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18.01.2013 - Voice of CA Presents - Updates
Friday, January 18, 2013

I.  Headlines Today: 

  •  I-Tax Noti. No. 3: Centralised Processing of Statements of tax deducted at source scheme, 2013  (Click for detail)
  • I-Tax Cir. No. 1: Issues relating to export of computer software – Direct Tax benefits-clarification reg.  (Click for detail)
  • I-Tax Press Release: Clarification Regarding issues Relating to Export of Computer Software- Direct TAX Incentives  (Click for detail)
  • Tax evasion of over Rs 2,600 crore detected  (Click for detail)
  • What is Commodities transaction tax (Click for detail)
  • Budget 2013: Defence Ministry opposes Finance Ministry's decision to reduce budget  (Click for detail)
  • Investment fund gets nod to buy public cos' shares  (Click for detail)



II.  Useful Contrubitions:

1.  [Contribution by Respected Council Member CA Rajkumar S. Adukia Ji ]  


A Useful Presentation on "The Industrial Disputes Act, 1947"

(Click here for detail)



2.  [Contribution by P. K. Bansal, Advocate and contributor is available at ] 

Input Tax Credit under Delhi VAT:

ITC provisions have been amended quite often by Delhi government in Delhi VAT Act. Judicial pronouncement, circular & notifications have further compounded the problem. An attempt has been made to undertake an indeapth analysis of the provisions and at the same time, ensuring that the reader does not get confused with plethora of information available on this subject.

(Click here for detail)


3.  [Contribution by CA Naveen Garg, and contributor is available at ] 

XBRL Preparers Guide: Explains XBRL concepts & main principles involved in creating financial reports in eXtensible Business Reporting Language in India

(Click here for detail)  



 III.  Useful Case Laws: 

1.   ACIT Vs. M/s A.R. Enterprises, Civil Appeal No. 3127 of 2006, Date of Judgment: 14-01-2013, Supreme Court of India


Whether the payment of Advance Tax for the relevant assessment year is tantamount to disclosure of income for the purpose of application of Chapter XIVB of the Act?


Payment of Advance Tax reflects the intention of the assessee to disclose its income, it could result in a situation where the mandatory obligation of filing a return for disclosure of income under the provisions of the Act, would not be necessary. It will be open to an assessee to contend that payment of Advance Tax is tantamount to disclosure of income. Such a proposition would be contrary to the very purpose of filing of return, which ultimately leads to assessment of total income for the relevant assessment year. Any anomaly in the return entails serious consequences, which may not otherwise be attracted on estimation of income for the purpose of payment of Advance Tax. It would thus, be difficult to accept the plea that payment of Advance Tax is tantamount to the disclosure of income or that it indicates the intention of the assessee to disclose income.

(Please click here for judgment)

2.  Headstrong Services India Pvt. Ltd., Vs. ACIT, I.T.A No. 5466/Del/11, Date of Order: 17-07-2012, ITAT- Delhi

Transfer Pricing Assessment without obtaining Assesses objections not valid

It is held that it was incumbent on the AO to supply the information to the assessee, obtain its objections, if any, and pass order after taking into account the information and the objections of the assessee. This has not been done in respect of 20 comparables. Therefore, the matter of transfer pricing adjustment is restored to the file of the AO with a direction to supply whatsoever information he wants to use against the assessee to it, grant it reasonable opportunity of being heard and decide the matter de-novo.

(Please click here for judgment)      

 Golden Rules:

"Prarthna aur dhayan donnon hi insaan ke liye zaruri hain.
Prarthna mein Bhagwan aapki baat sunnte hain,
Dhayan mein aap Bhagwan ki baat sunnte ho


  Thanks & Regards

  Team - Voice of CA 




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