Updates-Income Tax, GST & Company Law (02 June 2017)





02 June 2017


Spirituality
Buddhi-yukto jahatiha
Ubhe sukrta-duskrte
Tasmad yogaya yujyasva
Yogah karmasu kausalam (Text 50, Ch2, Contents of Gita Summarized)

Meaning: A man engaged in devotional service rids himself of both good and bad actions even in this life. Therefore strive for yoga, which is the art of all work.

Buddhi-yukto : one who is engaged in devotional service, jahati: can get ride of, iha: in this life, Ubhe: both,  sukrta-duskrte: good and bad results; Tasmat: therefore,  yogaya : for the sake of devotional service, yujyasva: be so engaged, Yogah : Krisna consciouseness (purifying process of resultant action); karmasu: in all activities,  kausalam: art

Refer Link http://inspireourself.blogspot.in


Income Tax

1.  Society carrying out printing, publishing and distribution of Christian literature was entitled to sec. 11 exemption (A Christian religious society pursuing printing, publishing and distribution of religious literature and tracts as its main activity, was to be treated as religious one, entitled to exemption under section 11) [2017] 81 taxmann.com 380 (Chennai - Trib.)

2. Analysis of section 269ST (Restriction on cash transactions) w.e.f. 01 -04-2017 (Refer link https://incometaxindia1.blogspot.in/2017/06/restriction-on-cash-transactions.html)
3. Trust not hit by proviso to sec. 2(15) due to selling cow's milk if main object of trust was to take care of cows (1. Where dominant activity carried out by assessee-trust for over 130 years was to take care of old, sick and disabled cows, incidental activity of selling milk which might result in receipt of money, by itself, would not make it trade, commerce or business under section 2(15) 2. Merely because Tribunal's order was a common order disposing of two appeals emanating from different authorities, same would not mean that evidence available before one authority could be used to support an order passed by other authority) [2017] 81 taxmann.com 375 (Bombay)

4. ITAT remanded matter where guarantee fee was treated as 'FTS' and as interest in earlier years(Where Assessing Officer treated parent company guarantee Fee paid by assessee as FTS, but in earlier year, on similar facts, said payment was treated as interest by Assessing Officer, there being a contrary treatment given by Assessing Officer, it would be appropriate to remit entire issue to file of Assessing Officer) [2017] 81 taxmann.com 376 (Chennai - Trib.)

5. Matter was remitted to compute exact profit attributable to PE of assessee in India (Where assessee claimed that only profit attributable to operation in India of PE was taxable and not entire management fees and Assessing Officer had taxed entire managerial fee, matter be remitted back for reconsideration to compute exact profit attributable to PE in India)  [2017] 81 taxmann.com 377 (Mumbai - Trib.)

6. Sum paid for getting exhibition rights of cinematographic film wasn't royalty as it was specifically excluded (As per clause (v) of Explanation 2 to section 9(1)(vi) there is a specific exclusion for exhibition of cinematographic films from purview of 'royalty')  [2017] 81 taxmann.com 378 (Chennai - Trib.)
                                             
Goods and Service Tax (GST)

1.Hit by regulatory hurdles, hotel sector revenue to improve 7% in FY18: Icra (Sources: http://www.business-standard.com [31-05-2017]

2. PM Modi to review GST groundwork before final roll out on July 1 (Source - http://economictimes.indiatimes.com [01-06-2017])

3. Delhi assembly passes state GST bill (Source - http://www.business-standard.com [31-05-2017])

Company Law

1.Outgoing director was to be provided honourable exit on fair valuation made by approved valuer: NCLT (Where atmosphere of company was not congenial for petitioner to act and perform as director of company, and he was ready for settlement to get exit, in view of fact that company was a running company, he should be provided honourable exit on valuation of property as done by bank's approved valuer)  [2017] 81 taxmann.com 325 (NCLT - Kolkata)

2.Adjudicating authority can accept or reject time barred petition for initiation of insolvency process: NCLAT (Provisions of sections 7, 9 and 10 are not mandatory and, thus, Adjudicating Authority, in appropriate cases, for reasons to be recorded in writing, can admit or reject petition after period prescribed under said sections)  [2017] 81 taxmann.com 314 (NCL-AT)

3. MCA notice: Form INC-1 is likely to be revised on MCA21 Company Forms Download page w.e.f 3rd June 2017. Stakeholders are advised to check the latest version before filing (Refer http://mca.gov.in/)




Refer Link for regulatory updates on Income tax, GST, Company Law, FEMA: 

1. https://incometaxindia1.blogspot.in 
2.  http://gstindia1.blogspot.in
3. http://secretarialandcorporatelaws.blogspot.in
4. https://femanfcra.blogspot.in

Bipul Kumar
Business Consultant
Email : businesssosimple@gmail.com
Mob.: 9560084833

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