I . An Initiative:

An Initiative taken by VOICE OF CA in respect of difficulty being faced by the members while filing the Income Tax Return for Companies in accordance with the revised schedule VI of the Companies Act, 1956 & ITR-6 notified by the Income Tax Department

Please click here For the letter to Chairperson, CBDT from Voice of CA.... 

 II . Help Desk:

Voice of CA has set up a HELP DESK to share the difficulties of the members in filing Income Tax Returns,  Our co-coordinators, CA Adhir Kumar Samal and CA Apoorva Bhardwaj will be available from 24.09.12 to 29.09.12 (10.30AM TO 6.00PM) at 011-41538326. 

   III.  Useful Case Laws: 

1.   M/s Arisudana Spinning Mills Ltd. Vs CIT, CIVIL APPEAL NO. 1466 OF 2008, Dated: 05-09-2012, Supreme Court of India

Issue:

Whether AO is entitled to estimate eligible profits u/s 80IA in the absence of separate books for goods manufactured.

Held:

We are not concerned with the interpretation of Section 80IA of the Act. On facts, we find that the assessee ought to have maintained a separate account in respect of raw material which it had sold during the assessment year. If the assessee had maintained a separate account, then, in that event, a clear picture would have emerged which would have indicated the income accrued from the manufacturing activity and the income accrued on the sale of raw material. We do not know the reason why separate accounts were not maintained for the raw material sold and for the income derived from manufacture of yarn. Thus the appeals filed by the assessee are dismissed.

(Please click here for judgment)

2. DIT Vs. FOUNDATION OF OPHTHALMIC & OPTOMETRY RESEARCH EDUCATION CENTRE, ITA 1687/2010, DECIDED ON: 16.08.2012, High court of Delhi

Issue:

Whether Commissioner/Director is required to examine the question whether the Trust has actually commenced and has, in fact, carried on charitable activities for granting registration 12AA?

Held:

That the statute does not prohibit or enjoin the Commissioner from registering Trust solely based on its objects, without any activity, in the case of a newly registered Trust. Also the statute does not prescribe a waiting period, for a trust to qualify itself for registration.

Hon’ble Delhi High Court held that, at the time of granting registration u/s 12AA of IT Act, the concerned Commissioner /Director is not required to examine the question whether the trust has actually commenced and has carried on charitable activities or not and at that time the objects of the trust/society from the trust deed/memorandum of objects have to be taken into consideration.

(Please click here for judgment) 

 

  Golden Rules:

"Value of a relation is not that 
how much one feels happy with someone, 
but it is the emptiness that 
one feels without someone"

  Thanks & Regards

  Team - Voice of CA