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03.04.2012 - Voice of CA Presents - Updates
Tuesday, April 3, 2012


I.  A Useful Presentation: 

[Contribution by  CA. Gaurav Jain, author is available at Mobile : 9871143366 / email-id: ]

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

(Please click here for pdf format)


II.  Today's Topline News:   

  1. IT Notification No. 15 – Income Tax (Fourth Amendment) Rules, 2012 – Amendment in the Table of the New Appendix I  (Click for detail)
  2. IT Notification No. 14 - An individual or a Hindu Undivided Family, being a resident, having assets located outside India or signing authority in any account located outside India and required to furnish the return- IT (Third Amendment) Rules, 2012  (Click for detail)
  3. Central Excise NT Notification No. 22 - Central Excise (Third Amendment) Rules, 2012  (Click for detail)
  4. Central Excise Tariff Notification No. 21 - Exemption from excise for Food grade hexane & Naphtha  (Click for detail)
  5. Central Excise Tariff Notification No. 22 - Excise on Headings 2710 12 11 to 2710 12 13, 2710 12 20, 2710 12 90, 2710 20 00  (Click for detail)
  6. RBI - Overseas Direct Investments – Liberalisation_Rationalisation  (Click for detail)
  7. RBI- Use of International Debit Cards_Store Value Cards_Charge Cards_Smart Cards by Resident Indians while on a visit outside India  (Click for detail)


III.  Useful Case laws:

1.   Quippo Telecom Infrastructure Ltd. Vs. ACIT, ITA No. 4931 /Del/2010, Dated: 29/07/2011, ITAT- Delhi

In computing book profits u/s 115JA/JB, if actual expenditure to earn tax-free income not debited in P&L A/c, s. 14A can not apply.

Under the normal provisions of the Act, Rule 8D cannot apply till AY 2008-09 though the AO is at liberty to identify actual expenditure incurred to earn tax-free income & make disallowance. However, while computing book profit u/s 115JB, no actual expenditure was debited in the profit & loss account relating to the earning of exempt income. S. 14A cannot be imported into while computing the book profit u/s 115JB because clause (f) of Explanation to s. 115JB refers to the amount debited to the profit & loss account which can be added back to the book profit while computing book profit u/s 115JB of the Act. In Goetze (India) Ltd. vs. CIT 32 SOT 101 (Del) it was held that sub-sec. (2) & (3) of s. 14A cannot be imported into clause (f) of the Explanation to s. 115JA. Accordingly, it is held that no addition to book profit can be made on account of alleged expenditure incurred to earn exempt income while computing income u/s 115JB.

(Please click here for judgment)


2.   Indivest Pte Ltd. Singapore Vs. Additional Director of Income Tax, Writ Petition No. 315 of 2012, Dated: 13/03/2012, Bombay High Court

The validity of the notice reopening the assessment under Section 148 has to be determined on the basis of the reasons which are disclosed to the assessee. Those reasons constitute the foundation of the action initiated by the Assessing Officer of reopening the assessment. Those reasons cannot be supplemented or improved upon subsequently.

(Please click here for judgment)


IV.  Tenders Info.: 
  1. Government of Rajasthan
    Providing Services from CA Firms for Account Work
    Jaipur - Rajasthan
    (Click here for detail)

  2. Pragathi Gramin Bank
    Engage CAs for Concurrent Audit Functions in their Branches
    (Click here for detail)


Key of Success :

" D O S T I "
Na kabhi imtihan letti hai,
na kabhi imtihan detti hai.
Ye to wo dua hai,
jo baarish se bhige chehre par bhi
aansuo ko pehchan letti hai.


Thanks for your valuable time


"Voice of CA"  

CA. Agarwal Sanjay  
' Voice of CA' 
Mob: 9811080342,      
CA. Sidharth Jain, Co-Moderator 
CA. Mukesh K Bansal, Co-Moderator-FEMA 

CA. Avinash Gupta, Co-Moderator-International Taxation 


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