I.  Today's Topline News:   

1. Exposure Draft of General Purpose Financial Reporting XBRL Taxonomy Based on Revised Schedule VI for Commercial and Industrial Companies  (Click for detail)

2. Last Date Extended to 11th April 2012 for Empanelment for Observers for the CA Exam to be held in May-2012 and the Common Proficiency Test to be held in June-2012  (Click for detail)

3. IT : Small Savings Schemes : Interest rates on PPF, 1968 & SCSS, 2004 revised  (Click for detail)

4. Income Tax department to revive 'demand notice' in Vodafone tax case  (Click for detail)

5. Supreme Court rejects Essar Oil's plea in tax case  (Click for detail)

6. RBI - Authorised Dealer Category II – Permission for additional activity and opening of Nostro account  (Click for detail)

 

II.  A Useful Article: 

[Contribution by  CA. Rakesh Choudhary, author is available at Mobile : 9868500351 / email-id: rakeshchoudhary1@indiatimes.com ]

A Useful Article on Bank Audit 

(Please click here)

  

III.  Useful Case laws:

1.   Council for the Indian School Certificate Examination Vs. Director General of Income Tax, W.P.(C) 4716/2010, Date of decision: 20/03/2012, Delhi High court

Issue:

Assessee has filed writ petition against order passed by the Director General of Income Tax (Exemptions), for denying them exemption under Section 10(23C)(vi) of the Income Tax Act, 196, on the ground that the aforesaid institute was not directly imparting education and had not employed teachers who were teaching or giving lectures to the students.

Held:

Recently, the Madhya Pradesh High Court in CIT v. M.P. Rajya Pathya Pustak Nigam, (2009) 226 CTR (MP) 497 examined a similar question and after referring to several decisions has held that the term educational purpose was not restricted merely to holding of teaching class or lectures but educational purpose was equally served when educational text books were published. It is, therefore, clear that courts have laid emphasis on the activity undertaken, while construing or deciding whether or not a particular institution can be regarded as an educational institution. The courts have repeatedly held that the holding of classes is not mandatory for an institution to qualify and to be treated as an educational institution. If the activity undertaken and engaged is educational, it is sufficient. Decided in favor of the assessee.

(Please click here for judgment)

 

2.   Shri. Ghanshyam K Khabrani Vs. ACIT, W.P.No. 1246 OF 2012, Date of Judgment: 12/03/2012, Bombay high court

Issue:

Whether notice issued beyond four year under section 148 of Income tax Act, without compliance of the mandatory requirements of section 147 and 151(2) is valid.

Held:

The notice under section 148 can be issued beyond four year with prior approval of joint commissioner and at the same time joint-commissioner should be satisfied that this is fit case for issue of a notice in view of section 151(2). In the present case no new evidence or fresh evidence produce by assessing officer  and the joint-commissioner granted approval without see the record for issuance of notice under section 148. The court held that there was no compliance of the mandatory requirements of Section 147 and 151(2), the notice reopening the assessment cannot be sustained in law.

(Please click here for judgment)

 

IV.  Tenders Info.: 

1. Chief Medical Officer
   Appointment of Con – Current Auditor
   Multi Location - Jharkhand
   (Click for detail)
   
    

Key of Success :

"Sometimes Absence is the best presence because
if somebody is absent then you miss them
and if you miss them that means
they are present in your heart"

  

Thanks for your valuable time

   

"Voice of CA"  

  
CA. Agarwal Sanjay  
' Voice of CA' 

Founder
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 

CA. Avinash Gupta, Co-Moderator-International Taxation 
caavinashgupta@gmail.com