{"id":1942,"date":"2016-04-01T06:54:13","date_gmt":"2016-04-01T06:54:13","guid":{"rendered":"http:\/\/caindelhiindia.com\/blog\/?p=1942"},"modified":"2021-07-14T11:47:01","modified_gmt":"2021-07-14T11:47:01","slug":"corporate-and-professional-update-march-29-2016","status":"publish","type":"post","link":"https:\/\/www.caindelhiindia.com\/blog\/corporate-and-professional-update-march-29-2016\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATE MARCH 29, 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-69d035a8b29d9\" 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-69d035a8b29d9\"  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-march-29-2016\/#CORPORATE_AND_PROFESSIONAL_UPDATE_MARCH_29_2016\" title=\"CORPORATE AND PROFESSIONAL UPDATE MARCH 29, 2016\">CORPORATE AND PROFESSIONAL UPDATE MARCH 29, 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-march-29-2016\/#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-march-29-2016\/#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_MARCH_29_2016\"><\/span><span style=\"color: #000080;\">CORPORATE AND PROFESSIONAL UPDATE MARCH 29, 2016<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<figure id=\"attachment_2813\" aria-describedby=\"caption-attachment-2813\" style=\"width: 502px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2016\/08\/5.png\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-2813\" src=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2016\/08\/5.png\" alt=\"www.caindelhiindia.com; Corporate updates\" width=\"502\" height=\"293\" \/><\/a><figcaption id=\"caption-attachment-2813\" 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 being 1\/10th Global Depository Receipts &#8211; whether the GDR is nothing but increase in the capital and expenses relating to the same is capital in nature? &#8211; Section 35D(2)(iv) categorically deals with the expenses in connection with the issue, or public subscription of shares and debentures of the Company. &#8211; grievance of the AO is ill conceived.<\/li>\n<li><span style=\"color: #00ccff;\"><strong>Income Tax:<\/strong><\/span>\u00a0Interest accruing on FDRs treated as income from other sources &#8211; since the assessee is not having any other source of income de horse this business undertaking which was not set up, interest income earned by the assessee till 31\/03\/2011 cannot be brought to tax &#8211; to be reduced from the cost of project.<\/li>\n<li><span style=\"color: #00ccff;\"><strong>Income Tax:<\/strong><\/span>\u00a0Reopening of assessment &#8211; receipt of accommodation entries &#8211; without forming a prima facie opinion, on the basis of such material that income has escaped assessment the AO can not assume valid jurisdiction to initiate proceedings and to issue notice u\/s 147\/148 &#8211; Notice u\/s 148 quashed.<\/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>Transport of passengers on domestic routes through its helicopters &#8211; the contracts were invariably between the appellant and the charter parties who hired appellant\u2019s helicopters for the purpose of transporting passengers. &#8211; prima facie services clearly fall within the ambit of STGU.<\/li>\n<li><span style=\"color: #00ccff;\"><strong>Service Tax:<\/strong><\/span>\u00a0Eligibility for refund of accumulated CENVAT credit &#8211; Rule 5 of CCR &#8211; there was no taxability of any service provided by respondent prior to registration. Accordingly, input credit was not possible to be utilized for which that was accumulated. &#8211; credits were accumulated prior to registration &#8211; No refund can be granted.<\/li>\n<li><span style=\"color: #00ccff;\"><strong>Central Excise:<\/strong><\/span>\u00a0SSI Exemption &#8211; Clubbing of clearance value of the proprietary ship firm with the private limited company -, it is evident from the records that there was no manufacturing activity in other units &#8211; clubbing upheld<\/li>\n<li><span style=\"color: #00ccff;\"><strong>Customs:<\/strong><\/span>\u00a0Seeking conversion of free shipping bills to Drawback shipping bills &#8211; a power given by Sec 149 of the Customs Act 1962 to the officers under a statute can not be curtailed by a Circular issued by CBEC .<\/li>\n<li><span style=\"color: #00ccff;\"><strong>VAT and Sales Tax:<\/strong><\/span>\u00a0Adequate rebut of Legal presumption &#8211; Deemed sale drawn by the authorities under Section 46(15)(d) of the AGST Act &#8211; the authorities have failed to discharge the obligation &#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 or call at \u00a0011-233-43-333<\/p>\n","protected":false},"excerpt":{"rendered":"<p>CORPORATE AND PROFESSIONAL UPDATE MARCH 29, 2016 DIRECT TAX Income Tax:\u00a0Disallowance being 1\/10th Global Depository Receipts &#8211; whether the GDR is nothing but increase in the capital and expenses relating to the same is capital in nature? &#8211; Section 35D(2)(iv) categorically deals with the expenses in connection with the issue, or public subscription of shares &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":[502,501,569,572,179,545,180,541,537,550,538],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/1942"}],"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=1942"}],"version-history":[{"count":4,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/1942\/revisions"}],"predecessor-version":[{"id":2940,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/1942\/revisions\/2940"}],"wp:attachment":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/media?parent=1942"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/categories?post=1942"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/tags?post=1942"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}