{"id":714,"date":"2015-12-07T06:04:02","date_gmt":"2015-12-07T06:04:02","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=714"},"modified":"2024-07-05T19:33:32","modified_gmt":"2024-07-05T14:03:32","slug":"important-updates-2","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/important-updates-2\/","title":{"rendered":"CORPORATE &#038; OTHER LAWS UPDATE DECEMBER 2, 2015"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_88 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Page Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6acf36e5e04b5\" 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-6acf36e5e04b5\"  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\/important-updates-2\/#Corporate_and_Professional_Update_December_2_2015\" >Corporate and Professional Update December 2, 2015<\/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\/important-updates-2\/#Direct_Taxes\" >Direct Taxes:<\/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\/important-updates-2\/#Indirect_taxes\" >Indirect taxes:<\/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\/important-updates-2\/#Company_Law\" >Company Law:<\/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\/important-updates-2\/#Other_Update\" >Other Update :\u00a0<\/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\/important-updates-2\/#New_criminal_laws_come_into_effect_today_replacing_existing_colonial_era_legislations\" >New criminal laws come into effect today replacing existing colonial era legislations<\/a><\/li><\/ul><\/nav><\/div>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/12\/Untitled15A.png\" rel=\"attachment wp-att-1567\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-1567\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/12\/Untitled15A-300x166.png\" alt=\"Untitled15A\" width=\"835\" height=\"462\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/12\/Untitled15A-300x166.png 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/12\/Untitled15A.png 514w\" sizes=\"auto, (max-width: 835px) 100vw, 835px\" \/><\/a><\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Corporate_and_Professional_Update_December_2_2015\"><\/span><span style=\"color: #000080;\"><strong>Corporate and Professional Update December 2, 2015<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h2><span class=\"ez-toc-section\" id=\"Direct_Taxes\"><\/span><span style=\"color: #3366ff;\"><strong><span style=\"text-decoration: underline;\">Direct Taxes:<\/span><\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\">Penalty under\u00a0Section 271(1)(c) &#8211; AO has not specified the relevant portion of the clause (c) of the notice under Section 274 rws 271 of the Act for initiating penalty proceedings under Section 271(1)(c) &#8211; Notice is invalid-\u00a0(Joint Commissioner of <a href=\"https:\/\/carajput.com\/income-tax-services.php\">Income Tax<\/a>, LTU, Bangalore Versus M\/s. State Bank of Mysore, ITAT BANGALORE).<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Indirect_taxes\"><\/span><span style=\"color: #3366ff;\"><strong><span style=\"text-decoration: underline;\">Indirect taxes:<\/span><\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\">Deposit of <a href=\"https:\/\/carajput.com\/services-vat.php\">service tax<\/a> with wrong registration number of other unit \u2013 adjustment of service tax payments from the account of one registered unit to the account of another registered unit &#8211; there is no provision in the service tax law which prohibits such adjustment. &#8211; Adjustment allowed-(\u00a0M\/s. Sahara India TV Network Versus C.C.E. &amp; S.T., Noida,\u00a0CESTAT NEW DELHI).<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Company_Law\"><\/span><span style=\"color: #3366ff;\"><strong><span style=\"text-decoration: underline;\">Company Law:<\/span><\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #3366ff;\">Query:<\/span>\u00a0<\/strong><a href=\"https:\/\/carajput.com\/blog\/tag\/public-limited-company\/\">Companies<\/a> (Share Capital and Debentures) Second Amendment Rules, 2015. &#8211; Provision specifying the manner in which share certificate are required to be signed modified vide Notification F. No. 1\/31\/2013-CL-V-Part &#8211; Dated: May 29, 2015 \u2013Kindly provide the new procedure under this section.<\/p>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #808000;\"><span style=\"color: #3366ff;\">Answer:<\/span>\u00a0<\/span><\/strong>Yes, Rule 5(3) of the Companies (Share Capital &amp; Debentures) Rules, 2015 has been amended by the Companies (Share Capital and Debentures) Second Amendment Rules 2015 which has altered the manner in which share certificate are required to be signed now, which is as :<\/p>\n<p>Every Share Certificate shall be issued under the seal, if any, of the company, which shall be affixed in the presence of and signed by-<\/p>\n<p style=\"text-align: justify;\">(a) two directors duly authorised by the Board of directors of the company for the purpose or the committee of the Board, if so authorised by the Board;<\/p>\n<p style=\"text-align: justify;\">(b) the secretary or any person authorised by the Board for the purpose. Provided that in case a <a href=\"https:\/\/carajput.com\/blog\/process-of-company-registration-in-india\/\">company<\/a> does not have a common seal, the share certificate shall be signed by two directors or by a director and the Company Secretary, wherever the company has appointed a Company Secretary;<\/p>\n<p style=\"text-align: justify;\">Provided further that, if the composition of the Board permits of it, at least one of the aforesaid two directors shall be a person other than a managing director or a whole time director.<\/p>\n<p><a href=\"https:\/\/carajput.com\/blog\/basic-details-of-invoice-registration-portalirp-on-gst\/\">Also read-Basic details of IRP on GST<\/a><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Other_Update\"><\/span><span style=\"color: #000080;\"><strong>Other Update :\u00a0<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\">1. RBI eases norms on filing of online returns by <a href=\"https:\/\/carajput.com\/blog\/tag\/non-banking-financial-companies-nbfcs\/\">NBFCs<strong>\u00a0<\/strong><\/a><\/p>\n<p style=\"text-align: justify;\">2.IT: Where assessee paid interest on borrowed funds and claimed deduction of same under section 36(1)(iii) and Assessing Officer disallowed Interest claim partly on plea that some interest bearing funds had been advanced to sister concerns as interest-free advances, since assessee had at its disposal sufficient funds to provide interest-free advances and borrowed funds were for purposes of business, no disallowance of interest was justified <span style=\"color: #ff6600;\">[2015]\u00a0194 (Jaipur &#8211; Trib.)\u00a0 Sharma East India Hospitals &amp; Medical Research Ltd. v. DCIT<\/span><\/p>\n<p style=\"text-align: justify;\">3. CBDT releases Explanatory Notes to provisions of the Finance Act, 2015<\/p>\n<p style=\"text-align: justify;\">4. Gold Bond Scheme turns into a blockbuster with collection of 63,000 applications worth Rs. 246.20 crore<\/p>\n<h2><span class=\"ez-toc-section\" id=\"New_criminal_laws_come_into_effect_today_replacing_existing_colonial_era_legislations\"><\/span><span style=\"color: #000080;\"><strong>New criminal laws come into effect today replacing existing colonial era legislations<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-26981\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/12\/1719837133361.jpeg\" alt=\"New criminal laws come into effect today replacing the existing colonial era legislations-\" width=\"1364\" height=\"1536\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/12\/1719837133361.jpeg 1364w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/12\/1719837133361-266x300.jpeg 266w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/12\/1719837133361-909x1024.jpeg 909w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/12\/1719837133361-768x865.jpeg 768w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/12\/1719837133361-800x901.jpeg 800w\" sizes=\"auto, (max-width: 1364px) 100vw, 1364px\" \/><\/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 Update December 2, 2015 Direct Taxes: Penalty under\u00a0Section 271(1)(c) &#8211; AO has not specified the relevant portion of the clause (c) of the notice under Section 274 rws 271 of the Act for initiating penalty proceedings under Section 271(1)(c) &#8211; Notice is invalid-\u00a0(Joint Commissioner of Income Tax, LTU, Bangalore Versus M\/s. State &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,4],"tags":[3973,3971,3972],"class_list":["post-714","post","type-post","status-publish","format-standard","hentry","category-income-tax","category-indirect-tax","tag-explanatory-notes-to-provisions-of-the-finance-act-2015","tag-interest-on-borrowed-funds","tag-rbi-eases-norms-on-filing-of-online-returns-by-nbfcs"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 5.0.2 - aioseo.com -->\n\t<meta name=\"description\" content=\"Corporate and Professional Update December 2, 2015 Direct Taxes: Penalty under Section 271(1)(c) - AO has not specified the relevant portion of the clause (c) of the notice under Section 274 rws 271 of the Act for initiating penalty proceedings under Section 271(1)(c) - Notice is invalid- (Joint Commissioner of Income Tax, LTU, Bangalore Versus M\/s. 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