{"id":638,"date":"2015-11-23T06:51:44","date_gmt":"2015-11-23T06:51:44","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=638"},"modified":"2021-12-15T16:43:39","modified_gmt":"2021-12-15T11:13:39","slug":"corporate-and-professional-update-november-23-2015","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-update-november-23-2015\/","title":{"rendered":"corporate &#038; other laws update november 23, 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-69d09e2fe5714\" 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-69d09e2fe5714\"  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-update-november-23-2015\/#Corporate_and_Professional_Update_November_23_2015\" title=\"Corporate and Professional Update November 23, 2015\">Corporate and Professional Update November 23, 2015<\/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\/corporate-and-professional-update-november-23-2015\/#INCOME_TAX_ACT\" title=\"INCOME TAX ACT\">INCOME TAX ACT<\/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\/corporate-and-professional-update-november-23-2015\/#CHARITABLE_OR_RELIGIOUS_TRUST_%E2%80%93_REGISTRATION_PROCEDURE\" title=\"CHARITABLE OR RELIGIOUS TRUST &#8211; REGISTRATION PROCEDURE\">CHARITABLE OR RELIGIOUS TRUST &#8211; REGISTRATION PROCEDURE<\/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-and-professional-update-november-23-2015\/#METHOD_OF_ACCOUNTING_%E2%80%93_ESTIMATION_OF_INCOME\" title=\"METHOD OF ACCOUNTING &#8211; ESTIMATION OF INCOME\">METHOD OF ACCOUNTING &#8211; ESTIMATION OF INCOME<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-november-23-2015\/#SECTION_43_BUSINESS_DISALLOWANCE_%E2%80%93_CERTAIN_DEDUCTIONS_TO_BE_ALLOWED_ONLY_ON_ACTUAL_PAYMENT\" title=\"SECTION 43 BUSINESS DISALLOWANCE &#8211; CERTAIN DEDUCTIONS TO BE \u00a0ALLOWED ONLY ON ACTUAL PAYMENT\">SECTION 43 BUSINESS DISALLOWANCE &#8211; CERTAIN DEDUCTIONS TO BE \u00a0ALLOWED ONLY ON ACTUAL PAYMENT<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-november-23-2015\/#CENTRAL_EXCISE_ACT\" title=\"CENTRAL EXCISE ACT\">CENTRAL EXCISE ACT<\/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-update-november-23-2015\/#SEBI_ACT\" title=\"SEBI ACT\">SEBI ACT<\/a><ul class='ez-toc-list-level-4'><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-november-23-2015\/#quick_overview_on_income_tax_deduction_us-80c-80u\" title=\"quick overview on income tax deduction u\/s-80c-80u\">quick overview on income tax deduction u\/s-80c-80u<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-november-23-2015\/#Documents_required_for_registration_us_12A\" title=\"Documents required for registration u\/s 12A\">Documents required for registration u\/s 12A<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-november-23-2015\/#Additional_deduction_on_new_payroll_expenses\" title=\"Additional deduction on new payroll expenses\">Additional deduction on new payroll expenses<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p><a href=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/11\/Untitled22A.png\" rel=\"attachment wp-att-1581\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-1581\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/11\/Untitled22A-300x151.png\" alt=\"Untitled22A\" width=\"831\" height=\"418\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/11\/Untitled22A-300x151.png 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/11\/Untitled22A.png 475w\" sizes=\"(max-width: 831px) 100vw, 831px\" \/><\/a><\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Corporate_and_Professional_Update_November_23_2015\"><\/span><span style=\"color: #000080;\"><strong>Corporate and Professional Update November 23, 2015<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"INCOME_TAX_ACT\"><\/span><a href=\"https:\/\/www.caindelhiindia.com\/blog\/implication-of-cash-transaction-under-income-tax-act\/\"><strong>INCOME TAX ACT<\/strong><\/a><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #3366ff;\">SECTION 12AA<\/span><\/strong><\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"CHARITABLE_OR_RELIGIOUS_TRUST_%E2%80%93_REGISTRATION_PROCEDURE\"><\/span><strong>CHARITABLE OR RELIGIOUS TRUST &#8211; REGISTRATION PROCEDURE<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><strong>Cancellation of registration: <\/strong>Mere non-intimation of amendments in the trust deed to the department cannot ipso facto lead to cancellation of registration under section 12AA(3) &#8211;<span style=\"color: #ff6600;\">\u00a0<em>[2015] . 56 (Mumbai &#8211; Trib.)<\/em><\/span><\/p>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #3366ff;\">SECTION 28(i)<\/span><\/strong><\/p>\n<p style=\"text-align: justify;\"><strong>BUSINESS INCOME &#8211; CHARGEABLE AS<\/strong><\/p>\n<p style=\"text-align: justify;\"><strong>Share dealing: <\/strong>Where assessee borrowed funds for purchase of shares, transactions was carried out with many brokers and transactions had resulted in crores of rupee, income earned on such transactions was to be assessed as &#8216;business income&#8217; &#8211;\u00a0<span style=\"color: #ff6600;\"><em>[2015] .57 (Bombay)<\/em><\/span><\/p>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #3366ff;\">SECTION 10B<\/span><\/strong><\/p>\n<p style=\"text-align: justify;\"><strong>EXPORT-ORIENTED UNDERTAKING<\/strong><\/p>\n<p style=\"text-align: justify;\"><strong>Manufacture: <\/strong>Where only a part of manufacturing activities was got done by assessee from outside agency and that too under direct control and supervision of managerial and technical staff available with assessee, assessee was entitled to exemption under section 10B &#8211;\u00a0<span style=\"color: #ff6600;\"><em>[2015] 23 (Allahabad)<\/em><\/span><\/p>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #3366ff;\">SECTION 145<\/span><\/strong><\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"METHOD_OF_ACCOUNTING_%E2%80%93_ESTIMATION_OF_INCOME\"><\/span><strong>METHOD OF ACCOUNTING &#8211; ESTIMATION OF INCOME<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><strong>Reassessment: <\/strong>Where reasons recorded for reassessment were not supplied to the assessee at the time of assessment but during appellate proceedings, there was a violation of the principle of natural justice &#8211; <span style=\"color: #ff6600;\"><em>[2015]<\/em><em>\u00a0<\/em><em>361 (Calcutta)<\/em><\/span><\/p>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #3366ff;\">SECTION 115BB<\/span><\/strong><\/p>\n<p style=\"text-align: justify;\"><strong>LOTTERY, CROSSWORD, PUZZLES, HORSE RACES, ETC., TAXON<\/strong><\/p>\n<p style=\"text-align: justify;\"><strong>Computation of: <\/strong>Where assessee suffered a loss in business, said the<\/p>\n<p style=\"text-align: justify;\">loss could not be set off against betting income and total betting income was liable to be taxed under section 115BB &#8211; <span style=\"color: #ff6600;\"><em>[2015]<\/em><em>\u00a0<\/em><em>37 (Madras)<\/em><\/span><\/p>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #3366ff;\">SECTION 92C<\/span><\/strong><\/p>\n<p style=\"text-align: justify;\"><strong>TRANSFER PRICING &#8211; COMPUTATION OF ARM\u2019S LENGTH PRICE<\/strong><\/p>\n<p style=\"text-align: justify;\"><strong>Comparables and adjustments\/Adjustments \u2013 Royalty: <\/strong>Where assessee, engaged in the business of manufacturing pre-engineered building system products, made certain royalty payments to its AE, since said payments were periodically approved by RBI, TPO was not justified in determining ALP of same at nil &#8211; <span style=\"color: #ff6600;\"><em>[2015] .55 (Hyderabad &#8211; Trib.)<\/em><\/span><\/p>\n<p style=\"text-align: justify;\"><strong>STATUTES<\/strong><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #3366ff;\"><strong>DIRECT TAX LAWS<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">Finance Minister&#8217;s Budget Announcement \u2013 Phasing out plan of deductions under Income-tax Act &#8211;\u00a0<span style=\"color: #ff6600;\"><em>PRESS RELEASE, DATED 20-11-2015<\/em><\/span><\/p>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #3366ff;\">SECTION 2(47)<\/span><\/strong><\/p>\n<p style=\"text-align: justify;\"><strong>CAPITAL GAINS \u2013 TRANSFER<\/strong><\/p>\n<p style=\"text-align: justify;\">Rights in a property couldn&#8217;t be deemed as transferable capital assets when such property was neither in existence nor its building plan or specifications were approved from the Municipal Corporation and neither any construction activity nor commencement of the project had started &#8211;<span style=\"color: #ff9900;\">\u00a0<em>[2015] \u00a0184 (Mumbai &#8211; Trib.)<\/em><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #3366ff;\"><strong>SECTION 36(1)(iii)<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><strong>INTEREST ON BORROWED CAPITAL<\/strong><\/p>\n<p style=\"text-align: justify;\"><strong>Repayment of subsequent loan :\u00a0<\/strong>Where assessee borrowed funds for repaying old borrowings which had been duly used for purpose of business, interest paid on subsequent borrowings was to be allowed as deduction &#8211;<span style=\"color: #ff9900;\">\u00a0<em>[2015] 63 \u00a054 (Kolkata &#8211; Trib.)<\/em><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #3366ff;\"><strong>SECTION 37(1)<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><strong>BUSINESS EXPENDITURE &#8211; ALLOWABILITY OF<\/strong><\/p>\n<p style=\"text-align: justify;\"><strong>Contributions :\u00a0<\/strong>Contribution made by assessee firm to International Fiscal Association, in which one of its partners was a member of Executive Body, towards constructing a meetings hall in its name to hold meetings, conferences etc, was an allowable business expenditure &#8211;<span style=\"color: #ff9900;\">\u00a0<em>[2015] 6390 (Delhi)<\/em><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #3366ff;\"><strong>SECTION 40(b)<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><strong>BUSINESS DISALLOWANCE &#8211; INTEREST, SALARY ETC. PAID BY FIRM TO PARTNER<\/strong><\/p>\n<p style=\"text-align: justify;\"><strong>Salary :\u00a0<\/strong>Where partnership deed executed provides that each partner shall be entitled to an annual salary equivalent to his percentage share of profits &#8216;multiplied by&#8217; &#8216;Allocable Profits&#8217;, salaries paid to partners was in accordance with section 40(b) not to be disallowed &#8211;<span style=\"color: #ff9900;\">\u00a0<em>[2015] \u00a090 (Delhi)<\/em><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #3366ff;\"><strong>SECTION 45<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><strong><a href=\"https:\/\/carajput.com\/blog\/tag\/private-limited-company\/\">CAPITAL GAINS<\/a> &#8211; CHARGEABLE AS<\/strong><\/p>\n<p style=\"text-align: justify;\"><strong>Business income vs Capital gains: Share dealings :\u00a0<\/strong>Where assessee earned profits on sale of shares, in view of fact that number of share transactions entered into during relevant year was not high and moreover 75 per cent of profits came up from shares held for more than nine months, amount in question was to be taxed as short-term capital gain &#8211;\u00a0<span style=\"color: #ff9900;\"><em>[2015] <\/em><em>325 (Bombay)<\/em><\/span><\/p>\n<p style=\"text-align: justify;\"><strong>In whose hand :\u00a0<\/strong>No capital gains tax on assessee just because property docs not mutated in name of wife pursuant to family settlement &#8211;\u00a0<span style=\"color: #ff9900;\"><em>[2015] \u00a054 (Kolkata &#8211; Trib.)<\/em><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #3366ff;\"><strong>SECTION 132<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><strong>SEARCH AND SEIZURE<\/strong><\/p>\n<p style=\"text-align: justify;\"><strong>Conversion of survey into search :\u00a0<\/strong>Where during survey conducted under section 133A, department found huge cash and incriminating documents and director of assessee-company failed to provide explanation with regard to cash and dubious entries in seized documents, survey could be converted into search under section 132 after due approval of competent authority &#8211;<span style=\"color: #ff9900;\">\u00a0<em>[2015] <\/em><em>\u00a0<\/em><em>88 (Allahabad)<\/em><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #3366ff;\"><strong>SECTION 271(1)(c)<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><strong>PENALTY &#8211; FOR CONCEALMENT OF INCOME<\/strong><\/p>\n<p style=\"text-align: justify;\"><strong>Disallowance of claim, effect of :\u00a0<\/strong>Auditor&#8217;s report cannot override provisions of Act and, thus, merely because assessee&#8217;s false claim for deduction is supported by a Chartered Accountant&#8217;s opinion, this fact per se cannot absolve assessee from penalty under section 271(1)(c) &#8211;\u00a0<span style=\"color: #ff9900;\"><em>[2015] \u00a089 (Chennai &#8211; Trib.)<\/em><\/span><\/p>\n<p><span style=\"color: #808000;\"><strong>Non-compete fee :\u00a0<\/strong><\/span>Where for assessment year 1996-97 under an agreement, assessee transferred one of its business to other company but continued its business using its own logo, trade name, licenses and permits, no part of the non-compete fee received by assessee under the aforesaid agreement could be treated as considerations for goodwill and it was not taxable as income &#8211; <strong><span style=\"color: #ff9900;\"><em>[2015] 62 188 (Madras)<\/em><\/span><\/strong><\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"SECTION_43_BUSINESS_DISALLOWANCE_%E2%80%93_CERTAIN_DEDUCTIONS_TO_BE_ALLOWED_ONLY_ON_ACTUAL_PAYMENT\"><\/span><span style=\"color: #808000;\"><strong>SECTION 43<\/strong> <strong>BUSINESS DISALLOWANCE &#8211; CERTAIN DEDUCTIONS TO BE <\/strong><\/span><span style=\"color: #808000;\"><strong>\u00a0<\/strong><strong>ALLOWED ONLY ON ACTUAL PAYMENT<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"color: #808000;\"><strong>\u00a0<\/strong><\/span><strong><span style=\"color: #808000;\">Contingent liability:<\/span>\u00a0<\/strong>Where import contract stated that after purchase liability in respect of customs duty, excise duty, penalty, sales\u00a0tax, etc., would be paid by assessee, since liability, was contingent upon uncertain fact, deduction under section 43B was not permissible &#8211;\u00a0<strong><span style=\"color: #ff9900;\"><em>[2015]\u00a0 75 (Delhi)<\/em><\/span><\/strong><\/p>\n<p style=\"text-align: justify;\">Clarification on Unautheticated Reports on Conciliation in Vodafone Case &#8211;\u00a0<span style=\"color: #ff9900;\"><em>PRESS RELEASE, DATED 18-11-2015<\/em><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #808000;\"><strong>SECTION 68\u00a0<\/strong><strong>CASH CREDITS<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #808000;\"><strong>Gifts :\u00a0<\/strong><\/span>Where assessee claimed that during year his minor children had received gifts of Rs. 3.71 Lakhs from four relatives and Assessing Officer rejected gifts and added amount in income of assessee, since all ingredients of valid gifts had been proved by assessee, impugned addition was not justified &#8211;\u00a0<span style=\"color: #ff9900;\"><strong><em>[2015] 62 123 (Allahabad)<\/em><\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #808000;\"><strong>SECTION 80<\/strong>P<strong>DEDUCTIONS &#8211; INCOME OF CO-OPERATIVE SOCIETIES<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><strong>\u00a0<\/strong><strong><span style=\"color: #808000;\">Credit societies:<\/span>\u00a0<\/strong>SLP granted against High Court&#8217;s order where it was held that since assessee was a credit co-operative society, engaged in providing credit facilities to its members only, it was entitled to claim deduction under section 80<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #808000;\"><strong>SECTION148<\/strong> <strong>INCOME ESCAPING ASSESSMENT &#8211; ISSUE OF NOTICE FOR<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><strong>\u00a0<\/strong><strong><span style=\"color: #808000;\">Condition precedent\/Jurisdiction :<\/span>\u00a0<\/strong>Reassessment by jurisdictional Assessing Officer on basis of notice issued by Income-tax\u00a0Officer collecting AIR information, but having no jurisdiction over assessee, is invalid &#8211;\u00a0<span style=\"color: #ff9900;\"><strong><em>[2015 (Lucknow &#8211; Trib.)<\/em><\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #808000;\"><strong>SECTION 153C<\/strong> <strong>SEARCH AND SEIZURE &#8211; ASSESSMENT OF INCOME OF ANY OTHER<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #808000;\"><strong>\u00a0<\/strong><strong>PERSON<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">Delhi HC lays down principles to a void vexatious proceedings u\/s 153C against person other than person searched &#8211;\u00a0<strong><span style=\"color: #ff9900;\"><em>[2015] 62\u00a0<\/em><\/span><\/strong><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #808000;\"><strong>SECTION 194LA<\/strong> <strong><a href=\"https:\/\/carajput.com\/tds.php\">DEDUCTION OF\u00a0TAX\u00a0AT SOURCE<\/a> &#8211; PAYMENT OF COMPENSATION<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #808000;\"><strong>ON ACQUISITION OF CERTAIN IMMOVABLE PROPERTY<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">The question of compulsory acquisition will arise only where the compensation cannot be determined by agreement. In other words when the compensation is based on an agreement between State Government and owner of the land, no more can we say that it is a compulsory acquisition &#8211;\u00a0<strong><span style=\"color: #ff9900;\"><em>[2015] 62 393 (Bangalore &#8211; Trib.)<\/em><\/span><\/strong><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #808000;\"><strong>SECTION 245D<\/strong> <strong>SETTLEMENT COMMISSION &#8211; PROCEDURE ON APPLICATION UNDER SECTION 245C<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #808000;\">Abatement :<\/span>\u00a0<\/strong>Where assessee had not paid requisite amount of\u00a0taxes\u00a0and interest on revised undisclosed income on or before specified date, settlement application filed by assessee stood abated &#8211;\u00a0<span style=\"color: #ff9900;\"><strong><em>[2015]\u00a0 82 (Gujarat)<\/em><\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #808000;\"><strong>SECTION 260A<\/strong> <strong>HIGH COURT &#8211; APPEALS TO<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #808000;\">Court fee :<\/span>\u00a0<\/strong>As section 52A of Kerala Court fees, Act specified court fee in appeal before High Court at 1% of income assessed by Assessing Officer, but in many cases such assessed income might not at all survive, State Government had to make required amendment; High Court opined that instant matter was to be stayed till information about steps taken by State Government was provided &#8211;<span style=\"color: #ff9900;\"><strong>\u00a0<em>[2015] 62 \u00a0389 (SC)<\/em><\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #808000;\"><strong>SECTION 271(1)(c)<\/strong> <strong>PENALTY &#8211; FOR CONCEALMENT OF INCOME<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #808000;\"><strong>Interest income:\u00a0<\/strong><\/span>Penalty could not be levied under section 271(1)(c) on ground that assessee applied different system of accounting for interest expenses and interest received &#8211;\u00a0<span style=\"color: #ff9900;\"><strong><em>[2015] 62 \u00a081 (Gujarat)<\/em><\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #808000;\"><strong>COMPANIES ACT <\/strong><strong>SECTION 397<\/strong> <strong>OPPRESSION AND MISMANAGEMENT<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">Right provided under sections 397 and 398 are statutory in nature and vested with parties to prevent oppression and mis-management against member or company and such reliefs cannot be granted by civil court; hence on dismissal\/withdrawal of civil suit and approaching CLB, principles of res judicata not applicable &#8211;\u00a0<span style=\"color: #ff9900;\"><strong><em>[2015]\u00a0 277 (CLB &#8211; New Delhi)<\/em><\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #808000;\"><strong>COMPTROLLER AND AUDITOR GENERALS (DUTIES, POWERS AND CONDITIONS OF SERVICE) ACT <\/strong><strong>SECTION 20(1)<\/strong> <strong>AUDIT OF ACCOUNTS OF CERTAIN AUTHORITIES OR BODIES<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">Direction of Delhi Govt ordering tariff audit of discoms by CAG quashed as the opportunity given to discoms to represent against the proposal for audit was not a &#8220;reasonable opportunity&#8221; within the meaning of section 20(3) of the CAG Act as the opportunity was given without disclosing the public interest in which audit of DISCOMS by CAG was deemed expedient and as the opportunity to represent was given before consultation with CAG and before the terms and conditions for audit were agreed between GNCTD and CAG &#8211;\u00a0<span style=\"color: #ff9900;\"><strong><em>[2015]\u00a0 394 (Delhi)<\/em><\/strong><\/span><\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"CENTRAL_EXCISE_ACT\"><\/span><a href=\"https:\/\/carajput.com\/services-excise-consultancy.php\"><strong>CENTRAL EXCISE ACT<\/strong><\/a><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #3366ff;\">SECTION 5A<\/span><\/strong><\/p>\n<p style=\"text-align: justify;\"><strong>EXEMPTIONS &#8211; CENTRAL EXCISE &#8211; PRIMARY GOLD<\/strong><\/p>\n<p style=\"text-align: justify;\">&#8216;Gold bar&#8217; recovered from &#8216;gold mud&#8217; is a &#8216;primary gold&#8217; derived from &#8216;mud form of gold&#8217;; hence, same is exempt from duty and exemption cannot be denied merely because &#8216;gold mud&#8217; was, in turn, recovered from &#8216;anode slime&#8217; &#8211;\u00a0<span style=\"color: #ff6600;\"><em>[2015]<\/em><em>\u00a0<\/em><em>49 (SC)<\/em><\/span><\/p>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #3366ff;\">SECTION 4<\/span><\/strong><\/p>\n<p style=\"text-align: justify;\"><strong>VALUATION UNDER CENTRAL EXCISE &#8211; TRANSACTION VALUE \u2013 GENERAL<\/strong><\/p>\n<p style=\"text-align: justify;\">Where, vide interim orders of High Court, &#8216;controlled prices&#8217; of sugar were enhanced and assessees were allowed to sell sugar at &#8216;higher prices&#8217;, excise duty was also payable based on &#8216;higher prices&#8217; &#8211;\u00a0<span style=\"color: #ff6600;\">[2015] .48 (SC)<\/span><\/p>\n<p style=\"text-align: justify;\"><strong>CENTRAL EXCISE TARIFF ACT<\/strong><\/p>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #3366ff;\">SECTION 2<\/span><\/strong><\/p>\n<p style=\"text-align: justify;\"><strong>CLASSIFICATION &#8211; PLASTIC LAMINATED JUTE FABRICS<\/strong><\/p>\n<p style=\"text-align: justify;\">Plastic laminated jute fabrics, meant for floor coverings, are dominantly jute products; hence, they are classifiable as &#8216;floor covering made of jute with plastic coating&#8217; under Heading 5904 and not as &#8216;plastic product&#8217; under Chapter 39 &#8211;<span style=\"color: #ff6600;\">\u00a0<em>[2015] . 50 (SC)<\/em><\/span><\/p>\n<p style=\"text-align: justify;\"><strong>CLASSIFICATION &#8211; LIFTING MACHINERY<\/strong><\/p>\n<p style=\"text-align: justify;\">Where issue involved is an important question having reasonably wide ramifications, appellant may be allowed to raise new grounds for first time before Supreme Court &#8211;\u00a0<span style=\"color: #ff6600;\"><em>[2015] \u00a047 (SC)<\/em><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #808000;\"><a href=\"https:\/\/carajput.com\/services-excise-consultancy.php\"><strong>CENTRAL EXCISE ACT <\/strong><\/a><strong>SECTION 11D<\/strong> <strong>RECOVERY &#8211; OF SUMS COLLECTED IN EXCESS OF DUTY\/TAX<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">Entire burden of proving that assessee has collected money representing duty\/tax\u00a0rests on revenue; however, where revenue had failed to discharge said burden, Tribunal was correct in remanding matter back &#8211;\u00a0<span style=\"color: #ff9900;\"><strong><em>[2015]\u00a0 257 (Andhra Pradesh)<\/em><\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #808000;\"><strong>SECTION 35C<\/strong> <strong>APPEALS &#8211; RECTIFICATION OF MISTAKES\/REVIEW &#8211; APPELLATE TRIBUNAL<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">An error, which has to be established by a long drawn process of reasoning on points where there may conceivably be two opinions does not amount to &#8216;error apparent on face of record&#8217; and is not a rectifiable mistake &#8211;\u00a0<span style=\"color: #ff9900;\"><strong><em>[2015]\u00a0 392 (New Delhi &#8211; CESTAT)<\/em><\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #808000;\"><strong>CENTRAL EXCISE RULES RULE<\/strong><strong> 19<\/strong> <strong>EXPORTS WITHOUT PAYMENT OF DUTY<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">Since there was no condition stipulated in main exemption notification 42\/01 that supplementary instruction to be issued by CBEC would be mandatory, assessee need not comply with such supplementary instruction so as to furnish bond to avail benefit of main exemption notification &#8211;\u00a0<span style=\"color: #ff9900;\"><strong><em>[2015] 62 246 (New Delhi &#8211; CESTAT)<\/em><\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #808000;\"><strong>RULE 26<\/strong> <strong>PENALTIES &#8211; FOR CERTAIN OFFENCES<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">Where appellants were not found to have acquired possession or handled any excisable goods in any manner that was liable to confiscation, no penalty could be imposed &#8211;\u00a0<strong><span style=\"color: #ff9900;\"><em>[2015] 62 194 (Mumbai &#8211; CESTAT)<\/em><\/span><\/strong><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #808000;\"><strong>INDIRECT\u00a0TAX\u00a0LAWS (ST.\/EX.\/CUS. &amp; (CST &amp; VAT)<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">Clarification on self-sealing and self-examination of bulk cargo \u2013 Prescribed procedures for allowing export without sealing in packages or container &#8211;\u00a0<span style=\"color: #ff9900;\"><em>CIRCULAR NO.1011\/18\/2015-CX, DATED 30-10-2015<\/em><\/span><\/p>\n<p style=\"text-align: justify;\">Cenvat Credit (Fifth Amendment) Rules, 2015 \u2013 Amendment in rule 3 &#8211;<strong>\u00a0<\/strong><span style=\"color: #ff9900;\"><em>NOTIFICATION NO.22\/2015-C.E. (N.T.), DATED 29-10-2015<\/em><\/span><\/p>\n<p style=\"text-align: justify;\">Filing of Reconciliation return for Year 2014-15 &#8211;<span style=\"color: #ff9900;\">\u00a0<em>CIRCULAR NO.28 OF 2015-16, DATED 30-10-2015<\/em><\/span><\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #3366ff;\"><strong>SECTION 4<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><strong>VALUATION UNDER CENTRAL EXCISE &#8211; TRANSACTION VALUE<\/strong><\/p>\n<p style=\"text-align: justify;\">Transaction value is determined at time of clearance of goods at factory; hence, installation and commissioning charges for Erection, Commissioning, Installation, etc. of machines at buyer&#8217;s site cannot be included in value &#8211;<span style=\"color: #ff9900;\"><em>[2015] 83 (SC)<\/em><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #3366ff;\"><strong>SECTION 4A<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><strong>VALUATION UNDER CENTRAL EXCISE &#8211; RETAIL SALE PRICE\/MRP BASED<\/strong><\/p>\n<p style=\"text-align: justify;\">In case three different MRPs are affixed on &#8216;same package&#8217; even though for &#8216;different areas&#8217;, goods will be assessed to duty as per Explanation 2(a) to section 4A taking highest MRP as the basis. &#8211;\u00a0<span style=\"color: #ff9900;\"><em>[2015] \u00a084 (SC)<\/em><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #3366ff;\"><strong>SECTION 11D<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><strong>DUTY OF EXCISE COLLECTED FROM BUYER TO BE DEPOSITED WITH CENTRAL GOVERNMENT<\/strong><\/p>\n<p style=\"text-align: justify;\">Assessee, being only a &#8220;dealer&#8221; and not a &#8220;manufacturer&#8221; was not liable to pay differential amount of excise duty under section 11D on fluctuation in rate of petroleum products &#8211;\u00a0<span style=\"color: #ff9900;\"><em>[2015] 51 (SC)<\/em><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #3366ff;\"><strong>SECTION 32K<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><strong>SETTLEMENT COMMISSION &#8211; POWER TO GRANT IMMUNITY FROM PROSECUTION AND PENALTY<\/strong><\/p>\n<p style=\"text-align: justify;\">Settlement Commission is entitled to exercise its discretion in imposing penalty on company as well as against its directors on recording elements of mens rea in concealing duty liability &#8211;<span style=\"color: #ff9900;\">\u00a0<em>[2015] \u00a052 (Calcutta)<\/em><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #3366ff;\"><strong>SECTION 35F<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><strong>DEPOSIT \u2013 OF DUTY DEMANDED OR PENALTY LEVIED<\/strong><\/p>\n<p style=\"text-align: justify;\">Section 35F, as substituted by the Finance (No. 2) Act, 2014, mandating pre-deposit of 7.5% or 10% as a pre-condition for filing appeal is valid. &#8211;<span style=\"color: #ff9900;\">\u00a0<em>[2015] \u00a0163 (Karnataka)<\/em><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #3366ff;\"><strong>CORPORATE LAWS<\/strong><\/span><\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"SEBI_ACT\"><\/span><a href=\"https:\/\/carajput.com\/sebi-consulting.php\"><strong>SEBI ACT<\/strong><\/a><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #3366ff;\">SECTION 11B<\/span><\/strong><\/p>\n<p style=\"text-align: justify;\"><strong>POWER AND FUNCTIONS OF BOARD<\/strong><\/p>\n<p style=\"text-align: justify;\">Where plaintiff was aware from September 2013 about its non-inclusion as part of promoter and promoter-company of defendant No. 1 in shareholding pattern filed by defendant No. 1 with stock exchange, but it did not approach SEBI when there was discussion about Letter of Offer or issue of right shares by defendant-company, suit filed by plaintiff to pass a decree declaring Letter of Offer issued by defendant as unlawful, null and void ab-initio for depriving plaintiff of its special right as prompter was to be dismissed. &#8211;\u00a0<span style=\"color: #ff6600;\"><em>[2015] \u00a0185 (Delhi)<\/em><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #3366ff;\"><strong>CORPORATE LAWS<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><strong>COMPANIES ACT<\/strong><\/p>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #3366ff;\">SECTION 391<\/span><\/strong><\/p>\n<p style=\"text-align: justify;\"><strong>COMPROMISE AND ARRANGEMENT<\/strong><\/p>\n<p style=\"text-align: justify;\">Where main purpose of proposed scheme of amalgamation between trnsferee company and transferor companies was to streamline affairs of companies,tax planning and scheme did not in any manner affect interest of any of stake holders, including public,proposed scheme of amalgamation was to be sanctioned. &#8211;<span style=\"color: #ff6600;\"><em>[2015] . 203 (Andhra Pradesh)<\/em><\/span><\/p>\n<p style=\"text-align: justify;\">Prior Approval for Acquisition of Shares or voting rights in Private Sector Banks : Directions, 2015 &#8211;\u00a0<span style=\"color: #ff6600;\"><em>MASTER DIRECTION DBR.PSBD.No.56\/16.13.100\/2015-16, DATED 19-11-2015<\/em><\/span><\/p>\n<p style=\"text-align: justify;\">Review of provision of factoring services by banks &#8211;\u00a0<span style=\"color: #ff6600;\"><em>CIRCULAR DBR.No.FSD.BC.58\/24.01.007\/2015-16, DATED 19-11-2015<\/em><\/span><\/p>\n<p style=\"text-align: justify;\">Non-Operative Financial Holding Company (NOFHC) \u2013 <span style=\"color: #ff6600;\">Application of Capital Adequacy Norms &#8211;\u00a0<em>CIRCULAR DBR.No.57\/21.06.201\/2015-16, DATED 19-11-2015<\/em><\/span><\/p>\n<p style=\"text-align: justify;\">Prevention of Money-Laundering (Maintenance of Records) Third Amendment Rules, 2015 &#8211; Amendment in Rules 2 and 7 &#8211;\u00a0<span style=\"color: #ff6600;\"><em>NOTIFICATION NO. GSR 730(E) [NO.7\/2015 (P.12011\/1\/2013-SO (E.S. CELL)], DATED 22-9-2015<\/em><\/span><\/p>\n<p style=\"text-align: justify;\">IRDAI (Other Forms of Capital) Regulations, 2015 &#8211;\u00a0<span style=\"color: #ff6600;\"><em>NOTIFICATION F.NO.IRDAI\/REG\/20\/110\/2015, DATED 13-11-2015<\/em><\/span><\/p>\n<p style=\"text-align: justify;\">Internet banking facility for customers of Regional Rural Banks &#8211;<span style=\"color: #ff6600;\">\u00a0<em>CIRCULAR DBR.RRB.BC.No.59\/31.01.001\/2015-16, DATED 19-11-2015<\/em><\/span><\/p>\n<p style=\"text-align: justify;\">CCI imposes penalties upon Airlines for concerted action in Fixing Fuel Surcharge (FSC) on Cargo transport &#8211;<span style=\"color: #ff6600;\"><em>PRESS RELEASE, DATED 17-11-2015<\/em><\/span><\/p>\n<p style=\"text-align: justify;\">Submission of officially valid documents in respect of change of name on account of marriage or otherwise \u2013 Amendment in Prevention of Money-Laundering (Maintenance of Records) Rules, 2005 &#8211;\u00a0<span style=\"color: #ff9900;\"><em>CIRCULAR DBR.AML.BC.NO.46\/14\/.01.001\/2015-16, DATED 29-10-2015<\/em><\/span><\/p>\n<p style=\"text-align: justify;\">Disclosures in abridged prospectus and price information of past issues handled by Merchant Bankers &#8211;\u00a0<span style=\"color: #ff9900;\"><em>CIRULAR NO.CFD\/DIL\/7\/2015, DATED 30-10-2015<\/em><\/span><\/p>\n<p style=\"text-align: justify;\">No fresh permission\/renewal of permission to los of foreign law firms \u2013 Supereme Court&#8217;s Directions &#8211;\u00a0<span style=\"color: #ff9900;\"><em>A.P. (DIR SERIES 2015-16) CIRCULAR NO.23, DATED 29-10-2015<\/em><\/span><\/p>\n<p style=\"text-align: justify;\">Early recognition of financial distress, prompt steps for Resolution and fair recovery of lenders : Framework for revitalising distressed assets in economy \u2013 Review of Guidelines On Joint Lenders&#8217; Forum (JLF) And Corrective Action Plan (CAP) &#8211;<span style=\"color: #ff9900;\">\u00a0<em>CIRCULAR DNBR.CC.PD.NO.070\/03.10.01\/2015-16, DATED 29-10-2015\u00a0<\/em><\/span>Sovereign Gold Bond 2015-16 &#8211;\u00a0<span style=\"color: #ff9900;\"><em>PRESS RELEASE : 2015-2016\/1047, DATED 30-10-2015<\/em><\/span><\/p>\n<p style=\"text-align: justify;\">Instructions for obtaining certificate of registration under IRDAI (Registration of Corporate Agents) Regulations, 2015 &#8211;\u00a0<span style=\"color: #ff9900;\"><em>CIRCULAR NO. IRDA\/CAGTS\/GDL\/LCE\/202\/11\/2015, DATED 18-11-2015<\/em><\/span><\/p>\n<p style=\"text-align: justify;\">FEM (Permissible Capital Account Transactions) (Fourth Amendment) Regulations, 2015 \u2013 Amendment in Regulation 4 &#8211;\u00a0<span style=\"color: #ff9900;\"><em>NOTIFICATION [NO.FEMA.345\/2015-RB]\/GSR 859(E), DATED 16-11-2015<\/em><\/span><\/p>\n<p style=\"text-align: justify;\">FEM (Transfer or Issue of Security by A Person Resident Outside India) (Eleventh Amendment) Regulations, 2015 \u2013 Amendment In Regulations 2, 5, 9 &amp; 12 and Insertion of Schedule 11 &#8211;\u00a0<span style=\"color: #ff9900;\"><em>NOTIFICATION [NO.FEMA.355\/2015-RB]\/GSR 858(E), DATED 16-11-2015<\/em><\/span><\/p>\n<p style=\"text-align: justify;\"><em>Prevention of Money-Laundering (Maintenance of Records) Fourth Amendment Rules, 2015 \u2013 Amendment in Rule 9A &#8211;\u00a0<span style=\"color: #ff9900;\"><em>NOTIFICATION NO. GSR 882(E) [NO.8\/2015 (P.12011\/15\/2011-S.O. (ES CELL)], DATED 18-11-2015<\/em><\/span><\/em><\/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<p>More read :<\/p>\n<ul>\n<li>\n<h4><span class=\"ez-toc-section\" id=\"quick_overview_on_income_tax_deduction_us-80c-80u\"><\/span><a href=\"https:\/\/carajput.com\/blog\/quick-overview-on-income-tax-deduction-u-s-80c-80u\/\">quick overview on income tax deduction u\/s-80c-80u<\/a><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/li>\n<li>\n<h4><span class=\"ez-toc-section\" id=\"Documents_required_for_registration_us_12A\"><\/span><a href=\"https:\/\/carajput.com\/learn\/documents-required-for-registration-us-12a-80g-and-trust-registration.html\">Documents required for registration u\/s 12A<\/a><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/li>\n<li>\n<h4><span class=\"ez-toc-section\" id=\"Additional_deduction_on_new_payroll_expenses\"><\/span><a href=\"https:\/\/carajput.com\/blog\/new-income-tax-scheme-30-percent-additional-deduction-on-new-payroll-expenses-for-certain-assesses-section-80jjaa\/\">Additional deduction on new payroll expenses<\/a><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/li>\n<li>More read :\n<ul>\n<li><a href=\"https:\/\/carajput.com\/blog\/quick-overview-on-income-tax-deduction-u-s-80c-80u\/\">quick overview on income tax deduction u\/s-80c-80u<\/a><\/li>\n<li><a href=\"https:\/\/carajput.com\/learn\/documents-required-for-registration-us-12a-80g-and-trust-registration.html\">Documents required for registration u\/s 12A<\/a><\/li>\n<li><a href=\"https:\/\/carajput.com\/blog\/new-income-tax-scheme-30-percent-additional-deduction-on-new-payroll-expenses-for-certain-assesses-section-80jjaa\/\">Additional deduction on new payroll expenses<\/a><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Corporate and Professional Update November 23, 2015 INCOME TAX ACT SECTION 12AA CHARITABLE OR RELIGIOUS TRUST &#8211; REGISTRATION PROCEDURE Cancellation of registration: Mere non-intimation of amendments in the trust deed to the department cannot ipso facto lead to cancellation of registration under section 12AA(3) &#8211;\u00a0[2015] . 56 (Mumbai &#8211; Trib.) SECTION 28(i) BUSINESS INCOME &#8211; &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":[3456,3457,3452,3359,3461,162,3374],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/638"}],"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=638"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/638\/revisions"}],"predecessor-version":[{"id":19881,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/638\/revisions\/19881"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=638"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=638"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=638"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}