{"id":2576,"date":"2016-11-24T11:38:11","date_gmt":"2016-11-24T11:38:11","guid":{"rendered":"http:\/\/caindelhiindia.com\/blog\/?p=2576"},"modified":"2025-11-06T18:38:58","modified_gmt":"2025-11-06T18:38:58","slug":"corporate-and-professional-update-nov-24-2016","status":"publish","type":"post","link":"https:\/\/www.caindelhiindia.com\/blog\/corporate-and-professional-update-nov-24-2016\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATE NOV 24, 2016"},"content":{"rendered":"<p><strong>Today Update :<\/strong><\/p>\n<figure id=\"attachment_2183\" aria-describedby=\"caption-attachment-2183\" style=\"width: 1185px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2016\/07\/12799342_1133560306662850_2334103476668792587_n-Copy.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-2183\" src=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2016\/07\/12799342_1133560306662850_2334103476668792587_n-Copy-300x300.jpg\" alt=\"www.caindelhiindia.com; Corporate updates\" width=\"1185\" height=\"1185\" srcset=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2016\/07\/12799342_1133560306662850_2334103476668792587_n-Copy-300x300.jpg 300w, https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2016\/07\/12799342_1133560306662850_2334103476668792587_n-Copy-150x150.jpg 150w, https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2016\/07\/12799342_1133560306662850_2334103476668792587_n-Copy.jpg 960w\" sizes=\"(max-width: 1185px) 100vw, 1185px\" \/><\/a><figcaption id=\"caption-attachment-2183\" class=\"wp-caption-text\">www.caindelhiindia.com; Corporate updates<\/figcaption><\/figure>\n<p><strong><span style=\"text-decoration: underline;\">Direct Tax:-<\/span><\/strong><\/p>\n<ul>\n<li>The ITAT Visakhapatnam held that the amendment in Explanation 5A to Sec 271(1)(c) even when made effective by Finance Act ,2009 with retrospective effect from 01.06.2007 cannot be made applicable when both original return and the revised return u\/s 153A of the Act have been filed before the amended provisions were brought into the statute (which \u00a0received assent of President on 13.8.2009).\u00a0(Nukala Ramakrishna, Eluru Vs DCIT (ITAT Visakhapatnam) \u2013<\/li>\n<li>The Hon\u2019ble Punjab &amp; Haryana HC held that guarantee commission by itself does not bring into existence any asset of an enduring nature. Therefore, guarantee commission is allowable as revenue expenditure..\u00a0(Haryana State Road &amp; Bridges Development Corporation Ltd. Vs Commissioner of Income Tax (Punjab and Haryana High Court) \u2013<\/li>\n<li>CBDT has issued (30th\u00a0Amendment) Rules,2016 in Income Tax Rules,1962. These rules may be called the Income\u2013tax (30th Amendment) Rules, 2016.these rules Specifies the limit for deposit of Cash without PAN and Issues Direction to banks for Submission of information for deposit of cash in excess of specified limit for the period from 9.11.2016 to\u00a030.12.2016.The principle rules were published vide\u00a0notification no.\u00a0[104\/2016]\u00a0[F.No. 370142\/32\/2016-TPL] dated on 15\/11\/2016<\/li>\n<li>Banglore tribunal held that payment made to labour contractor to procure material on behalf of builder assessee won&#8217;t attract sec. 194C TDS.(Dhanashekar Muniswamy\u00a0v.\u00a0Assistant Commissioner of Income-tax, Circle-6 (1), Bangalore [2016]<\/li>\n<li>Consultancy charges in nature of FTS would be taxable in India irrespective of situs of services provided by NR Deputy Commissioner of Income-tax, Circle 16 (1), Hyderabad\u00a0v.\u00a0Neuland Laboratories Ltd.[2016] 75\u00a0taxmann.com\u00a0120 (Hyderabad &#8211; Trib.)<\/li>\n<li>Absence of appellant on date of hearing doesn&#8217;t give power to Tribunal to dismiss an appeal<br \/>\nPartha Mitra\u00a0v.\u00a0Income-tax Officer, Ward- 38 (3)[2016] 75\u00a0taxmann.com\u00a0118 (Kolkata &#8211; Trib.) (TM)<\/li>\n<li>Growing of plants in nursery is an agricultural activity, says Madras HC<br \/>\nCommissioner of Income-tax, Non-Corporate Circle-2, Chennai\u00a0v.\u00a0K. N. Pannirselvam<br \/>\n[2016] 75\u00a0taxmann.com\u00a098 (Madras)<\/li>\n<\/ul>\n<p><strong>\u00a0<\/strong><strong><span style=\"text-decoration: underline;\">Indirect Tax:-<\/span><\/strong><\/p>\n<ul>\n<li>Allahabad High Court \u00a0held that \u00a0the assessee cannot be forced to pay entire disputed amount when the assessment proceedings are pending. The department can only take action to ensure compliance of order passed by the Court.\u00a0-(Prosper Build Home Pvt. Ltd. V\/s. Union Of India (Allahabad High Court)<\/li>\n<li>Goods supplied in name of President of India should be treated as goods sold to Govt: HC<br \/>\nCanara Lighting Industries (P.) Ltd.\u00a0v.\u00a0State of Karnataka[2016] 75\u00a0taxmann.com\u00a0108 (Karnataka)<\/li>\n<li>CBEC has issued a clarification regarding\u00a0 Deferred payment of Customs duty vide\u00a0circular no. 52\/2016-cus dated 15\/11\/2016.<\/li>\n<li>CESTAT rules in favour of insurance service provider (assessee), holds that portion of service tax liability reimbursed by its agents under an agreement, is not recoverable u\/s 73A of Finance Act.\u00a0[TS-456-CESTAT-2016-ST]<\/li>\n<\/ul>\n<p><strong><span style=\"text-decoration: underline;\">RBI Updates:<\/span><\/strong><\/p>\n<ul>\n<li>RBI:\u00a0Banks to remain open for public on\u00a0SAT\u00a0(12Nov) &amp;\u00a0SUN\u00a0(13Nov) as normal working including RTGS, NEFT, Cheque Clearing, Etc.<\/li>\n<li>RBI:\u00a0Madras High Courts rejects PIL for scrapping of notification on demonetization of\u00a0Rs.500 \/ 1000 Currency Notes.<\/li>\n<li>Dues: Old demonitised Rs.500 &amp; 1000 currency notes will be accepted for making payments towards fees, charges, taxes and penalties payable to the Central and State Govts. Incl. Municipal and local bodies till 12 midnight of TODAY (11NOV2016).<\/li>\n<li>RAIL Tickets: No cash refund for tickets cancellation of Rs.10,000\u00ad and above<\/li>\n<\/ul>\n<p><strong><span style=\"text-decoration: underline;\">Other Update :-<\/span><\/strong><\/p>\n<ul>\n<li>No notes will be exchanged by banks today. Only senior citizen to be allowed. This is banks move and not governments move.<\/li>\n<li>SEBI in its Circular notified that intermediaries can verify the PAN of Foreign Portfolio Investors (FPIs) online through a website authorised by the Income Tax department.<strong>\u00a0<\/strong><\/li>\n<\/ul>\n<h2><span style=\"color: #000080;\"><strong>India\u2019s Top 15 Developers by FY2025 Pre-Sales Volume<\/strong><\/span><\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-9616\" src=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2016\/11\/1762407992767.jpg\" alt=\"India\u2019s Top 15 Developers by FY2025 Pre-Sales Volume\" width=\"1081\" height=\"1350\" srcset=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2016\/11\/1762407992767.jpg 1081w, https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2016\/11\/1762407992767-240x300.jpg 240w, https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2016\/11\/1762407992767-820x1024.jpg 820w, https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2016\/11\/1762407992767-768x959.jpg 768w, https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2016\/11\/1762407992767-800x999.jpg 800w\" sizes=\"(max-width: 1081px) 100vw, 1081px\" \/><\/p>\n<p data-start=\"173\" data-end=\"351\">According to a report by Anarock Research, India\u2019s top listed developers together achieved ~ INR 1.21 lakh crore in pre-sales in FY 2025.\u00a0It also states that Godrej Properties Limited topped the list with ~ INR 29,444 crore in pre-sales in FY 2025, followed by DLF Limited at ~ INR 21,223 crore. The list you gave appears broadly in line with the headline figures in these reports (though full verification on all 15 names is not publicly documented in the sources I located).\u00a0<span style=\"color: #000080;\"><strong>Suggested refined list (based on available public data)<\/strong><\/span><\/p>\n<ol>\n<li>Godrej Properties \u2013 \u20b929,444 Cr<\/li>\n<li>DLF \u2013 \u20b921,223 Cr<\/li>\n<li>Lodha Developers \u2013 \u20b917,360 Cr<\/li>\n<li>Prestige Estates \u2013 \u20b917,923 Cr<\/li>\n<li>Signature Global \u2013 \u20b910,290 Cr<\/li>\n<li>Birla Estates \u2013 \u20b98,087 Cr<\/li>\n<li>Brigade Enterprises \u2013 \u20b97,847 Cr<\/li>\n<li>Sobha \u2013 \u20b96,277 Cr<\/li>\n<li>Max Estates \u2013 \u20b95,321 Cr<\/li>\n<li>Oberoi Realty \u2013 \u20b95,281 Cr<\/li>\n<li>Puravankara \u2013 \u20b95,006 Cr<\/li>\n<li>TARC (Anant Raj) \u2013 \u20b93,722 Cr<\/li>\n<li>Rustomjee \u2013 \u20b93,028 Cr<\/li>\n<li>Mahindra Lifespaces \u2013 \u20b92,804 Cr<\/li>\n<li>Kolte Patil \u2013 \u20b92,791 Cr<\/li>\n<\/ol>\n<p>Godrej Properties leads by a significant margin, nearly \u20b98,000 Cr ahead of DLF.\u00a0The top 4 developers (Godrej, DLF, Lodha, Prestige) dominate with volumes above \u20b917,000 Cr.\u00a0Mid-tier players like Signature Global and Birla Estates are in the \u20b98,000\u201310,000 Cr range.\u00a0Lower tier (rank 12\u201315) falls below \u20b94,000 Cr, indicating a steep drop after the top 10.<\/p>\n<p><strong><span style=\"text-decoration: underline;\">Key Dates:<\/span><\/strong><\/p>\n<ul>\n<li>Issue of DVAT certificate for the deduction made in the month of October in Form DVAT-43\u00a0\u2013 22.11.2016<\/li>\n<li>Advance Information for 1st\u00a0fortnight of Dec of functions with booking cost more than Rs. 1 Lakh in banquet halls,hotels etc.-\u00a027.11.2016<\/li>\n<\/ul>\n<p>Water is the softest thing, yet it can penetrate mountains and earth. This shows clearly the principle of softness overcoming hardness.<\/p>\n<p>Truth is always like oil in water, no matter how much water you add oil always floats on top always believe in truth and true relations.<\/p>\n<p>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","protected":false},"excerpt":{"rendered":"<p>Today Update : Direct Tax:- The ITAT Visakhapatnam held that the amendment in Explanation 5A to Sec 271(1)(c) even when made effective by Finance Act ,2009 with retrospective effect from 01.06.2007 cannot be made applicable when both original return and the revised return u\/s 153A of the Act have been filed before the amended provisions &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":[647,78,142,146,123],"tags":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/2576"}],"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=2576"}],"version-history":[{"count":4,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/2576\/revisions"}],"predecessor-version":[{"id":9618,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/2576\/revisions\/9618"}],"wp:attachment":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/media?parent=2576"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/categories?post=2576"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/tags?post=2576"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}