{"id":2554,"date":"2016-10-24T15:28:52","date_gmt":"2016-10-24T15:28:52","guid":{"rendered":"http:\/\/caindelhiindia.com\/blog\/?p=2554"},"modified":"2021-07-14T11:59:16","modified_gmt":"2021-07-14T11:59:16","slug":"corporate-and-professional-update-oct-24-2016","status":"publish","type":"post","link":"https:\/\/www.caindelhiindia.com\/blog\/corporate-and-professional-update-oct-24-2016\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATE OCT 24, 2016"},"content":{"rendered":"<h1>CORPORATE AND PROFESSIONAL UPDATE OCT 24, 2016<\/h1>\n<figure id=\"attachment_1977\" aria-describedby=\"caption-attachment-1977\" style=\"width: 526px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2016\/04\/Tax-Update-Branding3.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-1977\" src=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2016\/04\/Tax-Update-Branding3-263x300.jpg\" alt=\"www.caindelhiindia.com; Corporate updates\" width=\"526\" height=\"600\" srcset=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2016\/04\/Tax-Update-Branding3-263x300.jpg 263w, https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2016\/04\/Tax-Update-Branding3-896x1024.jpg 896w, https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2016\/04\/Tax-Update-Branding3.jpg 1400w\" sizes=\"(max-width: 526px) 100vw, 526px\" \/><\/a><figcaption id=\"caption-attachment-1977\" class=\"wp-caption-text\">www.caindelhiindia.com; Corporate updates<\/figcaption><\/figure>\n<p>&nbsp;<\/p>\n<p><strong>Direct Tax<\/strong><\/p>\n<ul>\n<li>The Karnataka High Court\u00a0 in the below citied case held that when the property was shown as stock in trade it should not be considered for the purpose of exemption u\/s 54F\u00a0.( CIT, ACIT Vs Shri Gregory Mathias (2016 (10) TMI 635 &#8211; Karnataka High<\/li>\n<li>Provisos to section 50C(1) of income tax act, 1961 inserted by the finance act, 2016 w.e.f.\u00a001\/04\/2017\u00a0are to be treated as curable in nature and would apply with retrospective effect from 01\/04\/2003 i.e. the date from which section 50C was introduced.<\/li>\n<li>Loss suffered u\/s 37(1)\/43(5) in foreign exchange transactions entered into for hedging business transactions cannot be disallowed as being \u201cnotional\u201d or \u201cspeculative\u201d in nature. [CIT vs. M\/s. D. Chetan &amp; Co (Bombay High Court).]<\/li>\n<li>CourtCalutta\u00a0ITAT denies set-off of speculative loss when assessee misstated that it was connected with brokerage\u00a0business-(Commissioner of Income-tax, Kol-II\u00a0v.\u00a0Eureka Stock &amp; Share Broking Services Ltd.)[2016] 74\u00a0taxmann.com\u00a0114 (Calcutta<\/li>\n<li>IT:Partnership firm &#8211; erstwhile partners are liable to pay capital gain on the amount received by them after dissolution of the firm &#8211;\u00a0<strong>Vatsala Shenoy Vs JCIT (AssT.), Mysore &#8211; 2016 (10) TMI 704 &#8211; Supreme Court<\/strong><\/li>\n<li>IT:\u00a0Assessee has not undertaken charitable activity during the year therefore it is not eligible for exemption U\/s-11 &#8211;\u00a0Dakshina Kannada Koota Brahmanara Mitra Mandali Vs ADIT, Cir-17(1), Bangalore &#8211; 2016 (10) TMI 714 &#8211; ITAT Bangalore)<\/li>\n<li><\/li>\n<\/ul>\n<p><strong>Indirect Tax<\/strong><\/p>\n<ul>\n<li>VAT:\u00a0ITC allowed on electronic gadgets, mobile, drinking water required for the incidental activity of the principle object of manufacture or trading or production or processing or assembling or repairing or reconditioning or reengineering or packing &#8211;\u00a0State of Karnataka Vs Cognizant Technology Solutions India Pvt. Ltd. (2016 (10) TMI 749 &#8211; Karnataka High Court)<\/li>\n<li>ST:\u00a0The amount of service tax paid on the transportation of the empty containers from yard to factory for stuffing of the export goods and return of the empty container is refundable in terms of notification number 17\/2009 \u2013\u00a0Vippy Industries Ltd. Vs CCE, Indore (2016 (10) TMI 771 &#8211; CESTAT New Delhi<\/li>\n<li>Discrepancies in docs under penultimate sales would also lead to denial of export exemption-(Commissioner of Commercial Tax\u00a0v.\u00a0Shakti Containers-2016] 74\u00a0taxmann.com\u00a039<\/li>\n<\/ul>\n<p><strong>FAQ on Company Law:<\/strong><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li>Query:Whether alternate director shall vacate office when the original director\u00a0joins Board meeting through video conferencing even though he does not\u00a0return to India?<\/li>\n<\/ul>\n<p>Answer: The office of Alternate Director is nowhere related to the attendance of the Original Director in the Board Meeting . The office of Alternate Director shall be terminated if and when the director in whose place he has been appointed returns to India.<\/p>\n<p>Therefore, as per our opinion, joining meeting \u00a0by video conferencing by the original director will not vacate the office of the alternate director.<\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li>Query:\u00a0We have a query regarding the place of Board meeting of the Company. The Company has three directors, two foreign based in US and one Indian director who is based in India. Can you please clarify the place where the board Meeting should be conveyed<\/li>\n<\/ul>\n<p>Answer: As per Rule 3 of the Companies (Meetings of Board and its Powers) Rules, 2014, Board Meeting can be held anywhere in the world as there is no such provision regarding the place of holding Board meeting<\/p>\n<p>Board meeting can be done by the way of video conferencing provided that the Notice of the meeting shall inform the directors regarding the option available to them to participate through video conferencing mode and director intending to participate through video conferencing shall give prior intimation to that effect in advance so that company is able to make suitable arrangements in this behalf.<\/p>\n<p><strong>SEBI UPDATE :<\/strong><\/p>\n<ul>\n<li>SEBI allowed registered investment advisors (RIAs) to use infrastructure of the stock exchanges to purchase mutual fund units directly from mutual Fund\/AMC on behalf of their clients.<\/li>\n<li>Bank can&#8217;t go to Civil Court to settle dispute on mortgaged property once it is covered by SARFAESI Act: HCAmbay Coke Industries (P.) Ltd.\u00a0v.\u00a0State Bank of India<br \/>\n[2016] 74\u00a0taxmann.com\u00a0149 (Calcutta)<\/li>\n<li>Now banks can approve change in repayment schedule for unpaid and matured ECBs<\/li>\n<\/ul>\n<p><strong>GST UPDATE :<\/strong><\/p>\n<ul>\n<li>Under GST proposed GST Rates. Food items-Exempt, Gold, Silver-4%, Essential items-6%, Luxury items, FMCG, cigarettes-26%+cess, most items-18%, Others-12%.<\/li>\n<\/ul>\n<p><strong>Key Dates:<\/strong><\/p>\n<ul>\n<li>Issue of DVAT Certificate for deduction made in the month of September-22\/10\/2016<\/li>\n<li>E-return of DVAT for the quarter ended September(Form 61 and CST-1)-25\/10\/2016<\/li>\n<li>Filling of half yearly\u00a0service tax return-25\/10\/2016<\/li>\n<\/ul>\n<ul>\n<li>\u201cThe task of the leader is to get his people from where they are to where they have not been.&#8221;<\/li>\n<li>Those who cannot understand how to put their thoughts on ice should not enter into the heat of debate\u00a0.\u00a0&#8220;<\/li>\n<\/ul>\n<p>A leader is one who knows the way, goes the way, and shows the way.- John C. Maxwell<\/p>\n<p>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>FOR FURTHER QUERIES CONTACT US:<\/p>\n<p>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>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0E: <a href=\"mailto:info@caindelhiindia.com\">info@caindelhiindia.com<\/a> \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 T:011-233-4-3333 , 9-555-555-480<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>CORPORATE AND PROFESSIONAL UPDATE OCT 24, 2016 &nbsp; Direct Tax The Karnataka High Court\u00a0 in the below citied case held that when the property was shown as stock in trade it should not be considered for the purpose of exemption u\/s 54F\u00a0.( CIT, ACIT Vs Shri Gregory Mathias (2016 (10) TMI 635 &#8211; Karnataka High &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":[647,78,144,142,146],"tags":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/2554"}],"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=2554"}],"version-history":[{"count":4,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/2554\/revisions"}],"predecessor-version":[{"id":2766,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/2554\/revisions\/2766"}],"wp:attachment":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/media?parent=2554"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/categories?post=2554"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/tags?post=2554"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}