{"id":2545,"date":"2016-10-14T09:18:19","date_gmt":"2016-10-14T09:18:19","guid":{"rendered":"http:\/\/caindelhiindia.com\/blog\/?p=2545"},"modified":"2021-07-14T11:59:27","modified_gmt":"2021-07-14T11:59:27","slug":"corporate-and-professional-update-oct-14-2016%ef%bb%bf","status":"publish","type":"post","link":"https:\/\/www.caindelhiindia.com\/blog\/corporate-and-professional-update-oct-14-2016%ef%bb%bf\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATE OCT 14, 2016\ufeff"},"content":{"rendered":"

CORPORATE AND PROFESSIONAL UPDATE OCT 14, 2016<\/span><\/strong><\/p>\n

\"www.caindelhiindia.com;<\/a>
www.caindelhiindia.com; Service tax registration<\/figcaption><\/figure>\n

Direct Tax:-<\/span><\/strong><\/p>\n

IT:\u00a0Merely because bank has gone in liquidation would not be sufficient reason to doubt the bank transaction in support of which there was ample other evidence produced by the assessee \u2013\u00a0Pr.CIT-2 Vs Hiral Pharma Ltd. (2016 (10) TMI 366 – Gujarat High Court)<\/strong><\/p>\n

IT:\u00a0Penalty u\/s 271(1)(c) – assessment was made accepting the revised return – undisclosed income towards excess cash excess stock and list of outstanding debtors was offered and tax was paid – no penalty –\u00a0Sita Devi Jain, M\/s. Heera Lal Sanmati Kumar Vs ITO (2016 (10) TMI 364 – ITAT Jaipur)<\/strong><\/p>\n

Mumbai ITAT confirms deletion of capital gains for AY 2008-09, holds that \u00a0receipt of Rs. 10 cr. under the development agreement of land does not result into transfer u\/s 2(47)(v).[TS-551-ITAT-2016( Mum)]<\/p>\n

Revenue in the instant case has come to the conclusive finding which attained finality that the transactions of purchase of shares are sham and bogus transactions camouflaged with an intention to evade taxes\u00a0-ITAT Mumbai in case of [Ratnakar M. Pujari, Mumbai Vs. ITO, Mumbai]<\/p>\n

Indirect Tax:-<\/span><\/strong><\/p>\n

Power to tribunal to reduce the penalty u\/s 11AC below the amount of confirmed duty – the Tribunal could not reduce the penalty for an amount lesser than the duty which has been upheld – SC – Central Excise.(\u00a0Commissioner of Central Excise and Customs, Surat-I Versus M\/s. Vandana Art Prints Pvt. Ltd. – 2016 (10) TMI 277 – SUPREME COURT)<\/p>\n

Supreme court in the below citied case held that allegation of illegal export is invalid in the absence of any evidence to show that the money was remitted by way of Hawala the case of over-invoicing could not be established by the Department -(Commissioner of Customs, Mumbai Versus M\/s Tex-Age and Others) – 2016 (10) TMI 264 – SUPREME COURT<\/p>\n

FAQ on Company Law:<\/span><\/strong><\/p>\n

Query:\u00a0\u00a0Can a foreign resident form an OPC in India with Indian resident as his nominee?<\/p>\n

Answer:\u00a0As per Rule 3(1) of the Companies (Incorporation) Rules 2014, only a natural person who is an Indian citizen and resident in India shall be eligible to incorporate OPC .<\/p>\n

No Body Corporate and Foreign Citizen resident in India is allowed to form OPC.<\/p>\n

Query:\u00a0\u00a0Whether a director has to disclose his interest\u00a0in\u00a0foreign companies as well\u00a0in\u00a0Form MBP-1?<\/p>\n

Answer:\u00a0Section -184 of the Companies Act 2013 provides that every director shall at the first meeting of the Board in which he participates as director and thereafter at the first meeting of the Board in every financial year or whenever there is any change in the disclosures already made, then at the first Board meeting held after such change, disclose his concern or interest in any company or companies, body corporates, firms or other association of individuals, which shall include shareholding in\u00a0Form MBP-1. Thus, Foreign Company being a body corporate, interest\u00a0in\u00a0it should be disclosed\u00a0in\u00a0Form MBP-1.<\/p>\n

MCA Update :<\/strong><\/p>\n

MCA:\u00a0e-Form INC-29 (Integrated Incorporation Form) will be withdrawn w.e.f. 01 NOV 2016 instead SPICe (Simplified Proforma for Incorporating Company electronically), INC-2 (One Person Company), or INC-7 (Incorporation of Company) e-Forms, as applicable will be available.<\/p>\n

ICAI<\/strong>\u00a0 Update<\/strong><\/p>\n

ICAI\u00a0issues clarification in respect of\u00a0MEF 2016-17 for Proprietor \/ Individual applicants.<\/p>\n

Key Dates:<\/span><\/strong><\/p>\n