{"id":1877,"date":"2016-03-08T10:55:49","date_gmt":"2016-03-08T10:55:49","guid":{"rendered":"http:\/\/caindelhiindia.com\/blog\/?p=1877"},"modified":"2021-07-07T12:56:11","modified_gmt":"2021-07-07T12:56:11","slug":"corporate-and-professional-update-dated-march-3-2016","status":"publish","type":"post","link":"https:\/\/www.caindelhiindia.com\/blog\/corporate-and-professional-update-dated-march-3-2016\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATE DATED MARCH 3, 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-69e8fb598eacd\" 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-69e8fb598eacd\"  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-3-2016\/#CORPORATE_AND_PROFESSIONAL_UPDATE_DATED_MARCH_3_2016\" title=\"CORPORATE AND PROFESSIONAL UPDATE DATED MARCH 3, 2016\">CORPORATE AND PROFESSIONAL UPDATE DATED MARCH 3, 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-3-2016\/#_INDIRECT_TAX\" title=\"\u00a0INDIRECT TAX\">\u00a0INDIRECT 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-3-2016\/#COMPANY_LAW\" title=\"COMPANY LAW \">COMPANY LAW <\/a><\/li><\/ul><\/nav><\/div>\n<h3><span class=\"ez-toc-section\" id=\"CORPORATE_AND_PROFESSIONAL_UPDATE_DATED_MARCH_3_2016\"><\/span><span style=\"color: #000080;\">CORPORATE AND PROFESSIONAL UPDATE DATED MARCH 3, 2016<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<figure id=\"attachment_1879\" aria-describedby=\"caption-attachment-1879\" style=\"width: 527px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2016\/03\/Untitled12.png\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-1879\" src=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2016\/03\/Untitled12-300x176.png\" alt=\"www.caindelhiindia.com; Corporate updates\" width=\"527\" height=\"309\" srcset=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2016\/03\/Untitled12-300x176.png 300w, https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2016\/03\/Untitled12.png 451w\" sizes=\"(max-width: 527px) 100vw, 527px\" \/><\/a><figcaption id=\"caption-attachment-1879\" class=\"wp-caption-text\">www.caindelhiindia.com; Corporate updates<\/figcaption><\/figure>\n<p class=\"yiv9171956349msolistparagraph\" style=\"text-align: justify; text-justify: inter-ideograph; background: white; margin: 0in 0in 9.0pt 0in;\"><span style=\"color: #ff6600;\"><strong><span style=\"font-size: 14pt;\">DIRECT TAX<\/span><\/strong><\/span><\/p>\n<p class=\"yiv9171956349msolistparagraph\" style=\"text-align: justify; text-justify: inter-ideograph; background: white; margin: 0in 0in 9.0pt 0in;\"><span style=\"color: #00ccff;\"><strong>IT:<\/strong><span class=\"apple-converted-space\"><b>\u00a0<\/b><\/span><\/span><span style=\"color: black;\"><span style=\"color: #00ccff;\"><strong>Transfer pricing adjustment<\/strong> <\/span>&#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;<strong><span class=\"apple-converted-space\">\u00a0<\/span><\/strong>Denso India Ltd. Vs. CIT (2016 (3) TMI 55 Delhi High Court)<\/span><\/p>\n<p class=\"yiv9171956349msolistparagraph\" style=\"text-align: justify; text-justify: inter-ideograph; background: white; margin: 0in 0in 9.0pt 0in;\"><span style=\"color: #00ccff;\"><strong>IT:<\/strong><\/span><span class=\"apple-converted-space\"><b><span style=\"color: black;\">\u00a0<\/span><\/b><\/span><span style=\"color: black;\"><span style=\"color: #00ccff;\"><strong>Addition on account of suppressed\/unaccounted turnover<\/strong> <\/span>&#8211; AO never rejected the books of accounts maintained by the assessee. The A.O. simply quantified the difference between books of accounts and form 26AS. The assessee has explained the difference by furnishing necessary reconciliation &#8211; No additions &#8211;<span class=\"apple-converted-space\">\u00a0<\/span>A. Swarna Lakshmi Vs. DCIT, Visakhapatnam (2016 (3) TMI 48 ITAT Visakhapatnam)<\/span><\/p>\n<p style=\"margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; background: white;\">Penalty for concealment of income set aside by HC as notice was issued under wrong section [2016] <span class=\"apple-converted-space\">\u00a0<\/span>334 (Karnataka)<span class=\"apple-converted-space\">\u00a0<\/span>Safina Hotels (P.) Ltd. v. CIT<\/p>\n<p style=\"margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; background: white;\"><b><span style=\"color: black;\">\u00a0<\/span><\/b><\/p>\n<p style=\"margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; background: white;\"><span style=\"color: black;\">CBDT notifies new Form for e-filing of appeal before CIT(A)<\/span><\/p>\n<p style=\"margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; background: white;\"><b><span style=\"color: black;\">\u00a0<\/span><\/b><\/p>\n<h3 class=\"yiv9171956349msolistparagraph\" style=\"text-align: justify; text-justify: inter-ideograph; background: white; margin: 0in 0in 9.0pt 0in;\"><span class=\"ez-toc-section\" id=\"_INDIRECT_TAX\"><\/span><span style=\"color: #ff6600;\"><span class=\"apple-converted-space\">\u00a0<\/span><strong>INDIRECT TAX<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p class=\"yiv9171956349msolistparagraph\" style=\"text-align: justify; text-justify: inter-ideograph; background: white; margin: 0in 0in 9.0pt 0in;\"><span style=\"color: #00ccff;\"><strong>ST:<\/strong><\/span><span class=\"apple-converted-space\"><b><span style=\"color: black;\">\u00a0<\/span><\/b><\/span><span style=\"color: black;\">Refund of service tax &#8211; since the appellant had reversed the credit even before making application of refund and under the admitted fact that same was not utilized by them it is considered as if Cenvat credit not availed and therefore condition provided under clause 2(g) of the Notification No. 40\/2012-ST stand complied with \u2013<span class=\"apple-converted-space\">\u00a0<\/span>Ness Technologies Pvt. Ltd. Vs. CST, Div-V, Mumbai (2016 (3) TMI 10 CESTAT Mumbai)<\/span><\/p>\n<p style=\"margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; background: white;\"><span style=\"color: black;\"><span style=\"color: #00ccff;\"><strong>Service Tax<\/strong> <strong>:<\/strong><\/span> Where assessee has paid service tax on full contract price of a works contract and availed credit of inputs and services and there is no revenue loss to department, department cannot seek to deny credit relying upon valuation rule 2A<span class=\"apple-converted-space\">\u00a0<\/span>[2016] <span class=\"apple-converted-space\">\u00a0<\/span>329 (Bombay)<span class=\"apple-converted-space\">\u00a0<\/span>Commissioner of Central Excise, Customs &amp; Service Tax v. S.V. Jiwani<\/span><\/p>\n<p class=\"yiv9171956349msolistparagraph\" style=\"text-align: justify; text-justify: inter-ideograph; background: white; margin: 0in 0in 9.0pt 0in;\"><b><span style=\"color: black;\">\u00a0<\/span><\/b><\/p>\n<p class=\"yiv9171956349msolistparagraph\" style=\"text-align: justify; text-justify: inter-ideograph; background: white; margin: 0in 0in 9.0pt 0in;\"><b><span style=\"color: black;\"><span style=\"color: #00ccff;\">DVAT:<\/span><span class=\"apple-converted-space\">\u00a0<\/span><\/span><\/b><span style=\"color: black;\">The last date of filing DP-I has been extended to 31 MAR 2016 \u2013 Notification, dt.01 MAR 2016.<\/span><\/p>\n<h3 class=\"yiv9171956349msolistparagraph\" style=\"text-align: justify; text-justify: inter-ideograph; background: white; margin: 0in 0in 9.0pt 0in;\"><span class=\"ez-toc-section\" id=\"COMPANY_LAW\"><\/span><span style=\"color: #ff6600;\"><b>COMPANY LAW <\/b><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p class=\"yiv9171956349msolistparagraph\" style=\"text-align: justify; text-justify: inter-ideograph; background: white; margin: 0in 0in 9.0pt 0in;\"><b><span style=\"color: black;\"><span style=\"color: #00ccff;\">MCA<\/span><span class=\"apple-converted-space\">\u00a0<\/span><\/span><\/b><span style=\"color: black;\">invites comments on the draft Companies (Revival and Rehabilitation of Sick Companies) Rules, 2016.<\/span><\/p>\n<p style=\"margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; background: white;\"><span style=\"color: black;\">Partnership firm necessarily be brought to Court for maintaining prosecution against a partner for dishonouring cheque [2016] 328 (Bombay)<span class=\"apple-converted-space\">\u00a0<\/span>Philip J. v. Ashapura Minechem Ltd.<\/span><\/p>\n<p class=\"yiv9171956349msonormal\" style=\"margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; background: white;\">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 3, 2016 DIRECT TAX IT:\u00a0Transfer 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;\u00a0Denso India Ltd. Vs. CIT (2016 &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":[563,504,502,501,195,572,179,546,180,549,541,537,562,560,550,538],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/1877"}],"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=1877"}],"version-history":[{"count":4,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/1877\/revisions"}],"predecessor-version":[{"id":2985,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/1877\/revisions\/2985"}],"wp:attachment":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/media?parent=1877"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/categories?post=1877"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/tags?post=1877"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}