CORPORATE AND PROFESSIONAL UPDATE DEC 16, 2016
Today Update :
DIRECT TAX:-
- 271(1)(c) penalty cannot be levied in a case where the assessee has relied on the legal opinion of a professional and there is no tax impact i.e. the loss disallowed in year one is allowed set-off in a later year Pr. CIT vs. Atotech India Ltd (P&H High Court)
- Bombay High court held that the expenditure incurred on corporate advertisement and for promotion of a corporate brand as it was in the nature to maintain the brand and/or corporate image was to be allowed as revenue expenditure. [CIT Vs Asian Paints(India) Pvt Ltd.]
Indirect Tax:-
- Supreme Court held that the power of the Sales Tax Commissioner to extend the time to pass an order on assessment is to be exercised before the normal period of assessment expires.[State of Punjab & Ors. Vs M/s Shreyans Indus. Ltd. Etc.]
Companies Act Update:-
- MCA has revised the version of e-forms: Form INC-18, Form DIR-3, and Form MGT-14 with effect from 17th Dec’ 2016.
Other Update:-
- The legal profession is not a commercial activity – Running of office by an Advocate in a building cannot be termed as Commercial activity – Electricity rates fixed for Commercial user cannot be charged. SUPREME COURT OF INDIA Before: – Arijit Pasayat & H.K. Sema, JJ.
Key Dates:-
- E- Payment of DVAT & CST for Nov: 21.12.2016.
- Issue of DVAT Certificate for Deduction made in Nov: 22.12.2016.
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