{"id":503,"date":"2015-11-21T13:13:10","date_gmt":"2015-11-21T13:13:10","guid":{"rendered":"http:\/\/caindelhiindia.com\/blog\/?p=503"},"modified":"2021-07-07T13:13:53","modified_gmt":"2021-07-07T13:13:53","slug":"tax-update","status":"publish","type":"post","link":"https:\/\/www.caindelhiindia.com\/blog\/tax-update\/","title":{"rendered":"TAX UPDATE NOV 7,2015"},"content":{"rendered":"<p style=\"text-align: justify;\"><strong><span style=\"text-decoration: underline; color: #ff6600;\">INDIRECT TAXES:<\/span><\/strong><\/p>\n<ul style=\"text-align: justify;\">\n<li>Activity of converting \/assembling Gas Generating Sets (Gensets ) comprising of engine (prime mover) coupled with Alternator on common base frame into Power Pack after certain processes &#8211; Activity is amount to manufacturing activity-\u00a0(M\/s Quippo Energy Private Ltd, Shri Montu Patwa Versus Commissioner, Central Excise &amp; Service Tax, Ahmedabad,\u00a0CESTAT AHMEDABAD).<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>Activity of blending to increase the viscosity of the product- Appellants had mixed Guar Dal Flour\/Powder (75%), Guar Dal Powder\/Saw Dust (5-10%) and TKP (10-15%) in a blender &#8211; Activity is a manufacturing activity-\u00a0(M\/s Krap Chem P. Ltd. Versus Commissioner, Central Excise &amp; Service Tax, Daman, Rajkot,\u00a0CESTAT AHMEDABAD (LB).<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><strong><span style=\"text-decoration: underline; color: #ff6600;\">DIRECT TAXES:<\/span><\/strong><\/p>\n<ul style=\"text-align: justify;\">\n<li><span style=\"color: #0000ff;\">Credit for foreign tax paid in Mauritius<\/span> &#8211; whether should not be excluded while computing interest<\/li>\n<li><span style=\"color: #0000ff;\">under section 234C?<\/span> &#8211; The payment of taxes in Mauritius cannot be considered as advance tax. It makes &#8216;no difference, under what circumstances the taxes were paid-\u00a0(M\/s. Larsen and Toubro Ltd. Versus Deputy Commissioner of Income Tax, Business Circle Tambaram,\u00a0ITAT CHENNAI).<\/li>\n<li><span style=\"color: #0000ff;\">Good work reward<\/span> &#8211; it was an ex gratia payment or some sort of reward given to an employee for the good work done by him and would therefore, fall within the category of expenditure incurred for the purpose of business expediency and for improving the working of the assessee. &#8211; it would not fall u\/s 36(1)(ii) but would fall u\/s 37-\u00a0(Ralson (India) Ltd Versus Income Tax Officer, New Delhi,\u00a0ITAT DELHI).<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><strong><span style=\"text-decoration: underline; color: #ff6600;\">FAQ ON COMPANY LAW:<\/span><\/strong><\/p>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #0000ff;\">Query:<\/span><\/strong>\u00a0Are we required to prepare Consolidated Financial Statements (CFS) in case of Company having Associate company but no subsidiary company. Please clarify?<\/p>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #0000ff;\">Answer:<\/span>\u00a0<\/strong>Section 129(3) of the Companies Act 2013 Act provides for the preparation of Consolidated Financial Statement (CFS) in case of Companies having one or more subsidiaries. Further Explanation to Section 129(3) provides that for the purpose of this sub-section, the word \u201csubsidiary\u201d shall include associate company and joint venture.<\/p>\n<p style=\"text-align: justify;\">\u00a0The 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:<a href=\"mailto:info@caindelhiindia.com\">info@caindelhiindia.com<\/a>\u00a0or call at\u00a0011-23343333<\/p>\n","protected":false},"excerpt":{"rendered":"<p>INDIRECT TAXES: Activity of converting \/assembling Gas Generating Sets (Gensets ) comprising of engine (prime mover) coupled with Alternator on common base frame into Power Pack after certain processes &#8211; Activity is amount to manufacturing activity-\u00a0(M\/s Quippo Energy Private Ltd, Shri Montu Patwa Versus Commissioner, Central Excise &amp; Service Tax, Ahmedabad,\u00a0CESTAT AHMEDABAD). Activity of blending &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":[647,142],"tags":[555,566,502,501,569,179,182,180,561,541,537,562,560,550,538],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/503"}],"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=503"}],"version-history":[{"count":4,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/503\/revisions"}],"predecessor-version":[{"id":1361,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/503\/revisions\/1361"}],"wp:attachment":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/media?parent=503"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/categories?post=503"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/tags?post=503"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}