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18.10.2012 - Voice of CA Presents - Updates
Thursday, October 18, 2012


I.  Useful Contrubitions: 

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

An article - "Whether there is need for one to one co-relation of CENVAT credit availed on input services towards payment of output services?"

(Click here for detail)


II.  Whats New:

  1. IT Cir No. 9:  No TDS on transportation of gas if it is carried out in furtherance of contract for sale of gas, CBDT clarifies  (Click for detail) 
  2. Peak Filing Preparation 2012 - MCA 21  (Click for detail)
  3. RIL not allowing CAG audit: OilMin to PMO  (Click for detail) 
  4. RBI-Priority Sector Lending – Targets and Classification  (Click for detail) 
  5. Special Examination for Members of Foreign Accounting Bodies with whom ICAI had entered into Mutual Recognition Agreement (MRA) / Memorandum of Understanding (MoU)  (Click for detail)

   III.  Useful Case Laws: 

1.  The ACIT (Inv) Vs. Smt. B Sumangaladevi, ITA No. 5049/2010, Dated: 03-10-2012, High court of Karnataka

Low Tax Effect Circular not applies to pending appeals

When Clause 11 of the instruction No.3/11 dated 09.02.2011 issued by the Board, specifically says that it will be applicable to the cases filed on or after 9.2.2011, the courts holding that it is applicable to the pending cases is against the provision under Section 268A of the Act, Public Interest and the Public Policy. Therefore, we uphold the contention of the revenue that the Instruction No.3 dated 09.02.2011 has no retrospective effect and the appeal filed by the revenue is maintainable. Accordingly, we answer the 1st substantial question of law, in the negative in favour of the Revenue.

(Please click here for judgment)

2.  DIT Vs. HANS RAJ SAMARAK SOCIETY, ITA No. 534/2012, Date of Decision: 18th September 2012, High court of Delhi

Where donation receipts are in the custody of the department, no addition can be made u/s 68 being an anonymous donation.

The assessee received a donations which  was not “anonymous donations” within the meaning of Section 11(3) of the Act because the receipts issued by the assessee trust were still in the custody of the department as the receipt books were impounded in the course of the survey and no confirmations were required to be filed by the assessee. In these circumstances the Tribunal held that Section 68 cannot be applied as the amount has already been shown by the assessee as income. The Tribunal referred to the judgment of this Court in Director of Income Tax (Exemption) v. Keshav Social and Charitable Foundation, (2005) 278 ITR 152.

(Please click here for judgment) 


  Golden Rules:

"Life time thinking: 
Listen everybody, learn from everyone 
because everybody doesn't know everything 
but everybody knows something


  Thanks & Regards

  Team - Voice of CA 





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