{"id":667,"date":"2015-12-09T10:01:04","date_gmt":"2015-12-09T10:01:04","guid":{"rendered":"http:\/\/caindelhiindia.com\/blog\/?p=667"},"modified":"2021-07-14T11:50:31","modified_gmt":"2021-07-14T11:50:31","slug":"667","status":"publish","type":"post","link":"https:\/\/www.caindelhiindia.com\/blog\/667\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATE ON DECEMBER  6, 2015"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_58 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69e9f593782ee\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69e9f593782ee\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.caindelhiindia.com\/blog\/667\/#CORPORATE_AND_PROFESSIONAL_UPDATE_ON_DECEMBER_6_2015\" title=\"CORPORATE AND PROFESSIONAL UPDATE ON DECEMBER\u00a0 6, 2015\">CORPORATE AND PROFESSIONAL UPDATE ON DECEMBER\u00a0 6, 2015<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.caindelhiindia.com\/blog\/667\/#DIRECT_TAX\" title=\"DIRECT TAX\">DIRECT TAX<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.caindelhiindia.com\/blog\/667\/#INDIRECT_TAX\" title=\"INDIRECT TAX\">INDIRECT TAX<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.caindelhiindia.com\/blog\/667\/#OTHERS\" title=\"OTHERS\">OTHERS<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"CORPORATE_AND_PROFESSIONAL_UPDATE_ON_DECEMBER_6_2015\"><\/span><span style=\"color: #000080;\"><strong>CORPORATE AND PROFESSIONAL UPDATE ON DECEMBER\u00a0 6, 2015<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<figure id=\"attachment_3144\" aria-describedby=\"caption-attachment-3144\" style=\"width: 537px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2015\/12\/Business-consultant.png\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-3144\" src=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2015\/12\/Business-consultant.png\" alt=\"www.caindelhiindia.com; Business consultant\" width=\"537\" height=\"281\" \/><\/a><figcaption id=\"caption-attachment-3144\" class=\"wp-caption-text\">www.caindelhiindia.com; Business consultant<\/figcaption><\/figure>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"DIRECT_TAX\"><\/span><span style=\"color: #0000ff;\"><strong>DIRECT TAX<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li>No reassessment beyond 4 years to tax deemed dividend if material facts of such income were disclosed in assessment\u00a0<strong>[2015] \u00a0104 (Gujarat)\u00a0<em>Viren Sureshchandra Shah v. ACIT.\u00a0<\/em><\/strong><\/li>\n<li>Personal loan given by a company to its shareholder holding substantial interest in it would be\u00a0taxable as deemed dividend <strong>[2015]<\/strong><strong> \u00a097 (Madras)\u00a0Sunil Kapoor v. CIT.<\/strong><\/li>\n<li>In case of industrial unit of assessee, covered under West Bengal Incentive Scheme, 1999, sales tax subsidy received from Government was capital receipt and, thus<strong>,<\/strong>not liable to tax<strong> [2015] \u00a096 (Chandigarh &#8211; Trib.)\u00a0DCIT v. Bhushan Ltd.<\/strong><\/li>\n<li>Income of business run by assessee as Karta of HUF after his father&#8217;s demise can&#8217;t be taxed inhis individual capacity<strong> [2015] \u00a093 (Karnataka)\u00a0 CIT v. Manish Kumar Pajwani.<\/strong><\/li>\n<li>AO couldn&#8217;t tax interest on accrual basis if recovery of principal amount of loan is doubtful.<\/li>\n<li>Where assessee was in fact not receiving any interest on loan advanced and it had to write off said loan finally in subsequent year, no addition could be made on account of accrued interest just because assessee was following mercantile system of accounting<strong>[2015] \u00a098 (Guwahati &#8211; Trib.) Cachar Drug Distributors v. ITO.<\/strong><\/li>\n<li>No reassessment beyond 4 years to tax deemed dividend if material facts of such income were disclosed in assessment\u00a0<strong>[2015] \u00a0104 (Gujarat)\u00a0 Viren Sureshchandra Shah v. ACIT.<\/strong><\/li>\n<li>Personal loan given by a co. to its shareholder holding substantial interest in it would be taxable as deemed dividend\u00a0<strong>[2015]<\/strong><strong>97 (Madras)\u00a0Sunil Kapoor v. CIT<\/strong><\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"INDIRECT_TAX\"><\/span><span style=\"color: #0000ff;\"><strong>INDIRECT TAX<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li><span style=\"color: #00ccff;\"><strong><span style=\"text-decoration: underline;\"><span style=\"text-decoration: underline;\">C<\/span><span style=\"text-decoration: underline;\">ST &amp;\u00a0VA<\/span><span style=\"text-decoration: underline;\">T: Delhi VAT<\/span><\/span>&#8211; <\/strong><\/span>Where penalty order under section 86(10) was passed by Assessing Authority without service of prior notice on assessee and without affording it an opportunity of being heard, said order was liable to be set aside [2015] \u00a081 (Delhi)\u00a0Bansal Dye Chem (P.) Ltd. v. Commissioner VAT.<\/li>\n<li>Sales tax\u00a0subsidy received under West Bengal Incentive Scheme, 1999 was a capital receipt.<\/li>\n<li>Delhi Government. mandates\u00a0<strong>full reduction of tax-credit on stock transfer of Cigarettes outside Delhi.<\/strong><\/li>\n<li>Indirect Tax Ombudsmen to hold meetings with trade and industry associations to hear problems of taxpayers.<\/li>\n<li>Sales tax subsidy received under West Bengal Incentive Scheme, 1999 was a capital receipt.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"OTHERS\"><\/span><span style=\"color: #0000ff;\"><strong>OTHERS<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li>Extraordinary item of cash flow statement should have been recognised in statement of profit and loss as such.<\/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:<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\u00a0 6, 2015 DIRECT TAX No reassessment beyond 4 years to tax deemed dividend if material facts of such income were disclosed in assessment\u00a0[2015] \u00a0104 (Gujarat)\u00a0Viren Sureshchandra Shah v. ACIT.\u00a0 Personal loan given by a company to its shareholder holding substantial interest in it would be\u00a0taxable as deemed dividend [2015] &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":[830,142,146,123],"tags":[502,501,569,572,179,180,561,214,181,194,541,562,560,538],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/667"}],"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=667"}],"version-history":[{"count":7,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/667\/revisions"}],"predecessor-version":[{"id":3145,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/667\/revisions\/3145"}],"wp:attachment":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/media?parent=667"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/categories?post=667"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/tags?post=667"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}