I.  Today's Topline News : 

1. FEMA : Establishment of Project Offices in India by Foreign Entities - Clarification on General Permission  (Click for detail) 

2. STAX - Circular No. 151/2/2012 - Service tax on construction services  (Click for detail)

3. SEBI : SEBI (Portfolio Managers) (Amendment) Regulations, 2012  (Click for detail)

4. General Circular No. 1/2012 - Filing of conflicting returns by contesting parties – clarificationRegarding  (Click for detail)

5. Budget 2012: House panel for raising income tax exemption limit to Rs 3 lakh  (Click for detail)

II.  Recent Updates:

1.   THE SYNODICAL BOARD OF HEALTH SERVICES Vs. DIRECTOR GENERAL OF INCOME TAX, W.P.(C) NO. 12897/2009, DATE OF DECISION: 09/01/2012, HIGH COURT OF DELHI, SECTION : 10(23C)(IV)

The petitioner has filed application for registration to Director General of Income Tax (Exemptions) under section 10(23C)(iv) of the Income Tax Act,. The respondent dismissed the application on the ground that there was variation of administration expenses in all the three assessment years.

It was held that the principle of res judicata does not apply and for each period the question of grant of exemption has to be examined separately. The competent authority in the said case had brought on record evidence to show that the records and accounts were not properly maintained and were obviously subjected to manipulation which was decipherable. The reasons given by the respondent in the impugned order do not appear to us to be germane to the conclusion he has reached. As indicated the explanation/justification of the petitioner has not been considered. Keeping in view the aforesaid aspects we set aside the impugned order dated 30th April, 2009 and pass an order of remit and direct the respondent to decide the application for registration under Section 10(23C)(iv) afresh after giving hearing to the petitioner/authorized representative.

(Please click here for judgment)

  

2.  MOHAN MEAKIN LIMITED Vs. COMMISIONER OF INCOME TAX, ITA NO. 964/2009, DATE OF DECISION: 30/01/2012, HIGH COURT OF DELHI, SECTION: 41(1)

Issue:  “Whether ITAT was correct in law in deleting the addition made by the Assessing Officer on account of unclaimed credit balances written off by the assessee in its books of accounts for the year under consideration, invoking the provisions of Section 41(1) of the Income Tax Act.”

Held: Explanation 1 of Section 41(1) of I.T Act is applicable with effect from 1-4-1997. In the presents case the unclaimed credit balances written off by assessee in its books of accounts is belong prior to 1-4-1997. So the order of ITAT is upheld by High Court.

(Please click here for judgment)

 

3.  [Contribution by  CA. Vijay Kumar Gupta, author is available at Mobile : 9999328958 / email-id: vijayguptaca104@yahoo.com ]

A Useful Presentation on Law of TDS u/s 194C

(Please click here for detail)

  

4.  [Contribution by  one of our Innovative Member  CA ARUN K. VARSHNEY, and contributor is available at akvco@yahoo.com ]

New Tax Regime - II

(Please click here for detail)

  

III.  Tenders Info. : 

1. DAKSHIN HARYANA BIJLI VITRAN NIGAM
   Engagement For Carrying Out Independent Audit
   Hisar - Haryana
   (Click for detail)
   
    

Key of Success :

"Never think hard about past, it bring tears,
don't think more about future, it bring fears,
live this moment with a smile, it bring cheers"

  

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