{"id":1555,"date":"2016-01-19T12:33:23","date_gmt":"2016-01-19T12:33:23","guid":{"rendered":"http:\/\/caindelhiindia.com\/blog\/?p=1555"},"modified":"2021-07-07T12:59:08","modified_gmt":"2021-07-07T12:59:08","slug":"corporate-and-professional-update-january-92016","status":"publish","type":"post","link":"https:\/\/www.caindelhiindia.com\/blog\/corporate-and-professional-update-january-92016\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATE JANUARY 9,2016"},"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-69d29dc594230\" 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-69d29dc594230\"  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-92016\/#CORPORATE_AND_PROFESSIONAL_UPDATE_JANUARY_92016\" title=\"CORPORATE AND PROFESSIONAL UPDATE JANUARY 9,2016\">CORPORATE AND PROFESSIONAL UPDATE JANUARY 9,2016<\/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:\/\/www.caindelhiindia.com\/blog\/corporate-and-professional-update-january-92016\/#COMPANIES_ACT_2013\" title=\"COMPANIES ACT, 2013\">COMPANIES ACT, 2013<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.caindelhiindia.com\/blog\/corporate-and-professional-update-january-92016\/#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:\/\/www.caindelhiindia.com\/blog\/corporate-and-professional-update-january-92016\/#SERVICE_TAX\" title=\"SERVICE TAX\">SERVICE TAX<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.caindelhiindia.com\/blog\/corporate-and-professional-update-january-92016\/#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_JANUARY_92016\"><\/span><span style=\"color: #000080;\"><strong>CORPORATE AND PROFESSIONAL UPDATE JANUARY 9,2016<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<figure id=\"attachment_3057\" aria-describedby=\"caption-attachment-3057\" style=\"width: 539px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2016\/02\/J.png\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-3057\" src=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2016\/02\/J.png\" alt=\"www.caindelhiindia.com; CORPORATE UPDATES\" width=\"539\" height=\"356\" \/><\/a><figcaption id=\"caption-attachment-3057\" class=\"wp-caption-text\">www.caindelhiindia.com; CORPORATE UPDATES<\/figcaption><\/figure>\n<p><span style=\"color: #ff6600;\"><strong>INCOME TAX ACT<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #0000ff;\"><strong>SECTION 9<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">India as &#8216;fee for technical services&#8217;; however in view of law as it existed at an earlier point of time when payments were made, it was not possible to comply with tax withholding liability.<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #0000ff;\"><strong>\u00a0SECTION 48<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>CAPITAL GAINS &#8211; COMPUTATION OF COST OF IMPROVEMENT<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">Assessee&#8217;s claim towards cost of improvement while computing capital gain on sale of a flat was rejected where assessee failed to establish his claim of renovation being carried out in said flat with any cogent or reliable evidence.<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #0000ff;\"><strong>SECTION 54<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>CAPITAL GAINS &#8211; PROFIT ON SALE OF PROPERTY USED FOR RESIDENCE<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><strong>Condition precedent :\u00a0<\/strong>Where construction of new residential flat was not complete by end of three years from transfer, assessee would not be entitled to exemption under section 54.<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #0000ff;\"><strong>SECTION 92C<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>TRANSFER PRICING-COMPUTATION OF ARM\u2019S LENGTH PRICE<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><strong>Comparables and adjustments\/Adjustments :\u00a0<\/strong>Capacity Utilization: While computing arm&#8217;s length price of international transaction, adjustment should be allowed on account of lower capacity utilization.<\/p>\n<p style=\"text-align: justify;\"><strong>Comparables and adjustment\/Comparables \u2013 Illustrations :\u00a0<\/strong>A company should be perpetual loss making company for being excluded from comparable list.<\/p>\n<p style=\"text-align: justify;\"><strong>\u00a0<span style=\"color: #0000ff;\">SECTION 115BBC<\/span><\/strong><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>ANONYMOUS DONATIONS TO BE TAXED IN CERTAIN CASES<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">Where assessee trust was established for charitable and religious purposes and anonymous donation was received by it without any specific direction that such donation was for any university or other educational institutions or any hospital or other medical institutions run by assessee-trust, such donation could not be taxed by invoking provisions of section 115BBC.<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #0000ff;\"><strong>\u00a0SECTION 245D<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>SETTLEMENT COMMISSION &#8211; PROCEDURE ON APPLICATION UNDER SECTION 245C<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><strong>General Principles :\u00a0<\/strong>Normally, income offered for tax in an application for settlement would bind parties concerned and any revision thereof, would prima facie, be evidence of original application for settlement not declaring full income, however in a case where correct determination of income is dependant upon application of appropriate transfer pricing rule which to an extent is subjective, if an additional income is declared during course of hearing in view of what emerges during debate before Commission, it cannot be said that original application did not make true and full disclosure of its undisclosed income.<\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"COMPANIES_ACT_2013\"><\/span><span style=\"color: #ff6600;\"><strong>COMPANIES ACT, 2013<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"color: #0000ff;\"><strong>SECTION 167<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>VACATION OF OFFICE OF DIRECTOR<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">Where petitioner filed an application contending that all erstwhile directors of Respondent Company vacated their offices in terms of section 167(1) read with section 164(2) due to default committed by erstwhile directors in filing financial statements of Respondent Company for years 2010-11, 2011-12 and 2012-13 but it was found that there had been restraint order whereby interim injunction had been imposed from holding general meetings of Company and, consequently, financial statements for years 2010-11, 2011-12 &amp; 2012-13 had not been filed, prayers made in Company Application were to be disallowed as petitioner was not having control over respondent company and action under section 167 (3) would accrue on non-filing of financial statements for three years commencing from 1-4-2014 and, hence, erstwhile Directors continued to be validly and legally appointed directors.<\/p>\n<h3 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><\/h3>\n<p style=\"text-align: justify;\"><span style=\"color: #0000ff;\"><strong>SECTION 4<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>PROHIBITION OF ABUSE OF DOMINANT POSITION<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">\u00a0Where complainant had failed to adduce cogent corroborative evidence to prove booking of flat in building proposed to be constructed by respondent and execution of agreement for delivery of said flat, respondent could not be held guilty of unfair trade practice on its failure to deliver said flat.<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #0000ff;\"><strong>SECTION 19<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>INQUIRY INTO CERTAIN AGREEMENTS AND DOMINANT POSITION OF COMPANIES<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">Post decisional attempt made by applicant to procure documents which could have been available to it by exercising due diligence even before filing of information under section 19(1)(a) could not justify taking into consideration of those documents for purpose of reconsideration of a well-reasoned order passed by Tribunal declining to entertain prayer made in appeal.<\/p>\n<h3 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><\/h3>\n<p style=\"text-align: justify;\"><span style=\"color: #0000ff;\"><strong>SECTION 65(12)<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>TAXABLE SERVICES -BANKING AND OTHER FINANCIAL SERVICES<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">Charges recovered by clearing house for clearance of cheques of member-banks are taxable under Banking and Other Financial Services.<\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"STATUTES\"><\/span><span style=\"color: #ff6600;\"><strong>STATUTES<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"color: #0000ff;\"><strong>CORPORATE LAWS<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">Sugar Cess (Amendment) Act, 2015 &#8211;\u00a0<em>NO.9 OF 2016, DATED\u00a011-1-2016<\/em><\/p>\n<p style=\"text-align: justify;\">Mandatory Requirements\/Exit Policy for Commodity Derivatives Exchanges &#8211;\u00a0<em>CIRCULAR NO.CDMRD\/DEA\/01\/2016, DATED\u00a011-1-2016<\/em><\/p>\n<p style=\"text-align: justify;\">\u00a0FAQs on SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 &#8211;\u00a0<em>PRESS RELEASE, DATED\u00a08-1-2016<\/em><\/p>\n<p style=\"text-align: justify;\">SEBI Board Meeting \u2013 Review of Prudential Limits on investments by mutual funds; Introduction of Primary Market Debt offering through Private Placement on Electronic Book; Exit opportunity to dissenting shareholders under Companies Act, 2013 etc. &#8211;\u00a0<em>PRESS RELEASE NO.10\/2016, DATED\u00a011-1-2016<\/em><\/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:info@caindelhiindia.com\">info@caindelhiindia.com<\/a>or call at\u00a0011-233-43-333<\/p>\n","protected":false},"excerpt":{"rendered":"<p>CORPORATE AND PROFESSIONAL UPDATE JANUARY 9,2016 INCOME TAX ACT SECTION 9 India as &#8216;fee for technical services&#8217;; however in view of law as it existed at an earlier point of time when payments were made, it was not possible to comply with tax withholding liability. \u00a0SECTION 48 CAPITAL GAINS &#8211; COMPUTATION OF COST OF IMPROVEMENT &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":[647,142,146],"tags":[502,501,572,179,180,561,214,181,194,541,560,550,538],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/1555"}],"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=1555"}],"version-history":[{"count":17,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/1555\/revisions"}],"predecessor-version":[{"id":3088,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/1555\/revisions\/3088"}],"wp:attachment":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/media?parent=1555"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/categories?post=1555"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/tags?post=1555"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}