Another Earnest Request made by  VOICE OF CA to CENTRAL BOARD OF DIRECT TAXES to issue appropriate instructions for extension of due date of filing of Reports relating to International Transaction u/s 92E and Audit under Transfer Pricing. 

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Recent Updates :  

1.     The Income Tax Officer, Ward 2 (3), Chandigarh Vs. Upinderjit Singh [HIGH COURT OF PUNJAB AND HARYANA] 

The question raised in the appeal “Whether on the facts and circumstances of the case,ITAT was right in law  in holding that provisions of section 145 (2) of the Income Tax Act, 1961 cannot be invoked in the absence of non production/ maintenance of stock register, failure on the part of the assessee to produce bills and vouchers  in support of expenses debited to the profit and loss account, failure on the part of the assessee to justify the low net profit rate and further when assessee had understated the work done during the year by Rs.2 lacs?” 

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2.     The Commissioner of Income Tax (Central), Ludhiana Vs. M/s Oswal Spinniing & Weaving Mills Ltd [HIGH COURT OF PUNJAB AND HARYANA] 

“Whether on the facts and in the circumstances of the case, the Appellate  Tribunal was right in law in holding that transfer of assets at   W.D.V. level valued  at Rs.3,01,700/- in exchange of shares valued at Rs.15,74,874/- did not  constitute “transfer” within the meaning of  section 2(47) and also was right in law  in deleting the addition of Rs.12,73,174/- made by the Assessing Officer by  invoking proviso to section 41(2) of the Income Tax Act, 1961?” 

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3.     The Commissioner of Income-tax, Patiala Vs. M/s. Punjab Tractors Ltd, Mohali. [HIGH COURT OF PUNJAB AND HARYANA] 

“Whether, on the facts and in the circumstances of the case, the ITAT  was right in law in holding the expenditure involved in the cost of  tractors gifted away to foreign Government, as allowable under Section 37(1) of the Income-tax Act?”  The court concluded that “we  answer the question referred to for the opinion of this Court against the Revenue and in favour of the assessee.” 

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What's New 

a.  Finance Minister releases Budget Manual  (Click for detail) 

b.  Cenvat Credit (Fifth Amendment) Rules, 2010 - Amendment in rule 2  (Click for detail)

c.  Where total income computed under normal provisions of Act is either nil or a negative figure, tax payable would be zero and since this would be less than book profit tax, assessee would be liable to pay book profit tax u/s.115JB  (Click for detail)

d.  Advancement of loans to employees of an educational institution cannot be regarded as mis-application of funds for purpose of section 10(23c)(vi)  (Click for detail) 

   

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Thanks for your valuable time 

"Voice of CA"

CA. Sanjay Kumar Agarwal, Founder - Voice of CA
Member  Central Council - ICAI
Former Chairman - NIRC
Mob : 9811080342, agarwal.s.ca@gmail.com 
   
   
CA. Kapil Goel, Moderator-Direct Taxes
Mob:9910272806, kapilnkgoelandco@gmail.com
 
CA. Sidharth Jain, Co-Moderator
sidhjasso@yahoo.com 
  
CA. Mukesh K Bansal, Co-Moderator-FEMA
Mob:9540022533, mukbansal80@gmail.com