{"id":1528,"date":"2016-01-14T07:47:35","date_gmt":"2016-01-14T07:47:35","guid":{"rendered":"http:\/\/caindelhiindia.com\/blog\/?p=1528"},"modified":"2021-07-14T12:31:46","modified_gmt":"2021-07-14T12:31:46","slug":"corporate-and-professional-update-january-82016","status":"publish","type":"post","link":"https:\/\/www.caindelhiindia.com\/blog\/corporate-and-professional-update-january-82016\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATE JANUARY 8,2016"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_58 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69d2b2312abfa\" 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: #999;color:#999\" 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: #999;color:#999\" 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-69d2b2312abfa\"  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:\/\/www.caindelhiindia.com\/blog\/corporate-and-professional-update-january-82016\/#CORPORATE_AND_PROFESSIONAL_UPDATE_JANUARY_82016\" title=\"CORPORATE AND PROFESSIONAL UPDATE JANUARY 8,2016\">CORPORATE AND PROFESSIONAL UPDATE JANUARY 8,2016<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.caindelhiindia.com\/blog\/corporate-and-professional-update-january-82016\/#Company_Law\" title=\"Company Law:\">Company Law:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.caindelhiindia.com\/blog\/corporate-and-professional-update-january-82016\/#Direct_Tax\" title=\"Direct Tax:\">Direct Tax:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.caindelhiindia.com\/blog\/corporate-and-professional-update-january-82016\/#Indirect_Tax\" title=\"Indirect Tax:\">Indirect Tax:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.caindelhiindia.com\/blog\/corporate-and-professional-update-january-82016\/#Service_Tax\" title=\"Service Tax :\">Service Tax :<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.caindelhiindia.com\/blog\/corporate-and-professional-update-january-82016\/#Excise_Customs\" title=\"Excise &amp; Customs :\">Excise &amp; Customs :<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.caindelhiindia.com\/blog\/corporate-and-professional-update-january-82016\/#Competition_Act\" title=\"Competition Act:\">Competition Act:<\/a><\/li><\/ul><\/nav><\/div>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"CORPORATE_AND_PROFESSIONAL_UPDATE_JANUARY_82016\"><\/span><span style=\"color: #000080;\"><strong>CORPORATE AND PROFESSIONAL UPDATE JANUARY 8,2016<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<figure id=\"attachment_3089\" aria-describedby=\"caption-attachment-3089\" style=\"width: 565px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2016\/01\/y.png\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-3089\" src=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2016\/01\/y.png\" alt=\"www.caindelhiindia.com; Firm and company registration\" width=\"565\" height=\"407\" \/><\/a><figcaption id=\"caption-attachment-3089\" class=\"wp-caption-text\">www.caindelhiindia.com; Firm and company registration<\/figcaption><\/figure>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Company_Law\"><\/span><span style=\"color: #ff6600;\"><strong>Company Law:<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul style=\"text-align: justify;\">\n<li><span style=\"color: #3366ff;\"><strong>Query:<\/strong><\/span>Kindly let us know about the appointment of auditor in a Government company?<\/li>\n<li><span style=\"color: #3366ff;\"><strong>Answer:<\/strong><\/span>The appointment and re-appointment of auditor of a Government Company or a government controlled company is governed by the provisions of section 139 of the<\/li>\n<li>Companies Act, 2013 which are summarized as under:<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>The first auditor shall be appointed by the Comptroller and Auditor General of India within 60 days from the date of incorporation and in case of failure to do so, the Board shall appoint auditor within next 30 days and on failure to do so by Board of Directors, it shall inform the members, who shall appoint the auditor within 60 days at an extraordinary general meeting (EGM), such auditor shall hold office till conclusion of first Annual General Meeting.<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>In case of subsequent auditor for existing government companies, the Comptroller &amp; Auditor General of India shall appoint the auditor within a period of 180 days from the commencement of the financial year and the auditor so appointed shall hold his position till the conclusion of the Annual General Meeting.<\/li>\n<\/ul>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Direct_Tax\"><\/span><span style=\"color: #ff6600;\"><strong>Direct Tax:<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul style=\"text-align: justify;\">\n<li>Deemed dividend u\/s 2(22)(e) &#8211; non deduction of TDS &#8211; looking to large number of adjustment entries in the accounts between two entities the amounts were not in the nature of loan or deposit but merely adjustments application of section 2(22)(e) of the Act would not arise &#8211; HC &#8211; Income Tax- (The Commissioner of Income Tax (TDS) Versus Schutz Dishman Bio-Tech Pvt. Ltd.\u00a0&#8211; 2016 (1) TMI 84 &#8211; GUJARAT HIGH COURT).<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>Clarification on the question of liability to deduct tax at source arising out of the amended section 194A w.e.f 01.06.2015 &#8211; TDS on interest on payment of compensation awarded by the Motor Accident Claims Tribunals to the claimants &#8211; This Court would not act as advisory jurisdiction in abstract. &#8211; HC &#8211; Income Tax- (New India Assurance Company Ltd. And 1 Versus Commissioner of Income Tax (TDS)\u00a0&#8211; 2016 (1) TMI 83 &#8211; GUJARAT HIGH COURT)<\/li>\n<\/ul>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Indirect_Tax\"><\/span><span style=\"color: #ff6600;\"><strong>Indirect Tax:<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul style=\"text-align: justify;\">\n<li>Notification of Negotiable Instruments (Amendment) Bill, 2015 which mainly clarifies the jurisdiction related issues for filing cases for offences committed under section 138 of the Act.<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>For preventing money laundering &amp; violation of other Banking laws RBI to share Banks Inspection Reports with Intelligence wing of Central Government.<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>Refund of service tax &#8211; period of limitation &#8211; whether protest is required to submitted at every time of making payment of service tax &#8211; Held No &#8211; it is not understood why the department had been insistent on separate written protest for each payment against the said services which were not liable for payment of service tax. &#8211; Tri &#8211; Service Tax- (Bharath Auto Cars Pvt Ltd Versus Commissioner of Central Excise And Service Tax Mangalore\u00a0&#8211; 2016 (1) TMI 68 &#8211; CESTAT BANGALORE).<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>Levy of service tax on incentive received &#8211; the same is more in the nature of a prize money for a good performance by the appellant and are in no way linked to the value of the services. &#8211; Tri &#8211; Service Tax- (AMR India Ltd. Versus Commissioner of Central Excise, Customs And Service Tax Hyderabad-II\u00a0&#8211; 2016 (1) TMI 67 &#8211; CESTAT BANGALORE)<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>President clears new Juvenile Justice Act, 2015<\/li>\n<\/ul>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Service_Tax\"><\/span><span style=\"color: #ff6600;\"><strong>Service Tax :<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul style=\"text-align: justify;\">\n<li>Taking over management\/running of business and bearing profit\/loss on own accou nt does not amount to &#8216;business support services&#8217; and, therefore, profit so earned cannot be charged to service tax, [2015] 64\u00a0taxmann.com\u00a0374 (Bombay)\u00a0Commissioner of Central Excise &amp; Service Tax v. Karan Agencies<\/li>\n<\/ul>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Excise_Customs\"><\/span><span style=\"color: #ff6600;\"><strong>Excise &amp; Customs :<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul style=\"text-align: justify;\">\n<li>Mere sharing of certain facilities by two assessees cannot lead to holding one unit as dummy of another, where both assessees are having full manufacturing facilities, [2015] 64\u00a0taxmann.com\u00a0375 (Punjab &amp; Haryana)\u00a0Commissioner of Central Excise v. Saron Mechanical Works<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>CIT(A) gets flak from ITAT for enhancing income of assessee without providing hearing opportunity to him [2015] 64\u00a0taxmann.com\u00a0381 (Delhi &#8211; Trib.)\u00a0Roshan Motors v. ITO<\/li>\n<\/ul>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Competition_Act\"><\/span><span style=\"color: #ff6600;\"><strong>Competition Act:<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul style=\"text-align: justify;\">\n<li>Where there were other prominent brands of laptops available in India, it appeared that consumers in India had adequate choice and OP-computer manufacturer\/seller did not enjoy a position of strength, hence no contravention of provisions of section 4 was made out against OP[2015] 64\u00a0taxmann.com\u00a0387 (CCI)<br \/>\nTrend Electronics v. Hewlett Packard India Sales (P.) Ltd.<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>President clears amended Act enforcing stringent action against persons involved in crime against SC\/ST persons.<\/li>\n<\/ul>\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:info@caindelhiindia.com\">info@caindelhiindia.com<\/a>or call at\u00a0011-233-43-333<\/p>\n<p style=\"text-align: justify;\">\n","protected":false},"excerpt":{"rendered":"<p>CORPORATE AND PROFESSIONAL UPDATE JANUARY 8,2016 Company Law: Query:Kindly let us know about the appointment of auditor in a Government company? Answer:The appointment and re-appointment of auditor of a Government Company or a government controlled company is governed by the provisions of section 139 of the Companies Act, 2013 which are summarized as under: The &hellip;<\/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":[161,647,144,142,146],"tags":[566,502,501,569,572,179,180,561,214,181,194,541,562,560],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/1528"}],"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=1528"}],"version-history":[{"count":6,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/1528\/revisions"}],"predecessor-version":[{"id":3090,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/1528\/revisions\/3090"}],"wp:attachment":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/media?parent=1528"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/categories?post=1528"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/tags?post=1528"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}