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02.04.2013 - Voice of CA Presents - Updates
Tuesday, April 2, 2013

 I.  Today's Headlines:

  1. DVAT Updates After Delhi budget  (Click for detail) 
  2. Amendments to Schedules A, B, C and D and other notifications  (Click for detail)
  3. Centre may hike DA to 80 percent  (Click for detail)
  4. Service tax to bite, eating out at AC restaurants gets costlier  (Click for detail)
  5. An inflated phone bill may get you an I-T notice  (Click for detail)
  6. Five Maharashtra cities replace Octroi with local body tax  (Click for detail)
  7. RBI rationalises FII investment in bonds removes sub-limits  (Click for detail)

II.  Useful Contrubitions:

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

1.  An Article - "Changes in Mega Exemption w.e.f April 1, 2013"

(Please click here)


III.  Direct Tax Caselaws: 

1.   The Commissioner of Income Tax, Patiala Vs. M/s Roadmaster Industries of India Ltd., ITC No. 90 of 1999, Date of Decision: 18.03.2013, Punjab & Haryana High Court at Chandigarh

The order of the CIT passed u/s 263 in respect of the items which do not form the subject matter of the show cause notice issued u/s 263 is liable to be quashed.


Section 263 of the Act empowers the Commissioner of Income Tax to call for and examine the record of any proceeding, if he finds that any order passed therein by the Income Tax Officer is erroneous in so far as it is prejudicial to the interests of the revenue. But such order can be passed after giving an opportunity of being heard to the assessee. The show cause notice was issued in respect of matters under Sections 32 AB and 80 HHC of the Act and not in respect of other matters, therefore the show cause notice to be quashed only in respect of matters which were not subject matter of the show cause notice.

(Please click here for judgment)

2.  The Commissioner of Income Tax-III, Ludhiana Vs. M/s Shree Krishna Enterprises, I.T.A. No. 287 of 2012 (O&M), Date of Decision: 21.02.2013, Punjab & Haryana High Court at Chandigarh

Disallowance of expenses can not be made by Assessing Officer without verifying books of accounts.

The assessee has discharged its onus by producing the books of account and documentary evidences to substantiate the expenses. Once the Assessing Officer himself has failed to verify the entries, there is no reason to disallow the distribution expenses.

(Please click here for judgment)   


 Golden Rules:

"Memories are like the house of ants, 
Nobody knows how many are hidden inside. 
But when one comes out, 
then others follow one after another


  Thanks & Regards


Voice of CA    




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