{"id":1805,"date":"2016-02-22T12:30:02","date_gmt":"2016-02-22T12:30:02","guid":{"rendered":"http:\/\/caindelhiindia.com\/blog\/?p=1805"},"modified":"2021-07-07T12:56:42","modified_gmt":"2021-07-07T12:56:42","slug":"corporate-and-professional-update-february-21-2016","status":"publish","type":"post","link":"https:\/\/www.caindelhiindia.com\/blog\/corporate-and-professional-update-february-21-2016\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATE FEBRUARY 21, 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-69e8bbfeb0e6d\" 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-69e8bbfeb0e6d\"  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-21-2016\/#CORPORATE_AND_PROFESSIONAL_UPDATE_FEBRUARY_21_2016\" title=\"CORPORATE AND PROFESSIONAL UPDATE FEBRUARY 21, 2016\">CORPORATE AND PROFESSIONAL UPDATE FEBRUARY 21, 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-21-2016\/#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-21-2016\/#INDIRET_TAX\" title=\"INDIRET TAX\">INDIRET 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-21-2016\/#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-21-2016\/#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-21-2016\/#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_21_2016\"><\/span><span style=\"color: #000080;\">CORPORATE AND PROFESSIONAL UPDATE FEBRUARY 21, 2016<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<figure id=\"attachment_3016\" aria-describedby=\"caption-attachment-3016\" style=\"width: 538px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2016\/02\/F.png\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-3016\" src=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2016\/02\/F.png\" alt=\"www.caindelhiindia.com; CORPORATE UPDATES\" width=\"538\" height=\"375\" \/><\/a><figcaption id=\"caption-attachment-3016\" 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;\">CBDT had issued Clarifications for implementation of FATCA and CRS\u00a0Vide Press release dated 19.02.2016<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\">ITAT:<\/span> Rejects double-deduction on BSE membership card; Special provisions u\/s 50 override Sec 55(2)(ab)\u00a0[TS-75-ITAT-2016(Mum)]<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\">IT:<\/span> Tax cannot be levied on assessee at a higher amount or at a higher rate merely because assessee, under a mistaken belief or due to an error, offered income for taxation at that amount or that rate [2016] 66\u00a0taxmann.com\u00a0181 (Rajkot &#8211; Trib.)\u00a0ACIT v. Rupam Impex<\/p>\n<p style=\"text-align: justify;\">Compensation received in connection with termination of share purchase agreement to be taxed as revenue receipt [2016] 66\u00a0taxmann.com\u00a0183 (Himachal Pradesh)\u00a0Avantor Performance Materials India Ltd. v. CIT<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>IT:<\/strong><\/span><strong>\u00a0<\/strong>Penalty u\/s 271(1)(c) &#8211; the return which was filed on the basis of the certificate issued by the Chartered Accountant though under mistake the assessee could take the benefit on the basis of bonafide belief \u2013\u00a0CIT-3, Ludhiana Vs. S.S. Food Industries (2016 (2) TMI 517 Punjab &amp; Haryana High Court)<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>IT:<\/strong>\u00a0<\/span>Section 194C(2) had no application when the Union was merely acting in representative capacity and there was no separate contract between the Union and its members (truck operators) for performance of the work \u2013\u00a0CIT-I, Ludhiana Vs. Truck Operator Union (2016 (2) TMI 520 Punjab &amp; Haryana High Court)<\/p>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #00ccff;\">ITAT:<\/span> <\/strong>False claim supported by CA opinion irrelevant, upholds Sec 271(1)(c)\u00a0penalty [TS-74-ITAT-2016(CHNY)]<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>IT:<\/strong><strong>\u00a0<\/strong><\/span>Deduction u\/s 80-IA &#8211; Whether the Tribunal was right in holding that the deduction under Section 80-IA is not allowable at all to the assessee since there was no taxable income though the unit eligible for deduction had net profit &#8211; Held Yes\u00a0\u2013<strong>\u00a0<\/strong>Sanra Software Ltd. Vs. DCIT, Chennai (2016 (2) TMI 574 Madras High Court)<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>IT:<\/strong><\/span>\u00a0Advance Rulings &#8211; it serves no purpose and certainly not that of the Petitioner to pronounce on the validity of the portion of clause (i) of Section 245R(2) of the Act that exempts resident PSUs from the bar of that provision to be violative of Article 14 of the Constitution \u2013\u00a0Hyosung Corporation Vs. AFR &amp; ANR (2016 (2) TMI 575 Delhi High Court)<\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"INDIRET_TAX\"><\/span><span style=\"color: #ff6600;\">INDIRET TAX<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>ST:<\/strong><strong>\u00a0<\/strong><\/span>CESTAT dismissed the appeal for non prosecution &#8211; The order passed by the CESTAT with regard to the non-appearance of the Assessee is cryptic and devoid of reasons. The reasons are the soul of the Judgment. The order passed without giving reasons cannot be sustained &#8211;\u00a0Empee Distilleries Ltd. Vs. DCST (2016 (2) TMI 581 Madras High Court)<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>ST:<\/strong><strong>\u00a0<\/strong><\/span>Refund of service tax on the basis of Credit Note &#8211; value of services provided (sharing of expenses) earlier got reduced as per the mutual agreement &#8211; refund allowed &#8211;\u00a0Piramal Enterprises Ltd. Vs. CST, Mumbai (2016 (2) TMI 545 CESTAT Mumbai)<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>CBEC<\/strong><\/span>\u00a0has notified\u00a0the Service Tax and Central Excise (Furnishing of Annual Information Return) Rules, 2016\u00a0which shall come into force from 1<sup>st<\/sup>\u00a0April, 2016.\u00a0The Central Board of Excise and Customs will now use the annual information returns to detect tax evasion.<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>DVAT<\/strong><\/span>\u00a0Created a separate E-commerce Zone and Ward No.300 for E-Commerce Companies.<\/p>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #00ccff;\">Service Tax :<\/span><\/strong> Flying training services provided by an approved flying training institute are not liable to service tax, as services fall within meaning of &#8216;qualification recognized by law&#8217;<br \/>\n[2016] 66\u00a0taxmann.com\u00a0180 (Ahmedabad &#8211; CESTAT)\u00a0Ahmedabad Aviation &amp; Aeronautics Ltd. v. Commissioner of Service Tax<\/p>\n<p style=\"text-align: justify;\">All services provided by Govt. to business entities would be taxable from\u00a0April 1, 2016<\/p>\n<p style=\"text-align: justify;\">No service-tax on services provided by Govt. to business entities having turnover below 10 lacs<\/p>\n<p style=\"text-align: justify;\">CG\u00a0appointed\u00a01<sup>th<\/sup>\u00a0day of April, 2016 as the date with effect from which\u00a0all the services provided by the Government or local authority to a business entity, except the services that are specifically exempted, or covered by any another entry in the Negative List, shall be liable to service tax\u00a0i.e.\u00a0the provisions of Section 109(1) as contained in the Finance Act, 2015 shall come into effect\u00a0w.e.f.\u00a001.04.2016\u00a0Vide\u00a0Notification No. 06\/2016-Service Tax dated 18.02.2016<\/p>\n<p style=\"text-align: justify;\">CG also exempted the services provided by Government or a local authority to a business entity with a turnover up to rupees ten lakh in the preceding financial year w.e.f.\u00a01.4.2016\u00a0Vide Notification No. 07\/2016-Service Tax dated 18.02.2016.<\/p>\n<p style=\"text-align: justify;\">Delhi VAT Commissioners vested with power to specify dealers who have to furnish returns with digital signature<!--more--><\/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>\u00a0Whether a director has to disclose his interest in foreign companies as well in Form MBP-1?<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>Answer:<\/strong><\/span>Yes, interest in companies, body Corporates, firms or other association of individuals needs to be disclosed in Form MBP-1. Foreign company being a body corporate, interest in it should be disclosed in Form MBP-1.<\/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;\"><span style=\"color: #00ccff;\"><strong>RBI:<\/strong><\/span><strong>\u00a0<\/strong>The Budget Division of the Department of Economic Affairs notifies that repurchase of \u201c<strong>7.59%, 10.71%<\/strong>and<strong>\u00a0<\/strong><strong>7.02% Government Stock 2016<\/strong>\u201d will be undertaken\u00a0through reverse auction by the Government of India in one or more tranches for an aggregate amount of Rs 15,000 crore for its cash management operations.<\/p>\n<p style=\"text-align: justify;\">Company Secretaries in employment shouldn&#8217;t be allowed to certify Annual Returns: ICSI&#8217;s recommendation<\/p>\n<p style=\"text-align: justify;\">Govt. issues clarifications for implementation of FATCA<\/p>\n<p style=\"text-align: justify;\">Govt. notifies definition of a start-up and process of its recognition<\/p>\n<p style=\"text-align: justify;\">U.K. Sinha is re-appointed as Chairman of SEBI<\/p>\n<p style=\"text-align: justify;\">With self-discipline most anything is possible. -Theodore Roosevelt<\/p>\n<p style=\"text-align: justify;\">Live your beliefs and you can turn the world around. -Henry David Thoreau<\/p>\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<p style=\"text-align: justify;\">E-payment of DVAT &amp; CST tax for Jan:\u00a021.02.2016<\/p>\n<p style=\"text-align: justify;\">Payment of ESI of Jan:\u00a021.02.2016<\/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: \u00a0info@caindelhiindia.com\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 21, 2016 DIRECT TAX CBDT had issued Clarifications for implementation of FATCA and CRS\u00a0Vide Press release dated 19.02.2016 ITAT: Rejects double-deduction on BSE membership card; Special provisions u\/s 50 override Sec 55(2)(ab)\u00a0[TS-75-ITAT-2016(Mum)] IT: Tax cannot be levied on assessee at a higher amount or at a higher rate merely because &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":[647,173,142],"tags":[555,566,502,501,572,179,180,214,181,194,541,560,550,538],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/1805"}],"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=1805"}],"version-history":[{"count":4,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/1805\/revisions"}],"predecessor-version":[{"id":3018,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/1805\/revisions\/3018"}],"wp:attachment":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/media?parent=1805"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/categories?post=1805"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/tags?post=1805"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}