Connect us       New User?     Subscribe Now
Confirm your Email ID for Updates
03.06.2013 - Voice of CA Presents - Updates
Monday, June 3, 2013

 I.  Today's Headlines:   

  1. FM asks I-T to avoid raids  (Click for detail)
  2. Finance ministry asked not to clear pharma FDI proposals  (Click for detail)
  3. ICAI raises concern over higher limit for bank branch audits  (Click for detail)
  4. Taxmen to file court cases against bankers, depositors  (Click for detail)
  5. MCA to companies: Declare public fund raising in compliance to Sebi, RBI norms  (Click for detail)
  6. RBI may cut repo rates by 25% in June review: Care Ratings  (Click for detail)

II.  Direct Tax Case laws:

1.   CIT Vs. M/s Kichha Sugar Company Ltd., ITA No. 50 of 2009, Date of decision: 20.05.2013, Uttarakhand High Court

Decision: In favor of assessee
Section: 36(1)(va) r.w.s  2(24)(x) of Income Tax Act, 1961

Whether the due date under section 36(1)(va) for payment of employees’ contribution means due date for filing ROI as mentioned in section 43B of the Act.

Held Yes, the due date referred to in section 36(1)(va) of the Act must be read in conjunction with section 43B(b) of the Act i.e. payment/ contribution made to the Provident Fund Authority may be deposited any time before filing the return for the year in which the liability to pay accrued in order to get deduction from the income.

(Please click here for judgment)

2.   CIT Vs. M/s Insecticides (India) Ltd., ITA No. 608-609/ 2012, Date of decision: 20.05.2013, Delhi High Court

Decision: In favor of assessee
Section: 147 of Income Tax Act, 1961
Assessment Year: 2002- 03 & 2003- 04

Whether failure on part of AO for examining truly and fully all the material facts by the assessee could lead to reassessment and also mere information regarding income escapement can be considered valid for the purpose of sec. 147?

Held No, in this case, the AO issued notice u/s 148 on the basis of the letter of DIT (Inv.) which was vaguely referred and also the facts as contained in the said communication were not mentioned. On examining the facts and Audi Partem Alteram, it was concluded as the reassessment proceedings was carried out without any material facts and were completely vague and therefore the appeal was dismissed by the Hon’ble High Court as no question of law arises.

(Please click here for judgment)      


III.  Tenders Info.:

  1. Chartered Accountant for Audit Work
    Market Committee Karyalaya
    (Click for detail)
  2. CA Firm for Concurrent Audit
    National Rural Health Mission
    Various Districts, Uttar Pradesh
    (Click for detail)


 Golden Rules:

"In times of difficulty some people break down
while some break records,
performers are born in difficult situations
not in comfort zones


  Thanks & Regards


Voice of CA    




« Back
Online Poll
Connect Us       New User?     Subscribe Now