In practical scenario Auditors are appointed in the AGM of the Company for whole financials year(In case of newly incorporated Company by the Board of Directors of the Company and this First Auditors should hold office till the next AGM) . They should conduct audit activities through-out the financial year.
In an attempt to simplify and streamline the process for incorporation of companies, the Ministry of Corporate Affairs (MCA) introduced the formation of the Central Registration Center (CRC) by issuing a notification on January 22, 2016 (CRC Notification). The CRC has been established to facilitate smoother functioning and fastening the processing of incorporation applications, it is expected to look into the applications for name availability (INC-1 e-forms) submitted online across the country and to process the same by the end of the very next working day.
Instruction No. 02/2016 Section 154 of the Act mandates that rectification order shall be passed in writing by the Income Tax authorities. Therefore, on consideration of the matter, the Board hereby directs that all rectification applications must be disposed of after passing an order in writing, to be duly served upon the taxpayers concerned and not by merely marking necessary rectification on the AST System.
Instruction No. 01/2016 section 154 stipulates that where application for amendment is made by assessee/deductor/collector with a view to rectify any mistake apparent from record, the income-tax authority concerned shall pass an order, within a period of six months from the end of the month in which such an application is received, by either making amendment or refusing to allow the claim.
Recently, vide the Notification No. 01/2016 – Central Excise (N.T) dated 01 February, 2016 Central Government omitted the proviso to Rule 3, in sub-rule (1), in clause (vii), of the CENVAT Credit Rules, 2004 vide which the importer was entitled to avail CENVAT credit upto a limit of 85% of the CVD paid on the import of ships, boats and other floating structures for breaking up.
The Serious Fraud Investigation Office (SFIO) is a fraud investigating agency in India. The SFIO is a multi-disciplinary organization and was set up by Govt. of India under Ministry of Corporate Affairs, consisting of experts in the different fields for detecting and prosecuting crimes/frauds pursuance to Government of India Resolution No. 45011/16/2003-Adm-I, dated the July 2, 2003.
In the case of Commissioner of Central Excise, Aurangabad Vs. Chandan Milk & Agro Products Pvt. LTD, it was held that the benefit of payment of penalty of 25% of tax liability cannot be extended if the assessee has not paid the amount of tax, interest and 25% of the penalty within 30 days from the receipt of the order.
In the case of M/s. Surya Pharmaceuticals Ltd. Vs. Commissioner of Central Excise, it was held that the assessee can utilize accumulated Cenvat Credit to discharge the service tax liability towards GTA services prior to 01.03.2008. It was further held that the CENVAT credit cannot be utilised for discharging Service Tax on taxable services provided from outside India and received in India.
In the case of M/s Whirlpool of India Ltd. Vs. CCE & ST, New Delhi, it was held that the onus to prove that the assessee was providing any exempted services is on department before invoking Rule 6 and further it was held that only such intellectual property rights which are covered under Indian law in force alone are chargeable to service tax under IPR service.
In the case of Namrata Advertising Vs. Commissioner of Central Excise, Nasik, it was held that creating infrastructure, displaying the advertisement and collecting rent for such display will not fall under the activity of advertising agency.
