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04.03.2013 - Voice of CA Presents - Update
Monday, March 4, 2013

 I.  Today's Headlines:

  1. Attempted duty evasion of over 50 lakh made non-bailable  (Click for detail)
  2. 1% TDS could push realty prices up, delay transactions  (Click for detail)
  3. I-T dept intel unit to track tax evaders  (Click for detail)
  4. Getting refund is more painful than tooth extraction  (Click for detail)
  5. Optimistic India budget jars with revenue reality  (Click for detail)
  6. Chidambaram: All-women bank to start ops from November  ( Click for detail )
  7. Chidambaram hopes Reserve Bank may ease policy rates  (Click for detail)
  8. Financial inclusion is a business opportunity: RBI  (Click for detail)
  9. ICAI Invites Applications from Highly Competent Candidates for the Positions of Secretary, Tech. Director & Director (Taxation)  (Click for detail)

  II.  Useful Case Laws: 

1.  CIT vs Madhushree Gupta, ITA No. 47/2013, Judgment delivered on: 27.02.2013, High court of Delhi

Penalty u/s 271(1)(c ) shall not be imposed if assessee has set off  loss against the amount of profit after claiming deduction under Section 80HHC of the said Act.

In view of Supreme Court judgment in the case of IPCA Laboratory Ltd. v. DCIT : [2004] 266 ITR 521 (SC), wherein the Supreme Court held that the provisions of section 80AB had an overriding effect over all the other sections in Chapter VI-A including Section 80HHC. The decision in IPCA Laboratory Ltd (supra) came subsequent to the filing of the return. Therefore, it cannot be said that the claim made by the respondent /assessee was not bona fide or without any basis. The present case is not covered by the ratio laid down in Zoom Communication Private Limited: 327 ITR 510 (Del). The Tribunal has arrived at the correct decision relying upon the decision of the Supreme Court in Reliance Petroproducts Private Limited: 322 ITR 158 (SC). 

(Please click here for judgment)

2.   JCIT Vs. M/s. Pilani Investment & Industries Corpn. Ltd, ITA No. 653/ Kol ./2012,  Date of pronouncing the order : 04.02.2013, ITAT - Kolkata

Expense specifically relatable to taxable income cannot be disallowed u/s 14A & Rule 8D.

Once it is found that an expense is specifically relatable to a taxable income, no portion of such an expense can be disallowed u/s 14A. The allocation of general expenses vis-à-vis tax exempt income and taxable income can only be made in respect of expenditure which cannot either be wholly allocated to taxable income, then or which cannot be wholly allocated to tax exempt income; the allocation can be made, even on the basis of formula set out in Rule 6D (iii) (should be Rule 8D (2)(iii)), in respect of such expenses which do not fall within any of these categories.

(Please click here for judgment) 

III.  Tender Info.:

  1. National Highway Authority of India
    CA firms to existing panel of financial consultants
    Multi Location - Multi State
    (Click for detail)
    Continuous Information System Audit of Data Centre
    Mumbai - Maharashtra
    (Click for detail) 


 Golden Rules:

"Walking with a friend in the dark is always better 
than walking alone in the light


  Thanks & Regards


Voice of CA    




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