{"id":1933,"date":"2016-03-25T09:02:28","date_gmt":"2016-03-25T09:02:28","guid":{"rendered":"http:\/\/caindelhiindia.com\/blog\/?p=1933"},"modified":"2024-04-30T16:33:11","modified_gmt":"2024-04-30T16:33:11","slug":"corporate-and-professional-update-dated-march-23-2016","status":"publish","type":"post","link":"https:\/\/www.caindelhiindia.com\/blog\/corporate-and-professional-update-dated-march-23-2016\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATE DATED MARCH 23, 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-69eaa3eedb56f\" 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-69eaa3eedb56f\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.caindelhiindia.com\/blog\/corporate-and-professional-update-dated-march-23-2016\/#CORPORATE_AND_PROFESSIONAL_UPDATE_DATED_MARCH_23_2016\" title=\"CORPORATE AND PROFESSIONAL UPDATE DATED MARCH 23, 2016\">CORPORATE AND PROFESSIONAL UPDATE DATED MARCH 23, 2016<\/a><\/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-23-2016\/#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-23-2016\/#INDIRECT_TAX\" title=\"INDIRECT TAX\">INDIRECT TAX<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.caindelhiindia.com\/blog\/corporate-and-professional-update-dated-march-23-2016\/#MCA_UPDATES\" title=\"MCA UPDATES\">MCA UPDATES<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.caindelhiindia.com\/blog\/corporate-and-professional-update-dated-march-23-2016\/#OTHER_UPDATES\" title=\"OTHER UPDATES\">OTHER UPDATES<\/a><\/li><\/ul><\/nav><\/div>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"CORPORATE_AND_PROFESSIONAL_UPDATE_DATED_MARCH_23_2016\"><\/span><span style=\"color: #000080;\">CORPORATE AND PROFESSIONAL UPDATE DATED MARCH 23, 2016<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\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>\u00a0Attachment of bank account &#8211; any action to recover taxes adopting coercive means is not permissible till the petitioner&#8217;s application for stay under Section 220(6) of the Act is disposed of. &#8211; HC<\/li>\n<li><span style=\"color: #00ccff;\"><strong>Income Tax:<\/strong><\/span>\u00a0Reopening of assessment &#8211; AO has no power to review; he has the power to re-assess. But re-assessment has to be based on fulfillment of certain pre-condition and if the concept of &#8220;change of opinion&#8221; is removed, as contended on behalf of the Department, then,in the garb of re-opening the assessment, review would take place &#8211; to reopen an assessment tangible material should be there &#8211; HC<\/li>\n<li><span style=\"color: #00ccff;\"><strong>Income Tax:<\/strong><\/span>\u00a0Carry forward of excess application of income over the income &#8211; Unfortunately, the details of such income and application of income in the earlier year is not available on record. Therefore, this Tribunal has no other choice except to presume that the income of the assessee was already allowed in the earlier year. Hence, nothing remains to carry forward. &#8211; Tri<\/li>\n<li><span style=\"color: #00ccff;\"><strong>Income Tax:\u00a0<\/strong><\/span>Levy of penalty u\/s 272A(2)(k) &#8211; assessee could not upload the quarterly statement in respect of the tax deducted at source &#8211; in respect of those deductees whose PAN is not available with the assessee, there was a reasonable cause for the delay in uploading the quarterly statement as required under the scheme of the Income-tax Act, 1961. &#8211; Tri<\/li>\n<li><span style=\"color: #00ccff;\"><strong>Income Tax:<\/strong><\/span>\u00a0Tds u\/s 194C &#8211; non deduction of tds on hamali charges paid to daily labourers employed by the assessee -Just because the payments are made through the mestri, the A.O. was not correct in coming to the conclusion that there exist written or oral contract for supply of labour which attracts the provisions of section 194C &#8211; Tri<\/li>\n<li><span style=\"color: #00ccff;\"><strong>Income Tax:<\/strong><\/span>\u00a0Revision u\/s 263 &#8211; section 292BB of the Act can be made applicable only for assessment or reassessment proceedings and the same cannot be made applicable for revisional proceedings as contemplated u\/s. 263 &#8211; when there is a jurisdictional defect, it does not become curable &#8211; Tri<\/li>\n<li><span style=\"color: #00ccff;\"><strong>Income Tax:<\/strong><\/span>\u00a0Transfer pricing adjustment &#8211; Berry ratio selected as most appropriate method for determining the ALP &#8211; since the assessee had incurred abnormal expenses for specific activities conducted by the assessee for the predominant benefit of the assessee\u2019s AEs, the decisions cited by the Ld. A.R. are rejected because in those cases only routine expenses were incurred unlike the case of the assessee &#8211; Tri<\/li>\n<\/ul>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-7090\" src=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2016\/03\/top-10-tax-saving-.jpg\" alt=\"Tax saving schemes\" width=\"1009\" height=\"1123\" srcset=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2016\/03\/top-10-tax-saving-.jpg 1009w, https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2016\/03\/top-10-tax-saving--270x300.jpg 270w, https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2016\/03\/top-10-tax-saving--920x1024.jpg 920w, https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2016\/03\/top-10-tax-saving--768x855.jpg 768w, https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2016\/03\/top-10-tax-saving--800x890.jpg 800w\" sizes=\"(max-width: 1009px) 100vw, 1009px\" \/><\/p>\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>\u00a0<\/span>Cenvat credit &#8211; service tax paid by the sub-broker &#8211; there is no evidence to elevate such suspicion to a level to come to an inference that the higher commission (than the commission received by the appellant) was paid to sub-brokers in respect of goods other than the goods for which it received commission from its clients &#8211; credit allowed &#8211; Tri<\/li>\n<li><span style=\"color: #00ccff;\"><strong>Service Tax:<\/strong><\/span>\u00a0CENVAT Credit &#8211; eligibility of input services &#8211; By denying credit on all the input services, it seems to appear that the appellants has not availed any input service for providing output service during the relevant period, which is not possible. &#8211; Tri<\/li>\n<li><span style=\"color: #00ccff;\"><strong>Service Tax:<\/strong><\/span>\u00a0Cenvat Credit wrongly taken for the period April 2009 to November 2009 &#8211; Sometimes such unintentional mis-happenings \/ mistakes do take place for which the appellant is not to be punished by imposing the penalties &#8211; Tri<\/li>\n<li><span style=\"color: #00ccff;\"><strong>Central Excise:\u00a0<\/strong><\/span>Recovery of interest on the cenvat credit wrongly taken &#8211; the appellant is liable to discharge interest liability paid subsequently under protest to the respondent. &#8211; Tri<\/li>\n<li><span style=\"color: #00ccff;\"><strong>Central Excise:<\/strong><\/span>\u00a0Recovery of dues pending against predecessor of the premises from the subsequent purchaser of the premises in auction &#8211; When the appellant took over the possession of the premises in question in July 2004, the provisions of section 11 of the Act was not in force &#8211; In these circumstances, the dues paid by the appellant are refundable &#8211; Tri<\/li>\n<li><span style=\"color: #00ccff;\"><strong>Customs:\u00a0<\/strong><\/span>Leviability of anti-dumping duty &#8211; appellant has correctly declared the good as &#8220;Energy saving 32W 4 U shaped tubes&#8221; as it is an item of 32W, therefore it does not come under the purview of Notification No.55\/2009-Cus, dated 26.05.2009 to demand anti-dumping duty and the same is not leviable. &#8211; Tri<\/li>\n<li><span style=\"color: #00ccff;\"><strong>Customs:\u00a0<\/strong><\/span>Platinum imported but found shortage &#8211; terms of policy even violated in so far as they have consumed platinum much in excess of the prescribed process loss prescribed under the policy. To that extent appellant have not fulfilled the conditions of the notification and have failed to account for the platinum and therefore, liable to payment of duty on the unaccounted platinum.<\/li>\n<\/ul>\n<h2 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><\/h2>\n<ul style=\"text-align: justify;\">\n<li><span style=\"color: #00ccff;\"><strong>Companies Law:<\/strong><\/span>\u00a0The scheme of demerger of which sanction is sought appears to be only a device for avoidance of obligation towards capital gains tax and stamp duty and also falls foul of Explanation to Section 2(19AA) of the Income Tax Act of 1961. The scheme of de-merger cannot therefore be sanctioned &#8211; HC<\/li>\n<\/ul>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"OTHER_UPDATES\"><\/span><span style=\"color: #ff6600;\"><strong>OTHER UPDATES<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul style=\"text-align: justify;\">\n<li>Under direction of RBI that from\u00a01st April 2016\u00a0the clearing of cheques would be done on the same day in house where cheque is deposited i.e. with any bank whether nationalized &amp; co &#8211; operative etc. and while screening if there is insufficiency of fund the bounced cheque cannot be represented again &amp; payee if need be will have to file legal complaint under section 138.<\/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 or call at \u00a0011-233-43-333<\/p>\n","protected":false},"excerpt":{"rendered":"<p>CORPORATE AND PROFESSIONAL UPDATE DATED MARCH 23, 2016 DIRECT TAX Income Tax:\u00a0Attachment of bank account &#8211; any action to recover taxes adopting coercive means is not permissible till the petitioner&#8217;s application for stay under Section 220(6) of the Act is disposed of. &#8211; HC Income Tax:\u00a0Reopening of assessment &#8211; AO has no power to review; &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":[647,173,144,142,146],"tags":[502,501,569,572,179,546,180,181,537,562,560,550,538],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/1933"}],"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=1933"}],"version-history":[{"count":5,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/1933\/revisions"}],"predecessor-version":[{"id":7092,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/1933\/revisions\/7092"}],"wp:attachment":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/media?parent=1933"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/categories?post=1933"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/tags?post=1933"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}