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22.05.2013 - Voice of CA Presents - Updates
Wednesday, May 22, 2013

 I.  Today's Headlines:   

  1. Govt seeks information from 70,000 high priority IT assessees  (Click for detail)
  2. Insurance broking to become more flexible with new norms  (Click for detail)
  3. India in depth: A costly flirtation with 'linkers'  (Click for detail)
  4. The Rupee dilemma : What can be done?  (Click for detail)
  5. Inequality re-emerges as a core concern, needs a new definition  (Click for detail)
  6. FM suggests tweak in cereal procurement policy  (Click for detail)

II.  Direct Tax Case laws:

1.   CIT Vs. Stratex Networks (India) Pvt. Ltd., ITA No. 353/2011, Judgment delivered on: 06.05.2013, Delhi High Court

Decision: In favour of Assessee.

Section: 92C of Income Tax Act, 1961

Assessment Year: 2004-05

Whether the related domestic transactions can be considered while determining Profit Level Indicator for the purpose of Arm’s Length Price of International Transaction

Held No

When the transactions were held not to be international transactions as contemplated under section 92B(1) and they were also not deemed international transactions u/s 92B(2) of the Act, profit from those activities cannot be considered for determining Arm’s Length Price. It was held that TPO had not applied proper comparables while working out the profit level indicator of comparables.

(Please click here for judgment)

2.   CIT Vs. Punjab Agro Industries Corporation Ltd., ITC No. 77 of 1999, Date of Decision: 14.03.2013, Punjab & Haryana High Court

Decision: In favour of Revenue  

Section: 154 of Income Tax Act, 1961

Assessment Year: 1988-89

Whether order u/s 154 of the Act holds good in law in absence of providing reasonable opportunity to the assessee where it is passed for correction of calculation error in the order

Held Yes

Calculation error in final computation of total income could be very well rectified u/s 154 of the Act and such rectification does not require an opportunity to be given to assessee where  reason for disallowance was provided in the Assessment order by way of detailed discussion.

(Please click here for judgment)


III.  Tenders Info.:

  1. PEC University of Technology
    CA for the work of preparation of final accounts
    (Click for detail)

  2. Indian Institute of Management
    CA Firms for physical verification of Fixed Assets
    (Click for detail)
  3. Karyalaya Nagar Parishad
    CA for Maintenance & Preparation of Records
    Sawai Madhopur - Rajasthan
    (Click for detail)

 Golden Rules:

"Success has only one amazing formula,
stop thinking in terms of limitations
and start thinking in terms of possibilities


  Thanks & Regards


Voice of CA    




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