{"id":966,"date":"2015-12-30T10:57:46","date_gmt":"2015-12-30T05:27:46","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=966"},"modified":"2021-08-14T16:38:35","modified_gmt":"2021-08-14T11:08:35","slug":"corporate-and-professional-update-december-24-2015","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-update-december-24-2015\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATE DECEMBER 24, 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-69d29d1ce050e\" 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-69d29d1ce050e\"  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-24-2015\/#CORPORATE_AND_PROFESSIONAL_UPDATE_DECEMBER_24_2015\" title=\"CORPORATE AND PROFESSIONAL UPDATE DECEMBER 24, 2015\">CORPORATE AND PROFESSIONAL UPDATE DECEMBER 24, 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-24-2015\/#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-december-24-2015\/#COMPETITION_ACT\" title=\"COMPETITION ACT\">COMPETITION ACT<\/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-24-2015\/#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-5\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-december-24-2015\/#STATUTES\" title=\"STATUTES\">STATUTES<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"CORPORATE_AND_PROFESSIONAL_UPDATE_DECEMBER_24_2015\"><\/span><span style=\"color: #000080;\"><strong>CORPORATE AND PROFESSIONAL UPDATE DECEMBER 24, 2015<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/12\/7.png\" rel=\"attachment wp-att-1514\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-1514\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/12\/7-300x179.png\" alt=\"7\" width=\"746\" height=\"445\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/12\/7-300x179.png 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/12\/7-768x459.png 768w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/12\/7.png 859w\" sizes=\"(max-width: 746px) 100vw, 746px\" \/><\/a><\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"INCOME_TAX_ACT\"><\/span><span style=\"color: #0000ff;\"><strong>INCOME TAX ACT<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>SECTION 4<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>INCOME &#8211; CHARGEABLE AS<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #993366;\"><strong>Capital receipt :\u00a0<\/strong><\/span>In case of issue of FCCB, increase or decrease in liability on account of fluctuation in foreign exchange as on date of balance sheet would be on capital account and, therefore, any gain or loss is not taxable &#8211;\u00a0<em>[2015] 64<\/em><em>\u00a0<\/em><em>\u00a0<\/em><em>256 (Bangalore \u2013 Trib.)<\/em><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>SECTION 14A<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>EXPENDITURE INCURRED IN RELATION TO INCOME NOT INCLUDIBLE IN TOTAL INCOME<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">Variable &#8216;A&#8217; prescribed in the formula in Rule 8D(2)(ii) (to make disallowance in case of common interest expenditure) would exclude both interest attributable to tax exempt income as well as taxable income. &#8211;\u00a0<em>[2015] 64<\/em><em>\u00a0<\/em><em>\u00a0<\/em><em>340 (Delhi)<\/em><\/p>\n<p>Read our articles: \u00a0<a href=\"https:\/\/carajput.com\/blog\/relevant-parts-of-the-honorable-fm-press-conference\/\">Top Taxation Relaxation to MSMS<\/a><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>SECTION 35D<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>PRELIMINARY EXPENSES<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #800000;\">Deduction :<\/span>\u00a0<\/strong>Shares acquired cannot be treated as land or building, plant or machinery etc., but only as &#8216;cost of project&#8217; for purpose of allowing deduction under section 35D &#8211;\u00a0<em>[2015] 64<\/em><em>\u00a0<\/em><em>\u00a0<\/em><em>256 (Bangalore \u2013 Trib.)<\/em><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>SECTION 68<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>CASH CREDITS<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #800000;\"><strong>Deposits :\u00a0<\/strong><\/span>Where Assessing Officer received information from Enforcement Directorate that in books of assessee there were huge cash deposits which were not explained, he could not reopen assessment on basis of said information alone without even examining as to whether amount in question was reflected in return filed by assessee\u00a0 &#8211;\u00a0<em>[2015] 64<\/em><em>\u00a0<\/em><em>\u00a0<\/em><em>257 (Delhi)<\/em><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>SECTION 80-IA<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>DEDUCTIONS &#8211; PROFITS AND GAINS FROM INFRASTRUCTURE UNDERTAKINGS<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #800000;\"><strong>Power generation :\u00a0<\/strong><\/span>Benefit under section 80-IA cannot be denied to assessee, merely because power generated by its power undertaking was consumed at home or by other business of assessee and was not sold to outsiders &#8211;\u00a0<em>[2015] 64<\/em><em>\u00a0<\/em><em>\u00a0<\/em><em>214 (Calcutta)<\/em><\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"COMPETITION_ACT\"><\/span><span style=\"color: #0000ff;\"><strong>COMPETITION ACT<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>SECTION 3<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>PROHIBITION OF AGREEMENTS &#8211; ANTI-COMPETITIVE AGREEMENTS<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">Where a drug manufacturer had unilaterally and voluntarily stopped supply of drugs to informant distributor for a short span of time due to business exigencies it could not be said that it was in contravention of provisions of section 3 &#8211;\u00a0<em>[2015] 64<\/em><em>\u00a0<\/em><em>\u00a0<\/em><em>250 (CCI)<\/em><\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"CENTRAL_EXCISE_ACT\"><\/span><span style=\"color: #0000ff;\"><strong>CENTRAL EXCISE ACT<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>SECTION 3<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>CHARGE\/LEVY &#8211; EXCISE DUTY ON DTA CLEARANCES BY 100 PER CENT EOU<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">For computing excise duty equal to customs duty on DTA clearances by EOU, CVD component of notional customs duty would be taken as Nil, if excise duty in India is exempt on &#8216;no-cenvat condition&#8217; &#8211;\u00a0<em>[2015] 64<\/em><em>\u00a0<\/em><em>247 (Allahabad \u2013 CESTAT)<\/em><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>SECTION 4<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>VALUATION UNDER CENTRAL EXCISE &#8211; TRANSACTION VALUE &#8211; EXCLUSION OF COST OF TRANSPORT\/TRANSIT INSURANCE<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">There is no provision in excise law to deny benefit of exclusion of &#8216;freight beyond place of removal&#8217; merely because same is not shown separately in excise invoice; hence, freight is not includible in value even if not shown separately in invoice &#8211;\u00a0<em>[2015] 64<\/em><em>\u00a0<\/em><em>\u00a0<\/em><em>248 (Allahabad \u2013 CESTAT)<\/em><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>SECTION 35C<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>APPEALS &#8211; ORDERS OF &#8211; APPELLATE TRIBUNAL<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">Where Tribunal held assessee&#8217;s contentions to be correct without assigning any reasons and, without even recording revenue&#8217;s contentions, dismissed revenue&#8217;s appeals, said order was liable to be set aside and matter remanded back for consideration afresh &#8211;\u00a0<em>[2015] 64<\/em><em>\u00a0<\/em><em>\u00a0<\/em><em>245 (Karnataka)<\/em><\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"STATUTES\"><\/span><span style=\"color: #0000ff;\"><strong>STATUTES<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>CORPORATE LAWS<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">Section 4 of the Special Economic Zones Act, 2005 &#8211; Hindalco Industries Ltd.<\/p>\n<p style=\"text-align: justify;\">The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Hope the information will assist you in your Professional\u00a0endeavors. For query or help, contact:\u00a0<a href=\"mailto:singh@carajput.com\">singh@carajput.com<\/a>\u00a0or call at 9555555480<\/p>\n","protected":false},"excerpt":{"rendered":"<p>CORPORATE AND PROFESSIONAL UPDATE DECEMBER 24, 2015 INCOME TAX ACT SECTION 4 INCOME &#8211; CHARGEABLE AS Capital receipt :\u00a0In case of issue of FCCB, increase or decrease in liability on account of fluctuation in foreign exchange as on date of balance sheet would be on capital account and, therefore, any gain or loss is not &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18,172,9,4,1],"tags":[3737,9065,162,9063,5,333,9038],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/966"}],"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=966"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/966\/revisions"}],"predecessor-version":[{"id":15826,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/966\/revisions\/15826"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=966"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=966"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=966"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}