{"id":2210,"date":"2016-08-26T11:04:24","date_gmt":"2016-08-26T11:04:24","guid":{"rendered":"http:\/\/caindelhiindia.com\/blog\/?p=2210"},"modified":"2021-07-14T12:00:33","modified_gmt":"2021-07-14T12:00:33","slug":"corporate-and-professional-update-aug-26-2016","status":"publish","type":"post","link":"https:\/\/www.caindelhiindia.com\/blog\/corporate-and-professional-update-aug-26-2016\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATE AUG 26, 2016 :"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_58 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69f4e251354f4\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69f4e251354f4\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.caindelhiindia.com\/blog\/corporate-and-professional-update-aug-26-2016\/#Today_updates\" title=\"Today updates:\">Today updates:<\/a><ul class='ez-toc-list-level-5'><li class='ez-toc-heading-level-5'><ul class='ez-toc-list-level-5'><li class='ez-toc-heading-level-5'><ul class='ez-toc-list-level-5'><li class='ez-toc-heading-level-5'><ul class='ez-toc-list-level-5'><li class='ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.caindelhiindia.com\/blog\/corporate-and-professional-update-aug-26-2016\/#_Advance_information_for_1st_fortnight_of_September_of_functions_with_booking_cost_more_than_Rs_1_Lakh_in_Banquet_halls_hotels_etc_in_Delhi_-27082016\" title=\"\u00a0Advance information for 1st\u00a0fortnight of September of functions with booking cost more than Rs. 1 Lakh in Banquet halls, hotels etc. in Delhi -27\/08\/2016\">\u00a0Advance information for 1st\u00a0fortnight of September of functions with booking cost more than Rs. 1 Lakh in Banquet halls, hotels etc. in Delhi -27\/08\/2016<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.caindelhiindia.com\/blog\/corporate-and-professional-update-aug-26-2016\/#_Payment_of_TDS_in_Form_no_26QB_for_purchase_of_property_for_the_month_of_July_%E2%80%93_30082016\" title=\"\u00a0Payment of TDS in Form no. 26QB for purchase of property for the month of July: &#8211;\u00a030\/08\/2016\">\u00a0Payment of TDS in Form no. 26QB for purchase of property for the month of July: &#8211;\u00a030\/08\/2016<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.caindelhiindia.com\/blog\/corporate-and-professional-update-aug-26-2016\/#i\" title=\"\u00a0\">\u00a0<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Today_updates\"><\/span><strong>Today updates:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h1>\n<figure id=\"attachment_2116\" aria-describedby=\"caption-attachment-2116\" style=\"width: 518px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2016\/06\/GboxUpdate.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-2116\" src=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2016\/06\/GboxUpdate-300x139.jpg\" alt=\"www.caindelhiindia.com; Corporate updates\" width=\"518\" height=\"240\" srcset=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2016\/06\/GboxUpdate-300x139.jpg 300w, https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2016\/06\/GboxUpdate-1024x474.jpg 1024w, https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2016\/06\/GboxUpdate.jpg 1728w\" sizes=\"(max-width: 518px) 100vw, 518px\" \/><\/a><figcaption id=\"caption-attachment-2116\" class=\"wp-caption-text\">www.caindelhiindia.com; Corporate updates<\/figcaption><\/figure>\n<p style=\"text-align: justify;\"><strong><span style=\"text-decoration: underline;\">DIRECT TAX:<\/span><\/strong><\/p>\n<ul style=\"text-align: justify;\">\n<li>CBDT has issued a Income tax (21st Amendment) Rules, 2016- class or classes of buyer to whom provisions of section 206C (1D) shall not apply vide\u00a0Notification No. 75\/2016 dated 19\/08\/2016.<\/li>\n<li>ITAT Ahemdabad in the below citied case held that in case of Cash expenditure exceeding Rs. 20,000\/- &#8211; the paramount consideration of section 40A(3) is to curb and reduce the possibilities of black money transactions and section does not eliminate considerations of business expediencies.(\u00a0Bhupendrasingh Hakamsingh Luhar Prop. Bhupendra Housing Crane Service Vs. DCIT, Mehsana)<\/li>\n<li>Gujrat High court in the below citied case held that Credit of TDS can be given only in the hands where income there from is subjected to tax. If accrual of income in respect of the receipts received dejure by joint venture is shifted to a member of the joint venture through an overriding title, then credit of TDS in respect of such receipts should be considered in the hands of that member of the joint venture in whose hands such income is found assessable.(\u00a0CIT Vs. LGE &amp; C Patel JV)<\/li>\n<li>ITAT Delhi in the below citied case held that as per the provisions of Section 170(2), in the case of amalgamation, the assessment must be made on the successor i.e. the amalgamated company and not on the predecessor i.e. amalgamating company. [Maruti Suzuki India Ltd. Vs. DCIT, New Delhi]<\/li>\n<li>ITAT Mumbai in the below citied case held that so long as the expenditure in regard of loan processing charges and pre payment charges paid to the bank\u00a0\u00a0incurred by the assessee are genuine and not part of any colorable device to make tax evasion, then such expenses should be allowed under the relevant provisions of the Act.[Peepul Tree Properties P. Ltd. Vs. ACIT, Mumbai]<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><strong><span style=\"text-decoration: underline;\">INDIRECT TAX:<\/span><\/strong><\/p>\n<ul style=\"text-align: justify;\">\n<li>DVAT has issued a notification regarding withdrawal of mandatory requirement of filing of returns in form DVAT-16 or form DVAT-17, as the case may be through digital signature vide Notification No.\u00a0 F.3(643)\/Policy\/VAT\/2016\/658- 68\u00a0dated 24-08-2016.<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>Eligibility of Refund claim excess payment of service tax due to calculation mistake on the basis of some bills &#8211; goods transport agency service services of cargo handling Held that &#8211; the Tribunal after detailed examination of the factual and legal issues held that there\u00a0is no service tax liability under GTA service for the appellant appeal allowed decided in favor of appellant.(\u00a0The Chief General Manager South Eastern Coal Fields Ltd. Versus CCE &amp; Cus, Raipur) -2016 (8) TMI 795-Service tax<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>Levy of penalty &#8211; the assesse s stand that they were under a bonafide belief that no tax liability would fall upon them as the same stands discharged by the sub-contractor is required to be appreciated in which case the provisions of section 80 of the Finance Act 1994 would get invoked no penalty-(\u00a0Commissioner, Customs &amp; Central Excise, Raipur (C.G.) Versus M\/s. Sidharth Construction &amp; Trading (P) Ltd. &#8211; 2016 (8) TMI 893 &#8211; CESTAT NEW DELHI &#8211; Service Tax)<\/li>\n<li>HC rules partially in favour of assessee, sets aside directions \/ observations of Commissioner (Appeals) and CESTAT inasmuch as they adjudicated upon the aspect of clandestine removal of goods, despite the findings of Adjudicating Authority on this aspect in favour of assessee.It noted that Adjudicating Authority had found no clinching documentary evidence to corroborate clandestine removal of raw materials from assessee\u2019s units.[TS-317-HC-2016(MAD)-EXC]<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><strong><span style=\"text-decoration: underline;\">SEBI UPDATES:-<\/span><\/strong><\/p>\n<ul style=\"text-align: justify;\">\n<li>SEBI has issued Frequently Asked Questions (FAQs) on SEBI (Alternative Investment Funds) Regulations, 2012.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><strong><span style=\"text-decoration: underline;\">MCA UPDATE :<\/span><\/strong><\/p>\n<ul style=\"text-align: justify;\">\n<li>Forms AOC-4, AOC-4 CFS, DIR-12, FC-2 and MGT-15 are likely to be revised on MCA Portal w.e.f\u00a024th\u00a0day of August 2016. Stakeholders are advised to check &amp; download the latest version before filing. (Source-\u00a0www.mca.gov.in)<\/li>\n<li>Company court cannot make enquiries about genuineness of documents submitted to the ROC in connection with incorporation of the company.[Vinod Krishan Khanna vs. Amritsar Swadeshi Textile Corp (P)Ltd, HC of Punjab and Haryana]<\/li>\n<li>No compensation from Insurance Co. if there is theft without a forcible entry:\u00a0 [2016]72\u00a0<a href=\"http:\/\/taxmann.com\/\">com<\/a>296 (SC of India).<\/li>\n<li>Govt notified some of the section of the Bankruptcy. S.O. 2746(E) dated 19th August 2016 issued by MCA.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><strong><span style=\"text-decoration: underline;\">ICAI Updates:-<\/span><\/strong><\/p>\n<ul style=\"text-align: justify;\">\n<li>ICAI members if your DSC is mismatch by Income Tax Dept apply at (<a href=\"mailto:nropan@icai.in\">nropan@icai.in<\/a>) for either correction of name or change in name in ICAI record by filing affidavit duly attested.\u00a0In case of discrepancy due to date of birth in ICAI record and PAN Card record, member may\u00a0get it corrected in PAN database as ICAI does not record any change in date of birth.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\">Latest update is institute has sent the data to income tax department in the evening.\u00a0Tomorrow\u00a0is holiday and we may have to wait for two three days for activation.<\/p>\n<p style=\"text-align: justify;\">The Officer said that those who have submitted details already need not submit again. Others have to update their PAN data in the link given by ICAI. http:\/\/online.icai.org\/app_for ms\/panupdate\/index.html<\/p>\n<p style=\"text-align: justify;\">Source :\u00a0http:\/\/www.icai.org\/new_post.html?post_id=12887&amp;c_id=219<\/p>\n<p style=\"text-align: justify;\">\u00a0<strong><span style=\"text-decoration: underline;\">Key Dates:<\/span><\/strong><\/p>\n<h5 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"_Advance_information_for_1st_fortnight_of_September_of_functions_with_booking_cost_more_than_Rs_1_Lakh_in_Banquet_halls_hotels_etc_in_Delhi_-27082016\"><\/span>\u00a0Advance information for 1<sup>st<\/sup>\u00a0fortnight of September of functions with booking cost more than Rs. 1 Lakh in Banquet halls, hotels etc. in Delhi -27\/08\/2016<span class=\"ez-toc-section-end\"><\/span><\/h5>\n<h5 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"_Payment_of_TDS_in_Form_no_26QB_for_purchase_of_property_for_the_month_of_July_%E2%80%93_30082016\"><\/span>\u00a0Payment of TDS in Form no. 26QB for purchase of property for the month of July: &#8211;\u00a030\/08\/2016<span class=\"ez-toc-section-end\"><\/span><\/h5>\n<h5 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"i\"><\/span><strong>\u00a0<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h5>\n<p style=\"text-align: justify;\"><strong>\u201cFailure is the condiment that gives success its flavor.\u201d<\/strong><\/p>\n<p style=\"text-align: justify;\"><strong>\u00a0<\/strong><strong>\u201cDon&#8217;t fear from facing failure in the first attempt, because even the successful math starts with zero only.\u201d<\/strong><\/p>\n<p style=\"text-align: justify;\"><strong>\u00a0<\/strong><strong>Forgiveness is the attribute of the strong, the weak can never forgive.<\/strong><\/p>\n<p style=\"text-align: justify;\"><strong>\u00a0<\/strong>We look forward for your valuable comments.\u00a0<a href=\"http:\/\/l.facebook.com\/l.php?u=http%3A%2F%2Fwww.caindelhiindia.com%2F&amp;h=zAQGBs6T6AQFFsNItuGxh4fxCHTlAS9Tt0scDC8mzhy0mvg&amp;enc=AZNXalJ8vdvfI-XBWzvS_VaSm2pZq50E9P2Fv2mSoszgysRuEC3PU2i7LDHU-U6ohsYa7L2D9MgWffZsflho-ou3AtkxmmZxP6AV9AN0Gs37MAZC9gpDDNp9yIsld3GFMSsqWcSe8ACgBv_tlCRiQtq19PXurNHd7DJkPAeweAKCpVVB4GuMttuSENW8L0MLTL2AO_r-YFwYxwLajRbncoNm&amp;s=1\">www.caindelhiindia.com<\/a><\/p>\n<p style=\"text-align: justify;\">FOR FURTHER QUERIES CONTACT US:<\/p>\n<p style=\"text-align: justify;\">W:\u00a0<a href=\"http:\/\/l.facebook.com\/l.php?u=http%3A%2F%2Fwww.caindelhiindia.com%2F&amp;h=wAQF-i40JAQFRcDLGoUTk1CgcvNMjLMbblWGEOON7wTJZdw&amp;enc=AZPLjKsdSlXm1Wdy-E_rQ7_BcImKzAseATUEYZXqn0EvM6aliEg8M57IVfC45W5vM1-XZEa2cvDX5AMKk7-KauykmQ8ApvIxVdzem1FVsBK1GPf8xK13QC23WQYNPKX_cTNahdGPJOD9vMxv3F4KKvLp_lOhs9sMtokKFotEEtk8tmHMwyvorfkLEkQO3HXDCRWgH3WfWcPNdYNtOfAnsvql&amp;s=1\">www.caindelhiindia.com<\/a>\u00a0E: info@caindelhiindia.com T:011-233-4-3333 , 9-555-555-480<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Today updates: DIRECT TAX: CBDT has issued a Income tax (21st Amendment) Rules, 2016- class or classes of buyer to whom provisions of section 206C (1D) shall not apply vide\u00a0Notification No. 75\/2016 dated 19\/08\/2016. ITAT Ahemdabad in the below citied case held that in case of Cash expenditure exceeding Rs. 20,000\/- &#8211; the paramount consideration &hellip;<\/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":[647,78,142,146],"tags":[502,501,179,191,180,181,542,550,538],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/2210"}],"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=2210"}],"version-history":[{"count":6,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/2210\/revisions"}],"predecessor-version":[{"id":2808,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/2210\/revisions\/2808"}],"wp:attachment":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/media?parent=2210"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/categories?post=2210"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/tags?post=2210"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}