1.      Article on Important Financial Indicators Part - I  by CA. Manoj Kumar Gupta

(Click here for detail)

  

2)    CIT Vs M/S GLAXO SMITHKLINE ASIA(P) LTD- Supreme Court- Adhoc disallowances

A direction has been given by the Hon’ble Court to provide empirical data so that adhocism would be stopped by the department.

(Click here for Judgment) 

    

3)    CIT Vs Bharat Alumunium Co. Ltd- Delhi High Court- Block of  assets

Depreciation on an asset which is not put to use in the relevant Asstt. Year-The assessee purchased machinery which was not put to use during the year though it formed a part of the “block of assets”. On the question whether depreciation on the said machinery was allowable, the Tribunal held that once a particular asset falls within the block, it is added to the WDV and depreciation is to be allowed on the block. The  individual asset loses its identity and the question whether an individual       asset is put to use in a particular year or not is irrelevant in as much as the requirement of law is to establish the use of the block of assets and not the use of particular equipment. On appeal by the Revenue, The High Court affirmed the view of the ITAT.

(Click here for Analysis) 

(Click here for judgment) 

    

What's New 

a.  TDS Circular 1/2010

TDS Circular 1/2010 for Income-tax deduction from salaries during the financial year 2009-2010 under section 192 of the Income-tax act, 1961 Released.

Click here for circular

  

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"Voice of CA"

CA. Sanjay Kumar Agarwal, Founder - Voice of CA

(Former Chairman - NIRC)

Mob : 9811080342, agarwal.s.ca@gmail.com

CA. Kapil Goel, Moderator-Direct Taxes, Mob:9910272806, cakapilgoel@gmail.com

CA. Sidharth Jain, Co-Moderator, sidhjasso@yahoo.com

CA. Mukesh K Bansal, Co-Moderator-FEMA, mkak@rediffmail.com