{"id":2159,"date":"2016-07-18T10:00:56","date_gmt":"2016-07-18T10:00:56","guid":{"rendered":"http:\/\/caindelhiindia.com\/blog\/?p=2159"},"modified":"2021-07-07T06:27:18","modified_gmt":"2021-07-07T06:27:18","slug":"corporate-and-professional-updates-july-18-2016","status":"publish","type":"post","link":"https:\/\/www.caindelhiindia.com\/blog\/corporate-and-professional-updates-july-18-2016\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATES JULY 18, 2016"},"content":{"rendered":"

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

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

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

Income Tax : Purchased property couldn’t be held as unexplained investment solely on basis of Stamp duty valuation\u00a0S.S. Jyothi Prakash v. Additional Commisssioner of Income-tax\u00a0[2016] 71\u00a0taxmann.com\u00a0127 (Karnataka)<\/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: Mumbai ITAT upholds penalty levy u\/s 271(1)(c) for assessee\u2019s excessive claim of unabsorbed depreciation in terms of Explanation to Sec 115JB while computing\u00a0 book profits for AY 2006-07, holds that language of relevant provision is very clear and without any ambiguity so as to admit interpretation sought by assessee. [TS-380-ITAT-2016(Mum)]<\/p>\n

\u00a0INDIRECT TAX:<\/strong><\/span><\/p>\n

Vat & sales tax : Delhi Govt. notifies the Delhi Value Added Tax (Amendment) Act, 2016 vide\u00a0Notification No.\u00a0F.14(12)\/LA-2016\/ cons2law\/7786 dated 05\/07\/2016.It amends Section 3 of DVAT Act thereby empowering State Govt. to notify goods on which a person shall be liable to pay tax in advance when he imports such goods into Delhi from a place outside India. Further amends Section 29 thereby permitting Commissioner to notify any dealer \/ class of dealers who would be required to file returns only through electronic mode appending digital signatures. It also Introduced a new provision for electronic communication of sale information between dealer and Commissioner, while reducing the penalty from Rs. 10000\/- to Rs. 1000\/- for furnishing false returns u\/s 86.<\/p>\n

Service tax : Where assessee paid excess amount of service tax on account of applying higher rate of taxation and subsequently it adjusted this excess payment during later payments of service tax, in view of provisions of rule 6, adjustment of excess payment of service tax was admissible to assessee –\u00a0[2016] 71 taxmann.com 133 (Bangalore – CESTAT)<\/p>\n

COMPANY\u00a0 LAW UPDATES :<\/span><\/strong><\/p>\n

Ministry of Corporate Affairs has issued Companies (Cost record and audit) Amendments Rules, 2016 vide Notification\u00a0dated\u00a014\/07\/2016\u00a0amending Rule 2(d), Rule 3, Rule 4, Rule 6 of Companies (Cost records and audit) Rules, 2014<\/p>\n

Section 408, read with section 466, of the Companies Act, 2013 \u2013 National Company Law Tribunal \u2013 Constitution of – Notified AD Interim President of National Company Law Tribunal –\u00a0NOTIFICATION NO. SO 2321(E) [F.NO.A-45011\/20\/2013-AD.IV], DATED 6-7-2016<\/p>\n

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

SEBI : Carrying on CIS on or after 25-1-1995 without obtaining registration certificate has been prohibited: SAT
\nSecurities and Exchange Board of India v. Gaurav Varshney
\n[2016] 71\u00a0taxmann.com\u00a0197 (SC)<\/p>\n

KEY DATES :\u00a0<\/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

\u201cIn the past, people were born royal. Nowadays, royalty comes from what you do\u201d<\/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 : Purchased property couldn’t be held as unexplained investment solely on basis of Stamp duty valuation\u00a0S.S. Jyothi Prakash v. Additional Commisssioner of Income-tax\u00a0[2016] 71\u00a0taxmann.com\u00a0127 (Karnataka) Income Tax: No TDS on payment for simple marketing services of introducing foreign institutional investors by foreign subsidiary companies[Batlivala & Karani Securities (India) Pvt. …<\/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":[555,504,502,501,179,180,541,537,560,550,538],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/2159"}],"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=2159"}],"version-history":[{"count":6,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/2159\/revisions"}],"predecessor-version":[{"id":2833,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/2159\/revisions\/2833"}],"wp:attachment":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/media?parent=2159"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/categories?post=2159"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/tags?post=2159"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}