{"id":2084,"date":"2016-06-11T10:22:51","date_gmt":"2016-06-11T10:22:51","guid":{"rendered":"http:\/\/caindelhiindia.com\/blog\/?p=2084"},"modified":"2021-07-07T11:56:17","modified_gmt":"2021-07-07T11:56:17","slug":"corporate-and-professional-update-june-10-2016","status":"publish","type":"post","link":"https:\/\/www.caindelhiindia.com\/blog\/corporate-and-professional-update-june-10-2016\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATE JUNE 10, 2016"},"content":{"rendered":"

Today updates<\/strong>:<\/strong><\/span><\/p>\n

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

DIRECT TAX:<\/strong><\/span><\/p>\n

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Income Tax \u00a0: \u00a0Compensation and interest awarded by the Motor Accident Claims cannot be categorized or even described as income – TDS is not liable to be deducted \u2013\u00a0Chinnadurai Vs. Tamil Nadu State Transport Corporation, Salem (Madras High Court)<\/p>\n

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Income Tax : Cancellation of the lease and the payments of the consideration – It is clearly a capital asset has come into existence in the hands of the assessee which is of enduring benefit for the business of the assessee and consequently the expenditure is liable to be treated as capital expenditure – Depreciation to be allowed \u2013\u00a0Hotel La Paz Gardens Ltd. Vs. ACIT, Cir-2(1), Panaji, Goa (ITAT Panaji)<\/p>\n

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Income Tax : CBDT\u00a0has notified the Cost Inflation Index (CII) for FY 2016-17 at\u00a01125\u00a0(FY 2015-16: 1081) \u2013 Notification No.42\/2016, dt.02 JUN 2016. Income Tax \u00a0: \u00a0AIR Information without lawful enquiry is not sufficient to hold a belief that cash deposit is Income and hence cannot form reason to believe that Income has escaped assessment.(Sh. Amrik Singh, vs. Income Tax Officer\u00a0) [ITAT Amritsar ]<\/p>\n

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Income Tax : Pune ITAT allows deduction to assessee for interest paid on Share application money received from shareholders pending allotment.\u00a0[TS-304-ITAT-2016(PUN)]<\/p>\n

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Income Tax : Where assessee, a charitable trust, incurred expenditure in excess of income in previous year relevant to assessment year for charitable purposes, out of accumulated charity fund, it could not be denied benefit of exemption under section 11(1)(a) in respect of income of previous year relevant to assessment year, which had been admittedly applied for charitable purposes –\u00a0[2016] 69 taxmann 425 (Rajasthan)<\/p>\n

INDIRECT TAX:<\/span><\/strong><\/p>\n

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Service Tax:\u00a0services rendered by director aren’t liable to service-tax if his remuneration is taxed as salary Rent Works India (P.) Ltd. V. Commissioner of Central Excise, Mumbai-V [2016] 70\u00a0taxmann.com\u00a038 (Mumbai – CESTAT)<\/p>\n

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Service Tax : \u00a0Cenvat credit ALLOWED for all the input services pertain to the manufacturing activity and the respective services were input for the said activity for which that was utilised \u2013\u00a0M\/s Sundaram Clayton Ltd. Vs.CCE, Chennai (CESTAT Chennai)<\/p>\n

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Service Tax : \u00a0CBEC\u00a0notifies\u00a0100% reverse charge on representational service provided by Senior Advocate before any court, tribunal, authority etc., directly or indirectly, to any business entity who is litigant, applicant or petitioner in such case and such business entity shall be the person liable to pay service tax in the government exchequer \u2013 Notification No.33 & 34\/2016-ST, dt.06 JUN 2016.<\/p>\n

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Service Tax:\u00a0Service tax department cannot conduct audit of assessee. Delhi High Court has held as Under after hearing the revenue and assessee and considering their submissions. Resultantly, the Court: (i) declares Rule 5A(2) as amended in terms of Notification No. 23\/2014- Service Tax dated 5th December 2014 of the Central Government, to the extent that it authorises the officers of the Service Tax.(\u00a0Mega Cabs Pvt. Ltd. Vs. Union Of India & Ors.)Delhi High Court<\/p>\n

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Service Tax :\u00a0\u00a0Short payment of Service tax in the month of July 2011 made due to the adjustment of service tax paid in excess in the month of May 2011. Section 13 of the General Clauses Act 1897 provides that singular include the plural.Further it is a well settled legal principle that the statue should be interpreted as it is even if the\u00a0intention isimperfect,\u00a0accordingly month includes months.(M\/s. Schwing Stetter (India) Pvt. Ltd. Versus CCE, LTU, Chennai) – 2016 (6) TMI 239 – CESTAT CHENNAI<\/p>\n

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VAT : Department of Trade & Taxes has issued a circular for requirement of item wise details in Forma Annexure -2A, Annexure 2B, DVAT 30 and DVAT 31\u00a0Vide circular No. 9\/2016\u00a0of 2016-17\u00a0dated 6\/06\/2016. Delhi Govt. clarifies that furnishing of item-wise details of sales and purchases in DVAT Returns and Forms DVAT 30 and 31 (Sales & Purchases Registers) is mandatory for tax period\u00a0commencing from April 1, 2016. However, same is optional for last quarter of FY 2015-16.<\/p>\n

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CENTRAL EXCISE : Procuring various components of lamp shades and chandeliers from different sources and thereafter, assembling and packing same in cartons with logo and code number of product does not give rise to a ‘new product’ and therefore, does not amount to manufacture –\u00a0[2016] 70 taxmann 20 (Punjab & Haryana)<\/p>\n

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CENTRAL EXCISE : When condonation of delay is sought on ground that delay occurred due to mistake of counsel, then, such plea cannot be accepted without affidavit of such counsel; hence, appeal was dismissed as time-barred –\u00a0[2016] 70 taxmann 18 (Punjab & Haryana)<\/p>\n

\u00a0MCA UPDATES\u00a0 :<\/strong><\/span><\/p>\n

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MCA\u00a0has notified new versions of e-forms AOC-4, INC-6, INC-12 and INC-29.<\/p>\n

KEY DATES :<\/span><\/strong><\/p>\n

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Return filling for non SSI assessee for may in form ER-1-10\/06\/2016<\/p>\n

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Return filling for EOU for Month of March in form ER-2-\u00a010\/06\/2016<\/p>\n

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Return filling in form no ER-6 by the units paying duty more than 1 crore (Cenvat + PLA) for may\u00a0-10\/06\/2016<\/p>\n

“A seed grows with no sound,<\/strong>\u00a0<\/strong>but a tree falls with huge noise. Destruction has noise, but creation is quiet.<\/strong>\u00a0<\/strong>This is the power of silence”<\/strong>\u00a0<\/strong><\/p>\n

We look forward for your valuable comments.\u00a0 www.caindelhiindia.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Today updates: DIRECT TAX: Income Tax \u00a0: \u00a0Compensation and interest awarded by the Motor Accident Claims cannot be categorized or even described as income – TDS is not liable to be deducted \u2013\u00a0Chinnadurai Vs. Tamil Nadu State Transport Corporation, Salem (Madras High Court) Income Tax : Cancellation of the lease and the payments of the …<\/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":[142,146,123],"tags":[502,501,547,180,181,541,537,560,550,538],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/2084"}],"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=2084"}],"version-history":[{"count":7,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/2084\/revisions"}],"predecessor-version":[{"id":2864,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/2084\/revisions\/2864"}],"wp:attachment":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/media?parent=2084"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/categories?post=2084"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/tags?post=2084"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}