{"id":2156,"date":"2016-07-16T13:56:37","date_gmt":"2016-07-16T13:56:37","guid":{"rendered":"http:\/\/caindelhiindia.com\/blog\/?p=2156"},"modified":"2020-10-12T06:16:48","modified_gmt":"2020-10-12T06:16:48","slug":"2156","status":"publish","type":"post","link":"https:\/\/www.caindelhiindia.com\/blog\/2156\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATES JULY 16, 2016"},"content":{"rendered":"

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

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

DIRECT TAX:\u00a0<\/span><\/strong><\/p>\n

Income Tax: HC held that when assessee participated in reassessment proceedings by furnishing the required documents and challenges the reopening subsequently before the high court by filing a writ petition then it would be not be appropriate for the high court to exercise its exclusive jurisdiction because the assessee has already chosen AO to exercise jurisdiction in the matter and to challenge his order before the appropriate appellate forum provided under the Act.(M\/s. Amaya Infrastructure Pvt. Ltd. vs. Income Tax Officer (Bombay High Court)<\/p>\n

Income Tax: No TDS on payment for simple marketing services of introducing foreign institutional investors by foreign subsidiary companies.[Batlivala & Karani Securities (India) Pvt. Ltd. Vs. DCIT (ITAT Kolkata)].<\/p>\n

Income Tax : On Thursday, CBDT directed the income- tax department to \u201c expeditiously\u201d issue refunds worth Rs. 5,000 for past three assessment years to provide immediate relief to taxpayers.<\/p>\n

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

Excise : CBEC has issued a circular on procedure regarding duty free shop vide circular no. 32\/2016 dated 13.07.2016. It may be noted that the Special Warehouse (Custody & Handling of Goods) Regulations, 2016 prescribe maintenance of a computerized system for accounting. Accordingly, a system of accounting of receipt, storage, operations and removal of goods with regard to Duty Free Shops is prescribed in the notification.<\/p>\n

HC allows Revenue appeal, sets aside CESTAT order which allowed CENVAT credit on entire Captive Power Plant without examining eligibility of individual components used therein as \u201cinputs\u201d or \u201ccapital goods\u201d. Revenue also raised substantial question whether credit could be availed on items such as angles, beams, channels, ladder trays, joists supporting structures, steel structures, which are neither \u201cinputs\u201d nor \u201ccapital goods\u201d as per definitions under CENVAT Credit Rules 2004. Madras High Court<\/p>\n

COMPANIES ACT :<\/strong><\/span><\/p>\n

Query: What additional disclosures are required to be disclosed in Board Report in case a company has issued sweat equity shares during the reporting year?<\/p>\n

Answer: Following additional disclosures are required to be made where a company has issued sweat equity shares during the reporting year:
\n\u2022 Class of director\/employee to whom sweat equity shares were issued;
\n\u2022 Class of shares issued as sweat equity shares;
\n\u2022 Number of sweat equity shares issued to directors\/KMPs\/employees showing separately the number of such shares issued to them, if any, for consideration other than cash and the individual names of allottees holding 1% or more of the issued share capital and total number of sweat equity shares so issued;
\n\u2022 Reasons\/justification for issue;<\/p>\n

\u2022 Principal terms & conditions for issue of sweat equity shares, including pricing formula;<\/p>\n

\u2022 Percentage of sweat equity shares of total post issued & paid up share capital;<\/p>\n

\u2022 Consideration received or benefit accrued to company from issue of sweat equity shares<\/p>\n

\u2022 Diluted Earnings per share (EPS) pursuant to issuance of sweat equity shares<\/p>\n

OTHER UPDATES:<\/strong><\/span><\/p>\n

SEBI : SEBI has made an amendment in the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Second Amendment) Regulations, 2016 vide\u00a0notification No. SEBI\/ LAD-NRO\/GN\/2016-17\/008 dated 08\/07\/2016.SEBI introduce regulation relating to \u201cDividend distribution Policy\u201d.<\/p>\n

MCA21 will remain temporarily unavailable from 9:00 PM (16 July) to 9:00 AM (17 July). Stakeholder are advised to plan accordingly.<\/p>\n

key dates :<\/strong><\/span><\/p>\n

Payment of ESI for the month of June-21\/07\/2016<\/p>\n

E-payment of DVAT & CST for the month\/quarter ended June-21\/07\/2016<\/p>\n

\u00a0\u201cI believe that the only courage anybody ever needs, is the courage to follow your own dreams\u00a0“<\/p>\n

We look forward for your valuable comments.\u00a0www.caindelhiindia.com<\/a><\/p>\n

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

W:\u00a0www.caindelhiindia.com<\/a>\u00a0E: info@caindelhiindia.com T:011-233-4-3333 , 9-555-555-480<\/p>\n","protected":false},"excerpt":{"rendered":"

Today updates: DIRECT TAX:\u00a0 Income Tax: HC held that when assessee participated in reassessment proceedings by furnishing the required documents and challenges the reopening subsequently before the high court by filing a writ petition then it would be not be appropriate for the high court to exercise its exclusive jurisdiction because the assessee has already …<\/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":[504,502,501,10,179,544,180,561,537,560,550,538],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/2156"}],"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=2156"}],"version-history":[{"count":7,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/2156\/revisions"}],"predecessor-version":[{"id":2836,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/2156\/revisions\/2836"}],"wp:attachment":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/media?parent=2156"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/categories?post=2156"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/tags?post=2156"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}