{"id":2131,"date":"2016-07-05T12:35:24","date_gmt":"2016-07-05T12:35:24","guid":{"rendered":"http:\/\/caindelhiindia.com\/blog\/?p=2131"},"modified":"2021-07-07T11:55:24","modified_gmt":"2021-07-07T11:55:24","slug":"orate-and-professional-updates-july-5-2016","status":"publish","type":"post","link":"https:\/\/www.caindelhiindia.com\/blog\/orate-and-professional-updates-july-5-2016\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATES JULY 5, 2016"},"content":{"rendered":"

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

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

DIRECT TAX:<\/p>\n

Income Tax : Gujrat High Court held that the payment of stamp duty is not for business expediency but it is in the nature of a compulsory levy under the Bombay Stamp Act. It is legally settled that accounting practice cannot over rider the provisions of the Income Tax Act, 1961. Whole expenditure allowed as revenue expenditure. (M\/s. Prithvi Associates Vs. ACIT)<\/p>\n

Income Tax : ITAT Delhi in the given case held that business loss cannot be set off against the income assessed under the deeming provisions of section 68, which is not falling under any of the five heads of income.(\u00a0ACIT, Circle, Haridwar Vs.\u00a0M\/s. Sant Steel & Alloys (P) Ltd.)<\/p>\n

Income Tax: Transfer-fees from outgoing member not taxable for co-operative housing society applying \u2018mutuality\u2019\u00a0\u00a0[TS-346-HC-2016(BOM)]<\/p>\n

Income Tax: AO isn’t required to furnish reasons for rejecting computation of assessee for determination of ALP Philips Electronics Ltd. v. Assistant Commissioner of Income-tax, Circle-11,\u00a0 kolkata
\n[2016] 70\u00a0taxmann.com\u00a0350 (Kolkata – Trib.)<\/p>\n

Voluntary CSR Expense allowable as business expenditure. [ACIT vs. Jindal Power Limited (ITAT Raipur)].<\/p>\n

INDIRECT TAX:<\/p>\n

Excise: Onus of establishing that inputs have been received is on person taking credit and not on revenue. (Commissioner of Central Excise, Pune-II v. K.B. Chougula)<\/p>\n

Vat & sales tax: \u00a0Uploading of notice on DVAT website in account of assessee is valid service of notice: HC Bajrang Fabrics (P.) Ltd. v. Commissioner of VAT [2016] 70\u00a0taxmann.com\u00a0348 (Delhi)<\/p>\n

Custom : Clearance of bunker fuels to Indian ship\/vessel carrying containerized cargo\u2014reg. vide Circular No. 1034\/22\/2016-CX dated 1st\u00a0July, 2016.<\/p>\n

Excise: Buyer can take credit of excess duty paid by supplier as long as assessment at end of supplier isn’t modified Commissioner of Central Excise, Bhopal v. Hindustan Electro Graphite Ltd.
\n[2016] 70\u00a0taxmann.com\u00a0353 (New Delhi – CESTAT)<\/p>\n

Service tax : Ministry of Finance\u00a0has vide notification exempted the entire\u00a0service tax leviable on taxable services provided by way of transportation of goods by a vessel from outside India\u00a0upto the customs station in India with respect to which the invoice for the service has been issued on or before the 31st May, 2016. However, the exemption is subject to the condition that the import manifest or import report required to be delivered under Section 30 of the Customs Act, 1962 has been delivered on or before 31st May, 2016 and the service provider or recipient produces Customs certified copy of such import manifest or import report.<\/p>\n

CENVAT: Canteen, Housekeeping & cleaning service- CENVAT credit allowed. [M\/S. Tata Steel Ltd. Vs. Commissioner Of Central Excise & Service Tax, Jamshedpur (Cestat Kolkata)]<\/p>\n

Other updates :<\/p>\n

Form MR-1 (Return of Appointment) not required to be filed for CEO, CS, and CFO w.e.f. 30.06.16. Companies (Appt. & Remuneration of Managerial Personnel) Amendment Rules, 2016.]<\/p>\n

Time period u\/s 139 to comply with provisions of rotation, changed to 1st AGM held after 3yrs from commencement of Companies Act, 2013. Removal of Difficulties 3rd Order, 2016.<\/p>\n

KEY DATES<\/p>\n

E- Payment of service tax for June:\u00a006\/07\/2016<\/p>\n

Payment of TDS for the month of June:\u00a007\/07\/2016<\/p>\n

\u201cNever discourage anyone…who continually makes progress, no matter how slow.\u201d<\/p>\n

FOR FURTHER QUERIES CONTACT US:<\/p>\n

W:\u00a0www.caindelhiindia.com<\/a> E: info@caindelhiindia.com T:011-233-4-3333 , 9-555-555-480<\/p>\n","protected":false},"excerpt":{"rendered":"

Today updates: DIRECT TAX: Income Tax : Gujrat High Court held that the payment of stamp duty is not for business expediency but it is in the nature of a compulsory levy under the Bombay Stamp Act. It is legally settled that accounting practice cannot over rider the provisions of the Income Tax Act, 1961. …<\/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":[142,146,123,1],"tags":[502,501,179,546,180,529,522,549,541,537,560,550,538],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/2131"}],"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=2131"}],"version-history":[{"count":8,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/2131\/revisions"}],"predecessor-version":[{"id":2846,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/2131\/revisions\/2846"}],"wp:attachment":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/media?parent=2131"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/categories?post=2131"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/tags?post=2131"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}