{"id":1486,"date":"2016-01-14T06:06:54","date_gmt":"2016-01-14T06:06:54","guid":{"rendered":"http:\/\/caindelhiindia.com\/blog\/?p=1486"},"modified":"2021-07-14T12:01:19","modified_gmt":"2021-07-14T12:01:19","slug":"corporate-professional-update-january-02-2016","status":"publish","type":"post","link":"https:\/\/www.caindelhiindia.com\/blog\/corporate-professional-update-january-02-2016\/","title":{"rendered":"CORPORATE & PROFESSIONAL UPDATE JANUARY 02, 2016"},"content":{"rendered":"

CORPORATE & PROFESSIONAL UPDATE JANUARY 02, 2016<\/strong><\/span><\/p>\n

\"www.caindelhiindia.com;<\/a>
www.caindelhiindia.com; business consultancy<\/figcaption><\/figure>\n

INCOME TAX ACT<\/strong><\/span><\/p>\n

SECTION 69<\/strong><\/span><\/p>\n

UNEXPLAINED INVESTMENTS<\/strong><\/span><\/p>\n

Purchase of property :<\/strong>\u00a0Where Tribunal after a detailed examination of documents had arrived at conclusion that assessee-firm failed to explain source of amount paid for purchase of property, same was rightly held as unexplained investment –\u00a0[2015] 64\u00a0\u00a0368 (Karnataka)<\/p>\n

SECTION 92C<\/strong><\/span><\/p>\n

TRANSFER PRICING – COMPUTATION OF ARM\u2019S LENGTH PRICE<\/strong><\/span><\/p>\n

Comparables and adjustments\/Adjustments General :<\/strong>\u00a0Payment making good foreign exchanges losses in hands of AE due to unexplained delay in payment could not be considered as payment for management and consultancy services –\u00a0[2015] 64\u00a0\u00a0360 (Hyderabad – Trib.)<\/p>\n

Comparables and adjustments<\/strong> :\u00a0Where comparables had debtors, inventories and creditors, while assessee was not having any debtors and was entirely funded by advance received from AE against supplies, then in order to bring parity between results of selected comparables and that of assessee, it was essential that adjustment for working capital was made on results of such comparables –\u00a0[2015] 64\u00a0\u00a0370 (Bangalore – Trib.)<\/p>\n

SECTION 158BA<\/strong><\/span><\/p>\n

BLOCK ASSESSMENT IN SEARCH CASES – ASSESSMENT OF UNDISCLOSED INCOME<\/strong><\/span><\/p>\n

Two set of books of account :<\/strong>\u00a0Where document said to be maintained by assessee for invoking section 158BA(3) was very vague, without having details of dates and proof of transaction with parties except parties names and amount, this document would not be considered as ‘other documents’ maintained in normal course to exclude relevant amount from block period –\u00a0[2015] 64\u00a0\u00a0368 (Karnataka)<\/p>\n

SECTION 206AA<\/strong><\/span><\/p>\n

DEDUCTION OF TAX AT SOURCE – REQUIREMENT TO FURNISH PERMANENT ACCOUNT NUMBER<\/strong><\/span><\/p>\n

Correction of PAN entries :<\/strong>\u00a0System of processing TDS statements gives an option to assessee-deductor to correct invalid\/No PAN entries in TDS statement through a correction statement without any restriction of correcting particular PAN with regard to number of characters –\u00a0[2016] 65\u00a0\u00a02 (Ahmedabad – Trib.)<\/p>\n

SECTION 221<\/span><\/strong><\/p>\n

COLLECTION AND RECOVERY OF TAX – PENALTY PAYABLE WHEN TAX IN DEFAULT<\/strong><\/span><\/p>\n

Defective notice :<\/strong>\u00a0Where notice for initiation of penalty proceedings against assessee had not been issued under section 221 and penalty order had also not been passed under section 221 but under section 140A(3), this mistake was not covered under umbrella of provisions of section 292B –\u00a0[2015] 64\u00a0 367 (Delhi – Trib.)<\/p>\n

SECTIONS 234A<\/strong><\/span><\/p>\n

ADVANCE TAX – INTEREST, CHARGEABLE AS<\/strong><\/span><\/p>\n

Rectification :<\/strong>\u00a0Where rectification order was passed in respect of short levy of interest under sections 234A and 234B but she was never given opportunity to file her objections, said order, being in violation of principles of natural justice, was to be set aside –\u00a0[2015] 64\u00a0 363 (Kerala)<\/span><\/p>\n

\u00a0<\/strong>COMPANIES ACT<\/strong><\/span><\/p>\n

SECTION 433<\/span><\/strong><\/p>\n

WINDING UP – CIRCUMSTANCES IN WHICH COMPANY MAY BE WOUNDUP\u00a0<\/span><\/strong><\/p>\n

Where company had raised a bonafide dispute in respect of debt alleging failure of winding up petitioner, a travel agent, to secure visa for company’s Managing Director, no order for winding up could be passed against company –\u00a0[2015] 64\u00a0 287 (Andhra Pradesh)<\/p>\n

CENTRAL EXCISE ACT<\/strong><\/span><\/p>\n

SECTION 35G<\/span><\/strong><\/p>\n

APPEALS – CONDONATION OF DELAY – HIGH COURT<\/strong><\/span><\/p>\n

In case of delay in filing of appeal by department, condonation of delay application must be signed by department’s officials and signing of said application\/affidavit by clerk of department’s counsel is highly condemnable –\u00a0[2015] 64\u00a0\u00a0314 (Allahabad)<\/p>\n

CENVAT CREDIT RULES<\/strong><\/span><\/p>\n

RULE 2(a)<\/strong><\/span><\/p>\n

CENVAT CREDIT – CAPITAL GOODS\u00a0 <\/strong><\/span><\/p>\n

Where applicant gas transporter will engage contractor to lay pipelines and contractor will procure pipes and valves from manufacturer who will issue invoice to contractor showing applicant as consignee and pipes will be delivered directly at applicant’s work-site, applicant can avail cenvat credit on pipes and valves on basis of invoice issued by contractor, if contractor is a registered dealer –\u00a0[2015] 64\u00a0282 (AAR – New Delhi)<\/p>\n

STATUTES<\/strong><\/span><\/p>\n

DIRECT TAX LAWS<\/strong><\/span><\/p>\n

Section 197, read with sections 195, 206C, of the Income-tax Act, 1961 – Deduction of Tax at Source \u2013 Certificate for deduction at lower rate \u2013 Advisory for deductors- PRESS RELEASE DATED 1\/1\/2016<\/p>\n

CORPORATE LAWS<\/strong><\/span><\/p>\n

Section 458, read with section 208, of the Companies Act, 2013 – Delegation by Central Government of its powers and functions – Delegation of powers to specified Regional Directors under section 208 -NOTIFICATION [F.NO.3\/76\/2015-CL-II],DATED 31-12-2015<\/p>\n

Online System for Registration\/Renewal of Broking Licenses –\u00a0CIRCULAR NO.IRDA\/INT\/2016, DATED 1-1-2016<\/p>\n

Investment \u00a0by Gold ETFs in Gold Monetisation Scheme of Banks –\u00a0CIRCULAR NO. IMD\/DF\/11\/2015, DATED 31-12-2015<\/p>\n

Procedure for ensuring Compliance with Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2012 (SECC Regulations) by listed Stock Exchanges –\u00a0CIRCULAR NO.MRD\/DSA\/01\/2016, DATED 1-1-2016<\/p>\n

Extension of credit facilities to Overseas Step-Down subsidiaries of Indian Corporates -CIRCULAR DBR.IBD.BC.NO.68\/23.37.001\/2015-16, dated 31-12-2015<\/p>\n

Revised contents of Application-Cum-Bidding form and Manner of Disclosure -CIRCULAR NO.CFD\/DIL\/1\/2016, DATED 1-1-2016<\/p>\n

Procedure to deal with cases prior to 1-4-2014 involving offer\/allotment of securities to more than 49 up to 200 investors in a Financial Year –\u00a0CIRCULAR NO.CFD\/DIL\/3\/18\/2015, DATED 31-12-2015<\/p>\n

INDIRECT TAX LAWS<\/span><\/strong><\/p>\n

(ST.EX.CUS. & (CST & VAT))<\/p>\n

Omnibus general exemption to goods specified in Chapters 1 to 98 of Tariff \u2013 Amendment in Notification No. 12\/2012-C.E., Dated 17-3-2012 –\u00a0NOTIFICATION NO.1\/2016-C.E., DATED 1-1-2016<\/p>\n

Cenvat Credit (Sixth Amendment) Rules, 2015 \u2013 Amendment in rule 9 –\u00a0NOTIFICATION NO.27\/2015-C.E. (N.T.), DATED 31-12-2015<\/p>\n

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:\u00a0info@caindelhiindia.com<\/a>\u00a0or call at\u00a0011-233 433 33<\/p>\n","protected":false},"excerpt":{"rendered":"

CORPORATE & PROFESSIONAL UPDATE JANUARY 02, 2016 INCOME TAX ACT SECTION 69 UNEXPLAINED INVESTMENTS Purchase of property :\u00a0Where Tribunal after a detailed examination of documents had arrived at conclusion that assessee-firm failed to explain source of amount paid for purchase of property, same was rightly held as unexplained investment –\u00a0[2015] 64\u00a0\u00a0368 (Karnataka) SECTION 92C TRANSFER …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[647,142,146],"tags":[566,502,501,572,179,180,561,214,181,194,541,560,538],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/1486"}],"collection":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/comments?post=1486"}],"version-history":[{"count":13,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/1486\/revisions"}],"predecessor-version":[{"id":3095,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/1486\/revisions\/3095"}],"wp:attachment":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/media?parent=1486"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/categories?post=1486"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/tags?post=1486"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}