{"id":1647,"date":"2016-02-08T09:02:00","date_gmt":"2016-02-08T09:02:00","guid":{"rendered":"http:\/\/caindelhiindia.com\/blog\/?p=1647"},"modified":"2021-07-07T12:58:28","modified_gmt":"2021-07-07T12:58:28","slug":"corporate-and-professional-update-january-23-2016","status":"publish","type":"post","link":"https:\/\/www.caindelhiindia.com\/blog\/corporate-and-professional-update-january-23-2016\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATE JANUARY 23, 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-69d11a7e41e11\" 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-69d11a7e41e11\"  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-23-2016\/#CORPORATE_AND_PROFESSIONAL_UPDATE_JANUARY_23_2016\" title=\"CORPORATE AND PROFESSIONAL UPDATE JANUARY 23, 2016 \n\">CORPORATE AND PROFESSIONAL UPDATE JANUARY 23, 2016 \n<\/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-23-2016\/#INCOME_TAX_ACT\" title=\"INCOME TAX ACT\">INCOME TAX ACT<\/a><ul class='ez-toc-list-level-4'><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.caindelhiindia.com\/blog\/corporate-and-professional-update-january-23-2016\/#SECTION_222\" title=\"SECTION 2(22)\">SECTION 2(22)<\/a><\/li><\/ul><\/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-23-2016\/#COMPANIES_ACT\" title=\"COMPANIES ACT\">COMPANIES ACT<\/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-23-2016\/#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-23-2016\/#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_23_2016\"><\/span><span style=\"color: #000080;\"><strong>CORPORATE AND PROFESSIONAL UPDATE JANUARY 23, 2016<br \/>\n<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<figure id=\"attachment_2813\" aria-describedby=\"caption-attachment-2813\" style=\"width: 533px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2016\/08\/5.png\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-2813\" src=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2016\/08\/5.png\" alt=\"www.caindelhiindia.com; Corporate updates\" width=\"533\" height=\"311\" \/><\/a><figcaption id=\"caption-attachment-2813\" 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: #0000ff;\"><strong>INCOME TAX ACT<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<h4 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"SECTION_222\"><\/span><span style=\"color: #ff6600;\"><strong>SECTION 2(22)<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>DEEMED DIVIDEND<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #800000;\">Loans or advances to shareholders :<\/span>\u00a0<\/strong>Where assessee was a shareholder in a company holding 41 per cent of shares and during year he and his son and daughter had overdrawn certain amount from said company and Assessing Officer treating said amount as deemed dividend under section 2(22)(e) added same in income of assessee, since both son and daughter were not shareholders in company and during year company got only negative accumulated profits, provisions of section 2(22)(e) could not be invoked &#8211;\u00a0<em>[2016] 65\u00a0\u00a0255 (Kolkata &#8211; Trib.)<\/em><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>SECTION 28(i)<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>BUSINESS INCOME &#8211; YEAR IN WHICH TAXABLE<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #800000;\">Upfront payments :\u00a0<\/span><\/strong>Where assessee-port received non-refundable upfront premium from various parties for permitting them to develop various facilities such as docking of ships, loading and unloading of containers on land provided by it for a period of 30 years, entire amount of premium was to be brought to tax in assessment year in question itself &#8211;\u00a0[2016] 65\u00a0\u00a0210 (Bangalore &#8211; Trib.)<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>SECTION 37(1)<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>BUSINESS EXPENDITURE &#8211; YEAR IN WHICH DEDUCTIBLE<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #800000;\">Audit fees :<\/span><\/strong>\u00a0Where assessee made contain provision in its profit and loss account in respect of accounting and auditing charges, matter was to be remanded back to Assessing Officer with direction to verify whether assessee was following practice of recognizing expenditure of audit fee pertaining to each year irrespective of actual payment and, if yes, then, it should not be disallowed for year under consideration &#8211;\u00a0[2016] 65\u00a0 210 (Bangalore &#8211; Trib.)<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>SECTION 55<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>CAPITAL GAINS &#8211; COST OF ACQUISITION<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #800000;\">Trademark :<\/span><\/strong>\u00a0Where assessee, during assessment year 1996-97, in terms of a settlement agreement entered into between it and an international company &#8216;S&#8217;, had transferred its trademark to &#8216;S&#8217; for certain consideration, transfer of trademark was liable to tax under section 55(2)(a) only from 1-4-2002 and not in assessment year in question -[2016] 65\u00a0\u00a0253 (Karnataka)<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>SECTION 69A<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>UNEXPLAINED MONEYS<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #800000;\"><strong>Reopening of assessment :<\/strong><\/span>\u00a0Where at time of making assessment, assessee disclosed all material facts relating to income assessable under section 69A, Assessing Officer could not initiate reassessment proceedings after expiry of four years from relevant year taking a view that addition under section 69A was deemed income of assessee and, thus, brought forward business loss and depreciation could not be set off against said income -[2016] 65\u00a0\u00a0221 (Madras)<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>SECTION 80-IC<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>DEDUCTION &#8211; SPECIAL PROVISION IN RESPECT OF CERTAIN UNDERTAKINGS, OR ENTERPRISES IN CERTAIN SPECIAL CATEGORY STATES<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #800000;\"><strong>Manufacturing :\u00a0<\/strong><\/span>Where end product is outcome of combination of employment of man and machine and after raw material goes through various processes, and is known commercially different article\/thing\/product, it is a manufacturing activity entitled for deduction under section 80-IC &#8211;\u00a0[2016] 65\u00a0 191 (Mumbai &#8211; Trib.)<\/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 ARMS LENGTH PRICE<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">Where assessee claimed that copyright infringement settlement expenses paid to AE was to be allowed as deduction from operating cost of transactions entered into with said AE, it was to be concluded that unless expenditure was found to be not relating to normal business operations of assessee company, it could not be directed to be excluded from operating cost of assessee. Since all facts relating to issue in dispute were not on record i.e., whether infringement of copyright was with regard to international transactions and whether it formed part of operating expenditure or not, matter was to be remanded back to TPO\/AO for disposal afresh &#8211;\u00a0[2016] 65\u00a0306 (Hyderabad &#8211; Trib.)<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #800000;\"><strong>Comparables and adjustments\/Adjustments \u2013 Interest :<\/strong><\/span>\u00a0Domestic prime lending rate would have no applicability and it is LIBOR rate which has to be considered while determining arm&#8217;s length interest rate in respect of an International transaction &#8211;\u00a0[2016] 65\u00a0\u00a0240 (Hyderabad &#8211; Trib.)<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #800000;\"><strong>Comparables and adjustments\/Adjustments &#8211; Corporate guarantee :\u00a0<\/strong><\/span>It would be appropriate to charge corporate guarantee fee at 0.50 per cent where assessee, through a common facilities agreement in connection with overseas acquisition of subsidiary companies, had provided corporate guarantee in favour of its AE &#8211;\u00a0[2016] 65\u00a0\u00a0240 (Hyderabad &#8211; Trib.)<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #800000;\"><strong>Comparables and adjustments\/Adjustments \u2013 General :<\/strong><\/span>\u00a0Adjustment arising out of Arm&#8217;s Length Price (ALP) has to be restricted to only International Transactions with Associated Enterprise instead of entire turnover of assessee &#8211;\u00a0[2016] 65\u00a0 155 (Bombay)<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #800000;\"><strong>Comparables and adjustments\/Adjustments \u2013 Interest :<\/strong><\/span>\u00a0Domestic prime lending rate would have no applicability and it is LIBOR rate which has to be considered while determining arm&#8217;s length interest rate in respect of an International transaction &#8211;\u00a0[2016] 65\u00a0 240 (Hyderabad &#8211; Trib.)<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #800000;\"><strong>Comparables and adjustments\/Adjustments &#8211; Corporate guarantee :\u00a0<\/strong><\/span>It would be appropriate to charge corporate guarantee fee at 0.50 per cent where assessee, through a common facilities agreement in connection with overseas acquisition of subsidiary companies, had provided corporate guarantee in favour of its AE &#8211;\u00a0[2016] 65\u00a0\u00a0240 (Hyderabad &#8211; Trib.)<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #800000;\"><strong>Comparables and adjustments\/Adjustments \u2013 General :\u00a0<\/strong><\/span>Adjustment arising out of Arm&#8217;s Length Price (ALP) has to be restricted to only International Transactions with Associated Enterprise instead of entire turnover of assessee &#8211;\u00a0[2016] 65\u00a0155 (Bombay)<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>SECTION 147<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>INCOME ESCAPING ASSESSMENT \u2013 GENERAL<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #800000;\"><strong>Computation of limitation period :<\/strong><\/span>\u00a0Proviso to section 147 does not use expression &#8216;assessment&#8217; or &#8216;reassessment&#8217; and, therefore, starting point for period of limitation cannot be date of assessment or revised assessment or reassessment &#8211;\u00a0[2016] 65\u00a0\u00a0221 (Madras)<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>SECTION 148<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>INCOME ESCAPING ASSESSMENT &#8211; ISSUE OF NOTICE FOR<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #800000;\"><strong>Recording of reasons :<\/strong><\/span>\u00a0Justification for reopening of assessment has to be tested only on strength of order recording reasons for reopening under section 148(2) &#8211;\u00a0[2016] 65\u00a0\u00a0221 (Madras)<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>SECTION 192<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>DEDUCTION OF TAX AT SOURCE &#8211; SALARY<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">Assessee-employer deducted TDS as per section 192 in respect of salary of the employees who failed to furnish their correct PAN. &#8211;\u00a0[2016] 65\u00a0\u00a0292 (Visakhapatnam &#8211; Trib.)<\/p>\n<p style=\"text-align: justify;\"><strong>SECTION 271(1)(c)<\/strong><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>PENALTY &#8211; FOR CONCEALMENT OF INCOME<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #800000;\"><strong>Estimation of income :<\/strong><\/span>\u00a0Where Assessing Officer framed assessment of assessee for assessment year 2007-08 under section 144 and after rejecting account books adopted net profit rate of 8 per cent, which was reduced by Tribunal to 7 per cent, and in mean time Assessing Officer also levied penalty under section 271(1)(c), since assessee was an existing assessee and it did not file return for above assessment year and Assessing Officer and Tribunal adopted different estimates, no penalty under section 271(1)(c) was leviable upon assessee &#8211;\u00a0[2016] 65\u00a0\u00a0248 (Chandigarh &#8211; Trib.)<\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"COMPANIES_ACT\"><\/span><span style=\"color: #0000ff;\"><strong>COMPANIES ACT<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>SECTION 10F<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>COMPANY LAW BOARD &#8211; APPEALS AGAINST THE ORDERS\u00a0<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">Where CLB dismissed interim relief sought by petitioner in petition alleging irregularity in election process of director and appeals against said order were dismissed, review petitions filed were to be dismissed as no new grounds had been made out and points agitated were already negated by Court in its earlier order &#8211;\u00a0[2016] 65\u00a0305 (Madras)<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>SECTION 433<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><strong>WINDING UP &#8211; CIRCUMSTANCES IN WHICH A COMPANY MAY BE WOUND UP<\/strong><\/p>\n<p style=\"text-align: justify;\">Where liability regarding payment of salary as claimed by petitioner in winding up petition was disputed by respondent-company on various grounds, company could not be ordered to be wound up under section 433(e) -[2016] 65\u00a0\u00a0260 (Rajasthan)<\/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 65(19)<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>TAXABLE SERVICES &#8211; BUSINESS AUXILIARY SERVICE<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">Where assessee-bank acted as &#8216;agency bank&#8217;\/&#8217;receiving office&#8217; for sale of bonds issued by RBI, brokerage\/commission earned would be taxable under head &#8216;business auxiliary service&#8217;; as no custodial services were rendered, same could not be categorised as &#8216;banking or other financial service&#8217; &#8211;\u00a0[2016] 65\u00a0 242 (Mumbai &#8211; CESTAT)<\/p>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #800000;\">Professional tea tasters engaged in:<\/span><\/strong> (a) fixing value of tea, (b) completion of negotiation between buyer and exporter and finalization of contract; (c) assisting in grading and standardization of tea; (d) monitoring shipment; (e) verifying shipment documents, port regulations and other formalities for export; (f) collecting sale proceeds, etc., are not &#8216;commission agent&#8217;; however, commission\/consideration earned by them is liable to service tax under Business Auxiliary Services. &#8211;\u00a0[2016] 65\u00a0205 (Chennai &#8211; CESTAT)<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>SECTION 65(25b)<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>TAXABLE SERVICES &#8211; COMMERCIAL OR INDUSTRIAL CONSTRUCTION SERVICES<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">Interior services such as wooden and metal partition, plastering, painting, civil work, joinery items, floor and wall tiling, etc. in respect of buildings or civil structures are &#8216;completion and finishing services&#8217; and not eligible for abatement; however, materials will not form part of value of services as per Not. 12\/2003-ST &#8211;\u00a0[2016] 65\u00a0251 (New Delhi &#8211; CESTAT)<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>SECTION 65(30a)<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>TAXABLE SERVICES &#8211; CONSTRUCTION OF COMPLEX SERVICES &#8211; STAY ORDER<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">Where assessee was constructing independent residential buildings, which were not connected in plinth, had separate boundary wall, entrance and separate electricity and water connection, then, in absence of any common facilities, it could not prima facie be regarded as Construction of Complex service. &#8211;\u00a0[2016] 65\u00a0\u00a0195 (New Delhi &#8211; CESTAT)<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>SECTION 65(64)<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>TAXABLE SERVICES &#8211; MANAGEMENT, MAINTENANCE OR REPAIR SERVICES<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">Providing technical engineers\/software personnel to others amounts to manpower supply services and liable to service tax accordingly; it cannot be regarded as &#8216;Information Technology Software Services&#8217; &#8211;\u00a0[2016] 65\u00a0198 (Chennai &#8211; CESTAT)<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>SECTION 76<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>PENALTY \u2013 GENERAL<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">After issuance of Order-in-Original (OIO), adjudicating authority becomes functus officio; therefore, if penalty is not levied in OIO, he cannot issue addendum to said OIO to impose penalty without any notice to assessee -[2016] 65 204 (New Delhi &#8211; CESTAT)<\/p>\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; MAINTAINABILITY OF &#8211; APPELLATE TRIBUNAL<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">When pre-deposit order has been passed by Commissioner (Appeals) based on an incorrect fact, then, Commissioner (Appeals) has power to rectify said mistake apparent from record and, consequently, modify pre-deposit order. &#8211;\u00a0[2016] 65\u00a0 195 (New Delhi &#8211; CESTAT)<\/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;\">Gold Monetization Scheme, 2015 \u2013 Modification in Said Scheme &#8211;\u00a0PRESS RELEASE, DATED 24-1-2016<\/p>\n<p style=\"text-align: justify;\">Gold Monetization Scheme, 2015 \u2013 Notified Refineries Granted Licence as on (19-1-2016) &#8211;\u00a0PRESS RELEASE, DATED 26-1-2016<\/p>\n<p style=\"text-align: justify;\">Gold Monetization Scheme, 2015 \u2013 Notified A&amp;H Centres Qualifying to Act as CPTC (as on 20-1-2016) -PRESS RELEASE, DATED 26-1-2016<\/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>\u00a0or call\u00a0 at\u00a0011-233 43 333<\/p>\n","protected":false},"excerpt":{"rendered":"<p>CORPORATE AND PROFESSIONAL UPDATE JANUARY 23, 2016 INCOME TAX ACT SECTION 2(22) DEEMED DIVIDEND Loans or advances to shareholders :\u00a0Where assessee was a shareholder in a company holding 41 per cent of shares and during year he and his son and daughter had overdrawn certain amount from said company and Assessing Officer treating said amount &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":[502,501,569,572,179,180,561,214,181,537,562,560,550,538],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/1647"}],"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=1647"}],"version-history":[{"count":5,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/1647\/revisions"}],"predecessor-version":[{"id":3073,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/1647\/revisions\/3073"}],"wp:attachment":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/media?parent=1647"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/categories?post=1647"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/tags?post=1647"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}