{"id":1848,"date":"2016-02-29T10:40:23","date_gmt":"2016-02-29T10:40:23","guid":{"rendered":"http:\/\/caindelhiindia.com\/blog\/?p=1848"},"modified":"2021-07-07T12:56:22","modified_gmt":"2021-07-07T12:56:22","slug":"corporate-and-professional-update-february-26-2016","status":"publish","type":"post","link":"https:\/\/www.caindelhiindia.com\/blog\/corporate-and-professional-update-february-26-2016\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATE FEBRUARY 27, 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-69e883cd6ff27\" 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-69e883cd6ff27\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.caindelhiindia.com\/blog\/corporate-and-professional-update-february-26-2016\/#CORPORATE_AND_PROFESSIONAL_UPDATE_FEBRUARY_27_2016\" title=\"CORPORATE AND PROFESSIONAL UPDATE FEBRUARY 27, 2016\">CORPORATE AND PROFESSIONAL UPDATE FEBRUARY 27, 2016<\/a><ul class='ez-toc-list-level-3'><li class='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-26-2016\/#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-26-2016\/#Indirect_Tax\" title=\"Indirect Tax:\">Indirect Tax:<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"CORPORATE_AND_PROFESSIONAL_UPDATE_FEBRUARY_27_2016\"><\/span><span style=\"color: #000080;\">CORPORATE AND PROFESSIONAL UPDATE FEBRUARY 27, 2016<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<figure id=\"attachment_2999\" aria-describedby=\"caption-attachment-2999\" style=\"width: 515px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2016\/02\/A.png\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-2999\" src=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2016\/02\/A.png\" alt=\"www.caindelhiindia.com; CORPORATE UPDATES\" width=\"515\" height=\"371\" \/><\/a><figcaption id=\"caption-attachment-2999\" 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<ul style=\"text-align: justify;\">\n<li>The validity of assessment &#8211; if a matter falls u\/s. 153(2A) of the Act i.e. if the Tribunal has set aside or canceled the assessment then the fresh order by the AO of assessment shall be passed within the period as prescribed u\/s. 153(2A) &#8211; Tri &#8211; Apeejay Shipping Ltd. Versus Assistant Commissioner of Income-Tax &#8211; 2016 (2) TMI 794 &#8211; ITAT KOLKATA<\/li>\n<li>Disallowance u\/s 40(a)(i) &#8211; <a href=\"https:\/\/caindelhiindia.com\/service\/tds-return\">TDS<\/a> &#8211; commission payments to the nonresident agents are not taxable in India as the agents are remaining outside services are rendered abroad and payments are also made abroad.. When the transaction does not attract the provisions of Section 9 of the Act then there is no question of applying Explanation 4 to Section 9 &#8211; HC &#8211;\u00a0\u00a0The Commissioner of <a href=\"https:\/\/caindelhiindia.com\/service\/income-tax-return-filing\">Income Tax<\/a>, Chennai Versus M\/s. Farida Leather Company\u00a0&#8211; 2016 (2) TMI 798 &#8211; GUJARAT HIGH COURT<\/li>\n<\/ul>\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<ul style=\"text-align: justify;\">\n<li>DVAT Commissioner has extended the due date for filing of Form GE-II for the first three quarters of the current financial year (i.e. 1 April 2015 to 30 June 2015; 1 July 2015 to 30 September 2015 and 1 October 2015 to 31 December 2015) to 7th March 2016 Vide Notification No. F3(619)\/Policy\/VAT\/2016\/1496- 1506\u00a0\u00a0dated 25.02.2016.<\/li>\n<li>The costs claimed to be reimbursable are not attributable to the business auxiliary service rendered by the assessee but to the cost of the product itself. Not surprisingly the bank reimburses these expenses &#8211; demand of service tax with penalty set aside &#8211; Tri &#8211; Bhaven Desai Versus Commissioner of Service Tax, Mumbai &#8211; 2016 (2) TMI 806 &#8211; CESTAT MUMBAI<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\">\u00a0<strong>FAQ on Company Law:<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #800000;\"><strong>Query:<\/strong><\/span> We are converting a partnership firm into LLP. Our query is \u2013 can the amount of contribution in Proposed LLP less than the amount of capital invested infirm?<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #800000;\"><strong>Answer:<\/strong><\/span> No, the amount of contribution cannot be less than the proposed monetary value of the partner\u2019s contribution in the Proposed LLP.<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>RBI Updates:<\/strong><\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li>RBI has recently issued The Reserve Bank of India (Know Your Customer (KYC)) Directions, 2016\u00a0with regard tocertain customer identification procedure while undertaking a transaction either by establishing an account based relationship or otherwise and monitor their transactions\u00a0Vide Notification No. DBR.AML.BC.No.81\/14.01.001\/ 2015-16 dated 25.02.2016.<\/li>\n<li>No credit on cascades which are used to transport CNG to filling station<br \/>\n[2016] 66com\u00a0320 (Mumbai &#8211; CESTAT)\u00a0Mahanagar Gas Ltd. v. Commissioner of Central Excise<\/li>\n<li>MCA proposes stringent amendments to cost audit rule<\/li>\n<li><strong><span style=\"text-decoration: underline;\">N<\/span><\/strong>ABARD allowed to issue Rs 5,000 crore tax free Bonds<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>Assessee could be arrested for evasion of excise even on basis of prima facie quantification of duty, Hemant Goyal v. Union of India<\/li>\n<li>Long-term capital loss can be set off from deemed short-term capital gain arising on depreciable asset<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>Key Dates:<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><strong>Advance information for 1<sup>st<\/sup>\u00a0fortnight of March of functions with booking cost &gt; Rs 1 lakh in Banquet Halls, hotels etc. in Delhi:<\/strong><strong>\u00a0<\/strong><strong>27.02.2016<\/strong><\/p>\n<p style=\"text-align: justify;\">We look forward for your valuable comments.\u00a0<a href=\"https:\/\/www.caindelhiindia.com\">www.caindelhiindia.com<\/a><\/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","protected":false},"excerpt":{"rendered":"<p>CORPORATE AND PROFESSIONAL UPDATE FEBRUARY 27, 2016 Direct Tax: The validity of assessment &#8211; if a matter falls u\/s. 153(2A) of the Act i.e. if the Tribunal has set aside or canceled the assessment then the fresh order by the AO of assessment shall be passed within the period as prescribed u\/s. 153(2A) &#8211; Tri &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":[502,501,569,572,179,180,214,181,537,562,560,550,538],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/1848"}],"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=1848"}],"version-history":[{"count":5,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/1848\/revisions"}],"predecessor-version":[{"id":3001,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/1848\/revisions\/3001"}],"wp:attachment":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/media?parent=1848"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/categories?post=1848"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/tags?post=1848"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}