Connect us       New User?     Subscribe Now
Confirm your Email ID for Updates
17.05.2012 - Voice of CA Presents - Updates
Friday, May 18, 2012

I.  Tenders Information:   

  1. Government of India
    Setting & Managing Tax Info. Network for Accepting TDS/TCS Statements
    New Delhi
    (Click for detail)

  2. Punjab Alkalies & Chemicals Ltd.
    Financial Consultants for Restructuring of Debt Under CDR
    Chandigarh
    (Click for detail)

  3. Himachal Pradesh State CAMPA
    CA Firms for Preparation & Compilation Annual Accounts
    Shimla
    (Click for detail)

  4. Office of The Chief Medical Officer
    CA Firms for Concurrent Audit of Distt. Health Society
    Reasi, Jammu & Kashmir
    (Click for detail)

   

II.  Useful Case laws:

1.   A.G. HOLDINGS PVT. LTD. Vs. ITO, W.P.(C) 8031/2011, Date of Decision: 25/04/2012, High Court of Delhi

Issue:

The assessee challenged the reopening u/s 147 on the ground that the recorded reasons were supplied after the expiry of the limitation period and so the reassessment proceedings were invalid.

Held:

There is no requirement in Section 147 or Section 148 or Section 149 that the reasons recorded should also accompany the notice issued under Section 148. The requirement in Section 149(1) is only that the notice under Section 148 shall be issued. There is no requirement that it should also be served on the assessee before the period of limitation. There is also no requirement in Section 148(2) that the reasons recorded shall be served along with the notice of reopening the assessment.

(Please click here for judgment)

 

2.  KRISHAK BHARATI COOPERATIVE LTD. Vs. CIT, ITA No, 955/2008, Date of order: 23/04/2012, High Court of Delhi

Issue:

Whether the Income Tax Appellate Tribunal was right in holding that the Commissioner of Income Tax had rightly invoked and exercised jurisdiction under Section 263 of the Income Tax Act, 1961? – where the AO in the assessment did not disturb the computation and accepted the claim that short term bank deposits and tank hire charges should be included for calculating the deduction under Section 80-I of the Act.

Held:

The tank hire charges were received by the appellant-assessee from the consumers to whom Ammonia was supplied. It represents payment for transportation which was separately billed and these tanks were the carriage wagons owned by the Railways. There is no evidence or material that the transport charges paid and received were intrinsically connected and linked with the manufacturing activity and have to be treated as sale proceeds for the goods sold. Normally, transportation is after or post manufacture. The onus was on the appellant assessee to show and establish that in the present case, because of the peculiarity of facts, transportation charges should be treated as sales proceeds or part of sale proceeds of the goods manufactured and were intrinsically connected and had live link with the manufacturing activity. In the absence of aforesaid evidence and material placed by the appellant assessee, the transportation charges cannot be treated as profit and gain derived from the manufacturing activity, which qualifies for deduction under Section 80-I.

(Please click here for judgment)

 

III.  Today's News: 
  1.  Village panchayats to give CA's certificate on NREGA spendings  (Click for detail)

  2. Net direct tax collections rise 7-fold in April  (Click for detail)

  3. Property Registration to go Electronic in the Capital  (Click for detail)

  4. Tighter Norms Likely for FDI in Real Estate  (Click for detail)

  

Key of Success :

"Each heart is having a pain in it
only the way of expression is different
some hide it in their eyes 
while some hide it in their SMILE"

  

Thanks for your valuable time

   

"Voice of CA"  

   
CA. Sanjay 'Voice of CA' Agarwal
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 


 

« Back
 
Online Poll
Connect Us       New User?     Subscribe Now