{"id":1890,"date":"2016-03-08T11:49:48","date_gmt":"2016-03-08T11:49:48","guid":{"rendered":"http:\/\/caindelhiindia.com\/blog\/?p=1890"},"modified":"2021-07-07T12:55:54","modified_gmt":"2021-07-07T12:55:54","slug":"corporate-and-professional-update-march-8-2016","status":"publish","type":"post","link":"https:\/\/www.caindelhiindia.com\/blog\/corporate-and-professional-update-march-8-2016\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATE MARCH 8, 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-69d0f0fa74b61\" 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-69d0f0fa74b61\"  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-march-8-2016\/#CORPORATE_AND_PROFESSIONAL_UPDATE_MARCH_8_2016\" title=\"CORPORATE AND PROFESSIONAL UPDATE MARCH 8, 2016\">CORPORATE AND PROFESSIONAL UPDATE MARCH 8, 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-march-8-2016\/#INCOME_TAX_ACT\" title=\"INCOME TAX ACT\">INCOME TAX ACT<\/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-march-8-2016\/#COMPANIES_ACT\" title=\"COMPANIES ACT\">COMPANIES ACT<\/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-march-8-2016\/#SARDAR_SAROVAR_NARMADA_NIGAM_LIMITED_CONFERMENT_OF_POWER_TO_REDEEM_BONDS_ACT\" title=\"SARDAR SAROVAR NARMADA NIGAM LIMITED (CONFERMENT OF POWER TO REDEEM BONDS) ACT \">SARDAR SAROVAR NARMADA NIGAM LIMITED (CONFERMENT OF POWER TO REDEEM BONDS) ACT <\/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-march-8-2016\/#CONSTITUTION_OF_INDIA\" title=\"CONSTITUTION OF INDIA\">CONSTITUTION OF INDIA<\/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-march-8-2016\/#CENTRAL_EXCISE_ACT\" title=\"CENTRAL EXCISE ACT\">CENTRAL EXCISE ACT<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.caindelhiindia.com\/blog\/corporate-and-professional-update-march-8-2016\/#STATUTES\" title=\"STATUTES\">STATUTES<\/a><\/li><\/ul><\/nav><\/div>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"CORPORATE_AND_PROFESSIONAL_UPDATE_MARCH_8_2016\"><\/span><span style=\"color: #000080;\">CORPORATE AND PROFESSIONAL UPDATE MARCH 8, 2016<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<figure id=\"attachment_2818\" aria-describedby=\"caption-attachment-2818\" style=\"width: 547px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2016\/08\/7.png\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-2818\" src=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2016\/08\/7.png\" alt=\"www.caindelhiindia.com; Corporate updates\" width=\"547\" height=\"195\" \/><\/a><figcaption id=\"caption-attachment-2818\" class=\"wp-caption-text\">www.caindelhiindia.com; Corporate updates<\/figcaption><\/figure>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"INCOME_TAX_ACT\"><\/span><span style=\"color: #0000ff;\"><strong>INCOME TAX ACT<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>SECTION 92C<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>TRANSFER PRICING &#8211; COMPUTATION OF ARM&#8217;S LENGTH PRICE<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">Where assessee had benchmarked its international transactions on TNMM basis and TPO had neither disputed assessee&#8217;s claim that TNMM was most appropriate method, nor comparables selected by assessee, it was not open for TPO to reject benchmarking done by assessee and make adhoc ALP additions in value of international transactions &#8211;\u00a0<em>[2016] 16 (Mumbai &#8211; Trib.)<\/em><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #800000;\"><strong>Comparables &amp; adjustments\/Comparables\u2013Illustrations:<\/strong><\/span>Comparab le can be rejected on ground that it has exceptionally high profit margins as compared to assessee &#8211;\u00a0<em>[2016] 296 (Bangalore &#8211; Trib.)<\/em><\/p>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #800000;\">Comparables and adjustments\/Others :<\/span>\u00a0<\/strong>Where TPO benchmarked international transaction by using CUP method and DRP upheld this action of TPO, by following its findings and decision in assessee&#8217;s case for preceding assessment year, in view of fact that in preceding year, on similar facts, matter was remitted back to DRP by co-coordinating bench of Tribunal, matter for current assessment year also was to be remitted back to DRP for fresh adjudication &#8211;\u00a0<em>[2016] \u00a0325 (Mumbai &#8211; Trib.)<\/em><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>SECTION 148<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>INCOME ESCAPING ASSESSMENT &#8211; ISSUE OF NOTICE FOR<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><strong>Recording of reasons :\u00a0<\/strong>In case of notice issued under section 148 in respect of transfer pricing issue, recording of reasons for issuing reopening notice had to be on basis of Assessing Officer&#8217;s reasons and TPO&#8217;s reasons on merits much after issue of reopening notice did not have any bearing on serving reasons recorded upon party i.e. assessee whose assessment was being sought to be reopened &#8211;\u00a0<em>[2016] 335 (Bombay)<\/em><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>SECTION 271(1)(c)<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>PENALTY &#8211; FOR CONCEALMENT OF INCOME<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><strong>\u00a0<\/strong>Where notice was issued under section 274 proposing to levy penalty under section 271(1)(b) whereas order was passed under section 271(1)(c), it clearly indicated that there was no application of mind by Assessing Officer while issuing notice and, thus, impugned penalty order was to be set aside &#8211;\u00a0<em>[2016] \u00a0334 (Karnataka)<\/em><\/p>\n<h3><span class=\"ez-toc-section\" id=\"COMPANIES_ACT\"><\/span><span style=\"color: #0000ff;\"><strong>COMPANIES ACT<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>SECTION 77A<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>SHARES &#8211; POWER OF COMPANY TO PURCHASE ITS OWN SECURITIES<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">In law, petitioner is entitled to buy back its own shares by means of a scheme under section 391 read with sections 100 \u2013 104 of the Companies Act, 1956 , scheme cannot be said to be a colourable device to evade income tax, it is a legally permissible procedure which petitioner is entitled to follow to buy back its shares &#8211;<em>[2016] \u00a01 (Bombay)<\/em><\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"SARDAR_SAROVAR_NARMADA_NIGAM_LIMITED_CONFERMENT_OF_POWER_TO_REDEEM_BONDS_ACT\"><\/span><span style=\"color: #0000ff;\"><strong>SARDAR SAROVAR NARMADA NIGAM LIMITED (CONFERMENT OF POWER TO REDEEM BONDS) ACT <\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>SECTION 1<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>CONSTITUTIONAL VALIDITY<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">Where Provisions of impugned Sardar Sarovar Narmada Nigam Limited (Conferment of Power to Redeem Bonds) Act, 2008 are irreconcilable with Central legislation occupying field, impugned Act is constitutionally invalid &#8211;\u00a0<em>[2016] \u00a0297 (Gujarat)<\/em><!--more--><\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"CONSTITUTION_OF_INDIA\"><\/span><span style=\"color: #0000ff;\"><strong>CONSTITUTION OF INDIA<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>ARTICLE 226<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>WRIT PETITION &#8211; MAINTAINABILITY OF<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">Where assessee never filed any reply to notices and not even participated in adjudication hearings, then, no writ would be maintainable against ex parte adjudication order after expiry of time-limit for filing appeal to Commissioner (Appeals) &#8211;\u00a0<em>[2016] 292 (Gujarat)<\/em><\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"CENTRAL_EXCISE_ACT\"><\/span><span style=\"color: #0000ff;\"><strong>CENTRAL EXCISE ACT<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>SECTION 11A<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>RECOVERY OF DUTY NOT LEVIED OR NOT PAID OR SHORT LEVIED OR SHORT PAID OR ERRONEOUSLY REFUNDED<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">Matter remanded to Tribunal to determine whether advance sum received by assessee from certain customers against supply of goods had effect of depressing sale price resulting in short payment of duty &#8211;\u00a0<em>[2016]326 (SC)<\/em><\/p>\n<p style=\"text-align: justify;\">CBEC Circulars fixing monetary limits for adjudication are merely administrative; therefore, any order passed by Central Excise Officer is valid as per section 11A of the Central Excise Act, 1944, even if same is in violation of monetary limits set out in CBEC Circulars &#8211;\u00a0<em>[2016] 333 (Chennai &#8211; CESTAT)<\/em><\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"STATUTES\"><\/span><span style=\"color: #0000ff;\"><strong>STATUTES<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>DIRECT TAX LAWS<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">Promotion of payments through cards and digital means &#8211;\u00a0<em>OFFICE MEMORANDUM [F.NO.01\/02\/2015-CY.I], DATED 29-2-2016<\/em><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>CORPORATE LAWS<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">Notice Inviting Comments on Draft Rules With Reference to Revival and Rehabilitation of Sick Companies &#8211;<em>PRESS RELEASE, DATED 2-3-2016<\/em><\/p>\n<p style=\"text-align: justify;\">Clarifications on IRDAI (Registration of Insurance Marketing Firm) Regulations, 2015 &#8211;\u00a0<em>CIRCULAR NO.IRDA\/INT\/CIR\/IMF\/041\/03\/2016, DATED 2-3-2016<\/em><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>INDIRECT TAX LAWS (ST.\/EX.\/CUS. &amp; (CST &amp; VAT))<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">Delhi VAT Act. 2004 &#8211; Extension of last date of filing return in form CR-II &#8211;\u00a0\u00a0<em>NOTIFICATION NO. F.3(628)POLICY\/VAT\/2016\/1572-1584, DATED 1-3-2016<\/em><\/p>\n<p style=\"text-align: justify;\">Delhi VAT Act, 2004 &#8211; Filing of returns through digital signatures &#8211;\u00a0<em>NOTIFICATION NO.F.3 (643)POLICY\/VAT\/2016\/1585-1597, DATED 1-3-2016<\/em><\/p>\n<p style=\"text-align: justify;\">Delhi VAT Rules, 2005 &#8211; Filing of reconciliation return in Form 9 for year 2014-15 &#8211;<em>CIRCULAR NO.39 OF 2015-16, DATED 29-2-2016<\/em><\/p>\n<p style=\"text-align: justify;\">Delhi VAT Act, 2004 &#8211; Extension of last date for filing Form DP-1 &#8211;\u00a0<em>NOTIFICATION NO.F.3(352)POLICY\/VAT\/2013\/1559-1571, DATED 1-3-2016<\/em><\/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 MARCH 8, 2016 INCOME TAX ACT SECTION 92C TRANSFER PRICING &#8211; COMPUTATION OF ARM&#8217;S LENGTH PRICE Where assessee had benchmarked its international transactions on TNMM basis and TPO had neither disputed assessee&#8217;s claim that TNMM was most appropriate method, nor comparables selected by assessee, it was not open for TPO 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":[647,142,146],"tags":[502,501,225,223,224,220,541,537,530,562,560,550,538],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/1890"}],"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=1890"}],"version-history":[{"count":4,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/1890\/revisions"}],"predecessor-version":[{"id":2975,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/1890\/revisions\/2975"}],"wp:attachment":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/media?parent=1890"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/categories?post=1890"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/tags?post=1890"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}