{"id":953,"date":"2015-12-30T09:41:20","date_gmt":"2015-12-30T09:41:20","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=953"},"modified":"2022-03-06T14:57:54","modified_gmt":"2022-03-06T09:27:54","slug":"corporate-and-professional-update-december-20-2015","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-update-december-20-2015\/","title":{"rendered":"corporate and professional update december 20, 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-69d28fbe4050d\" 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-69d28fbe4050d\"  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-december-20-2015\/#CORPORATE_AND_PROFESSIONAL_UPDATE_DECEMBER_20_2015\" title=\"CORPORATE AND PROFESSIONAL UPDATE DECEMBER 20, 2015\">CORPORATE AND PROFESSIONAL UPDATE DECEMBER 20, 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-december-20-2015\/#Court_Decision\" title=\"Court Decision\u00a0\">Court Decision\u00a0<\/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-december-20-2015\/#MCA_RBI_Update\" title=\"MCA &amp; RBI Update\u00a0\">MCA &amp; RBI Update\u00a0<\/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-december-20-2015\/#Other_Update\" title=\"Other Update\u00a0\">Other Update\u00a0<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/12\/21.png\" rel=\"attachment wp-att-1526\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-1526\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/12\/21-300x173.png\" alt=\"21\" width=\"879\" height=\"507\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/12\/21-300x173.png 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/12\/21-768x444.png 768w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/12\/21.png 883w\" sizes=\"(max-width: 879px) 100vw, 879px\" \/><\/a><\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"CORPORATE_AND_PROFESSIONAL_UPDATE_DECEMBER_20_2015\"><\/span><span style=\"color: #993300;\"><strong>CORPORATE AND PROFESSIONAL UPDATE DECEMBER 20, 2015<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ol style=\"text-align: justify;\">\n<li>TPO can reject transfer pricing study report based on multiple year data and use only current year data <strong><span style=\"color: #ff9900;\">[ITAT Bangalore DCIT vs. M\/s. Parametric Technology (India) Pvt. Ltd].<\/span><\/strong><\/li>\n<\/ol>\n<ol style=\"text-align: justify;\" start=\"2\">\n<li>CD (compact disc) is an admissible \u2018documentary evidence\u2019-Supreme Court of India.<strong><span style=\"color: #ff9900;\"> [Shamsher Singh Verma vs. State of Haryana]<\/span><\/strong><\/li>\n<\/ol>\n<ol style=\"text-align: justify;\" start=\"3\">\n<li>CLB has issued a circular stating that the certified copies of the &#8220;Interim Orders&#8221;\u00a0passed by the Principal Bench and New Delhi Bench on its official web site w.e.f \u00a001.2016.<\/li>\n<\/ol>\n<ol style=\"text-align: justify;\" start=\"6\">\n<li>Applications are invited from advocates of substantial standing and repute and with good academic credentials for the empanelment of Addl. \/ Asstt Public Prosecutor of <a href=\"https:\/\/carajput.com\/income-tax-services.php\">Income Tax<\/a> Department.<\/li>\n<\/ol>\n<ol style=\"text-align: justify;\" start=\"7\">\n<li>Finance Ministry has asked Income Tax department officials to mandatorily mention their email and official phone numbers in e-letters and notices.<\/li>\n<li>CBDT issues draft guidelines for determination of Place of Effective Management (POEM) of a company &#8211; suggestions to be given by\u00a002.01.2016.<\/li>\n<\/ol>\n<h3><span class=\"ez-toc-section\" id=\"Court_Decision\"><\/span><span style=\"color: #333399;\"><strong>Court Decision\u00a0<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ol style=\"text-align: justify;\" start=\"8\">\n<li>Section 54F do not stipulate purchase of new asset from sale proceeds of original capital asset only<span style=\"color: #ff9900;\">.<strong>[CIT vs. Shri Kapil Kumar Agarwal (P&amp;H High Court)].<\/strong><\/span><\/li>\n<\/ol>\n<ol style=\"text-align: justify;\" start=\"9\">\n<li>Revenue Secretary has directed that Income Tax Notice \/ letter \/communication to contain email and phone number of officer issuing notice.<\/li>\n<\/ol>\n<ol style=\"text-align: justify;\" start=\"10\">\n<li>Interest paid on borrowed sums further advanced to subsidiary company for purpose of facilitating the subsidiary in meeting out its working capital requirement is allowable as business expenditure. <strong><span style=\"color: #ff9900;\">[Hero Cycles (P) Ltd.vs. CIT, Supreme Court of India]<\/span><\/strong><\/li>\n<\/ol>\n<ol style=\"text-align: justify;\" start=\"11\">\n<li>It is not the \u2018profit from export\u2019 but \u2018profit of business\u2019 which is to be considered in formula u\/s 10B(4) <strong><span style=\"color: #ff9900;\">[Delhi High Court in Riviera Home Furnishing vs. Addl. CIT].<\/span><\/strong><\/li>\n<\/ol>\n<ol style=\"text-align: justify;\" start=\"12\">\n<li>No assessment can be made in the hands of non-existing company. <span style=\"color: #ff9900;\">[M\/s PVP Ventures Ltd. vs. DCIT: ITAT Chennai]<\/span><\/li>\n<\/ol>\n<ol style=\"text-align: justify;\" start=\"13\">\n<li>Revenue cannot adjust operating costs in allowing capacity adjustment under Transfer Pricing. <strong><span style=\"color: #ff9900;\">[DCIT vs. Claas India Pvt. Ltd. Delhi Bench of ITAT.<\/span><\/strong><\/li>\n<\/ol>\n<ol style=\"text-align: justify;\" start=\"14\">\n<li>Wax used for producing cotton yarn should be treated as Raw Material \u2013 <strong><span style=\"color: #ff9900;\">Supreme Court in the case of M\/S. MERIDIAN INDUSTRIES LTD. vs Commissioner of Central Excise.<\/span><\/strong><\/li>\n<li>The assessee is an AOP but department wrongly issued PAN as Firm, there cannot be any insistence that return should be filed in the same capacity. <strong><span style=\"color: #ff9900;\">[Gujarat High Court in Tulsi Mall AOP vs CIT 2015 (12) TMI 1077]<\/span><\/strong><\/li>\n<li>Interest in leasehold property includible in net wealth of assessee if he exercises power of owner on it. <strong><span style=\"color: #ff9900;\">Bombay High Court: Jaya Hind Sciaky Limited.<\/span><\/strong><\/li>\n<li>Disallowance cannot be made of expenditure not claimed as deduction in profit and loss account.<strong><span style=\"color: #ff9900;\"> [ITAT Delhi: Sunaina Tower Pvt. Ltd. vs. ACIT.]<\/span><\/strong><\/li>\n<\/ol>\n<h3><span class=\"ez-toc-section\" id=\"MCA_RBI_Update\"><\/span><span style=\"color: #000080;\"><strong>MCA &amp; RBI Update\u00a0<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ol style=\"text-align: justify;\" start=\"15\">\n<li>MCA clarified that the last date for Annual Filing Forms is\u00a030 Dec 2015\u00a0and no further extension would be accorded after this date.<\/li>\n<\/ol>\n<ol style=\"text-align: justify;\" start=\"16\">\n<li>SEBI mulls collective issue of orders, not via a single officer in a bid to improve accountability and ensure every order is looked upon as a regulatory action.<\/li>\n<\/ol>\n<ol style=\"text-align: justify;\" start=\"18\">\n<li>From 1st Jan, 2016 LPG subsidy will not be available to Consumers with Taxable Income of 10 lakhs or more in FY 2015-16.<\/li>\n<\/ol>\n<ol style=\"text-align: justify;\" start=\"25\">\n<li>Only functionally comparable companies can be compared for calculating ALP under Transfer Pricing:<span style=\"color: #ff9900;\">\u00a0<strong>[ITAT : Acclaris Business Solutions Pvt. Ltd. vs I.T.O.]<\/strong><\/span><\/li>\n<\/ol>\n<ol style=\"text-align: justify;\" start=\"26\">\n<li>MCA has notified\u00a0the Companies (Meetings of Board and its Powers) Second Amendment Rules, 2015\u00a0which shall come into force on the date of their publication in the Official Gazette.<\/li>\n<\/ol>\n<ol style=\"text-align: justify;\" start=\"27\">\n<li><a href=\"https:\/\/carajput.com\/rbi-consulting.php\">Reserve Bank of India<\/a> has created an email helpline to provide regulatory advice for start-ups.<\/li>\n<li>Online Application are invited from CA firms \/ LLPs from\u00a001.01.2016 to 15.02.2016\u00a0for empanelment for appointment as auditors of Govt Co.s \/ Corporations for the year\u00a02016-2017.\u00a0<a href=\"https:\/\/www.saiindia.gov.in\/\">saiindia.gov.in<\/a>.<\/li>\n<li>Auditors are now required to report any suspected corporate fraud amounting Rs 1 crore or more to the central government, as stringent measures are being put in place to curb misdoings.<\/li>\n<\/ol>\n<h3><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><\/h3>\n<ol style=\"text-align: justify;\" start=\"28\">\n<li>Lok Sabha on\u00a0Thursday\u00a0passed the Arbitration and Conciliation (Amendment) Bill, 2015, aimed at making dispute resolution\u00a0in the country quicker and easier.<\/li>\n<li><a href=\"https:\/\/carajput.com\/sebi-consulting.php\">SEBI<\/a> Meeting on Implementation of OECD Principles of Corporate Governance, spot price determination of commodities etc. PR No. 297\/2015.<\/li>\n<li>Delhi High Court ruled that\u00a0undervalued property can be registered in the capital.<\/li>\n<\/ol>\n<ol style=\"text-align: justify;\" start=\"33\">\n<li>Government of the Republic of India and the Government of the Republic of Macedonia enters DTAA\u00a0for the avoidance of double taxation.\u00a0Notification No. 94\/2015.<\/li>\n<li>Export Policy of Onions- Removal of Minimum Export Price on onions.Notification No. 29\/2015-20.<\/li>\n<li>SEBI meeting on Implementation of OECD Principles of Corporate Governance, Spot Price Determination of Commodities etc. PR No. 297\/2015<\/li>\n<li>Cheque bounce cases are to be filed at the Place of Presentation of Cheque and not the place of issue (as per Negotiable Instruments (Amendment) Bill.<\/li>\n<li>Auditors are now required to report any suspected corporate fraud amounting Rs 1 crore or more to the Central Government under the Companies Act, 2013<\/li>\n<li><a href=\"https:\/\/carajput.com\/rbi-consulting.php\">RBI<\/a> has\u00a0extended the deadline for exchanging\u00a0pre-2005\u00a0currency\u00a0notes\u00a0of various denominations, including Rs 500\/-and Rs 1,000\/-, by another six months to\u00a0June 30, 2016.<\/li>\n<li><\/li>\n<\/ol>\n<p>For query or help, contact: <a href=\"mailto:singh@carajput.com\">singh@carajput.com<\/a>\u00a0or call at 9555555480<\/p>\n<p><strong>Read the related blogs below;<\/strong><\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li><strong><a href=\"https:\/\/carajput.com\/learn\/sebi-introduces-onetime-settlement-scheme-sebi-settlement-scheme-2020.html\">SEBI introduces onetime settlement scheme SEBI settlement scheme-2020<\/a><\/strong><\/li>\n<li><strong><a href=\"https:\/\/carajput.com\/blog\/sebi-extends-time-line-for-june-quarter-results-to-15-sept-2020\/\">The<\/a><\/strong><strong> <a href=\"https:\/\/carajput.com\/blog\/sebi-extends-time-line-for-june-quarter-results-to-15-sept-2020\/\">SEBI extended timelines for June quarter<\/a><\/strong><\/li>\n<li><strong><a href=\"https:\/\/carajput.com\/learn\/security-exchange-board-in-india-consultancy-service.html\">Service regarding SEBI<\/a><\/strong><\/li>\n<li><strong><a href=\"https:\/\/carajput.com\/blog\/sebi-guidelines-dvat-provisions-cbecs-move-towards-gst\/\">SEBI guidelines for DVAT Provision<\/a><\/strong><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>CORPORATE AND PROFESSIONAL UPDATE DECEMBER 20, 2015 TPO can reject transfer pricing study report based on multiple year data and use only current year data [ITAT Bangalore DCIT vs. M\/s. Parametric Technology (India) Pvt. Ltd]. CD (compact disc) is an admissible \u2018documentary evidence\u2019-Supreme Court of India. [Shamsher Singh Verma vs. State of Haryana] CLB has &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":[3769,162,3770,5,3771,7,3773],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/953"}],"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=953"}],"version-history":[{"count":4,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/953\/revisions"}],"predecessor-version":[{"id":22080,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/953\/revisions\/22080"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=953"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=953"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=953"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}