{"id":1707,"date":"2016-02-15T11:46:43","date_gmt":"2016-02-15T11:46:43","guid":{"rendered":"http:\/\/caindelhiindia.com\/blog\/?p=1707"},"modified":"2021-07-07T12:57:39","modified_gmt":"2021-07-07T12:57:39","slug":"corporate-and-professional-update-february-122016","status":"publish","type":"post","link":"https:\/\/www.caindelhiindia.com\/blog\/corporate-and-professional-update-february-122016\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATE FEBRUARY 12,2016"},"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-69ed30fed012b\" 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-69ed30fed012b\"  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-february-122016\/#CORPORATE_AND_PROFESSIONAL_UPDATE_FEBRUARY_122016\" title=\"CORPORATE AND PROFESSIONAL UPDATE FEBRUARY 12,2016\">CORPORATE AND PROFESSIONAL UPDATE FEBRUARY 12,2016<\/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-february-122016\/#DIRECT_TAX\" title=\"DIRECT TAX:\">DIRECT TAX:<\/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-february-122016\/#INDIRECT_TAX\" title=\"INDIRECT TAX:\">INDIRECT TAX:<\/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-february-122016\/#COMPANY_LAW\" title=\"COMPANY LAW:\">COMPANY LAW:<\/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-february-122016\/#OTHER_UPDATES\" title=\"OTHER UPDATES:\u00a0\">OTHER UPDATES:\u00a0<\/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-february-122016\/#Key_Dates\" title=\"Key Dates:\">Key Dates:<\/a><\/li><\/ul><\/nav><\/div>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"CORPORATE_AND_PROFESSIONAL_UPDATE_FEBRUARY_122016\"><\/span><span style=\"color: #000080;\">CORPORATE AND PROFESSIONAL UPDATE FEBRUARY 12,2016<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<figure id=\"attachment_3008\" aria-describedby=\"caption-attachment-3008\" style=\"width: 558px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2016\/02\/C.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-3008\" src=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2016\/02\/C.jpg\" alt=\"www.caindelhiindia.com; CORPORATE UPDATES\" width=\"558\" height=\"279\" \/><\/a><figcaption id=\"caption-attachment-3008\" class=\"wp-caption-text\">www.caindelhiindia.com; CORPORATE UPDATES<\/figcaption><\/figure>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"DIRECT_TAX\"><\/span><span style=\"color: #0000ff;\"><strong>DIRECT TAX:<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">When the Assessing Officer and the Commissioner concurrently found that there was unexplained expenditure and source of such income was not satisfactorily explained section 69C of the Act would certainly be applicable. &#8211; HC &#8211; Income Tax\u00a0RAVIKIRAN CERAMICS PVT LTD Versus PR. COMMISSIONER OF INCOME TAX (CENTRAL) &#8211; 2016 (2) TMI 352 &#8211; GUJARAT HIGH COURT<\/p>\n<p style=\"text-align: justify;\">Addition of cess on green leaf &#8211; part of income is agriculture income &#8211; Expenditure on cess should be allowed as a deduction before computing the composite income under Rule 8 and the apportionment is to be made after the income is so computed- (COMMISSIONER OF INCOME TAX Versus M\/s APEEJAY TEA CO. LTD\u00a0&#8211; 2015 (8) TMI 1260 &#8211; SUPREME COURT).<\/p>\n<p style=\"text-align: justify;\">Transactions of two assessment years emanating from same agreement should be given similar treatment<\/p>\n<p style=\"text-align: justify;\">Valuation of shares at cost, lack of frequency in transactions and use of own funds are signs of investment in shares[2016] 66\u00a0taxmann.com\u00a082 (Mumbai &#8211; Trib.)\u00a0ACIT v. Nemichand P. Jain HUF<\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"INDIRECT_TAX\"><\/span><span style=\"color: #0000ff;\"><strong>INDIRECT TAX:<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">Cenvat Credit &#8211; eligible input services after amendment &#8211; outdoor catering services life insurance and premium &#8211; in view of specific exclusions credit cannot be allowed-\u00a0(Applied Micro Circuits India Pvt. Ltd. Versus Commissioner of Central Excise, Pune-III &#8211; 2016 (2) TMI 336 &#8211; CESTAT MUMBAI)<\/p>\n<p style=\"text-align: justify;\">Notification passed for Tariff in respect of Fixation of Tariff Value of Edible Oil, Brass, Poppy Seed, Areca Nut, Gold and Sliver vide notification no. 23\/2016 dated 09\/02\/2016-\u00a0(click here to view)<\/p>\n<p style=\"text-align: justify;\">Amendments passed to be effective from\u00a0\u00a011.2.2016 for All Industry Rates of Duty Drawback vide circular no. 06\/2016 dated 09\/02\/2016-\u00a0(click here to view)<\/p>\n<p style=\"text-align: justify;\">Refund &#8211; input services &#8211; duty paying documents &#8211; so long as the documents (debit notes) reveal the essential details like registration no service provided service recipient value of taxable service refund cannot be rejected merely because the documents are debit notes- (M\/s. Shivam Exports, M\/s. Mecshot Blasting Equipment (P) Ltd.\u00a0 \u00a0And M\/s. Shree Ram Industries Versus CCE Jaipur\u00a0&#8211; 2016 (2) TMI 259 &#8211; CESTAT NEW DELHI).<\/p>\n<p style=\"text-align: justify;\">Refund &#8211; period of limitation &#8211; delay of 2 days because of the intervening Saturday and Sunday and the claim was filed on Monday. &#8211; refund allowed \u2013 (Markers Mart And Prince Exports Versus C.C.E &amp; S. Tax., Jaipur II\u00a0&#8211; 2016 (2) TMI 258 &#8211; CESTAT NEW DELHI).<\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"COMPANY_LAW\"><\/span><span style=\"color: #0000ff;\"><strong>COMPANY LAW:<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>Query:<\/strong><\/span>\u00a0Is there any intimation to be given to ROC on expiry of director, please let me know, if yes which form needs to be filed, in one case we have three directors in the company and in the other just two, including the expired director?<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>Answer:<\/strong><\/span>\u00a0Yes, you are required to intimate ROC about the same by filing Form DIR-11 &amp; Form DIR-12 respectively enclosing the death certificate of the deceased director and appointing other director at his place as the number of directors at any time should never fall below the statutory number of directors as prescribed which in any Pvt Ltd Company and in Public Ltd company are 2 &amp; 3 respectively.<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>Query:\u00a0<\/strong><\/span>As per Section 149(8) read with Schedule IV, listed entities has to hold at least one meeting in a year of independent directors, here in the act the word &#8220;in a Year&#8221; has not been defined whether the year here states the any Financial year or the Calender Year. Please clarify.<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>Answer:\u00a0<\/strong><\/span>Calender Year, As per Secretarial Standard-1- Where a Company is required to appoint Independent Directors under the Companies Act, 2013, such Independent directors shall meet at least once in a Calender Year.<\/p>\n<p style=\"text-align: justify;\">Ministry of Corporate Affairs has recently modified the Form 4-LLP. The new version of Form 4-LLP (Notice of appointment, cessation, change in name\/ address\/designation of a designated partner or partner and consent to become a partner\/designated partner) available w.e.f.\u00a010th February, 2016. Shakeholders are requested to plan accordingly.<\/p>\n<p style=\"text-align: justify;\">MCA issues draft format for financial statements in line with Ind AS<\/p>\n<p style=\"text-align: justify;\">MCA proposes new CARO, 2016 with wide coverage<\/p>\n<p style=\"text-align: justify;\">MCA has issued a notice inviting comments on the Revised Schedule III to the Companies Act, 2013 for a Company whose financial statements are drawn up in compliance of Companies (Indian Accounting Standards) Rules 2015\u00a0dated\u00a009.02.2016\u00a0(Click here to view)<\/p>\n<p style=\"text-align: justify;\">The Ministry had set-up a Committee on 16th September, 2015 to examine and recommend matter for inclusion in the statement to be attached with Auditor\u2019s Report under Section 143 (11) of the Companies Act, 2013 for the financial year 2015-16 onwards\u00a0dated\u00a009.02.2016<\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"OTHER_UPDATES\"><\/span><span style=\"color: #0000ff;\">OTHER UPDATES:\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">RBI had notified\u00a0the Foreign Exchange Management (Foreign Currency Accounts by a person resident in India) Regulations, 2015\u00a0and old regulations have been repealed and replaced by the new regulations. These regulations seek to regulate opening and maintenance of foreign currency accounts in and outside India by a person resident in India.<\/p>\n<p style=\"text-align: justify;\">RBI&#8217;s Working Group issued\u00a0recommendations on Interest Rate Options\u00a0on February 8, 2016.\u00a0In the Report, eleven member Committee headed by PG Apte, has recommended rolling one, two, three, six and twelve month contracts, kicking off with three serial monthly contracts in the first phase. The Working Group has recommended simple call and put options, with minimum lot sizes of Rs. 2 lakhs to start Interest Rate Options (IROs) in India\u00a0Vide Press Release\u00a0dated\u00a008.02.2016<\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Key_Dates\"><\/span><span style=\"color: #0000ff;\">Key Dates:<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">Return for Non SSI assessee for January:\u00a010\/02\/2016<\/p>\n<p style=\"text-align: justify;\">Return for EOU\u2019s for January:\u00a010\/02\/2016<\/p>\n<p style=\"text-align: justify;\">Return by units paying duty &gt; 1 Crore:\u00a010\/02\/2016\u00a0(CENVAT+PLA for January)<\/p>\n<p style=\"text-align: justify;\">Advance information for second fortnight of feb of functions with booking cost&gt;Rs. 1 lakh in banquet, halls , hotels etc. in Delhi:\u00a012\/02\/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 \u00a0 endeavors. For query or help, contact: \u00a0<a href=\"mailto:info@caindelhiindia.com\">info@caindelhiindia.com<\/a>\u00a0or call at \u00a0011-233-43-333<\/p>\n<p style=\"text-align: justify;\">\n","protected":false},"excerpt":{"rendered":"<p>CORPORATE AND PROFESSIONAL UPDATE FEBRUARY 12,2016 DIRECT TAX: When the Assessing Officer and the Commissioner concurrently found that there was unexplained expenditure and source of such income was not satisfactorily explained section 69C of the Act would certainly be applicable. &#8211; HC &#8211; Income Tax\u00a0RAVIKIRAN CERAMICS PVT LTD Versus PR. COMMISSIONER OF INCOME TAX (CENTRAL) &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":[647,173,146],"tags":[564,502,501,572,179,180,214,181,194,541,562,560,550,538],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/1707"}],"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=1707"}],"version-history":[{"count":4,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/1707\/revisions"}],"predecessor-version":[{"id":3041,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/1707\/revisions\/3041"}],"wp:attachment":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/media?parent=1707"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/categories?post=1707"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/tags?post=1707"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}