{"id":1588,"date":"2016-01-20T13:24:00","date_gmt":"2016-01-20T13:24:00","guid":{"rendered":"http:\/\/caindelhiindia.com\/blog\/?p=1588"},"modified":"2023-04-29T18:52:24","modified_gmt":"2023-04-29T18:52:24","slug":"corporate-and-professional-update-january-14-2016","status":"publish","type":"post","link":"https:\/\/www.caindelhiindia.com\/blog\/corporate-and-professional-update-january-14-2016\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATE JANUARY 14, 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-69d247070992b\" 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-69d247070992b\"  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-14-2016\/#CORPORATE_AND_PROFESSIONAL_UPDATE_JANUARY_14_2016\" title=\"CORPORATE AND PROFESSIONAL UPDATE JANUARY 14, 2016\">CORPORATE AND PROFESSIONAL UPDATE JANUARY 14, 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-14-2016\/#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-14-2016\/#WEALTH_TAX_ACT\" title=\"WEALTH TAX ACT\">WEALTH TAX 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-14-2016\/#CONSTITUTION_OF_INDIA\" title=\"CONSTITUTION OF INDIA\">CONSTITUTION OF INDIA<\/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-14-2016\/#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-6\" href=\"https:\/\/www.caindelhiindia.com\/blog\/corporate-and-professional-update-january-14-2016\/#CENTRAL_EXCISE_ACT\" title=\"CENTRAL EXCISE ACT\">CENTRAL EXCISE ACT<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.caindelhiindia.com\/blog\/corporate-and-professional-update-january-14-2016\/#CUSTOMS_ACT\" title=\"CUSTOMS ACT \">CUSTOMS ACT <\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.caindelhiindia.com\/blog\/corporate-and-professional-update-january-14-2016\/#CST_VAT\" title=\"CST &amp; VAT\">CST &amp; VAT<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.caindelhiindia.com\/blog\/corporate-and-professional-update-january-14-2016\/#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-10\" href=\"https:\/\/www.caindelhiindia.com\/blog\/corporate-and-professional-update-january-14-2016\/#STATUTES\" title=\"STATUTES\">STATUTES<\/a><\/li><\/ul><\/nav><\/div>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"CORPORATE_AND_PROFESSIONAL_UPDATE_JANUARY_14_2016\"><\/span><span style=\"color: #000080;\"><strong>CORPORATE AND PROFESSIONAL UPDATE JANUARY 14, 2016<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><a href=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2016\/01\/t.png\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-3084\" src=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2016\/01\/t.png\" alt=\"www.caindelhiindia.com; Accounting service and tax compliances\" width=\"946\" height=\"580\" \/><\/a><\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"INCOME_TAX_ACT\"><\/span><span style=\"color: #0000ff;\"><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>SECTION 37(1)<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #00ccff;\">BUSINESS EXPENDITURE<\/span>\u00a0<\/strong><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #800000;\"><strong>Allowability OF<\/strong> <\/span><strong><span style=\"color: #800000;\">Interest :<\/span>\u00a0<\/strong>SLP granted against High Court&#8217;s ruling that interest which was paid after slump sale was effected and where factory was in operation could not be capitalized and therefore, such expenses were revenue in nature &#8211;\u00a0<em>[2016] 65<\/em><em>\u00a0<\/em><em>\u00a0<\/em><em>67 (SC)<\/em><\/p>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #800000;\">Share issue expenses :<\/span>\u00a0<\/strong>Stamp duty or fees paid to Ministry of Corporate Affairs towards increase in authorised capital of company would be considered as capital expenditure.<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>SECTION 43(1)<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>ACTUAL COST<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #800000;\">Explanation 3 :<\/span>\u00a0<\/strong>SLP granted against High Court&#8217;s ruling that where at time of acquisition of assets, assessee had no income to reduce its tax liability by way of enhanced WDV of assets, Assessing Officer was in error in invoking Explanation 3 to section 43 for disallowance of excess depreciation &#8211;\u00a0<em>[2016] 65<\/em><em>\u00a0<\/em><em>\u00a0<\/em><em>67 (SC)<\/em><\/p>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #800000;\">Explanation 3 :<\/span>\u00a0<\/strong>Explanation 3 to section 43(1) could not be applied in respect of acquisition of secondhand plant and machinery by assessee from its sister concerns where firstly, Assessing Officer could not discharge its onus that main objective of transfer of assets was reduction of tax liability and secondly revenue did not discharge its obligation to determine fair value of assets and replace it with cost of acquisition of assessee &#8211;<em>[2016] 65<\/em><em>\u00a0<\/em><em>60 (Pune &#8211; Trib.)<\/em><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>SECTION 43(5)<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>SPECULATIVE TRANSACTIONS<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #800000;\">Derivatives :<\/span>\u00a0<\/strong>Contracts for derivatives in foreign currency are commodity as defined under section 43(5), underlying assets being foreign currency and, hence, are entitled for exemption from being treated as speculative, provided all other conditions as stipulated under section 43(5) are complied with &#8211;\u00a0<em>[2016] 65<\/em><em>\u00a0<\/em><em>94 (Mumbai &#8211; Trib.)<\/em><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>SECTION 80P<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>DEDUCTIONS &#8211; INCOME OF CO-OPERATIVE SOCIETIES<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #800000;\">Primary co-operative bank :<\/span>\u00a0<\/strong>Where assessee, a co-operative society, did not satisfy all three basic conditions mentioned in section 5(ccv) of Banking Regulation Act, to become primary co-operative bank, it could not be held as a co-operative bank under section 80P(4) so as to deny deduction under section 80P &#8211;<em>[2016] 65<\/em><em>\u00a0<\/em><em>96 (Karnataka)<\/em><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>SECTION 92C<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>TRANSFER PRICING &#8211; COMPUTATION OF ARM\u2019S LENGTH PRICE<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #800000;\">Comparables and adjustments :<\/span>\u00a0<\/strong>In case of assessee, rendering agency and distribution services to its Head Office located abroad, allocation of expenses had to be done on basis of ratio of gross profit and not in proportion of turnover &#8211;\u00a0<em>[2016] 65<\/em><em>\u00a0<\/em><em>\u00a0<\/em><em>93 (Delhi &#8211; Trib.)<\/em><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>SECTION 194H<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>DEDUCTION OF TAX AT SOURCE &#8211; COMMISSION, BROKERAGE ETC.<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">Liability of assessee Diagnostic laboratory to deduct TDS u\/s 194H from discounts paid to hospitals\/labs in respect of diagnostic testing charges received by it depends (a) as to how the hospitals\/laboratories have approached the assessee, i.e. whether on the specific instruction of the patient or on its own. (b) whether the laboratories\/hospitals are dedicated to the assessee only or not, i.e., whether they have such kind of business link with the competitors of the assessee or not. &#8211;\u00a0<em>[2016] 65<\/em><em>\u00a0<\/em><em>\u00a0<\/em><em>146 (Mumbai &#8211; Trib.)<\/em><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>SECTION 269UD<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>PURCHASE OF IMMOVABLE PROPERTY BY CENTRAL GOVERNMENT &#8211; ORDER BY APPROPRIATE AUTHORITY<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #800000;\">Lease :<\/span>\u00a0<\/strong>Where &#8216;V&#8217; Engineering, holding leasehold right in plot of land, entered into development agreement with assessee a developer, said transfer of rights in land did not amount to any sale, exchange or lease of such land under provisions of Chapter XXC, because &#8216;V&#8217; Engineering itself was only a lessee and, therefore, pre-emptive purchase order passed under section 269UD in respect of land in question was to be set aside &#8211;\u00a0<em>[2016] 65<\/em><em>\u00a0<\/em><em>97 (SC)<\/em><\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"WEALTH_TAX_ACT\"><\/span><span style=\"color: #0000ff;\"><strong>WEALTH TAX ACT<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>SECTION 2(ea)<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>ASSET<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">In terms of clause (ii) of Explanation 1(b) to section 2(ea)(v), benefit of exemption in respect of urban vacant land is available only when building is fully constructed with approval of appropriate authority and not when construction activity has merely started &#8211;\u00a0<em>[2016] 65<\/em><em>\u00a0<\/em><em>\u00a0<\/em><em>148 (SC)<\/em><\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"CONSTITUTION_OF_INDIA\"><\/span><span style=\"color: #0000ff;\"><strong>CONSTITUTION OF INDIA<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #ff6600;\">ARTICLE 226<\/span>\u00a0<\/strong><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>WRIT\u00a0<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">Where against order of assessment, assessee filed appeal and also filed writ petition challenging assessment order and demand notice, when very jurisdiction of Assessing Authority to levy tax had been called in question, availability of an alternative statutory remedy would not preclude assessee from invoking extraordinary jurisdiction of High Court under article 226 of Constitution &#8211;\u00a0<em>[2016] 65<\/em><em>\u00a0<\/em><em>\u00a0<\/em><em>147 (Gujarat)<\/em><\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"SERVICE_TAX\"><\/span><span style=\"color: #0000ff;\"><strong>SERVICE TAX<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>SECTION 86<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>APPEALS &#8211; CONDONATION OF DELAY &#8211; APPELLATE TRIBUNAL<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">Where assessee has been taking different stands (reasons of delay) at every stage of appeal, it is clear that assessee&#8217;s explanations are afterthought and therefore, delay cannot be condoned &#8211;\u00a0<em>[2016] 65<\/em><em>\u00a0<\/em><em>\u00a0<\/em><em>89 (Allahabad)<\/em><\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"CENTRAL_EXCISE_ACT\"><\/span><span style=\"color: #0000ff;\"><strong>CENTRAL EXCISE ACT<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>SECTION 35B<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>APPEALS &#8211; APPEALABLE ORDERS<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">Remand order in context of rebate of excise duty on exported goods will be beyond jurisdiction of Tribunal to entertain appeal &#8211;\u00a0<em>[2016] 65<\/em><em>\u00a0<\/em><em>\u00a0<\/em><em>91 (Mumbai &#8211; CESTAT)<\/em><\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"CUSTOMS_ACT\"><\/span><span style=\"color: #0000ff;\"><strong>CUSTOMS ACT <\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>SECTION 129A<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #00ccff;\">APPELLATE TRIBUNAL<\/span>\u00a0<\/strong><\/p>\n<p style=\"text-align: justify;\">Against order of Commissioner passed under section 110A for provisional release of goods, appeal would lie before Tribunal under section 129A &#8211;\u00a0<em>[2016] 65<\/em><em>\u00a0<\/em><em>\u00a0<\/em><em>90 (New Delhi &#8211; CESTAT)<\/em><\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"CST_VAT\"><\/span><span style=\"color: #0000ff;\"><strong>CST &amp; VAT<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>SECTION 4 OF CENTRAL SALES TAX ACT, 1956<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>SALE &#8211; OUTSIDE STATE SALE<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">Where assessee had produced natural gas at Panna-Mukta oil\/gas fields and after measuring same at oil fields delivered it to one &#8216;O&#8217; for transportation to buyer at Hazira (Gujarat) and thereupon &#8216;O&#8217; transported said gas along with others gas through its pipeline, which passed through a processing plant at Hazira, and thereafter buyer took possession of gas as processed in processing plant from transporter &#8216;O&#8217;, sale of gas by assessee to buyer had taken place at oil fields outside State of Gujarat &#8211;\u00a0<em>[2016] 65<\/em><em>\u00a0<\/em><em>\u00a0<\/em><em>147 (Gujarat)<\/em><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>SECTION 5 OF CENTRAL SALES TAX ACT, 1956<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>SALE &#8211; IN COURSE OF IMPORT<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">Where assessee supplied natural gas from Panna-Mukta oil\/gas fields to Gas Authority of India Ltd. at Hazira, since Panna-Mukta oil fields from where movement of gas was occasioned fell within customs frontiers of India, sale of gas could not be said to have taken place in course of import of goods into territory of India as contemplated under section 5(2) &#8211;\u00a0<em>[2016] 65<\/em><em>\u00a0<\/em><em>\u00a0<\/em><em>147 (Gujarat)<\/em><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>SECTION 44 OF GUJARAT SALES TAX ACT, 1969<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>REASSESSMENT &#8211; TURNOVER ESCAPING ASSESSMENT<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">Where Assessing Authority had reopened assessments of assessee and notices issued did not disclose formation of any opinion on part of Assessing Authority based on any new material on record that assessee&#8217;s turnover had escaped assessment, impugned notices were without jurisdiction and were based on a mere change of opinion &#8211;\u00a0<em>[2016] 65<\/em><em>\u00a0<\/em><em>\u00a0<\/em><em>147 (Gujarat)<\/em><\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"CENVAT_CREDIT_RULES\"><\/span><span style=\"color: #0000ff;\"><strong>CENVAT CREDIT RULES<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>RULE 2(l)<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>CENVAT CREDIT &#8211; INPUT SERVICE &#8211; COURIER SERVICES<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">Mobile phone services availed for mobile phones allotted to senior executives for assessee-company work are eligible for input service credit, where connections and bills are in name of assessee-company &#8211;\u00a0<em>[2016] 65<\/em><em>\u00a0<\/em><em>88 (Ahmedabad &#8211; CESTAT)<\/em><\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"STATUTES\"><\/span><span style=\"color: #0000ff;\"><strong>STATUTES<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>DIRECT TAX LAWS<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">Income-tax (First Amendment) Rules, 2016 \u2013 Substitution of Rule 17 &amp; Form 10 and insertion of Form 9A &#8211;<em>NOTIFICATION NO. SO 127(E) [F.NO.142\/16\/2015-TPL], DATED 14-1-2016<\/em><\/p>\n<p style=\"text-align: justify;\">Section 237 of the Income-tax Act, 1961 \u2013 Refunds \u2013 Issue of refunds up to Rs.5,000\/- and refunds in cases where outstanding arrear is up to Rs.5,000\/- in non-cass cases for assessment years 2013-14 and 2014-15 &#8211;<em>OFFICE MEMORANDUM F.NO.312\/109\/2015-OT, DATED 14-1-2016<\/em><\/p>\n<p style=\"text-align: justify;\"><strong>CORPORATE LAWS<\/strong><\/p>\n<p style=\"text-align: justify;\">Relaxations in Branch Authorisation Policy \u2013 Off site ATMs &#8211;\u00a0<em>CIRCULAR DBR.NO.BAPD.BC.72\/22.01.001\/2015-16, DATED 14-1-2016<\/em><\/p>\n<p style=\"text-align: justify;\">Credit Information Reporting in respect of Self Help Group (SHG) Members &#8211;<em>CIRCULAR DBR.CID.BC.NO.73\/20.16.56\/2015-16, DATED 14-1-2016<\/em><\/p>\n<p style=\"text-align: justify;\">Section 1 of the Juvenile Justice (Care and Protection of Children) Act, 2015 \u2013 Act \u2013 Enforcement of \u2013 Notified date on which said Act shall come into force. &#8211;\u00a0<a href=\"http:\/\/decoding.infosysworld.com\/authentication\/link.php?M=10909229&amp;N=5071&amp;L=12324&amp;F=H\"><em>NOTIFICATION NO.SO 110(E) [NO.CW-II-11\/4\/2015-CW.II], DATED\u00a012-1-2016<\/em><\/a><\/p>\n<p style=\"text-align: justify;\">Section 135 of the Companies Act, 2013 \u2013 Corporate Social Responsibility \u2013 Frequently Asked Questions (FAQs) on Corporate Social Responsibility &#8211;\u00a0<em>GENERAL CIRCULAR 1\/2016 [NO.05\/19\/2015-CSR], DATED\u00a012-1-2016<\/em><\/p>\n<p style=\"text-align: justify;\">Section 1 of the Companies Act, 2013 \u2013 Act \u2013 Enforcement of \u2013 Notified date on which provisions of Sub-Sections (5), (6) and (7) of Section 125 of said Act shall come into force &#8211;\u00a0<em>NOTIFICATION [F.NO.5\/27\/2013-IEPF(PART)], DATED 13-1-2016<\/em><\/p>\n<p style=\"text-align: justify;\">Investor Education and Protection Fund (Appointment of Chairperson and Members, Holding of Meetings and Provisions for Offices and Officers) Rules, 2016 &#8211;\u00a0<em>NOTIFICATION [F.NO.05\/27\/2013-IEPF(PART)], DATED 13-1-2016<\/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 14, 2016 INCOME TAX ACT SECTION 37(1) BUSINESS EXPENDITURE\u00a0 Allowability OF Interest :\u00a0SLP granted against High Court&#8217;s ruling that interest which was paid after slump sale was effected and where factory was in operation could not be capitalized and therefore, such expenses were revenue in nature &#8211;\u00a0[2016] 65\u00a0\u00a067 (SC) Share &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":[566,502,501,569,572,179,180,561,214,181,194,541,537,562,560,550,538],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/1588"}],"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=1588"}],"version-history":[{"count":5,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/1588\/revisions"}],"predecessor-version":[{"id":5623,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/1588\/revisions\/5623"}],"wp:attachment":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/media?parent=1588"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/categories?post=1588"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/tags?post=1588"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}