{"id":2059,"date":"2016-05-28T10:51:41","date_gmt":"2016-05-28T10:51:41","guid":{"rendered":"http:\/\/caindelhiindia.com\/blog\/?p=2059"},"modified":"2021-07-14T11:46:40","modified_gmt":"2021-07-14T11:46:40","slug":"corporate-and-professional-update-may-19-2016","status":"publish","type":"post","link":"https:\/\/www.caindelhiindia.com\/blog\/corporate-and-professional-update-may-19-2016\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATE MAY 19, 2016"},"content":{"rendered":"

TODAYS<\/b><\/span>\u00a0UPDATE :<\/strong><\/p>\n

\"www.caindelhiindia.com;<\/a>
www.caindelhiindia.com; Corporate updates<\/figcaption><\/figure>\n

Direct Tax:\u00a0<\/span><\/strong><\/p>\n

IT:\u00a0Computing MAT liability under the provisions of Sec-115JB deduction u\/s 80HHC shall be allowed after setting off losses suffered on export of trading goods –\u00a0M\/s. United Breweries (Holdings) Ltd. Vs. CIT, Bangalore (2016 (4) TMI 570 – ITAT Bangalore)<\/strong>\u00a0<\/strong><\/p>\n

IT:<\/strong>\u00a0Amounts received by the assessee from various producers towards advances cannot be assessed as income of the assessee \u2013\u00a0ACIT, Media Circle-II, Chennai Vs. Shri R. Sarath Kumar (2016 (4) TMI 568 – ITAT Chennai)<\/strong>\u00a0<\/strong><\/p>\n

IT:<\/strong>\u00a0CBDT has made available all\u00a0ITR forms for Asst. Year 2016-17<\/strong>\u00a0for e-filing.<\/p>\n

Sum received for providing training to end-users of software sold by assessee is business receipt and not ‘FTS’ [2016] 68\u00a0taxmann.com\u00a097 (Delhi – Trib.)\u00a0 Datamine International Ltd. v. Additional Director of Income-tax<\/p>\n

Pass-through entities can pass on income as well as corresponding expenditure to its investors
\n[2016] 68\u00a0taxmann.com\u00a098 (Delhi – Trib.)\u00a0Japan International Cooperation Agency v. Deputy Director of Income-Tax<\/p>\n

IT:\u00a0Orders passed under Section 127 for transferring a case should be forwarded to the concerned assessee if only for the assessee to understand the circumstances in which the transfer takes place –\u00a0Anjani Gold Private Ltd. & Anr Vs. ITO, W-9(1) Kolkata & Others (2016 (4) TMI 594 – Calcutta High Court)<\/p>\n

IT:\u00a0Challenges to Section 94-A (1) of the Income Tax Act 1961 the Notification dated 1.11.2013 and the Press Release dated 1.11.2013 are not sustainable in law –\u00a0T. Rajkumar and Others Vs. Union of India, MoF and Others (2016 (4) TMI 593 – Madras High Court)<\/p>\n

Indirect Tax:<\/span><\/strong><\/p>\n

ST:<\/strong>\u00a0Issuance of two show cause notice for the same period is not permissible in law as there cannot be double assessment for the period –\u00a0Simplex Infrastructures Ltd. Vs. C.S.T., Kolkata (2016 (4) TMI 548 – Calcutta High Court)<\/strong><\/p>\n

VAT & ST:\u00a0Disallowance – Certificates in D form – Mere omission to refer to the purchase order or to fill in the date of issue of the form are not the valid grounds to discard the certificate –\u00a0R.K. Wire Products Ltd. Vs. Jt.Com of Sales Tax & Others (2016 (4) TMI 612 – Calcutta High Court)<\/strong><\/p>\n

Service tax : Clause 13(c) of Notification No.25\/2012, dated 20-6-2012 which exempts only building owned by entity registered under section 12AA of Income-tax Act and meant predominantly for religious use by general public, from payment of service, is not unconstitutional [2016] 68\u00a0taxmann.com\u00a0154 (Punjab & Haryana)\u00a0 Punjab Unaided Technical Institutions Association v. Union of India<\/p>\n

Material used in packing of export goods was not liable to duty even if such packing was removed at port [2016] 68\u00a0taxmann.com\u00a0155 (New Delhi – CESTAT)\u00a0Ambika Solvex Ltd. v. Commissioner of Central Excise<\/p>\n

Cenvat Credit : Where assessee has wrongly claimed both Cenvat Credit as well as income-tax depreciation on same duty amount, but, has filed revised returns under income-tax deleting depreciation claim, benefit of Cenvat Credit cannot be denied [2016] 68\u00a0taxmann.com\u00a0156 (Madras)\u00a0 S.L. Lumax Ltd. v. Commissioner of Central Excise<\/p>\n

ST:<\/strong>\u00a0When and how will the allottee of the right to use natural resource be entitled to take CENVAT Credit of Service Tax paid for such assignment of right – See para-14 of\u00a0Circular No.192\/02\/2016-ST, dt.12.04.2016.<\/strong><\/p>\n

\u00a0<\/strong>ST:<\/strong>\u00a0Whether Service Tax is leviable on spectrum user charges and license fee payable after 1.4.2016 for the year 2015-16. – the same have been specifically exempted –\u00a0Circular No.192\/02\/2016-ST, dt.12.04.2016<\/strong><\/p>\n

VAT & ST:\u00a0Essential requirement for claiming exemption under N\/N FD.11.CET.93(3) dated 31.03.1993 a unit should fall within the ambit of new industrial unit –\u00a0Eveready Industries India Ltd Versus State Of Karnataka (2016 (4) TMI 535 – Supreme Court)<\/strong><\/p>\n

Other\u00a0<\/strong><\/span><\/p>\n

ICAI<\/strong>\u00a0has\u00a0Revised Scheme of Education & Training for CA Course.<\/strong><\/p>\n

Government issued public notice on abandonment of Trade Mark applications.<\/p>\n

Members \/ Firms are required to update PAN details to ICAI, otherwise they would not be able to upload tax audit reports & MCA forms online. The photocopy of PAN card self attached along with request letter has to be sent at vishwas nagar NRO Office of ICAI. Email:\u00a0nrodco@icai.in<\/a><\/p>\n

Directorate of Education, Government of Delhi invites application from CAG empanelled CA firms based in delhi for special inspection and verification of private schools. Kindly apply online through recruitment link of\u00a0edudel.nic.in<\/a>. last date\u00a021.04.2016.<\/p>\n

Simultaneous penalty on firm & partners restricted to abetment. [ Amritlakshmi Machine Works vs. The Commissioner of Customs (Import) (Bombay HC).<\/p>\n

Always be good with the good but never be bad with the bad because you cannot wash mud with mud.<\/p>\n

Pain makes you stronger, tear makes you braver and heartbreak makes you wiser, so thanks the past for a better future.<\/p>\n

Key Dates:<\/strong><\/span><\/p>\n

Payment of ESI of March for ESI:\u00a021\/04\/2016<\/p>\n

Payment of MVAT and WCT TDS for March for MVAT:\u00a021\/04\/2016<\/p>\n

MVAT return for March (10 days extra for e-returns):\u00a021\/04\/2016<\/p>\n

FOR\u00a0 FURTHER \u00a0QUERIES\u00a0 CONTACT\u00a0US:<\/strong><\/span>
\nW: www.carajput.com \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 E: info@carajput.com<\/a> \u00a0\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0T:011-233 -4 -33333 ,\u00a0 9-555-555-480<\/p>\n","protected":false},"excerpt":{"rendered":"

TODAYS\u00a0UPDATE : Direct Tax:\u00a0 IT:\u00a0Computing MAT liability under the provisions of Sec-115JB deduction u\/s 80HHC shall be allowed after setting off losses suffered on export of trading goods –\u00a0M\/s. United Breweries (Holdings) Ltd. Vs. CIT, Bangalore (2016 (4) TMI 570 – ITAT Bangalore)\u00a0 IT:\u00a0Amounts received by the assessee from various producers towards advances cannot be …<\/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":[144,142,146,84],"tags":[502,501,724,179,180,723,198,560,550,538],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/2059"}],"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=2059"}],"version-history":[{"count":7,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/2059\/revisions"}],"predecessor-version":[{"id":2874,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/2059\/revisions\/2874"}],"wp:attachment":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/media?parent=2059"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/categories?post=2059"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/tags?post=2059"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}