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16.05.2013 - Voice of CA Presents - Updates
Thursday, May 16, 2013

 I.  Today's Headlines:   

  1. Home loan prepayment fee eligible for tax benefit  (Click for detail)
  2. Leave travel allowance (LTA) to be tax exempt only for domestic travel  (Click for detail)
  3. National Pension System subscribers earn double digit return in 2012-13  (Click for detail)
  4. Finance Ministry ratifies 8.5% interest on Provident Fund deposits for 2012-13  (Click for detail)
  5. TAX: Indirect tax collection up 3.3% in April  (Click for detail)
  6. Law Minister Kapil Sibal clears put and call options in M&A deals  (Click for detail)
  7. Law Ministry changes stance, favours settlement with Vodafone  (Click for detail)
  8. NPA agony: PSU banks continue to face loan restructuring requests  (Click for detail)
  9. India's love affair with gold continues, demand rose 27 per cent in Jan-March  (Click for detail)

II. Amnesty Scheme Revised:

1.   A Presentation (Revised) Updated with Department Clarification - Service Tax Voluntary Compliance Encouragement  Rules, 2013

(Click here for detail)


III.  Direct Tax Case laws:

1.   DIT (Exemption) Vs. Abul Kalam Azad Islamic Awakening, ITA No. 80/2013, Judgment delivered on: 26.02.2013, Delhi High Court

Decision: In favour of Assessee.

Section: 12AA(3) r.w.s. 12 of Income Tax Act 1961

Whether surplus amount invested in commercial property leads to cancellation of registration u/s 12AA(3) where no educational activity is carried out in the said property.

Held No

There cannot be a bar on management of Society to invest its surplus funds in acquisition of a commercial property as the law does not mandate any extra bar. Thus, assessee was entitled under Section 11(5)(x) of the Act to invest in immovable property out of the funds which were surplus with it. Registration under Section 12A cannot be cancelled in the absence of evidence that the assessee had applied the income from commercial property for non-charitable purposes.

(Please click here for judgment)

2.   CIT Vs. Nirmal Bansal, ITA No. 198/2013, Judgment delivered on: 30.04.2013, Delhi High Court

Decision: Matter remanded

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

Assessment Year: 2008-09 and 2009-10

Whether the AO can term a land as non- agricultural merely on the ground that there was the possibility of a shorter distance, which would be less than 8 kms from the outer limits of the municipal corporation.

Held No

Where AO had not doubted the nature of the land being for agriculture, he cannot take the view that land is not agricultural in nature on account of the possibility of there being some other ‘shortest distance’ between the areas where the plots of land were situated.

(Please click here for judgment)


IV.  Tenders Info.:

  1. Ministry Of Environment & Forests Biodiversity Conservation
    CA Firms for Appointment as Internal Auditor
    New Delhi
    (Click for detail)
  2. Sher-e-kashmir University of Agri. Sciences & Tech.
    CA Firms registered with principal Accountant General Kashmir
    Srinagar - J & K
    (Click for detail)
  3. Directorate of Rashtriya Madhyamik Shiksha Abhiyan
    CA Firms for Statutory Audit of Noor Society
    Srinagar - J & K
    (Click for detail)


 Golden Rules:

"No one will manufacture a lock without its key
Similarly God won't give problems without solutions


  Thanks & Regards


Voice of CA    




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