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12.04.2013 - Voice of CA Presents - Updates
Friday, April 12, 2013

 I.  Today's Headlines:

  1. Order No. 2/2013 dated 12.04.2013: Due date for filing Service Tax Return (ST -3) for July-September, 2012 extended to 30-4-2013.
  2. Stamp papers may come with 1-yr validity  (Click for detail)
  3. Guidance Note on Report Under Section 92E of the Income Tax Act, 1961  (Click for detail)
  4. Finance Minister P Chidambaram to meet investors in Canada, US  (Click for detail)
  5. M S Ahluwalia asks Chief Ministers to implement manufacturing policy urgently  (Click for detail)
  6. In FY13, firms borrow more from non-banking sources  (Click for detail)
  7. Wall Street analysts discuss paradigm shift: Breaking Up Banks  (Click for detail)
  8. Bank Licences: RBI should make financial inclusion an opportunity not an obligation  (Click for detail)
  9. SBI group firm sells over 85 lakh shares in Kingfisher  (Click for detail)

II.  Direct Tax Caselaw:

1.    The CIT, Chandigarh Vs. Punjab Agro Industries Corporation Ltd., ITC No. 77 of 1999, Date of decision 14.03.2013, Punjab & Haryana High Court

Whether the Tribunal was right in providing that the order passed by the AO is null and void merely because the AO has made changes in the original order by invoking section 154.

In the present case, the Ld. AO made changes in the original order by invoking sec 154 based on evidences and disallowed a certain sum of expenditure which were related to previous years and as told found to be of capital in nature too. On appeal to CIT by the assessee, an order was passed for providing an opportunity of being heard to the assessee. The tribunal set aside the order of CIT and the order of AO was stated as null and void. An further appeal is made to High Court by the authority and it was decided that though an opportunity was not given to the assessee (the same is not even required) the authority has the right to rectify the order in which the mistake is apparent from the records and thus stating the decision of Appellate tribunal as wrong.

(Please click here for judgment)


 Golden Rules:

"An error does not become a mistake
unless we refuse to correct it


  Thanks & Regards


Voice of CA    




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