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05.10.2012 - Voice of CA Presents - Updates
Friday, October 5, 2012

I.  Useful Contrubition: 

1. [Contribution by Respected CA Bimal Jain Ji and contributor is available at ]

An article on "No Time limit for availing Cenvat Credit"

(Click here for detail) 


 II.  Whats New:

  1. ICAI Election - 2012 - List of Nominations received  (Click for detail)
  2. How to View Income tax Demand / Arrears Payable Online  (Click for detail) 
  3. FM, Sebi likely to announce market-friendly steps on Saturday  (Click for detail) 
  4. Tax returns, performance report out of RTI ambit: SC  (Click for detail) 
  5. Company Law - Companies Bill, 2011- Cabinet approves Amendments  (Click for detail) 
  6. Notification dated 28.09.2012 – Date of Submission of information in form T-2 shall come into force w.e.f. 15.10.2012  (Click for detail) 
  7. Order dated 28.09.2012 – Extension of time limit for furnishing of reconciliation return in form DVAT-51 & original “C” forms etc for 1st, 2nd & 3rd Qtr of 2011-12 – 31.10.2012  (Click for detail) 
  8. Notification dated 28.09.2012 – Syndicate Bank has been added for e-payment of VAT etc. (Click for detail) 
  9. Date of registration without surety has been extended to applications submitted upto 31.12.2012 (Click for detail) 

   III.  Useful Case Laws: 

1.  CIT Vs. M/s Xylon Holdings Pvt. Ltd., ITA No. 3704 of 2010, Dated: 13-09-2012, High court of Bombay


Whether the benefit of cessation of liability to repay a loan liability is not taxable u/s. 41(1) of the Income Tax Act?


The case of the assessee therein was that the loan was a capital receipt and has not been claimed as deduction from the taxable income in the earlier years and would not come within the purview of Section 41(1) of the Act. However, this Court by placing reliance upon the decision of the Apex Court in the matter of CIT v. T.V. Sundaram Iyengar and Sons Ltd. 222 ITR 344 held that the loan was received by the assessee for carrying on its business and therefore, not a loan taken for the purchase of capital assets. Consequently, the decision of this Court in the matter of Mahindra and Mahindra Limited (supra) [261 ITR 501(Bom)] was distinguished as in the said case the loan was taken for the purchase of capital assets and not for trading activities as in the case of Solid Containers Limited (supra).

(Please click here for judgment) 

2.  CIT Vs. M/s Maruti Insurance Distribution Services Ltd., W.P.(C) 106/2012, Date of Pronouncement: 04.09.2012, High court of Delhi

Tribunal cannot recall its order under section 254(2) & substitute new order

The power to rectify an order u/s 254 (2) is extremely limited. It does not extend to correcting errors of law, or re-appreciating factual findings as that would amount to a review. The amendment of an order does not mean obliteration of the order originally passed and its substitution by a new order. The Tribunal’s order that it had not considered a decision in the assessee’s own case for an earlier year where the facts & circumstances were the same and that this was an “apparant mistake” cannot be sustained.

(Please click here for judgment) 

 IV.  Tenders Info.: 

  • Ordnance Factory
    Services of Income Tax Consultant
    Patna - Bihar
    (Click for detail)
  • Karyalaya Nagar Palika Mandal
    CAs for Accrual Basis Double Entry Accounting Work
    Virat Nagar - Jaipur
    (Click for detail) 

  Golden Rules:

"Entire water of the sea can't sink a ship 
unless it gets inside the ship. 
Similarly, negativity of the world can't put us down
unless we allow it to get inside us


  Thanks & Regards

  Team - Voice of CA 





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