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22.02.2013 - Voice of CA Presents - Updates
Friday, February 22, 2013

 I.  Today's Headlines:

  1. Govt. clears road to amending wages Act  (Click for detail)
  2. Main Provisions of Rajiv Gandhi Equity Savings Scheme  (Click for detail)   
  3. Budget 2013: 10 reasons why this could be a dream budget  (Click for detail)
  4. Commodity transaction tax not a prudent idea  (Click for detail)
  5. Budget 2013: It's time to give women more tax sops  (Click for detail)
  6. Government looks to maximize excise collection  (Click for detail)
  7. Global forex flows surge as big investors return  (Click for detail)
  8. RBI officials fear budget choices give less room for rate cuts  (Click for detail)
  9. Banks require Rs 2.7 lakh cr capital for Basel-3: Crisil  (Click for detail)
  10. Revive private investment after fiscal consolidation  (Click for detail)
  11. Standard on Auditing (SA) 700 (Revised) - Forming an Opinion and Reporting on Financial Statements  (Click for detail)
  12. DIPP, pharma players to talk FDI policy on Budget day  (Click for detail)

II.  Useful Contrubitions:

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

1.  An Article - "Merely making entry in books of account did not amount to provision of service"

(Click here for detail)


  III.  Useful Case Laws: 

1.  [Contribution by P.C.Yadav, Advocate ]

CIT Vs. Gita Duggal, ITA No. 1237/2011, Judgment delivered on: 21.02.2013, High court of Delhi

Exemption u/s 54/54F is available for a residential house whether it consists of several units.

Section 54/54F uses the expression “a residential house”. The expression used is not “a residential unit”. There is nothing in these sections which require the residential house to be constructed in a particular manner. The only requirement is that it should be for the residential use and not for commercial use.

We are therefore, unable to see how or why the physical structuring of the new residential house, whether it is lateral or vertical, should come in the way of considering the building as a residential house. We do not think that the fact that the residential house consists of several independent units can be permitted to act as an impediment to the allowance of the deduction under Section 54/54F. It is neither expressly nor by necessary implication prohibited.

(Please click here for judgment)

2.  ACIT Vs. Hindustan Fertiliser Corpn.Ltd., IT Appeal Nos.  2045 & 3318 (Delhi) of 2012, Date of Order: 11-01-2013, ITAT - Delhi

Without stating any specific reason expenses allowed in earlier year cannot be disallowed in subsequent years if facts are same.

When the facts are identical, the Assessing Officer is not justified in taking a view inconsistent with the view taken by the Department in AY 2004-05. In fact, the assessee did not claim the depreciation on the assets on which the depreciation was disallowed by the Revenue in AY 2004-05. If the Assessing Officer has to take a different view than the view taken in earlier years, on the identical facts, then there has to be a specific reason there for. We do not find mention of any such specific reason in the order for the year under consideration. In view of the above, we deem it proper to set aside the orders of the authorities below on this point and restore the matter to the file of the Assessing Officer. We order accordingly and direct the Assessing Officer to allow depreciation on the assets on which depreciation was allowed in AY 2004-05.

(Please click here for judgment)  


 Golden Rules:

"Don't Compare yourself with others. You are a Unique Person in world.
Don't Think of Taking revenge. Forgive and Forget.
Tackle the Problems one by one. Put your Maximum Efforts.
Consider your Critic as a Friend, giving Consultation without fees.


  Thanks & Regards


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