{"id":449,"date":"2015-11-02T08:42:25","date_gmt":"2015-11-02T08:42:25","guid":{"rendered":"http:\/\/caindelhiindia.com\/blog\/?p=449"},"modified":"2021-07-07T13:14:22","modified_gmt":"2021-07-07T13:14:22","slug":"corporate-tax-update-for-the-month-of-november-third-week-2","status":"publish","type":"post","link":"https:\/\/www.caindelhiindia.com\/blog\/corporate-tax-update-for-the-month-of-november-third-week-2\/","title":{"rendered":"PROFESSIONAL UPDATES FOR 1st NOVEMBER 2015"},"content":{"rendered":"

PROFESSIONAL \u00a0UPDATES<\/strong><\/span><\/p>\n

INCOME TAX ACT<\/span><\/strong><\/span><\/p>\n

SECTION 92C :TRANSFER PRICING – COMPUTATION OF ARM\u2019S LENGTH PRICE<\/strong><\/span><\/p>\n

Comparables & adjustments\/Comparables \u2013 Illustrations :<\/strong>\u00a0<\/strong>Where in transaction with AEs, assessee earn significantly higher margin than comparable companies and such higher margin compensates for credit period extended to AEs no further TP adjustment was required –\u00a0[2015] (Delhi – Trib.)<\/em><\/span><\/strong><\/p>\n

SECTION 271(1)(c)<\/strong> : PENALTY – FOR CONCEALMENT OF INCOME<\/strong><\/span><\/p>\n

Non-compete fee :<\/strong>\u00a0<\/strong>Where assessee was under bonafide belief that receipt from non-compete agreement was capital receipt and had credited same to capital account and Capital account was furnished along with return of income, penalty for furnishing inaccurate particulars was not justified –\u00a0[2015] 62 \u00a0236 (Ahmedabad – Trib.) (TM)<\/em><\/span><\/strong><\/p>\n

\u00a0<\/strong>COMPANIES ACT<\/strong><\/span><\/p>\n

SECTION 397<\/strong> : OPPRESSION AND MISMANAGEMENT<\/strong><\/span><\/p>\n

Where petitioner had filed petition under sections 397 & 398 against respondent for selling property of company to a third party, i.e., Magnum, at a very low price without giving notice to petitioner, petitioner was entitled to implead third party, i.e., Magnum as party to proceedings and Magnum was directed not to alienate subject property or create third party rights pending disposal of company petition –\u00a0[2015] 62 \u00a0229 (CLB – New Delhi)<\/em><\/strong><\/span><\/p>\n

\u00a0SERVICE TAX<\/strong><\/span><\/p>\n

SECTION 5A : EXEMPTIONS – CENTRAL EXCISE \u2013 GENERAL<\/strong><\/span><\/p>\n

Where partial exemption is conditional upon payment of duty in cash without use of credit, said exemption has to be construed strictly and cannot, therefore, be extended to assessee paying concessional duty using credit balance –\u00a0[2015] 62 202 (SC)<\/em><\/strong><\/span><\/p>\n

\u00a0STATUTES<\/strong><\/span><\/p>\n

\u00a0CORPORATE LAWS<\/strong><\/span><\/p>\n

Section 1 of the Delhi High Court (Amendment) Act, 2015 \u2013 Act \u2013 Enforcement of \u2013 Notified Date on which Provisions of said Act shall come into force –\u00a0Notification No. So 2903(E) [F.No.L-19015\/04\/2012-Jus], Dated 26-10-2015<\/em><\/strong><\/span><\/p>\n

\u00a0<\/em>The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Hope the information will assist you in your Professional\u00a0endeavors. For query or help, contact:info@caindelhiindia.com<\/a>\u00a0or call at\u00a0011-23343333<\/p>\n

\n","protected":false},"excerpt":{"rendered":"

PROFESSIONAL \u00a0UPDATES INCOME TAX ACT SECTION 92C :TRANSFER PRICING – COMPUTATION OF ARM\u2019S LENGTH PRICE Comparables & adjustments\/Comparables \u2013 Illustrations :\u00a0Where in transaction with AEs, assessee earn significantly higher margin than comparable companies and such higher margin compensates for credit period extended to AEs no further TP adjustment was required –\u00a0[2015] (Delhi – Trib.) SECTION …<\/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":[647,142,146],"tags":[555,566,502,501,569,258,220,546,541,562,560,550,538],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/449"}],"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=449"}],"version-history":[{"count":11,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/449\/revisions"}],"predecessor-version":[{"id":1390,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/449\/revisions\/1390"}],"wp:attachment":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/media?parent=449"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/categories?post=449"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/tags?post=449"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}