{"id":1874,"date":"2016-03-08T10:45:21","date_gmt":"2016-03-08T10:45:21","guid":{"rendered":"http:\/\/caindelhiindia.com\/blog\/?p=1874"},"modified":"2021-07-07T12:56:15","modified_gmt":"2021-07-07T12:56:15","slug":"corporate-and-professional-update-dated-march-2-2016","status":"publish","type":"post","link":"https:\/\/www.caindelhiindia.com\/blog\/corporate-and-professional-update-dated-march-2-2016\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATE DATED MARCH 2, 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-69e8e3d880030\" 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-69e8e3d880030\"  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-dated-march-2-2016\/#CORPORATE_AND_PROFESSIONAL_UPDATE_DATED_MARCH_2_2016\" title=\"CORPORATE AND PROFESSIONAL UPDATE DATED MARCH 2, 2016\">CORPORATE AND PROFESSIONAL UPDATE DATED MARCH 2, 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-dated-march-2-2016\/#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-dated-march-2-2016\/#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-dated-march-2-2016\/#MCA_Updates\" title=\"MCA Updates\">MCA Updates<\/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-dated-march-2-2016\/#FAQ_on_Company_Law\" title=\"FAQ on Company Law\">FAQ on Company Law<\/a><\/li><\/ul><\/nav><\/div>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"CORPORATE_AND_PROFESSIONAL_UPDATE_DATED_MARCH_2_2016\"><\/span><span style=\"color: #000080;\">CORPORATE AND PROFESSIONAL UPDATE DATED MARCH 2, 2016<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<figure id=\"attachment_2834\" aria-describedby=\"caption-attachment-2834\" style=\"width: 530px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2016\/07\/10.png\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-2834\" src=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2016\/07\/10.png\" alt=\"www.caindelhiindia.com; Corporate updates\" width=\"530\" height=\"309\" \/><\/a><figcaption id=\"caption-attachment-2834\" 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;\">Salaries were not reflected in the profit and loss account &#8211; if an assessee under some misapprehension or mistake fails to make an entry in the books of account and although under the law a deduction must be allowed by the Income Tax Officer the assessee will lose the right of claiming or will be debarred from being allowed that deduction &#8211; HC &#8211; Income Tax-\u00a0ANZ Grindlays Bank (Now Standard Chartered Grindlays Bank Ltd.) Versus Deputy Commissioner of Income Tax And Others\u00a0&#8211; 2016 (3) TMI 56 &#8211; DELHI HIGH COURT<\/p>\n<p style=\"text-align: justify;\">Transfer pricing adjustment &#8211; the unusual features which remained unexplained by the assessee influenced the TPO and the AO to resort to transfer pricing adjustment and determine ALP by adopting the CUP method for the procurements from Sumitomo Japan. &#8211; HC &#8211; Income Tax-\u00a0Denso India Limited Versus Commissioner of Income Tax\u00a0&#8211; 2016 (3) TMI 55 &#8211; DELHI HIGH COURT<\/p>\n<p style=\"text-align: justify;\">Jurisdiction of AO in search cases cannot be challenged after one month of notice.This amendment will take effect from 1st June, 2016<\/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;\">Validity of Show cause notice issued to 3rd respondent &#8211; Period of limitation &#8211; Since only a show cause notice has been issued and final order in response thereto is yet to be passed all the contentions raised herein can be effectively gone into by the 3rd respondent on consideration of the reply to the show-cause notice &#8211;\u00a0HC \u2013 Customs- M\/s Hero Exports, Ludhiana Versus Union of India And Others &#8211; 2016 (3) TMI 38 &#8211; PUNJAB &amp; HARYANA HIGH COURT<\/p>\n<p style=\"text-align: justify;\">Rejection of refund claim under Section 27 of the Customs Act 1962 &#8211; Mercedes Benz Car imported and cleared on assessment and payment of duty &#8211; claiming fulfilment of assessment order made under Bill of Entry &#8211; Tri \u2013 Customs-\u00a0Sri Ganapathi Sachchidananda, Avadhoota Datta Peetham Versus CC, Chennai\u00a0&#8211;\u00a02016 (3) TMI 34 &#8211; CESTAT CHENNAI notification and relying on Board s circular not relevant as there was non-challenge of<\/p>\n<p style=\"text-align: justify;\">Digital Signature is now mandatory w.e.f. 4th Quarter of FY 2015-2016 for dealers having turnover above Rs. 50 lakhs. It means all the returns and other correspondences should be filed with D-VAT department via digital signature only.<\/p>\n<p style=\"text-align: justify;\">Extension to\u00a031.03.16\u00a0of last date to file DP-1 under DVAT\u00a0(online submission of Dealer profile). Notification dated 01.03.2016.<\/p>\n<p style=\"text-align: justify;\">Power of CG to impose transitional product specific safeguard duty on imports from the People\u2019s Republic of China, to omit section 8C of the Customs Tariff Act as the provision which was inserted for a period of ten years has lapsed.\u00a0Clause 137, Omission of section 8C &#8211; THE FINANCE BILL, 2016<\/p>\n<p style=\"text-align: justify;\">Amendment of section 71 of Customs Act, 1962: Goods not to be taken out of warehouse except as provided by this Act, to substitute the word \u201cre-exportation\u201d with the word \u201cexport\u201d.<\/p>\n<p style=\"text-align: justify;\">Amendment of section 73 of Customs Act, 1962: Cancellation and return of warehousing bond , to insert the word \u201ctransferred or\u201d after the words \u201cexported or\u201d.<\/p>\n<p style=\"text-align: justify;\">Insertion of new section 73A of Customs Act, 1962: Custody and removal of warehoused goods, to provide for the custody and removal of warehoused goods.<\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"MCA_Updates\"><\/span><span style=\"color: #ff6600;\"><strong>MCA Updates<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">MCA\u00a0has recently invited comments on\u00a0\u00a0the draft rules w.r.t. Revival\u00a0and Rehabilitation\u00a0of Sick Companies related provisions under the Companies Act, 2013\u00a0vide\u00a0Notification dated 02\/03\/2016.(Click here to view)<\/p>\n<p style=\"text-align: justify;\">First comes thought, then organization of that thought into ideas and plans, then transformation of those plans into reality. The beginning, as you will observe, is in your imagination.<!--more--><\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"FAQ_on_Company_Law\"><\/span><span style=\"color: #ff6600;\"><strong>FAQ on 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><strong>\u00a0<\/strong><\/span><strong>&#8211; <\/strong>I have wrongly selected the ROC Delhi in place of ROC U.P. in the Form INC-1, How can I change it?<\/p>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #00ccff;\">Answer<\/span>:\u00a0<\/strong>You cannot change the jurisdiction of ROC once it has been filed &amp; duly approved. For changing the jurisdiction, you are again required to file Form INC-1 with correct jurisdiction enclosing the Name Approval Certification issued by ROC, Kanpur (U.P Jurisdiction) along with a letter addressing ROC detailing the complete matter.<\/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 DATED MARCH 2, 2016 Direct Tax Salaries were not reflected in the profit and loss account &#8211; if an assessee under some misapprehension or mistake fails to make an entry in the books of account and although under the law a deduction must be allowed by the Income Tax Officer the &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":[566,502,501,179,546,180,561,214,181,723,537,562,560,550,538],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/1874"}],"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=1874"}],"version-history":[{"count":4,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/1874\/revisions"}],"predecessor-version":[{"id":2987,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/1874\/revisions\/2987"}],"wp:attachment":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/media?parent=1874"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/categories?post=1874"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/tags?post=1874"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}