{"id":572,"date":"2015-11-03T09:17:57","date_gmt":"2015-11-03T09:17:57","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=572"},"modified":"2021-12-20T23:15:52","modified_gmt":"2021-12-20T17:45:52","slug":"corporate-update-for-1st-november-2015","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-update-for-1st-november-2015\/","title":{"rendered":"corporate update for 1st november 2015"},"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-69d619890129c\" 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-69d619890129c\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><ul class='ez-toc-list-level-2'><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/carajput.com\/blog\/corporate-update-for-1st-november-2015\/#CORPORATE_UPDATE_FOR_1st_NOVEMBER_2015\" title=\"CORPORATE UPDATE FOR 1st\u00a0NOVEMBER 2015\">CORPORATE UPDATE FOR 1st\u00a0NOVEMBER 2015<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/carajput.com\/blog\/corporate-update-for-1st-november-2015\/#UPDATES\" title=\"UPDATES\">UPDATES<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/carajput.com\/blog\/corporate-update-for-1st-november-2015\/#Banking_and_Corporate_Laws\" title=\"Banking and Corporate\u00a0Laws:-\">Banking and Corporate\u00a0Laws:-<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/carajput.com\/blog\/corporate-update-for-1st-november-2015\/#CST_And_Vat\" title=\"CST And Vat:-\">CST And Vat:-<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><a href=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/11\/Untitled45A.png\" rel=\"attachment wp-att-1685\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-1685\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/11\/Untitled45A-300x166.png\" alt=\"Untitled45A\" width=\"658\" height=\"364\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/11\/Untitled45A-300x166.png 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/11\/Untitled45A.png 554w\" sizes=\"(max-width: 658px) 100vw, 658px\" \/><\/a><\/h1>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"CORPORATE_UPDATE_FOR_1st_NOVEMBER_2015\"><\/span><span style=\"color: #000080;\"><strong>CORPORATE UPDATE FOR 1<span style=\"font-size: 10px; line-height: 10px;\">st\u00a0<\/span>NOVEMBER 2015<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h1><span class=\"ez-toc-section\" id=\"UPDATES\"><\/span><span style=\"color: #008000;\"><strong><span style=\"text-decoration: underline;\">UPDATES<\/span><\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p style=\"text-align: justify;\"><span style=\"color: #008000;\"><strong><span style=\"color: #000000;\">1.<\/span> ST:<\/strong><\/span> Where assessee was under bonafide belief that its activities were non-taxable, same was a reasonable cause for non-payment of <a href=\"https:\/\/carajput.com\/services-tax-registration.php\">service tax<\/a> in time, and hence, no penalty could be imposed in such case <strong><span style=\"color: #ff6600;\">[2015] 196 (Mumbai &#8211; CESTAT)\u00a0Arvind Processors (P.) Ltd. v. Commissioner of Central Excise &amp; Service Tax<\/span><\/strong><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #008000;\"><strong><span style=\"color: #000000;\">2.<\/span> <a href=\"https:\/\/www.caindelhiindia.com\/blog\/changes-in-cenvat-credit-rules-2004\/\">CENVAT<\/a>:<\/strong> <\/span>Cenvat credit can be availed by the manufacturer on strength of invoices issued by the supplier for clearance of <a href=\"https:\/\/carajput.com\/blog\/tag\/inputs-and-capital-goods\/\">inputs or capital goods,<\/a> showing manufacturer&#8217;s name as consignee and name of dealers as a buyer <strong><span style=\"color: #ff6600;\">[2015] 193 (Mumbai &#8211; CESTAT)\u00a0Aplab Ltd. v. Commissioner of Central Excise<\/span><\/strong><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #008000;\"><strong><span style=\"color: #000000;\">3.<\/span> <a href=\"https:\/\/carajput.com\/income-tax-services.php\">IT<\/a>:<\/strong> <\/span>Where assessee was under bonafide belief that receipt from the non-compete agreement was a capital receipt and had credited same to capital account and the Capital account was furnished along with the <a href=\"https:\/\/carajput.com\/blog\/tag\/filing-of-income-tax-return\/\">return of income<\/a>, the penalty for furnishing inaccurate particulars was not justified <strong><span style=\"color: #ff6600;\">[2015] 236 (Ahmedabad &#8211; Trib.) (TM)Piruz Areez Khambatta v. ACIT<\/span><\/strong><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #008000;\"><strong><span style=\"color: #000000;\">4.<\/span>\u00a0IT:<\/strong><\/span> On cancellation of booking of the apartment if an excess refund is made to the old purchaser after taking advance from the new purchaser, such excess payment could not be qualified to be interesting as defined under section 2(28A); payer builder would have no TDS obligation <strong><span style=\"color: #ff6600;\">[2015] 177 (Kerala)\u00a0Beacon Projects (P.) Ltd. v. CIT<\/span><\/strong><\/p>\n<p style=\"text-align: justify;\">5. Liability for excise duty payable on closing stock should be provided in the books<\/p>\n<p style=\"text-align: justify;\">6. CBDT constitutes a committee to simplify tax provisions; Taxmann\u2019s author Mukesh Patel and CA Vinod Jain included in the committee<\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Banking_and_Corporate_Laws\"><\/span><span style=\"color: #993366;\"><strong>Banking and Corporate\u00a0Laws:-<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ol style=\"text-align: justify;\">\n<li>Compliant filed for defective goods within 3 years of expiry of guarantee period wasn\u2019t barred by limitation.<\/li>\n<li>CLB isn&#8217;t conferred with jurisdiction under Cos Act to adjudicate upon validity of allotment of shares.<\/li>\n<li>56\u00a0<span style=\"text-decoration: underline;\"><a href=\"https:\/\/taxmann.com\/\">com<\/a><\/span>411 (Calcutta)CL: Non-payment of unpaid dividend by a company is a continuous offence committed by company of which limitation cannot be bar.<\/li>\n<li>IRDA&#8217;s approval must to register transfer of shares of Insurance-co. if it changes substantial holding of transferee.<\/li>\n<li>CCI rejects allegation of anti-competitive practices against Flipkart, Amazon, and other e-commerce portals.<\/li>\n<li>Banks acquiring equity shares pursuant to debt restructuring needn&#8217;t comply with disclosure norms under takeover code.<\/li>\n<li>SEBI prescribes norms on pricing for debt-equity conversion under debt-restructuring scheme; amends ICDR norms.<\/li>\n<li>Where defense raised by respondent-company against winding up proceedings initiated against it by appellant-company on its inability to pay transportation charges were not clear and appellant also could not support its claim being strictly as per approved rate, petition was admitted for part amount. 56\u00a0<a href=\"https:\/\/taxmann.com\/\">com<\/a>441 (Calcutta).<\/li>\n<li>Cabinet approved a proposal to allow REITs to access foreign investments.<\/li>\n<li>IRDA revises fee structure for cancellation or change in nomination of insurance policies.<\/li>\n<li>Complaint filed for defective goods within 3 years of expiry of guarantee period wasn\u2019t barred by limitation.<\/li>\n<\/ol>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"CST_And_Vat\"><\/span><span style=\"color: #993366;\"><strong><a href=\"https:\/\/carajput.com\/services-vat.php\">CST And Vat<\/a>:-<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ol style=\"text-align: justify;\">\n<li>Credit denied as assessee failed to establish existence of transporter who had supplied inputs to him.<\/li>\n<li>Orissa VAT Audit assessment isn&#8217;t possible after completion of assessment of escaped turnover.<\/li>\n<\/ol>\n<p style=\"text-align: justify;\">For query or help, contact: <a href=\"mailto:singh@carajput.com\">singh@carajput.com<\/a>\u00a0\u00a0or call at 9555555480<\/p>\n","protected":false},"excerpt":{"rendered":"<p>CORPORATE UPDATE FOR 1st\u00a0NOVEMBER 2015 UPDATES 1. ST: Where assessee was under bonafide belief that its activities were non-taxable, same was a reasonable cause for non-payment of service tax in time, and hence, no penalty could be imposed in such case [2015] 196 (Mumbai &#8211; CESTAT)\u00a0Arvind Processors (P.) Ltd. v. Commissioner of Central Excise &amp; &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[2742,5,3625,9038],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/572"}],"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=572"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/572\/revisions"}],"predecessor-version":[{"id":20314,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/572\/revisions\/20314"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=572"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=572"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=572"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}