{"id":2005,"date":"2016-04-30T12:06:40","date_gmt":"2016-04-30T12:06:40","guid":{"rendered":"http:\/\/caindelhiindia.com\/blog\/?p=2005"},"modified":"2021-07-07T12:54:41","modified_gmt":"2021-07-07T12:54:41","slug":"corporate-and-professional-update-april-15-2016","status":"publish","type":"post","link":"https:\/\/www.caindelhiindia.com\/blog\/corporate-and-professional-update-april-15-2016\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATE April 15, 2016"},"content":{"rendered":"<h5 style=\"text-align: justify;\"><a href=\"https:\/\/www.caindelhiindia.com\/blog\/?p=1948\">CORPORATE AND PROFESSIONAL UPDATE April15, 2016<\/a><\/h5>\n<figure id=\"attachment_2843\" aria-describedby=\"caption-attachment-2843\" style=\"width: 482px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2016\/07\/11.png\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-2843\" src=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2016\/07\/11.png\" alt=\"www.caindelhiindia.com; Corporate updates\" width=\"482\" height=\"336\" \/><\/a><figcaption id=\"caption-attachment-2843\" class=\"wp-caption-text\">www.caindelhiindia.com; Corporate updates<\/figcaption><\/figure>\n<p style=\"text-align: justify;\"><strong>DIRECT TAX:<\/strong><\/p>\n<ul style=\"text-align: justify;\">\n<li>Income Tax:\u00a0Once the expenditure is found to be allowable as revenue expenditure as per provisions of the Income Tax Act, 1961 (&#8216;Act&#8217;), the same is to be allowed as revenue expenditure under the Act while computing income chargeable to tax even if the taxpayer capitalizes such an expenditure in its books of account prepared as per the Companies Act [2016] 68com\u00a0181 (Mumbai &#8211; Trib.)\u00a0 Dewanchand\u00a0 Ramsaran Industries (P.) Ltd. v. ACIT<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>Income Tax:\u00a0\u00a0Where, during proceedings before Supreme Court in famous &#8216;Best Bakery case&#8217;, a VCD was found in which assessee was alleged to have paid money to a witness for becoming hostile and, consequently, Assessing Officer treated said amount as unexplained payment made by assessee on basis of said VCD but did not corroborate said transaction by any other evidence, action of Assessing Officer was not justified[2016] 68com\u00a0198 (Ahmedabad &#8211; Trib.)<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><strong>INDIRECT TAX:<\/strong><\/p>\n<ul style=\"text-align: justify;\">\n<li>Service Tax:\u00a0envat credit &#8211; Information Technology software services &#8211; Such services are made taxable by Sec. 65(105) of Finance Act 1994 with effect from 16.5.2008 &#8211; Credit allowed -Mportal (India) Wireless Solutions Pvt. Ltd. Vs. CST\u00a0<strong>(2016 (4) TMI 409 &#8211;<\/strong>\u00a0Karnataka High Court<strong>)<\/strong><\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>VAT : Denial of C Forms &#8211; Inter-state sale &#8211; If movement of goods is occasioned in the lease agreement and pre-conditions viz. registered dealer and goods mentioned in registration certificate are fulfilled the said transaction is deemed to be an inter-state sale within the meaning of Section 3(a) of CST Act &#8211; C Forms cannot be denied -Tata Power Delhi Distribution Ltd. Vs. CST, Delhi (2016 (4) TMI 405 &#8211; Delhi High Court).<\/li>\n<li>Excise &amp; customs : There is distinction between house mark and product mark; a monograph on &#8216;ayurvedic medicine&#8217;, which only identifies manufacturer would not make such medicine a &#8216;patent or proprietary medicine&#8217; and therefore, said medicine continues to be exempt from duty [2016] 68com\u00a054 (New Delhi &#8211; CESTAT) Mayar India Ltd. v. Commissioner of Central Excise<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><strong>KEY DATES :\u00a0 <\/strong><\/p>\n<ul style=\"text-align: justify;\">\n<li>Payment of DVAT Tds for march for DVat:\u00a015\/04\/2016<\/li>\n<li>E-Payment of PF for March:\u00a015\/04\/2016<\/li>\n<li>Extension of last date to\u00a010.05.16\u00a0for various e-forms having due date between 25.03.16 to\u00a030.04.16:MCA circular no. 03\/2016.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><strong>MCA UPDATES : <\/strong><\/p>\n<ul style=\"text-align: justify;\">\n<li>MCAhas notified\u00a0new version of e-forms\u00a0DIR-12,\u00a0INC-22\u00a0and\u00a0MGT-7\u00a0and have been updated on MCA21\u00a0w.e.f 12th\u00a0April, 2016. Only new\u00a0version\u00a0of the\u00a0eForm\u00a0will be acceptable.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><strong>\u201cDo not ever run away from problems, turn back and face it. Problem will run away. If you run, it is for sure that you will be bitten by problems.\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 April15, 2016 DIRECT TAX: Income Tax:\u00a0Once the expenditure is found to be allowable as revenue expenditure as per provisions of the Income Tax Act, 1961 (&#8216;Act&#8217;), the same is to be allowed as revenue expenditure under the Act while computing income chargeable to tax even if the taxpayer capitalizes such an &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":[647,78,142,146,123,116,1],"tags":[502,501,572,179,545,180,214,181,541,537,562,560,550,538],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/2005"}],"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=2005"}],"version-history":[{"count":7,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/2005\/revisions"}],"predecessor-version":[{"id":2907,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/2005\/revisions\/2907"}],"wp:attachment":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/media?parent=2005"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/categories?post=2005"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/tags?post=2005"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}