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16.06.2012 - Voice of CA Presents - Updates
Saturday, June 16, 2012

I.  Today's News:   

  1. Income Tax Notification No. 21 - No TDS on subsequent transfer of software without modification (Click for detail)

  2. Income Tax Notification No. 22 - Central Government notifies under clause (48) of section 10 read with section 295 of the Income tax Act  (Click for detail)

  3. ST Order No. 1 : Service Tax (Removal of Difficulty) Order, 2012  (Click for detail)

  4. RBI - Policy Guidelines for issuance and operation of Prepaid Payment Instruments in India- Amendments  (Click for detail)

  5. Govt. to Remove Multi-level TDS on Software from July  (Click for detail)

  6. ICAI Initiative - Business & Economy  (Click for detail)


II.  Useful Case law:

1.   Income-tax Officer, Vs. M/s Agrani Convergence Ltd. ITA No. 2343/Del/11, Asstt. Yr: 2007-08, Dated: 08-06-2012, ITAT - New Delhi


(a)  Withdrawal of claim by way of revised computation does not assumes a character of technical default. Hence penalty cannot be imposed u/s 271(1)(c).

(b)  When assessee filed all the primary particulars and was under bona fide belief that the amount is irrevocable, the same were allowable as bad debts on write off.


The assessed income in this year and in subsequent years is in loss and the contention that no tax advantage has been claimed, has not been disputed. The withdrawal of loss under short term capital loss increased the amount of depreciation. Under these circumstances, the imposition of penalty on withdrawal of claim by way of revised computation assumes a character of technical default. In respect of bad debt also assessee filed all the primary particulars in this behalf and was under bona fide belief that the amounts having become irrevocable same were allowable as bad debts on write off. All the facts indicate that the assessee filed necessary primary particulars along with return of income.

The penalty should not be imposed only because it is lawful to do so and the penalty should not be imposed for technical and venial defaults. In view of these circumstances, we hold that the assessee having furnished all primary facts along with the return of income and the mistake being technical or venial in nature, assessee is not liable to be visited with penalty u/s 271(1)(c).

(Please click here for judgment)


2.  Shri B. M. Labroo, Vs. DCIT, Circle 24(1), ITA No. 2756/Del./2011, Assessment Year 2006-07, Dated: 11-06-2012, ITAT - New Delhi


Investment of long term capital gain made in new residential house within the time limit prescribed u/s 139(4) of the Act is eligible for deduction under section 54 of the Income Tax Act, 1961 – held yes.

(Please click here for judgment)


III. Tender Info.:

  • National Council of Educational Research & Training
    Sales Tax Consultant for Filling Central Sales tax return
    New Delhi
    (Click for detail)
  • Braithwaite & Co. Ltd.
    CA Firms as Internal Auditor for various accounting & internal control
    (Click for detail)

Key of Success :

"Negative thoughts and tensions are like birds.
We can't stop them from flying  around us 
but we can certainly stop them from making a nest in our mind


Thanks for your valuable time


"Voice of CA"  

CA. Sanjay 'Voice of CA' Agarwal
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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