I.  Today's Topline News : 

1. Finance Minister - Direct Taxes Code (DTC) would come into force from the next financial year  (Click for detail)

2. Income Tax Notification No. 55 - IIT Rajasthan, Jodhpur approved for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act in the category of 'Other Institution'  (Click for detail)

3. Income Tax Notification no. 53 - CSIR, New Delhi approved for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, in the category of 'Other Institution'  (Click for detail)
    

II.  Recent Updates:

1.    DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-3 KOLKATA Vs. M/s BIHARIJI ISPAT UDYOG LTD. ITA Nos. 1982 & 1983/Kol/2010 Assessment Years: 2001-02 & 2006-07, DATE: 06.09.2011, ITAT – Kolkata

Whether any addition under section 68 is permissible when the advances are received by account payee cheques and interest and shares have been paid and allotted against these advances.

Keeping in view of the fact that the aforesaid transactions were duly recorded by assessee and the transactions are made by account payee cheques and the interest on the said transactions have been paid after deduction of TDS and that AO should have enucleated or brought on record unassailable, concrete and incontrovertible facts that could have clinched the issue in the Departmental favour.

(Please click here for judgment)

  

2.  COMMISSIONER OF INCOME TAX Vs. H P MARKETING BOARD, I.T.A. NO.1 OF 2007, DATED: 24.06.2011, HIGH COURT OF HIMACHAL PRADESH

Whether a marketing board is a local authority within the meaning of section 10(20) prior to the amendment made in section 10(20) when the word ‘local authority’ was not defined in the Income tax Act and the definition of ‘local authority’ as defined in section 3(31) of the General Clause Act was applicable.

The question whether the Marketing Board is a local authority or not is a question based more on law than on facts. There being no res judicata in income tax proceedings the Department cannot be tied down with a view which it may have once taken. Thus, the question of law raised is held in favour of the Revenue by holding that H.P. Marketing Board is not a local authority within the meaning of Section 10(20) of the Income Tax Act, 1961 or 3(31) of the General Clauses Act, 1897.

(Please click here for judgment)

  

3.  [ Contribution by  CA Puneet Goyal, and contributor is available at email-id: capuneetgoyal.delhi@gmail.com ]

For the chronological list of taxable services with date of their introduction as on 1.5.2011

(Please click here for detail)

  

III.  Today's Bottomline News : 

1. RBI/2011-12/227 - Notification of Credit Default Swaps as a derivative under Reserve Bank of India Act, 1934  (Click for detail)

2. RBI/2011-12/226 - Repatriation of income and sale proceeds of assets held abroad by NRIs who have returned to India for permanent settlement/acquired abroad through remittances under LRS  (Click for detail)

3. RBI/2011-12/225 - Opening Foreign Currency (Non-Resident) Account (Banks) Scheme [FCNR(B)] account in any freely convertible currency – liberalization  (Click for detail)

4. Prepay loan without fine to housing finance companies  (Click for detail)
    

IV.  Today's Tenders Info. :

1. CENTRAL COALFIELDS LIMITED
   RANCHI
   (CLICK FOR DETAIL)

Key of Success :

"True guidance is like a small lamp in a dark forest.
It doesn't show everything at once,
but gives enough light for the next step to be Safe"

  

Thanks for your valuable time

   

"Voice of CA"  

  
CA. Sanjay Kumar Agarwal
Founder - Voice of CA 
Mob : 9811080342, agarwal.s.ca@gmail.com      
   
CA. Sidharth Jain, Co-Moderator
sidhjasso@yahoo.com 
  
CA. Mukesh K Bansal, Co-Moderator-FEMA 
mukbansal80@gmail.com