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19.04.2013 - Voice of CA Presents - Updates
Friday, April 19, 2013

 I.  Today's Headlines:

  1. Highlights of Annual Supplement 2013-14 to the Foreign Trade Policy 2009-14  (Click for detail)  
  2. Central Excise Circular No. 969: CESTAT Appeal forms have been made effective from 1.6.2013. Therefore, all appeals filed in the Tribunal on or after 1.6.2013 would be in the new form being prescribed  (Click for detail)
  3.  Noti. No. 40/2013: Containing rates of exchange applicable from 19.04.2013  (Click for detail)
  4. Govt looking at raising FDI caps, Chidambaram tells investors  (Click for detail)
  5. Apply online for PF transfer, withdrawals from July 1: EPFO  (Click for detail)
  6. Political consensus reached over land acquisition Bill  (Click for detail)
  7. Wipro Q4 consolidated net flat at Rs 1,729 cr  (Click for detail)
  8. SEBI Mutual Fund Regulations amended; Units of infrastructure debt scheme may be offered via private placements  (Click for detail)
  9. SEBI plans to shorten settlement cycle in a bid to reduce investors' risks  (Click for detail)
  10. Revised Invitation of Expression of Interest (EOI) for Developing E-learning Modules on Ind AS  (Click for detail)

II.  Direct Tax Caselaw:

[Contribution by CA Sanjeev Singhal and contributor is available at] 

Joginder Pal Gulati Vs. The Office on Special Duty (ITA II) cum CPIO, W.P.(C) 6773/2011, Date of order: 02.04.2013, High Court of Delhi

Income-tax department must make return scrutiny guidelines public

The Petitioner is an advocate who filed an application with the CBDT seeking information pertaining to cases excluded from scrutiny, where the disclosure was made during survey. The department denied for supplying the information contending that supplying this information would be prejudicial to the “economic interest” of the country. The Petitioner filed writ petition, in which it was held that supplying such information is not prejudicial to the “economic interest” Hence, the information asked must be supplied to the petitioner.

(Please click here for judgment)


III.  Indirect Tax Caselaw:

[Contribution by CA Sanjeev Singhal and contributor is available at]

Deepak Fertilizers and Petrochemicals Corpn. Ltd. Vs. Commissioner of Central Excise, Central Excise Appeal No. 11 of 2013, Date: 06.03.2013, High Court of Bombay

The assessee was engaged in the manufacturing of excisable goods and provision of output services. The assessee installed ammonia storage tank which is used as a raw material for manufacturing outside their factory. The assessee availed the CENVAT credit of service tax paid on input services used for installation of said ammonia tank. The department denied the CENVAT credit on services used in installation of storage tank with the view that the services are received outside the factory premises were not an input services. On an appeal to High Court, the HC held – the input services in the present case were used by the Appellant whether directly or indirectly, in or in relation to the manufacture of final products. The assessee was manufacturing dutiable final products and the storage and use of ammonia is an intrinsic part of that process. Hence, assessee was eligible for input service credit.

(Please click here for judgment)


IV.  Tender Info.:

  • Sarva Shiksha Abhiyan Authority
    Statutory Audit for the Financial Year 2012-13
    Sector - 34A, Chandigarh
    (Click for detail)
  • Punjab State Forest Development Corp. Ltd.
    Appointment of Internal Auditor/s for the year 2012-13
    Multi Location - Punjab
    (Click for detail)


 Golden Rules:

"Successful people do not relax on chair.
They feel relaxed with their work.
They sleep with their dreams and
wake up with a commitment


  Thanks & Regards


Voice of CA    



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