{"id":1563,"date":"2016-01-19T13:10:10","date_gmt":"2016-01-19T13:10:10","guid":{"rendered":"http:\/\/caindelhiindia.com\/blog\/?p=1563"},"modified":"2021-07-07T12:59:01","modified_gmt":"2021-07-07T12:59:01","slug":"corporate-and-professional-update-january-102016","status":"publish","type":"post","link":"https:\/\/www.caindelhiindia.com\/blog\/corporate-and-professional-update-january-102016\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATE JANUARY 10,2016"},"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-69d283247a483\" 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-69d283247a483\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.caindelhiindia.com\/blog\/corporate-and-professional-update-january-102016\/#CORPORATE_PROFESSIONAL_UPDATE_JANUARY102016\" title=\"CORPORATE &amp; PROFESSIONAL UPDATE JANUARY10,2016\">CORPORATE &amp; PROFESSIONAL UPDATE JANUARY10,2016<\/a><\/li><li class='ez-toc-page-1 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-102016\/#INCOME_TAX_ACT\" title=\"INCOME TAX ACT\">INCOME TAX ACT<\/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-102016\/#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-102016\/#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-102016\/#CENVAT_CREDIT_RULES\" title=\"CENVAT CREDIT RULES\">CENVAT CREDIT RULES<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.caindelhiindia.com\/blog\/corporate-and-professional-update-january-102016\/#STATUTES\" title=\"STATUTES\">STATUTES<\/a><\/li><\/ul><\/nav><\/div>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"CORPORATE_PROFESSIONAL_UPDATE_JANUARY102016\"><\/span><span style=\"color: #000080;\"><strong>CORPORATE &amp; PROFESSIONAL UPDATE JANUARY10,2016<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<figure id=\"attachment_3081\" aria-describedby=\"caption-attachment-3081\" style=\"width: 585px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2016\/01\/r.png\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-3081\" src=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2016\/01\/r.png\" alt=\"www.caindelhiindia.com; corporate updates\" width=\"585\" height=\"304\" \/><\/a><figcaption id=\"caption-attachment-3081\" class=\"wp-caption-text\">www.caindelhiindia.com; corporate updates<\/figcaption><\/figure>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"INCOME_TAX_ACT\"><\/span><span style=\"color: #ff6600;\"><strong>INCOME TAX ACT<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong><span style=\"color: #0000ff;\">SECTION 24<\/span> \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>INCOME FROM HOUSE PROPERTY \u2013 DEDUCTIONS<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><strong>Interest :\u00a0<\/strong>Interest on loan, which was taken subsequent to purchase of property, cannot be allowed as deduction under section 24(b).<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #0000ff;\"><strong>SECTION 37(1)<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>BUSINESS EXPENDITURE &#8211; ALLOWABILITY OF SAME BUSINESS<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">Expenditure incurred by assessee, engaged in manufacturing of ice-creams, on aborted project of &#8216;Mawa&#8217;, which was covered by nature of assessee&#8217;s declared business of dairy\/milk products, and was under same management and control, was allowable deduction .<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #0000ff;\"><strong>SECTION 50C<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>CAPITAL GAINS &#8211; SPECIAL PROVISION FOR FULL VALUE OF CONSIDERATION IN CERTAIN CASES<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><strong>Applicability of :\u00a0<\/strong>For the purpose of computing capital gain on transfer of land or building, if valuation ascertained by Valuation Officer doesn&#8217;t exceed value adopted by State Stamp Duty Authority then value ascertained by valuation officer would prevail.<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #0000ff;\"><strong>SECTION 54F<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>CAPITAL GAINS &#8211; EXEMPTION OF, IN CASE OF INVESTMENT IN RESIDENTIAL HOUSE<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><strong>Ownership :\u00a0<\/strong>Where assessee had acquired substantial domain over ownership of property since 2004, however there being a dispute could get it registered in its favour only in 2007; having held property for more than 36 months it will be entitled for deduction under section 54F on sale of property as claimed by it.<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #0000ff;\"><strong>SECTION 69B<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>UNDISCLOSED INVESTMENTS<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><strong>Stock :\u00a0<\/strong>Where revenue failed to establish that there was any difference in quantity of stock and Assessing Officer didn&#8217;t make any enquiry in respect of explanation of assessee that stock belonging to another entity was included in stock statement submitted to bank, addition for unaccounted stock was liable to be deleted.<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #0000ff;\"><strong>SECTION 147<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>INCOME ESCAPING ASSESSMENT &#8211; NON-DISCLOSURE OF PRIMARY FACTS<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><strong>Section 143 v. Section 147 :\u00a0<\/strong>Requirements of section 147 cannot be dispensed with when an assessment made under section 143(1) is sought to be reopened.<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #0000ff;\"><strong>SECTION 196<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>DEDUCTION OF TAX AT SOURCE &#8211; PAYMENTS TO GOVERNMENT, RBI, ETC.<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">Where assessee failed to prove that interest paid by it to a cooperation was a payment to Government and would fall under section 196(i), it was liable to deduct tax at source on such interest at applicable rate.<\/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 3<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>PROHIBITION OF AGREEMENTS &#8211; ANTI-COMPETITIVE AGREEMENTS<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">Private super specialty hospital&#8217;s exclusive tie-up with a stem-cell bank for collection of stem-cells from patients availing maternity services in the hospital and not allowing other stem cell banks to collect stem cells from its maternity services patients has no adverse effect on competition in the facts of the instant case.<\/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(68)<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>TAXABLE SERVICES &#8211; MANPOWER RECRUITMENT OR SUPPLY AGENCY&#8217;S SERVICES<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">Lumpsum contract for doing &#8216;hamali work&#8217; cannot be regarded as contract of &#8216;manpower supply services&#8217;, as there is no supply of labour per se and it is only a contract for doing &#8216;work&#8217;.<\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"CENVAT_CREDIT_RULES\"><\/span><span style=\"color: #ff6600;\"><strong>CENVAT CREDIT RULES<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"color: #0000ff;\"><strong>RULE 2(l)<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>CENVAT CREDIT &#8211; INPUT SERVICE -TRANSPORTATION SERVICES<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">Services by way of hiring of vehicles to be used by employees: (a) for their movement within refinery premises or (b) for outward travelling in connection with business, is eligible for input service credit.<\/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: #00ccff;\"><strong>CORPORATE LAWS<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">Filing of micro Insurance Products Subsequent to Implementation of IRDAI (Micro Insurance) Regulations, 2015 &#8211;\u00a0<em>CIRCULAR NO.IRDA\/LIFE\/CIR\/MIN\/007\/01\/2016, DATED\u00a08-1-2016<\/em><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>INDIRECT TAX LAWS (ST.\/EX.\/CUS. &amp; (CST &amp; VAT))<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">Notified Conditions for Downloading Central Statutory Forms Online &#8211;\u00a0<em>NOTIFICATION NO.F.3(556)\/POLICY-II\/VAT\/2015\/1271-82, DATED\u00a08-1-2016<\/em><\/p>\n<p style=\"text-align: justify;\">Delhi Sugam-2 (DS2) \u2013 DS2 to be one of documents to be carried by owner, driver or person in-charge of Goods Vehicle who is bringing Goods into Delhi &#8211;\u00a0<em>NOTIFICATION NO.F.7(433)\/POLICY-II\/VAT\/2012\/PF\/1259-70, DATED\u00a08-1-2016<\/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 &amp; PROFESSIONAL UPDATE JANUARY10,2016 INCOME TAX ACT SECTION 24 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 INCOME FROM HOUSE PROPERTY \u2013 DEDUCTIONS Interest :\u00a0Interest on loan, which was taken subsequent to purchase of property, cannot be allowed as deduction under section 24(b). SECTION 37(1) BUSINESS EXPENDITURE &#8211; ALLOWABILITY OF SAME BUSINESS Expenditure incurred by assessee, engaged in manufacturing of ice-creams, &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":[502,501,569,572,179,180,561,214,181,194,541,560,550,538],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/1563"}],"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=1563"}],"version-history":[{"count":9,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/1563\/revisions"}],"predecessor-version":[{"id":3087,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/1563\/revisions\/3087"}],"wp:attachment":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/media?parent=1563"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/categories?post=1563"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/tags?post=1563"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}