{"id":597,"date":"2015-11-21T12:29:36","date_gmt":"2015-11-21T12:29:36","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=597"},"modified":"2021-12-15T17:45:38","modified_gmt":"2021-12-15T12:15:38","slug":"tax-update","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/tax-update\/","title":{"rendered":"Corporate and Professional Updates Nov 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-69e841599b713\" 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-69e841599b713\"  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\/tax-update\/#Corporate_and_Professional_Updates\" title=\"Corporate and Professional Updates\">Corporate and Professional Updates<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/carajput.com\/blog\/tax-update\/#Indirect_Taxes\" title=\"Indirect Taxes:\">Indirect Taxes:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/carajput.com\/blog\/tax-update\/#Direct_taxes\" title=\"Direct taxes:\">Direct taxes:<\/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\/tax-update\/#Company_Law\" title=\"Company Law:\">Company Law:<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><a href=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/11\/Untitled33A.png\" rel=\"attachment wp-att-1612\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-1612\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/11\/Untitled33A-300x194.png\" alt=\"Untitled33A\" width=\"585\" height=\"378\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/11\/Untitled33A-300x194.png 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/11\/Untitled33A.png 554w\" sizes=\"(max-width: 585px) 100vw, 585px\" \/><\/a><\/h2>\n<h2><span class=\"ez-toc-section\" id=\"Corporate_and_Professional_Updates\"><\/span>Corporate and Professional Updates<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"Indirect_Taxes\"><\/span><span style=\"text-decoration: underline; color: #808000;\"><strong>Indirect Taxes:<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">Cenvat Credit &#8211; Storage of input outside the factory &#8211; Removal of goods without necessary permission under Rule 8 of CENVAT Credit Rules 2004 &#8211; demand of duty with interest and confiscation upheld &#8211; penalty waived-<span style=\"color: #ff6600;\">(M\/s Kalpena Industries, Shri Narendra Surana, Shri Prakash Sahoo And Shri Manoj Jain Versus Commissioner, Central Excise &amp; Service Tax, Vapi,\u00a0CESTAT AHMEDABAD).<\/span><\/p>\n<p style=\"text-align: justify;\">Refund of duty paid earlier on export of goods &#8211; same tractors were admittedly brought back in the factory of the appellant and after testing etc. were cleared for export under Bond and by virtue of Rule 6(6)(v) of Cenvat Credit Rules the provisions of sub-rule (i), (ii), (iii) &amp; (iv) of Rule 6 are inapplicable-\u00a0<span style=\"color: #ff6600;\">(M\/s Mahindra &amp; Mahindra Ltd. Versus Commissioner of Central Excise, Mumbai-V,\u00a0CESTAT MUMBAI).<\/span><\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Direct_taxes\"><\/span><a href=\"https:\/\/www.caindelhiindia.com\/blog\/popular-faq-on-direct-indirect-tax-corporate-regulatory-matters\/\"><span style=\"color: #808000;\"><strong><span style=\"text-decoration: underline;\">Direct taxes:<\/span><\/strong><\/span><\/a><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">Addition made of the closing balance of the sundry creditors &#8211; when the purchases from the parties were accepted and the sales made out of those purchases were not doubted, the payments outstanding in the name of those parties were accepted in the subsequent year than there was no reason to doubt the genuineness of the outstanding balance\u2013<span style=\"color: #ff6600;\">\u00a0(M\/s Hind Globe Links Versus Income Tax Officer, Ward-28 (4) , New Delhi, ITAT DELHI).<\/span><\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Company_Law\"><\/span><span style=\"color: #808000;\"><strong><span style=\"text-decoration: underline;\">Company Law:<\/span><\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">Winding up Petition of unpaid dues of salary &#8211; Employee can locus to file Company Petition in respect of unpaid wages and emoluments, same as creditor of Company and opinion of High Court in case of Pawan Kumar Khullar overturned \u2013\u00a0<span style=\"color: #ff6600;\">(Jonathan Allen Versus Zoom Developers Private Limited, MADHYA PRADESH HIGH COURT).<\/span><\/p>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #808000;\">Query:\u00a0<\/span><\/strong>My query is regarding Form AOC-4, while filing the same at point (IV) (details related to principal products or services of the company). I am specifying the NIC code 2008 which I specified in Form MGT 9 but it is showing error so please advise the solution.<\/p>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #808000;\">Answer:<\/span><\/strong>\u00a0While filling AOC-4 you are required to fill NPCS Code in column (IV) for (detail of related Principal products or services of the company) firstly fill 4 digit code and related turnover from such activity then fill 8 digit code under the head from 4 digit NPC S code which contributes highest turnover.\u00a0You can get NPCS code by\u00a0clicking here simply.<\/p>\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 and Professional Updates Indirect Taxes: Cenvat Credit &#8211; Storage of input outside the factory &#8211; Removal of goods without necessary permission under Rule 8 of CENVAT Credit Rules 2004 &#8211; demand of duty with interest and confiscation upheld &#8211; penalty waived-(M\/s Kalpena Industries, Shri Narendra Surana, Shri Prakash Sahoo And Shri Manoj Jain Versus &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9933],"tags":[3569,3568,3570],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/597"}],"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=597"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/597\/revisions"}],"predecessor-version":[{"id":19889,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/597\/revisions\/19889"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=597"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=597"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=597"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}