{"id":1725,"date":"2016-02-15T12:41:34","date_gmt":"2016-02-15T12:41:34","guid":{"rendered":"http:\/\/caindelhiindia.com\/blog\/?p=1725"},"modified":"2021-07-07T12:57:25","modified_gmt":"2021-07-07T12:57:25","slug":"corporate-and-professional-update-february-14-2016","status":"publish","type":"post","link":"https:\/\/www.caindelhiindia.com\/blog\/corporate-and-professional-update-february-14-2016\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATE FEBRUARY 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-69deb6d5995c4\" 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-69deb6d5995c4\"  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-14-2016\/#CORPORATE_AND_PROFESSIONAL_UPDATE_FEBRUARY_14_2016\" title=\"CORPORATE AND PROFESSIONAL UPDATE FEBRUARY 14, 2016\">CORPORATE AND PROFESSIONAL UPDATE FEBRUARY 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-february-14-2016\/#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-14-2016\/#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-14-2016\/#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-14-2016\/#Other_Updates\" title=\"Other Updates\">Other Updates<\/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-14-2016\/#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_14_2016\"><\/span><span style=\"color: #000080;\"><strong>CORPORATE AND PROFESSIONAL UPDATE FEBRUARY 14, 2016<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<figure id=\"attachment_3033\" aria-describedby=\"caption-attachment-3033\" style=\"width: 567px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2016\/02\/Y.png\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-3033\" src=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2016\/02\/Y.png\" alt=\"www.caindelhiindia.com; CORPORATE UPDATES\" width=\"567\" height=\"361\" \/><\/a><figcaption id=\"caption-attachment-3033\" 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: #ff6600;\"><strong>DIRECT TAX<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #00ccff;\">TDS :<\/span><\/strong> challenge to the notices \/ summonses issued u\/s 201 &#8211; no order u\/s 201(i) can be passed for which limitation had already expired prior to amended section 201(3) as amended by Finance Act No.2 of 2014 &#8211; The impugned notices \/ summonses held to be invalid quashed and set aside &#8211; HC &#8211;\u00a0TATA TELESERVICES Versus UNION OF INDIA &amp; 1 &#8211; 2016 (2) TMI 414 &#8211; GUJARAT HIGH COURT<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>Royalty u\/s 9(1)(vi) read with DTAA:<\/strong><\/span> It is fallacious to assume that any change made to domestic law to rectify a situation of mistaken interpretation can spontaneously further their case in an international treaty. Therefore mere amendment to Section 9(1)(vi) cannot result in a change &#8211; HC &#8211;\u00a0Director of Income Tax Versus New Skies Satellite BV, Shin Satellite Public Co. Ltd. &#8211; 2016 (2) TMI 415 &#8211; DELHI HIGH COURT<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>Sec 68:<\/strong> <\/span>No addition where parties have sufficient bank balance while giving loans. [ITO vs. Rekha Bansal (ITAT Delhi), I.T.A.No.4455\/Del\/2013 &amp; C.O. No. 43 \/ Del\/ 2014, AY 2009-10].<\/p>\n<p style=\"text-align: justify;\">Subsidy to set up a new unit or to expand an existing unit is capital receipts, purpose test will prevail. [M\/s. Shivalik Prints Limited vs. ACIT (ITAT Delhi), ITA No.4698\/Del.\/2011]<\/p>\n<p style=\"text-align: justify;\">Interest subsidy for repayment of loan acquired for acquisition of capital assets, is capital receipts. [DCIT vs. M\/s J.K. Cement Ltd. (ITAT Lucknow), ITA No.499\/LKW\/2010, ITA No.247 \/ LKW\/2011, ITA No.180\/LKW\/2012, ITA No.570\/LKW\/2012 &amp; ITA No.668\/LKW\/2014]<\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Indirect_Tax\"><\/span><span style=\"color: #ff6600;\"><strong>Indirect Tax<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">CG directed that whole duty of excise payable on Di-Calcium Phosphate of rock phosphate shall not be required to be paid in respect of said goods on which said duty is not levied during the period commencing on 1stFebruary, 2008 and ending with 1st\u00a0February, 2014\u00a0Vide Notification No. 04\/2016- Central Excise (N.T.) dated 12.02.2016<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>Refund of SAD :<\/strong><\/span> payment of 4 SAD has not been made by cash but has been paid using the Reward Scrip i.e. Focus Product Scheme. &#8211; there is no condition in Notification No. 102\/07 that SAD should initially be paid through cash &#8211; refund allowed &#8211;\u00a0Commissioner of Customs, Goa Versus M\/s Birla Furukawa Fiber Optics Ltd. &#8211; 2016 (2) TMI 390 &#8211; CESTAT MUMBAI<\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"COMPANY_LAW\"><\/span><span style=\"color: #ff6600;\"><strong>COMPANY LAW<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>Query:<\/strong><\/span><strong>\u00a0\u00a0<\/strong>Whether provisions of CSR are applicable Foreign Company as well? If yes, whether it is mandatory for foreign company to give report on CSR activity?<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>Answer:\u00a0<\/strong><\/span>\u00a0There is no exemption from the provisions of CSR. Therefore, if a Company whether listed or unlisted or Foreign Company or else, if it falls under the applicability of the provisions of CSR. It has to adhere to the provisions of CSR.<\/p>\n<p style=\"text-align: justify;\">Further in case of a foreign company, the balance sheet filed under section 381(1)(b) shall contain an Annexure regarding report on CSR.<\/p>\n<p style=\"text-align: justify;\">Procedure: Change in Object Clause as per Companies Act\u2019 2013<\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Other_Updates\"><\/span><span style=\"color: #ff6600;\"><strong>Other Updates<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">The empanelment process of Chartered Accountant firms (firm) and Limited Liability Partnership firm (LLP) for allotment of audit of Public Sector Undertakings\/Statutory Corporations for the year 2016-17. The desired firms were allowed to fill the online forms till\u00a015.02.2016.<\/p>\n<p style=\"text-align: justify;\">Expenditure incurred by the assessee on issue of Foreign Currency Convertible Bonds (FCCB) is revenue expenditure allowable under section 37(1) of the I.T. Act. &#8211; Tribunal. (Gati\u00a0Limited vs Income Tax Officer, Ward \u2013 2 (2) Hyderabad &#8211; 2016 (2)\u00a0TMI\u00a0404 \u2013\u00a0ITAT HYDERABAD)<\/p>\n<p style=\"text-align: justify;\">ICAI released an announcement on Manner of Signing of Certificates by Chartered under Accountant With a view to bring uniformity in the manner of signing of certificates, icai has decided to require the members of the ICAI to include (in addition to any other requirements in this regard prescribed by the relevant law or regulation under which the certificate is being issued) the following details in their \u201cSignatures\u201d on the certificates issued by them:<\/p>\n<ul>\n<li style=\"text-align: justify;\">Name of the CA firm*<\/li>\n<li style=\"text-align: justify;\">Firm Registration Number (FRN)*<\/li>\n<li style=\"text-align: justify;\">Name of the member<\/li>\n<li style=\"text-align: justify;\">Designation (Partner\/Proprietor)<\/li>\n<li style=\"text-align: justify;\">Membership Number<br \/>\nLink:\u00a0<a href=\"http:\/\/resource.cdn.icai.org\/41158aasb30942announ.pdf\">http:\/\/resource.cdn.icai.org\/41158aasb30942announ.pdf<\/a><\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Key_Dates\"><\/span><span style=\"color: #ff6600;\"><strong>Key Dates<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li style=\"text-align: justify;\">Deposit of DVAT TDS for Jan:\u00a015.02.2016<\/li>\n<li style=\"text-align: justify;\">Issue of Quarterly TDS certificates for Dec Quarter by Govt. deductors:\u00a015.02.2016<\/li>\n<li style=\"text-align: justify;\">E-payment of PF for Jan (No grace of 5days):\u00a015.02.2016<\/li>\n<\/ul>\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 14, 2016 DIRECT TAX TDS : challenge to the notices \/ summonses issued u\/s 201 &#8211; no order u\/s 201(i) can be passed for which limitation had already expired prior to amended section 201(3) as amended by Finance Act No.2 of 2014 &#8211; The impugned notices \/ summonses held to &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":[647,78,142,146],"tags":[555,566,502,501,569,572,179,180,561,214,181,560,550,538],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/1725"}],"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=1725"}],"version-history":[{"count":3,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/1725\/revisions"}],"predecessor-version":[{"id":3035,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/1725\/revisions\/3035"}],"wp:attachment":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/media?parent=1725"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/categories?post=1725"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/tags?post=1725"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}