{"id":2162,"date":"2016-07-20T12:19:47","date_gmt":"2016-07-20T12:19:47","guid":{"rendered":"http:\/\/caindelhiindia.com\/blog\/?p=2162"},"modified":"2021-07-07T11:54:59","modified_gmt":"2021-07-07T11:54:59","slug":"corporate-and-professional-updates-july-20-2016","status":"publish","type":"post","link":"https:\/\/www.caindelhiindia.com\/blog\/corporate-and-professional-updates-july-20-2016\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATES JULY 20, 2016"},"content":{"rendered":"

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

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

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

Income tax : Winning streak of advocate isn’t the criteria to renew his appointment as counsel: Bombay HC Commissioner of Income-tax-8 v. TCL India Holdings (P.) Ltd. [2016] 71\u00a0taxmann.com\u00a0216 (Bombay)<\/p>\n

CBDT has notified the transfer pricing- computation of arm length price vide\u00a0notification No. 57\/2016\u00a0dated\u00a014th\u00a0July 2016<\/p>\n

Income Tax: ITAT Kolkata in below citied case held that When the primarily evidence of nature of services rendered for which Assessee paid commission is not on record, it is not possible to say whether the commission expenditure was wholly and exclusively incurred for the purpose of business and also as to whether explanation to Sec.37 (1) of the Act would be attracted\u00a0(ITO, Kolkata Vs. M\/s. Hitech Visual Channel Pvt. Ltd.)<\/p>\n

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

Service tax: Due date for payment of service\u00a0tax\u00a0under Voluntary Compliance Encouragement Scheme cannot be extended by courts under any circumstances whatsoever and for this purpose, mere giving of post-dated cheques would not amount to ‘deposit’ with government.<\/p>\n

Excise : Where assessee sold goods to one ‘M’ and consigned to customers of ‘M’ and further it raised excise invoices on ‘M’ and simultaneously raised commercial invoices on ‘M’, wherein 3 per cent commission was charged in addition to value shown in excise invoices, demand of excise duty on said 3 per cent service charge billed to ‘M’ was justified –\u00a0[2016] 71\u00a0taxmann.com\u00a0147 (Mumbai – CESTAT)<\/p>\n

Manual signatures on digitally signed invoices is now a valid document for taking CENVAT credit.<\/p>\n

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

Where respondent-company had under grab of transfer of shares had completed sale of land which it was prohibited to do so under terms of allotment and such fact was revealed on lifting corporate veil, allotment of land was rightly cancelled by Estate Officer –\u00a0[2016] 71\u00a0taxmann.com\u00a0155 (SC)<\/p>\n

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

SEBI : SEBI issues draft paper on REIT(Real Estate Investment Trusts) to attract investors, realtors<\/p>\n

Key dates :<\/span><\/strong><\/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

Time limit for payment of tax and penalty under the Income Declaration Scheme 2016 extended to 30.09.2017. CBDT Press Release dated 14.07.16<\/p>\n

\u201cIn the past, people were born royal. Nowadays, royalty comes from what you do\u201d<\/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 : Winning streak of advocate isn’t the criteria to renew his appointment as counsel: Bombay HC Commissioner of Income-tax-8 v. TCL India Holdings (P.) Ltd. [2016] 71\u00a0taxmann.com\u00a0216 (Bombay) CBDT has notified the transfer pricing- computation of arm length price vide\u00a0notification No. 57\/2016\u00a0dated\u00a014th\u00a0July 2016 Income Tax: ITAT Kolkata in below …<\/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":[504,502,501,192,179,180,194,537,560,550,538],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/2162"}],"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=2162"}],"version-history":[{"count":6,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/2162\/revisions"}],"predecessor-version":[{"id":2831,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/2162\/revisions\/2831"}],"wp:attachment":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/media?parent=2162"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/categories?post=2162"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/tags?post=2162"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}