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01.05.2013 - Voice of CA Presents - Updates
Wednesday, May 1, 2013

 I. Valuable Contribution:

[Contribution by CA. Sanjay Agarwal - Founder of 'Voice of CA' and Team Voice of CA]

1.  A Presentation – "An overview of Finance Bill, 2013 as amended by Lok Sabha on 30.04.2013"

( Please click here)


 II.  Direct Tax Case laws:

1CIT Vs. Neera Bhandari,  ITA No. 162/2013, Date of decision 22.03.2013, Delhi High Court

Whether the amount received as result of execution of a will of deceased relative be considered as short term capital gain?

Held: No

In the instant case, the assessee received a sum of money on account of a sale of land as specified in the will of her deceased father. A part of money was received during her father’s lifetime and rest afterwards. The Tribunal relying and examining the facts provided that even if the amount is considered as income the assessee is entitled to the benefit u/s 56(2)(v). The appeal made to the Hon’ble High Court was dismissed stating the fact as no question of law arises for consideration.

(Please click here for judgment)


2.  Bharat Petroleum Corporation Ltd. Vs. ITAT Mumbai, Writ Petition No. 2158 of 2012, Date of decision 10.04.2013, Bombay High Court

Whether ignorance of law would provide a chance to make an appeal against the order of an authority?

Held: No

In the instant case, the petitioner assessee made an appeal after the lapse of the time limit specified in the Income Tax Act, 1961 against the order of the Appellate Tribunal as the order of remand was made against only one of the issues specified by the assessee. The Hon’ble High Court dismissed the appeal as the ignorance of law is not justified and the same was dismissed.

(Please click here for judgment)

  Golden Rules:

"The essential thing is not knowledge, but character"

  Thanks & Regards


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