{"id":1921,"date":"2016-03-25T08:29:11","date_gmt":"2016-03-25T08:29:11","guid":{"rendered":"http:\/\/caindelhiindia.com\/blog\/?p=1921"},"modified":"2021-07-07T11:58:31","modified_gmt":"2021-07-07T11:58:31","slug":"corporate-and-professional-update-dated-march-17-2016","status":"publish","type":"post","link":"https:\/\/www.caindelhiindia.com\/blog\/corporate-and-professional-update-dated-march-17-2016\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATE DATED MARCH 17, 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-69d0328817eaa\" 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-69d0328817eaa\"  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-17-2016\/#CORPORATE_AND_PROFESSIONAL_UPDATE_DATED_MARCH_17_2016\" title=\"CORPORATE AND PROFESSIONAL UPDATE DATED MARCH 17, 2016\">CORPORATE AND PROFESSIONAL UPDATE DATED MARCH 17, 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-17-2016\/#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-17-2016\/#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_17_2016\"><\/span><span style=\"color: #000080;\">CORPORATE AND PROFESSIONAL UPDATE DATED MARCH 17, 2016<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<figure id=\"attachment_1879\" aria-describedby=\"caption-attachment-1879\" style=\"width: 481px\" 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=\"481\" height=\"282\" 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: 481px) 100vw, 481px\" \/><\/a><figcaption id=\"caption-attachment-1879\" 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><a href=\"https:\/\/caindelhiindia.com\/service\/income-tax-return-filing\">Income Tax<\/a>:<\/strong><\/span>\u00a0Income-tax (5th Amendment) Rules, 2016) &#8211; Rules in respect of fund manager regime under section 9A of the Income-tax Act, 1961 &#8211; Notification<\/li>\n<li><span style=\"color: #00ccff;\"><strong>Income Tax:\u00a0<\/strong><\/span>Addition u\/s 68 &#8211; merely because the bank statement an ITR of the lender were not submitted, in spite of submitting balance sheet and profit and loss account of the company, confirmation stating its PAN and also transactions are through account payee cheques and in absence of any inquiry, we are of the view that no addition can be made in the hands of the assessee &#8211; Tri<\/li>\n<li><span style=\"color: #00ccff;\"><strong>Income Tax:<\/strong><\/span>\u00a0Penalty u\/s 271C &#8211; non deduction of tds u\/s 194LA &#8211; there was no mala fide intention on the part of the assessee for non-deduction of TDS since it had recovered the TDS from the concerned as soon as the violation of law was brought into assessee\u2019s notice &#8211; Tri<\/li>\n<li><span style=\"color: #00ccff;\"><strong>Income Tax:\u00a0<\/strong><\/span>Agricultural lands in terms of Sec 2(14) &#8211; Though the circumstance that the land is classified as Agricultural in the revenue records and the Village Panchayats President, Navallur, has certified that the land is away from municipality, other circumstances proves otherwise &#8211; Held as not an agriculture land &#8211; Tri<\/li>\n<li><span style=\"color: #00ccff;\"><strong>Income Tax:<\/strong><\/span>\u00a0The assessee had a dividend income (income from other sources). Thus the assessee fell within the purview of the exception carved out in the explanation to Section 73 and that consequently the assessee would not be deemed to be carrying on a speculation business for the purpose of Sec. 73(1). &#8211; Tri<\/li>\n<li><span style=\"color: #00ccff;\"><strong>Income Tax:<\/strong><\/span>\u00a0Addition made on inflation of purchases of raw material u\/s. 69 &#8211; CIT(A) has wrongly relied on the input output consumption ratio &#8211; addition deleted &#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:<\/strong><\/span>\u00a0Validity of Tribunal&#8217;s order waiving the penalty &#8211; the question of applicability of section 80 w.e.f. 14-5-2015 has not been examined by the Tribunal at all. There is rather no reference to Section 80 of the Finance Act, 1994. As the Tribunal&#8217;s order is cryptic and the reasons are wholly unsatisfactory, needs to be quashed and set aside &#8211; HC<\/li>\n<li><span style=\"color: #00ccff;\"><strong>Central Excise:\u00a0<\/strong><\/span>Differential duty demand &#8211; demand arose on account of the fact that the appellant cleared the goods from its depot at a price higher than the price at which the duty was paid at the time of clearance from the factory &#8211; demand confirmed &#8211; Tri<\/li>\n<li><span style=\"color: #00ccff;\"><strong>Central Excise:<\/strong><\/span>\u00a0SSI Exemption &#8211; The notification as amended was very clear and unambiguous. In the era of self assessment, it is the responsibility of the assessee to correctly determine the duty as per law. It is seen that the appellant failed to do so in this case &#8211; Tri<\/li>\n<li><strong><span style=\"color: #00ccff;\">Central Excise:\u00a0<\/span><\/strong>Denial of Cenvat credit on capital goods &#8211; stock taking was done by way of eye estimation &#8211; the allegation of shortage of raw materials, does not stand. &#8211; demand set aside &#8211; Tri<\/li>\n<li><strong><span style=\"color: #00ccff;\">Central Excise:\u00a0<\/span><\/strong>Refund claim &#8211; duty liability subsequent to clearance of their products &#8211; unjust enrichment &#8211; when duty is paid after clearance of goods, on insistence of anti-evasion branch, burden of duty is not passed on to the customers &#8211; refund allowed &#8211; Tri<\/li>\n<li><strong><span style=\"color: #00ccff;\">Central Excise:\u00a0<\/span><\/strong>Differential duty &#8211; as the appellant was clearing the goods on payment of duty and subsequently on their own revised the price and discharged the differential duty there seems to be no violation of any provisions &#8211; Demand on interest confirmed &#8211; But, no penalty be levied &#8211; Tri<\/li>\n<li><strong><span style=\"color: #00ccff;\">Central Excise:\u00a0<\/span><\/strong>MRP based valuation &#8211; removal of goods without packing &#8211; It is not the packaging that determines the applicability of mandate of affixing the &#8216;retail sale price&#8217; but the product itself. Consequences of non-conforming packaging are not escapement from the mandate but the enforcement of penal detriment &#8211; appellant is eligible for the abatement &#8211; Tri<\/li>\n<li><strong><span style=\"color: #00ccff;\">Central Excise:<\/span><\/strong>\u00a0The duty can be demanded from a manufacturer of the goods as it is a factum record that the impugned goods have been fabricated on job work basis by the contractors, therefore, as per the Central Excise provision, the appellant cannot be the manufacturer of the said goods. &#8211; Tri<\/li>\n<li><span style=\"color: #00ccff;\"><strong>Customs:<\/strong><\/span>\u00a0Rejection of refund claim &#8211; Period of limitation &#8211; Once the appellant has been given acknowledgement unless until this held to be fake or forged, the said acknowledgement has to be accepted as proof of filing the refund claim. \u2013 Tri<\/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 17, 2016 DIRECT TAX Income Tax:\u00a0Income-tax (5th Amendment) Rules, 2016) &#8211; Rules in respect of fund manager regime under section 9A of the Income-tax Act, 1961 &#8211; Notification Income Tax:\u00a0Addition u\/s 68 &#8211; merely because the bank statement an ITR of the lender were not submitted, in spite 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":[173,142,146],"tags":[572,179,546,180,549,541,537,560,540,531,538],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/1921"}],"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=1921"}],"version-history":[{"count":4,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/1921\/revisions"}],"predecessor-version":[{"id":2955,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/1921\/revisions\/2955"}],"wp:attachment":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/media?parent=1921"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/categories?post=1921"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/tags?post=1921"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}