Home Highlights August 2016 Year 2016 This

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1. Provision for remuneration of whole time directors – Enhanced directors remuneration – claim of assessee was allowable - AT

2. Levy of service tax on Directors Salary - The Appellate Tribunal ruled in favor of the Appellant, emphasizing that remuneration paid to whole-time directors, who are...

3. Taxable Service or not - payment of remuneration in the nature and form of commission based on percentage of profit to whole time directors - reverse charge mechanism...

4. Reverse charge mechanism (RCM) - Remuneration paid to Directors - The whole time director is essentially an employee of the Company - mere fact that the whole time...

5. Officer in default – whether when the company had a managing director, whole-time director and manager there cannot be any prosecution against the petitioner who was an...

6. Arbitration - The jurisdiction clause of an agreement, the absence of words like “alone”, “only”, “exclusive” or “exclusive jurisdiction” is neither decisive nor does it...

7. Declared Service u/s 66 E(e) of FA or not - Business Transfer Agreement (BTA) entered by the Appellant having a non-compete clause - The tribunal held that, Adjudication...

8. Appointment of managing director, whole-time director or manager - Section 196 of the Companies Act, 2013 - Amendments came into force w.e.f. 12.9.2018

9. Finance Bill, 2016 has been passed by the Loksabha today (5-5-2016) with several amendments to the Clauses 3, 7, 16, 19, 41, 43, 46, 49, 50, 52, 53, 60, 66, 81, 86, 96,...

10. Levy of GST - Reverse Charge Mechanism (RCM) - whole-time director - A director who has taken an employment in the company may be functioning in dual capacities, namely,...

11. Levy of service tax - remuneration paid by a company to the Managing Director and the whole time Executive Director - whether such income is a salary income or otherwise...

12. Lease Agreement - Transfer of Property - Appellant argued that the clause in the lease agreement only applies to voluntary transfers, not to mergers or amalgamations -...

13. Contempt of Court - willful disobedience - The breach of undertaking amounts to contempt as defined under Section 2 (b) of Contempt of Court Act but a remedy is provided...

14. Classification of goods - Folders for inserting certificates - The criteria being that all the printing or writing that is required to be done on the said cards is...

15. Liability of Independent Director who was retired before the date of offence - the petitioner as seen from the documents was an Additional Director on the date the board...