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13.05.2013 - Voice of CA Presents - Updates
Monday, May 13, 2013

 I.  Today's Headlines:

  1. Foreign institutional investors’  ownership of Sensex stocks at 8-year high  (Click for detail)   
  2. Fin Min detects Rs 400 cr custom duty, tax evasion  (Click for detail)
  3. WNS gets Rs 557-cr tax notice  (Click for detail)
  4. Petrol costs less than diesel in Goa  (Click for detail)
  5. RBI gears up for plastic notes as 20% paper bills get soiled  (Click for detail)
  6. Retail inflation slides to 9.39% in April  (Click for detail)

II.  Direct Tax Case laws:

1S.K. Jain vs CIT (New Delhi & Ors.), W.P.(C) 7551/2012, Judgment delivered on: 12.03.2013, Delhi High Court

Decision: In favour of Assessee.

Section: 132 of Income Tax Act 1961

Case Referred:

1.    Sandvik Asia Ltd. v. CIT & Ors. (2002) 280 ITR 643 (SC)
2.    Ajay Gupta v. CIT: (2008) 297 ITR 125

Whether assessee is entitled to interest on the seized cash retained from the day next following the completion of the assessment till the cash was actually released to the petitioner?

Held Yes

No such interest has been provided under section 132B(4) of the Act. However, it should be paid from the day next following the day on which the assessment was completed till the amount was actually released to the petitioner. Thus, interest was directed to be paid @ 12% in respect of this period.

(Please click here for judgment)

2.   Faiz Murtaza Ali vs CIT, ITA No. 613/2012, Judgment delivered on: 20.02.2013, Delhi High Court

Decision:  In favour of Assessee

Section: 2(14) of Income Tax Act, 1961

Assessment Year: 2002-03        

Case Referred to:

1.    H.H. Maharaja Rana Hemant Singhji vs CIT [1976] 103 ITR 61 (SC)
2.    Himatlal C. Valia Vs CIT (2001) 248 ITR 262 (Guj.)

Whether movable items like paintings, sculptures, work of art etc. could be considered to be personal effects under definition of capital assets U/s 2(14) in A.Y. 2002-2003.

Held Yes,

Amendment to section 2(14) has been brought about by the Finance Act, 2007 w.e.f. 1.4.2008 which alters the clause pertaining to personal effects and same would not apply in the relevant year as it has prospective operation with effect from 01.04.2008.

(Please click here for judgment)


III.  Tenders Info.:

  1. Department Of Bio-Technology
    CA Empanelled CAG to Carryout Statutory audit for 3 years annual A/Cs.
    Mohali - Punjab
    (Click for detail)
  2. Karnataka State Beverages Corporation Limited
    CA Firms for Internal Audit of its head office for the year 2013-14
    (Click for detail)


 Golden Rules:

"In the company of wind, even dust achieves great heights.
But, when mixed with water, it becomes mud.
Choose the right company to enhance your value


  Thanks & Regards


Voice of CA    



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