{"id":1919,"date":"2016-03-25T08:03:35","date_gmt":"2016-03-25T08:03:35","guid":{"rendered":"http:\/\/caindelhiindia.com\/blog\/?p=1919"},"modified":"2021-07-10T08:57:39","modified_gmt":"2021-07-10T08:57:39","slug":"corporate-and-professional-update-dated-march-16-2016","status":"publish","type":"post","link":"https:\/\/www.caindelhiindia.com\/blog\/corporate-and-professional-update-dated-march-16-2016\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATE DATED MARCH 16, 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-69d0451606515\" 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-69d0451606515\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><ul class='ez-toc-list-level-3'><li class='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-16-2016\/#CORPORATE_AND_PROFESSIONAL_UPDATE_DATED_MARCH_16_2016\" title=\"CORPORATE AND PROFESSIONAL UPDATE DATED MARCH 16, 2016\">CORPORATE AND PROFESSIONAL UPDATE DATED MARCH 16, 2016<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.caindelhiindia.com\/blog\/corporate-and-professional-update-dated-march-16-2016\/#DIRECT_TAX\" title=\"DIRECT TAX\">DIRECT TAX<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.caindelhiindia.com\/blog\/corporate-and-professional-update-dated-march-16-2016\/#INDIRECT_TAX\" title=\"INDIRECT TAX\">INDIRECT TAX<\/a><\/li><\/ul><\/nav><\/div>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"CORPORATE_AND_PROFESSIONAL_UPDATE_DATED_MARCH_16_2016\"><\/span><span style=\"color: #000080;\">CORPORATE AND PROFESSIONAL UPDATE DATED MARCH 16, 2016<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<figure id=\"attachment_2818\" aria-describedby=\"caption-attachment-2818\" style=\"width: 502px\" 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=\"502\" height=\"179\" \/><\/a><figcaption id=\"caption-attachment-2818\" class=\"wp-caption-text\">www.caindelhiindia.com; Corporate updates<\/figcaption><\/figure>\n<h2 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><\/h2>\n<ul style=\"text-align: justify;\">\n<li><span style=\"color: #00ccff;\"><strong>Income Tax:\u00a0<\/strong><\/span>Disallowance of Privilege fee paid u\/s 40(a)(ii) or (iii) &#8211; sharing of revenue with the state &#8211; The privilege fee payable by the petitioner to the State Government would be taxable with effect from 1.4.2014 and not prior thereto &#8211; HC<\/li>\n<li><span style=\"color: #00ccff;\"><strong><a href=\"https:\/\/caindelhiindia.com\/service\/income-tax-return-filing\">Income Tax<\/a>:<\/strong><\/span>\u00a0Adoption of Profit Level Indicator (PLI) of OP\/TC to determine ALP &#8211; , in the absence of identification or segregation of capital employed with regard to AE&#8217;s transaction and those with others, the RoCE method would not indicate the appropriate margin for determining the ALP. &#8211; HC<\/li>\n<li><span style=\"color: #00ccff;\"><strong>Income Tax:\u00a0<\/strong><\/span>Disallowance of interest u\/s 36(1)(iii) &#8211; it can be said that amount invested in the subsidiaries company was arising out of commercial expediency and was thus for the purpose of business of the assessee. &#8211; Tri<\/li>\n<li><span style=\"color: #00ccff;\"><strong>Income Tax:\u00a0<\/strong><\/span>Sale of factory land at Guindy, Chennai &#8211; Capital Gain OR business profit &#8211; without bringing any material on record merely based on some remote circumstances, an inference cannot be drawn that the Assessees indulged in an adventure in the nature of business or trade. &#8211; Tri<\/li>\n<li><span style=\"color: #00ccff;\"><strong>Income Tax:\u00a0<\/strong><\/span>Penalty u\/s 271(1)(c ) &#8211; after taking into consideration the human conduct and preponderance of probability clearly indicate that the assessee became a willing party to nefarious black money racket for obtaining bogus gifts. Such acts cannot be taken lightly as they lead to scourge of black money in the country. &#8211; Tri<\/li>\n<\/ul>\n<h2 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><\/h2>\n<ul style=\"text-align: justify;\">\n<li><span style=\"color: #00ccff;\"><strong>Service Tax:\u00a0<\/strong><\/span>Cenvat Credit &#8211; input service &#8211; Outdoor catering services &#8211; a notification issued in Notification No.3\/2011 dated 1.3.2011 excluding the outdoor catering services came into effect on 1.4.2011 but here the period relates to a period prior to 1.4.2011. &#8211; credit allowed &#8211; HC<\/li>\n<li><span style=\"color: #00ccff;\"><strong>Central Excise:<\/strong><\/span>\u00a0Reversal of CENVAT credit &#8211; whether the appellant while clearing the imported inputs which were found to be defective and unusable and later re-exported from their premises, is required to pay an amount equal to the credit availed on such inputs as per Rule 3(5) of the Cenvat Credit Rules, 2004 &#8211; Held No &#8211; Tri<\/li>\n<li><span style=\"color: #00ccff;\"><strong>Central Excise:<\/strong><\/span>\u00a0Claim of exemption on Air conditioning unit, condensing unit, chillers, walk in cold rooms &#8211; the institution is not engaged in commercial activity and the goods are required for research purposes &#8211; respondent has complied with the Notification 10\/97 dated 01.03.1997 &#8211; benefit of exemption allowed &#8211; Tri<\/li>\n<li><span style=\"color: #00ccff;\"><strong>Central Excise:<\/strong><\/span>\u00a0New case cannot be made out after issuance of show cause notice and after passing the adjudication order. Both the lower authority have wrongly denied the Cenvat credit on the Capital goods &#8211; Tri<\/li>\n<li><span style=\"color: #00ccff;\"><strong>Customs:<\/strong><\/span>\u00a0Clim of refund &#8211; Excess payment of CVD at the time of import &#8211; there was indeed no assessment order as such passed by the customs authorities &#8211; The order of the Assistant Commissioner (Refund) rejecting the refund claim of the Petitioner on the ground of maintainability was, for the aforementioned reasons, plainly erroneous. &#8211; HC<\/li>\n<li><span style=\"color: #00ccff;\"><strong>Customs:\u00a0<\/strong><\/span>Import of goods &#8211; Change in standards under the FSS Act &#8211; The legitimate expectation of the importer would always subject to the policy change of the State. If the law is changed as on the date of release, the importer is bound by the law on the date of release. &#8211; HC<\/li>\n<li><span style=\"color: #00ccff;\"><strong>Customs:<\/strong><\/span>\u00a0Release of property &#8211; seizure of gold and Indian currency &#8211; violation of provision of Customs Act. &#8211; the petitioner has to establish his ownership over the property before the Adjudicating Authority. Whether the adjudication proceedings are initiated legally or not, is not a question at the time of invoking the power under Section 110A of the Customs Act but what is contemplated under Section 110A is that the said person making the claim should be the owner of the goods to be released &#8211; HC<\/li>\n<\/ul>\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<!--more--><\/p>\n","protected":false},"excerpt":{"rendered":"<p>CORPORATE AND PROFESSIONAL UPDATE DATED MARCH 16, 2016 DIRECT TAX Income Tax:\u00a0Disallowance of Privilege fee paid u\/s 40(a)(ii) or (iii) &#8211; sharing of revenue with the state &#8211; The privilege fee payable by the petitioner to the State Government would be taxable with effect from 1.4.2014 and not prior thereto &#8211; HC Income Tax:\u00a0Adoption of &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":[144,142,146],"tags":[566,502,501,179,180,561,541,537,560,550,538],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/1919"}],"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=1919"}],"version-history":[{"count":3,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/1919\/revisions"}],"predecessor-version":[{"id":2956,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/1919\/revisions\/2956"}],"wp:attachment":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/media?parent=1919"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/categories?post=1919"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/tags?post=1919"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}