{"id":1990,"date":"2016-04-13T06:26:05","date_gmt":"2016-04-13T06:26:05","guid":{"rendered":"http:\/\/caindelhiindia.com\/blog\/?p=1990"},"modified":"2021-07-10T08:57:11","modified_gmt":"2021-07-10T08:57:11","slug":"corporate-and-professional-update-april-8-2016","status":"publish","type":"post","link":"https:\/\/www.caindelhiindia.com\/blog\/corporate-and-professional-update-april-8-2016\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATE APRIL 8, 2016"},"content":{"rendered":"<h3 style=\"text-align: justify;\"><span style=\"color: #003366;\">CORPORATE AND PROFESSIONAL UPDATE APRIL 8, 2016<\/span><\/h3>\n<figure id=\"attachment_2914\" aria-describedby=\"caption-attachment-2914\" style=\"width: 530px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2016\/04\/5.png\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-2914\" src=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2016\/04\/5.png\" alt=\"www.caindelhiindia.com;  CORPORATE UPDATES\" width=\"530\" height=\"332\" \/><\/a><figcaption id=\"caption-attachment-2914\" class=\"wp-caption-text\">www.caindelhiindia.com; CORPORATE UPDATES<\/figcaption><\/figure>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>DIRECT TAX:<\/strong><\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li><span style=\"color: #00ccff;\"><strong>Income Tax:\u00a0<\/strong><\/span>Treatment of agricultural income &#8211; as seen from the documents placed in the paper-book, these are not lease rentals received from the agricultural lands, but sale proceeds, which are stated to have been transferred from the place of agricultural lands to the assessee through clerk &#8211; additions confirmed- (Shri K.S.N. Raju, Hyderabad Versus Dy. Commissioner of Income-tax.<\/li>\n<li><span style=\"color: #00ccff;\"><strong>Income Tax:<\/strong><\/span>\u00a0Where assessee-company received certain advance from &#8216;J&#8217; Ltd., even though assessee owned 95 per cent shares in &#8216;V&#8217; Ltd. which in turn owned 99 per cent shares of &#8216;J&#8217; Ltd., still assessee itself was not a shareholder in lender company, loan amount in question could not be added to assessee&#8217;s income as deemed dividend under section 2(22)(e)\u00a0 &#8211;\u00a0[2016] (Karnataka)<\/li>\n<li><span style=\"color: #00ccff;\"><strong>Income Tax:<\/strong><\/span>\u00a0Having lost the right to file revised return of income, the assessee could not have made good the same by filing revised computation of income and thus claim carry forward of loss. The said action of the assessee, in our view, defeats the statutory mandate prescribed in sec. 139(5) r.w.s 139(3)- (ITO \u2013 11 (2) (2) ,\u00a0Mumbai Versus Dr. Dhruman Desai\u00a0&#8211; 2016 ITAT MUMBAI)<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>INDIRECT TAX:<\/strong><\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li><span style=\"color: #00ccff;\"><strong>Service Tax:<\/strong><\/span>\u00a0Since definition of Mandap keeper&#8217;s services in section 65(105)(m) includes services provided as a caterer; hence, catering services provided by a hotel (Mandap keeper) would form part of Mandap keeper&#8217;s services. -[2016] (New Delhi &#8211; CESTAT)<\/li>\n<li><span style=\"color: #00ccff;\"><strong>EXCISE :<\/strong><\/span> Change of classification &#8211; manufacturer of home appliances like Mixer Grinder Juice Extractors Hand Blenders etc. &#8211; the said mixer would be classifiable under heading 8509 \u2013(Commissioner\u00a0of Central Excise, Aurangabad Versus M\/s Waluj Components Pvt Ltd\u00a0&#8211; 2016<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\">\u00a0<strong>KEY DATES:<\/strong><\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li>Excise returns ER-1 for non SSI assessee for March:\u00a010\/04\/2016<\/li>\n<li>Excise returns ER-2 for Eou or March:\u00a010\/04\/2016<\/li>\n<li>Excise returns ER-6 by units paying duty &gt; Rs. 1 Crore (Cenvat + PLA for March):\u00a010\/04\/2016<\/li>\n<\/ul>\n<p style=\"text-align: justify;\">\u00a0<strong>\u201cLeadership and learning are indispensable to each other.\u201d<\/strong><\/p>\n<p style=\"text-align: justify;\">We look forward for your valuable comments.\u00a0 <a href=\"https:\/\/www.caindelhiindia.com\">www.caindelhiindia.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>CORPORATE AND PROFESSIONAL UPDATE APRIL 8, 2016 DIRECT TAX: Income Tax:\u00a0Treatment of agricultural income &#8211; as seen from the documents placed in the paper-book, these are not lease rentals received from the agricultural lands, but sale proceeds, which are stated to have been transferred from the place of agricultural lands to the assessee through clerk &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":[502,501,569,179,180,561,214,549,537,562,560,550,538],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/1990"}],"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=1990"}],"version-history":[{"count":5,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/1990\/revisions"}],"predecessor-version":[{"id":2916,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/1990\/revisions\/2916"}],"wp:attachment":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/media?parent=1990"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/categories?post=1990"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/tags?post=1990"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}