{"id":633,"date":"2015-12-09T06:19:42","date_gmt":"2015-12-09T06:19:42","guid":{"rendered":"http:\/\/caindelhiindia.com\/blog\/?p=633"},"modified":"2021-07-14T11:48:00","modified_gmt":"2021-07-14T11:48:00","slug":"corporate-and-professional-update-december-1-2015","status":"publish","type":"post","link":"https:\/\/www.caindelhiindia.com\/blog\/corporate-and-professional-update-december-1-2015\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATE DECEMBER 1,2015"},"content":{"rendered":"<p style=\"text-align: justify;\"><strong><span style=\"text-decoration: underline;\"><span style=\"color: #0000ff; text-decoration: underline;\">CORPORATE AND PR<\/span><span style=\"color: #0000ff; text-decoration: underline;\">OFESSIONAL UPDATE ON DECEMBER 1, 2015<\/span><\/span><\/strong><\/p>\n<p style=\"text-align: justify;\"><em><strong><span style=\"color: #800080;\">1.<\/span><\/strong><\/em> <span style=\"text-decoration: underline;\"><em><strong><span style=\"color: #800080; text-decoration: underline;\">INDIRECT TAXES<\/span><\/strong><\/em><\/span><\/p>\n<p style=\"text-align: justify;\"><strong>A.<\/strong> Chairperson of CBDT, Anita Kapur completes her tenure, now appointed as advisor on Tax Reform.<\/p>\n<p style=\"text-align: justify;\"><strong>B.<\/strong> Transfer of land under JDA in lieu of flats held as conversion of capital asset into stock-in-trade <em><strong>[2015] \u00a0274 (Hyderabad &#8211; Trib.)\u00a0 ACIT v. Medravathi Agro Farms (P.) Ltd.<\/strong><\/em><\/p>\n<p style=\"text-align: justify;\"><strong>C.<\/strong> Prior period items should be disclosed separately to show its impact on current profit or loss.<\/p>\n<p style=\"text-align: justify;\"><strong>D.<\/strong> SEBI \u00a0prescribes format for publishing financial results.<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><span style=\"color: #ff6600;\"><span style=\"color: #00ccff;\"><span style=\"color: #ff6600;\"><strong><span style=\"color: #ff6600;\">E.<\/span><\/strong><\/span><\/span><\/span><\/span> <span style=\"text-decoration: underline;\"><span style=\"color: #ff6600; text-decoration: underline;\"><strong><span style=\"color: #ff6600; text-decoration: underline;\"><span style=\"color: #00ccff; text-decoration: underline;\"><span style=\"color: #ff6600; text-decoration: underline;\">Service Tax<\/span><\/span><\/span><\/strong>:<\/span><\/span>\u00a0 Where assessee had paid interest\/penalty wrongly without any knowledge of VCES, then, on filing declaration under VCES, assessee could file application for correction of accounting codes and seek adjustment of wrongly paid interest\/penalty against &#8216;tax dues&#8217; under VCES\u00a0<em><strong>[2015] \u00a0266 (Gujarat)\u00a0ASK Me Enterprise v. Union of India<\/strong><\/em><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><b><span style=\"color: #ff6600;\">F.<\/span><\/b><\/span><b> <\/b><span style=\"text-decoration: underline;\"><span style=\"color: #ff6600; text-decoration: underline;\"><b><span style=\"color: #ff6600; text-decoration: underline;\">Reactivation:<\/span><\/b><\/span><\/span> \u00a0A resumption of the activated status of an entire area that was previously deactivated without any change in the operator or the area boundaries.<\/p>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #ff6600;\">G.<\/span> <span style=\"color: #ff6600; text-decoration: underline;\">Exhibits Required for National and International Exhibitions or Fairs and Demonstration<\/span><\/strong><\/p>\n<ul style=\"text-align: justify;\">\n<li>Import\/Export\u00a0exhibits, which are freely importable\/exportable, including construction and decorative materials required for the temporary stands of foreign \/ Indian exhibitors at exhibitions, fair or similar show or display for a period of six months on re-export \/ re-import basis, shall be allowed without an Authorisation on submission of a bond\/ security to Customs and ATA Carnet.<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>Extension beyond six months for re-export \/ re-import will be considered by Customs authorities on merits. Consumables such as paints, printed material, pamphlets, literature etc. pertaining to exhibits need not be re-exported\/re-imported.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #ff6600;\">H. <span style=\"text-decoration: underline;\"><span style=\"color: #ff6600; text-decoration: underline;\">Sal<\/span><span style=\"color: #ff6600; text-decoration: underline;\">e of Exhibits<\/span><\/span><\/span><\/strong><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"text-align: justify;\"><strong>Restricted Items:<\/strong> Sale of exhibits of restricted items, mentioned in ITC (HS), imported for an international exhibition \/ fair may also be made, without an Authorisation within bond period allowed for re-export, on payment of applicable customs duties, subject to a ceiling limit of Rs.5 lakh (CIF) for such exhibits for each exhibitor.<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li><strong>Freely importable items:<\/strong> However, sale of exhibits of items which are freely importable shall be allowed within bond period allowed for re-export on payment of applicable customs duties.<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>If goods brought for exhibition are not re-exported or sold within bond period due to circumstances beyond control of importer, Customs Authorities may allow extension of bond period on merits.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #99cc00;\"><span style=\"color: #ff6600;\">I. <span style=\"text-decoration: underline;\"><span style=\"color: #ff6600; text-decoration: underline;\">I<\/span><span style=\"color: #ff6600; text-decoration: underline;\">mport<\/span><span style=\"color: #ff6600; text-decoration: underline;\"> of Samples<\/span><\/span><\/span><\/span><\/strong><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"text-align: justify;\">No Authorisation shall be required for Import of bonafide technical and trade samples of items restricted in ITC (HS) except vegetable seeds, bees and new drugs. Samples of tea not exceedingRs.2000 (CIF) in one consignment shall be allowed without an Authorisation by any person connected with Tea industry.<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li style=\"text-align: justify;\">Duty free import of samples upto Rs.3,00,000 for all exporters shall be allowed as per terms and conditions of Customs Notification.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #ff6600;\">J. <span style=\"text-decoration: underline;\"><span style=\"color: #ff6600; text-decoration: underline;\">Exports of<\/span> <span style=\"color: #ff6600; text-decoration: underline;\">Samples \/ Exhibits<\/span><\/span><\/span><\/strong><\/p>\n<p style=\"text-align: justify;\">Exports of bonafide trade and technical samples of freely exportable item shall be allowed without any limit.<\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"text-align: justify;\">An application for export of samples\/exhibits, which are restricted for export, may be made to DGFT as per\u00a0ANF-2Q.<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li style=\"text-align: justify;\">Cenvat Credit: As per First Proviso to rule 3(7)(b) of the CENVAT Credit Rules, 2004, credit of EC on excisable goods and EC on taxable services can be used only for payment of EC on finished excisable goods or EC on taxable service; hence, credit of EC cannot be used for discharging SHEC<em><strong>[2015] \u00a0132 (Ahmedabad &#8211; CESTAT) Diamond Power Infrastructure Ltd. v. Commissioner.<\/strong><\/em><\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li style=\"text-align: justify;\">Embroidery machine used for carrying out embroidery work on fabric is entitled to additional depreciation<em><strong> [2015] \u00a0214 (Gujarat)\u00a0PR. CIT v. Vijay Pataka Synthetics.<\/strong><\/em><\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li style=\"text-align: justify;\">IT: When record justified weaving charges claimed by assessee, same could not be disallowed on specious plea that one person, who represented all weavers, signed vouchers for all persons<em><strong> [2015] \u00a0141 (Madras) Southern Sizing Mills v. DCIT.<\/strong><\/em><\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li style=\"text-align: justify;\">Matters arising within Dadar and Nagar haveli are appealable in Bombay HC and not in Gujarat HC.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\">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:\u00a0<a href=\"mailto:info@caindelhiindia.com\">info@caindelhiindia.com<\/a>\u00a0or call at\u00a0011-233 433 33<\/p>\n","protected":false},"excerpt":{"rendered":"<p>CORPORATE AND PROFESSIONAL UPDATE ON DECEMBER 1, 2015 1. INDIRECT TAXES A. Chairperson of CBDT, Anita Kapur completes her tenure, now appointed as advisor on Tax Reform. B. Transfer of land under JDA in lieu of flats held as conversion of capital asset into stock-in-trade [2015] \u00a0274 (Hyderabad &#8211; Trib.)\u00a0 ACIT v. Medravathi Agro Farms &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":[161,647,78,144,142,146],"tags":[566,502,501,162,569,572,179,545,180,561,214,181,194,541,562,560,550,538],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/633"}],"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=633"}],"version-history":[{"count":15,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/633\/revisions"}],"predecessor-version":[{"id":1459,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/633\/revisions\/1459"}],"wp:attachment":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/media?parent=633"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/categories?post=633"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/tags?post=633"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}