CORPORATE AND PROFESSIONAL UPDATE DATED MARCH 2, 2016
Table of Contents
CORPORATE AND PROFESSIONAL UPDATE DATED MARCH 2, 2016
Direct Tax
Salaries were not reflected in the profit and loss account – if an assessee under some misapprehension or mistake fails to make an entry in the books of account and although under the law a deduction must be allowed by the Income Tax Officer the assessee will lose the right of claiming or will be debarred from being allowed that deduction – HC – Income Tax- ANZ Grindlays Bank (Now Standard Chartered Grindlays Bank Ltd.) Versus Deputy Commissioner of Income Tax And Others – 2016 (3) TMI 56 – DELHI HIGH COURT
Transfer pricing adjustment – the unusual features which remained unexplained by the assessee influenced the TPO and the AO to resort to transfer pricing adjustment and determine ALP by adopting the CUP method for the procurements from Sumitomo Japan. – HC – Income Tax- Denso India Limited Versus Commissioner of Income Tax – 2016 (3) TMI 55 – DELHI HIGH COURT
Jurisdiction of AO in search cases cannot be challenged after one month of notice.This amendment will take effect from 1st June, 2016
Indirect Tax
Validity of Show cause notice issued to 3rd respondent – Period of limitation – Since only a show cause notice has been issued and final order in response thereto is yet to be passed all the contentions raised herein can be effectively gone into by the 3rd respondent on consideration of the reply to the show-cause notice – HC – Customs- M/s Hero Exports, Ludhiana Versus Union of India And Others – 2016 (3) TMI 38 – PUNJAB & HARYANA HIGH COURT
Rejection of refund claim under Section 27 of the Customs Act 1962 – Mercedes Benz Car imported and cleared on assessment and payment of duty – claiming fulfilment of assessment order made under Bill of Entry – Tri – Customs- Sri Ganapathi Sachchidananda, Avadhoota Datta Peetham Versus CC, Chennai – 2016 (3) TMI 34 – CESTAT CHENNAI notification and relying on Board s circular not relevant as there was non-challenge of
Digital Signature is now mandatory w.e.f. 4th Quarter of FY 2015-2016 for dealers having turnover above Rs. 50 lakhs. It means all the returns and other correspondences should be filed with D-VAT department via digital signature only.
Extension to 31.03.16 of last date to file DP-1 under DVAT (online submission of Dealer profile). Notification dated 01.03.2016.
Power of CG to impose transitional product specific safeguard duty on imports from the People’s Republic of China, to omit section 8C of the Customs Tariff Act as the provision which was inserted for a period of ten years has lapsed. Clause 137, Omission of section 8C – THE FINANCE BILL, 2016
Amendment of section 71 of Customs Act, 1962: Goods not to be taken out of warehouse except as provided by this Act, to substitute the word “re-exportation” with the word “export”.
Amendment of section 73 of Customs Act, 1962: Cancellation and return of warehousing bond , to insert the word “transferred or” after the words “exported or”.
Insertion of new section 73A of Customs Act, 1962: Custody and removal of warehoused goods, to provide for the custody and removal of warehoused goods.
MCA Updates
MCA has recently invited comments on the draft rules w.r.t. Revival and Rehabilitation of Sick Companies related provisions under the Companies Act, 2013 vide Notification dated 02/03/2016.(Click here to view)
First comes thought, then organization of that thought into ideas and plans, then transformation of those plans into reality. The beginning, as you will observe, is in your imagination.
FAQ on Company Law
Query – I have wrongly selected the ROC Delhi in place of ROC U.P. in the Form INC-1, How can I change it?
Answer: You cannot change the jurisdiction of ROC once it has been filed & duly approved. For changing the jurisdiction, you are again required to file Form INC-1 with correct jurisdiction enclosing the Name Approval Certification issued by ROC, Kanpur (U.P Jurisdiction) along with a letter addressing ROC detailing the complete matter.
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 endeavors. For query or help, contact: info@caindelhiindia.com or call at 011-233-43-333
**********************************************************
If this article has helped you in any way, i would appreciate if you could share/like it or leave a comment. Thank you for visiting my blog.
Legal Disclaimer:
The information / articles & any relies to the comments on this blog are provided purely for informational and educational purposes only & are purely based on my understanding / knowledge. They do noy constitute legal advice or legal opinions. The information / articles and any replies to the comments are intended but not promised or guaranteed to be current, complete, or up-to-date and should in no way be taken as a legal advice or an indication of future results. Therefore, i can not take any responsibility for the results or consequences of any attempt to use or adopt any of the information presented on this blog. You are advised not to act or rely on any information / articles contained without first seeking the advice of a practicing professional.