Connect us       New User?     Subscribe Now
Confirm your Email ID for Updates
06.05.2013 - Voice of CA Presents - Updates
Monday, May 6, 2013

 I.  Today's Headlines:

  1. Centre agrees to broader 10-15% band for state GST  (Click for detail)
  2. As 1 lakh tax notices get 1.3 lakh returns, a new strategy is born  (Click for detail)
  3. E-filing of I-T returns must for income over Rs 5 lakh  (Click for detail)
  4. I-T dept detects unaccounted assets worth over Rs 1,400 crore  (Click for detail)
  5. India services PMI falls for third straight month in April  (Click for detail)
  6. India outlook is stable, but fiscal deficit a key constraint on ratings  (Click for detail)
  7. FIIs pour in Rs 2,600 cr in May; Investment nears $12 bn in 2013  (Click for detail)
  8. Why the US economy is taking so long to recover  (Click for detail)

II.  Direct Tax Case laws:

1.   Delhi Development Authority Vs. Union of India, W.P.(C) Nos. 19746 of 2005, Date: 10.09.2012, High Court of Delhi

Whether AO can order for audit u/s 142(2A) on the basis on notes to accounts without in-depth examination of entries in the books of accounts?

The assessee a statutory body, Delhi Development Authority has filed a writ petition against an direction passed by the AO regarding conducting a special audit u/s 142(2A). The assessee contended that AO relied upon the Notes of Accounts for ordering the audit u/s 142(2A). The AO has passed the direction without applying mind and his reasons are vague.

Hon’ble High Court of Delhi held the case in favour of assessee & quashed the direction of AO. The HC held that it may be true and correct that certain aspects mentioned in the Notes of Accounts may, if required and necessary and after in depth examination (of entries in the books), justify appointment of a special auditor. But, relying merely on Notes to accounts do not forms the basis for special audit.

(Please click here for judgment)

2.   Dr. P.G. Viswanathan Vs. Director of Income-tax (Investigation), Writ Petition Nos. 20073 & 20074 of 2003, Date:04.01.2013 , High Court of Madras

Should court restrict the search & seizure operation in case of allegation of tax evasion, by placing undue emphasis on hyper technical plea put forth by assessee regarding procedural formalities in issuance of search warrants?

The assessee is a doctor employed in hospital owned by his wife. The income tax authorities get information that assessee has secreted some of the information for evading income tax. On initiating a search & seizure operation on the premises of hospital & his residence authorities seized number of documents, cash & jewelry.

Immediately, the assessee filed a writ petition that authorities didn’t have the material information before initiating the operation so, they didn’t fulfill the mandatory requirement of section 132 & the operation is void & illegal. The respondent authorities contended that seizure was conducted on the basis of information gathered from pre search enquiries & income tax records. And also, that there are several ways for the assessee to prove that seizure is void, so filing of writ petition is pre-mature in nature so it should be dismissed.

(Please click here for judgment)


III.  Tenders Info.:

  1. Housing & Urban Development Corp. Ltd. (HUDCO)
    CA Firm for certification of Trial Balance covering Taxation etc.
    New Delhi

    (Click here for detail)
  2. Maharashtra Electricity Regulatory Commission
    CA Firm for internal Audit for the f.y. 2010-11, 2011-12 & 2012-13

    (Click here for detail)
  3. Land Development & Water Resources Department
    CA Firms for Audit Work

    (Click here for detail)


 Golden Rules:

"Life laughs at us when we are unhappy
Life smiles at us when we are happy
Life salutes us when we make others happy"


  Thanks & Regards


Voice of CA    



« Back
Online Poll
Connect Us       New User?     Subscribe Now