CORPORATE AND PROFESSIONAL UPDATE OCT 14, 2016
CORPORATE AND PROFESSIONAL UPDATE OCT 14, 2016
Direct Tax:-
IT: Merely because bank has gone in liquidation would not be sufficient reason to doubt the bank transaction in support of which there was ample other evidence produced by the assessee – Pr.CIT-2 Vs Hiral Pharma Ltd. (2016 (10) TMI 366 – Gujarat High Court)
IT: Penalty u/s 271(1)(c) – assessment was made accepting the revised return – undisclosed income towards excess cash excess stock and list of outstanding debtors was offered and tax was paid – no penalty – Sita Devi Jain, M/s. Heera Lal Sanmati Kumar Vs ITO (2016 (10) TMI 364 – ITAT Jaipur)
Mumbai ITAT confirms deletion of capital gains for AY 2008-09, holds that receipt of Rs. 10 cr. under the development agreement of land does not result into transfer u/s 2(47)(v).[TS-551-ITAT-2016( Mum)]
Revenue in the instant case has come to the conclusive finding which attained finality that the transactions of purchase of shares are sham and bogus transactions camouflaged with an intention to evade taxes -ITAT Mumbai in case of [Ratnakar M. Pujari, Mumbai Vs. ITO, Mumbai]
Indirect Tax:-
Power to tribunal to reduce the penalty u/s 11AC below the amount of confirmed duty – the Tribunal could not reduce the penalty for an amount lesser than the duty which has been upheld – SC – Central Excise.( Commissioner of Central Excise and Customs, Surat-I Versus M/s. Vandana Art Prints Pvt. Ltd. – 2016 (10) TMI 277 – SUPREME COURT)
Supreme court in the below citied case held that allegation of illegal export is invalid in the absence of any evidence to show that the money was remitted by way of Hawala the case of over-invoicing could not be established by the Department -(Commissioner of Customs, Mumbai Versus M/s Tex-Age and Others) – 2016 (10) TMI 264 – SUPREME COURT
FAQ on Company Law:
Query: Can a foreign resident form an OPC in India with Indian resident as his nominee?
Answer: As per Rule 3(1) of the Companies (Incorporation) Rules 2014, only a natural person who is an Indian citizen and resident in India shall be eligible to incorporate OPC .
No Body Corporate and Foreign Citizen resident in India is allowed to form OPC.
Query: Whether a director has to disclose his interest in foreign companies as well in Form MBP-1?
Answer: Section -184 of the Companies Act 2013 provides that every director shall at the first meeting of the Board in which he participates as director and thereafter at the first meeting of the Board in every financial year or whenever there is any change in the disclosures already made, then at the first Board meeting held after such change, disclose his concern or interest in any company or companies, body corporates, firms or other association of individuals, which shall include shareholding in Form MBP-1. Thus, Foreign Company being a body corporate, interest in it should be disclosed in Form MBP-1.
MCA Update :
MCA: e-Form INC-29 (Integrated Incorporation Form) will be withdrawn w.e.f. 01 NOV 2016 instead SPICe (Simplified Proforma for Incorporating Company electronically), INC-2 (One Person Company), or INC-7 (Incorporation of Company) e-Forms, as applicable will be available.
ICAI Update
ICAI issues clarification in respect of MEF 2016-17 for Proprietor / Individual applicants.
Key Dates:
- Payment of DVAT TDS for the month of September-15/10/2016
- Form 27EQ (TCS return) by all deductor-15/10/2016
- Issue of TDS Certificate in case of payment/credit made in the month of august for purchase of property u/s 194IA-15/10/2016
- Statement by bank in Form no. 15CC in respect of foreign remmitence during the quarter-15/10/2016
- E-Payment of PF for the month of September-15/10/2016
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