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11.09.2012 - Voice of CA Presents - Updates
Tuesday, September 11, 2012

   I.  Useful Case Laws: 

1. Commissioner of Income Tax, Ahmedabad and Ors. ...Appellant(s) Vs. Ahmedabad Stamp Vendors Association ...Respondent(s), Civil Appeal No. 10270 OF 2003, September 06, 2012, Supreme Court of India

Issue : Whether TDS is deductible u/s 194H on discounts received by stamp venders while purchasing stamp paper from state govt?

Held that 0.50% to 4% discount given to the Stamp Vendors is for purchasing the stamps in bulk quantity and the said discount is in the nature of cash discount. In the circumstances, we concur with the impugned judgment that the impugned transaction is a sale. Consequently, Section 194H of the Income-tax Act, 1961, has no application.

(Please click here for judgment)


2.  Assistant Commissioner of Income Tax, Udaipur Vs. M/s. Gebilal Kanhaialal HUF, Through Karta, Udaipur, Civil Appeal No. 636 OF 2005, September 04, 2012,  Supreme Court of India

Issue : Whether immunity of penalty u/s 271(1)(c) is available, even if tax and interest on undisclosed income surrendered during course of search, is paid beyond the time limit prescribed under the Act for payment of the tax & interest ?

Sub-clause (2) of section 271(1)(c) confers an immunity from penalty if three conditions are fulfilled, namely, (i) the assessee must make a statement u/s 132(4) in the course of search stating that the unaccounted assets and incriminating documents found from his possession during the search have been acquired out of his income, which has not been disclosed in the return of income to be furnished before expiry of time specified in s. 139(1), (ii) the assessee should specify in the s. 132(4) statement the manner in which such income stood derived and (iii) the tax together with the interest has to be paid. There is no time limit prescribed in the third condition for the payment of the tax & interest. As the assessee had fulfilled the first two conditions and paid the tax & interest (before the completion of the assessment), it was entitled to immunity under Explanation 5 to s. 271(1)(c).

(Please click here for judgment) 



We are pleased to invite you to the unique free Webinar on " XBRL reporting at MCA : Lessons Learnt & Challenges Ahead" to provide a practical knowledge on XBRL as on:

Date: 17th September, 2012 (Monday) 

Time: 3:00PM to 4:00PM

Only 100  participant can join at a time for the webinar, so register your seat at the earliest  after filling the particulars by clicking the link given below:

After registering you will receive a confirmation email containing information about joining the Webinar.

For any clarification or difficulty contact CA Naveen Garg, Mobile No. 9910332115, Email-id   

III.  Whats New: 


 IV.  Tenders Info.: 

  • Pradhan Mantri Gram Sadak Yojana (PMGSY)
    Internal Audit for PMGSY Orgainstation
    Srinagar - J & K
    (Click for detail)
  • Government of Jammu And Kashmir
    Carrying Out Internal Audit of PMGSY Flagship Programme
    J & K
    (Click for detail) 


  Golden Rules:

"If someone shares problems with you and asks for help,
it doesn't mean they are weak or incompetent. 
But it indicates their level of trust in you


  Thanks & Regards

Team - Voice of CA 





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