pvt. Ltd. (GST AAR Punjab)<\/li>\n<li>Punjab and Haryana HC held that No GST on license Fee for sale of liquor for human consumption. DivyaSingla Vs Union of India (Punjab and Haryana HC<\/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 Ministry of Corporate Affairs (MCA) has ordered a probe by the Serious Fraud Investigation Office(SFIO) into allegations of suspected audit and financial fraud running into Rs 7,500 crore by the city-based Ramky Infrastructure Limited after the Registrar of Companies, Ranchi, flagged the issue.<\/li>\n<li>Leading foreign bank to drag Kwality to NCLT over Rs 12 billion default.<\/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>\u00a0is planning to relax rules for listing of startups in India, which include giving promoters the flexibility to categorise themselves as ordinary shareholders and exempting them from the mandatory three-year lock-in period \u2013 ET.<\/li>\n<li>The SEBI clarified with respect to amendments to regulation 40 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, which stated that transfers of listed securities would not be processed after 5 December 2018, unless such securities are held in a dematerialized form with a depository.<\/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>Govt and RBI are not in favour of extending the deadline to store payments data\u00a0mirroring by payments firms as an alternative to only storing data locally,\u00a0The central bank has mandated that all payment firms, including MasterCard, Visa, American Express and Paypal, should store their India related data locally.<\/li>\n<li>The <a href=\"https:\/\/carajput.com\/rbi-consulting.php\">Reserve Bank of India<\/a> on Tuesday laid out guidelines that would allow for seamless payments between different mobile wallets, in a move that could further boost the use of digital payments in the country.<\/li>\n<li>RBI will not relax the October 15 deadline for global financial technology (fintech) companies to comply with its data localisation norms in the public interest.<\/li>\n<li>THE RBI sold the highest amount of dollars in five years to curb the slide in the rupee. In the five months April-August, RBI sold almost $34 billion in spot and forward markets $18.6 billion in spot and $15 billion in forwards.<\/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>NBFCs are likely to be impacted significantly if the liquidity situation, triggered by IL&amp;FS default, continues to remain tight as its subsidiaries are facing liquidity crisis and has defaulted on debt repayment. The default by IL&amp;FS has also impacted other NBFCs and also mutual fund players.<\/li>\n<li>Bank of Baroda invites proposals from Chartered Accountant Firms\/Groups for conducting financial and tax due diligence of Bank of Baroda, Dena Bank and Vijaya Bank for the\u00a0proposed amalgamation.<\/li>\n<li>Private sector lender ICICI Bank Tuesday said the RBI has approved Sandeep Bakshi&#8217;s appointment as Managing Director and CEO of the bank for three years. After the resignation of Chanda Kochhar, who was facing inquiry, earlier this month, the bank&#8217;s board had elevated Chief Operating Officer (COO) Bakshi as the new managing director and CEO for three years until October 3, 2023, subject to regulatory and other approvals.<\/li>\n<li>Prime Minister Narendra Modi has urged oil suppliers to review payment terms to give temporary relief to the rupee, which has fallen sharply in recent months.<\/li>\n<li>Central Vigilance Commission has completed a first-of-its-kind analysis of the top 100 banking frauds, including those in the jewellery and aviation sectors, and shared its findings with the RBI, the ED and the CBI The analysis focused on the methods used, amount involved, type of lending (consortium or individual), anomalies observed and loopholes that led to the frauds, along with recommendations to plug the gaps in the system<\/li>\n<li>ICAI has given an opportunity to students to change the Centre or Group or Medium as filled by them in examination form from 15.10.2018 to 24.10.2018 fee Rs. 1000.<\/li>\n<\/ul>\n<h2 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><\/h2>\n<p style=\"text-align: justify;\">October 2018 Due Dates:<\/p>\n<ul style=\"text-align: justify;\">\n<li>31st October- <a href=\"https:\/\/carajput.com\/services\/tds-return-filing.php\">TCS Return<\/a> for Jul to Sep 2018- 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>31st Oct- <a href=\"https:\/\/carajput.com\/services\/tds-return-filing.php\">TDS Return<\/a> for Jul to Sep 2018<\/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<\/ul>\n<p><strong><em><u>Read more about: <\/u><\/em><a href=\"https:\/\/carajput.com\/blog\/gst-on-real-estate-sector\/\"><em>GST on the real Estate\u00a0 Sector<\/em><\/a><\/strong><\/p>\n<p><strong><a href=\"https:\/\/carajput.com\/blog\/applicability-of-gst-provisions-on-non-resident-taxable-person\/\"><em>Applicability of GST Provisions on Non-Residents Taxable Person<\/em><\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>corporate and professional updates 18th oct 2018 DIRECT TAX Addition on account of un-explained loan &#8211; assessee discharged its initial onus to prove the identity of the investor company, its creditworthiness and genuineness of the transaction in the matter &#8211; No additions\u00a0\u00a0&#8211;\u00a0ITAT\u00a0Delhiin case of [Raj Kumar Chawla\u00a0Vs.\u00a0ACIT,\u00a0Central Circle-IX,\u00a0New Delhi Scope of Exemption u\/s 10(20) &#8211; &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9933],"tags":[1296,5895,558,5893,5890,5897,5447],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/5351"}],"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=5351"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/5351\/revisions"}],"predecessor-version":[{"id":14678,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/5351\/revisions\/14678"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=5351"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=5351"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=5351"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}