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22.06.2013 - Voice of CA Presents - Updates
Saturday, June 22, 2013

CA {Member Name}

 I.  Today's Headlines:   

  1. IT Noti. No. 46: Commodities Transaction Tax Rules, 2013  (Click for detail)
  2. IT Noti. No. 45: Commodities Transaction Tax - Notified Date for Enforcement of Chapter VII of Finance Act, 2013  (Click for detail)
  3. Customs Noti. No. 63/2013: Containing rates of exchange applicable from June 21, 2013  (Click for detail)
  4. e-filers may not have to send hard copies to I-T dept  (Click for detail)
  5. Tax refund rate increased for gold jewellery exporters  (Click for detail)
  6. Cabinet set to consider put-call options in M&As  (Click for detail)

II.  Direct Tax Case laws:

1.  CIT Vs. Income Tax Settlement Commission(ITSC, WP No. 3900 of 2013, Date of decision: 13.06.2013, Bombay High Court

Decision: In favour of Appellant
Section: 245D of Income Tax Act, 1961

Whether Income Tax Settlement Commission can admit application made u/s 245C of the Act in absence of satisfaction being recorded from the report of the Commissioner and upon hearing the applicant u/s 245D (2C) of the Act in respect of full & true disclosure by the applicant.

Held No,

The Commission is bound to determine in the course of its proceedings under sub-section 2C of Section 245D as to whether there has been a full and true disclosure by the applicant. The Commission has to be satisfied from the report of the Commissioner furnished u/s 245D(2B) of the Act and upon hearing the applicant that the application is valid or not. It is only then the ITSC has the jurisdiction to proceed with application made with it as being satisfied from the report of Commissioner before admitting of application is a fundamental aspect which goes to the root of its jurisdiction to entertain an application under Section 245C of the Act. Thus, the order of the Settlement Commission was held to be unsustainable and thus, it was set aside.

(Please click here for judgment)

2.  ACIT Vs. Shrikishan Dass, ITA No. 915/ Del/ 2012, Date of pronouncement: 07.06.2013, ITAT - Delhi Bench

Decision: in favour of assessee
Section: 50C of Income Tax Act, 1961
Assessment Year: 2008-09

Whether transfer of leasehold rights in land and building would attract provisions of section 50C of the I.T. Act, 1961?

Held : No

Transfer of rights in land and building is different from transfer of land and building and as section 50C of the Act applies only to a capital asset, being land or building or both, it cannot be made applicable to lease rights in a land. It was held that if payment of stamp duty for the purpose of the transfer is not required, then there is no occasion to look into other conditions as mentioned in sec. 50C of the Act.

(Please click here for judgment)

III. Useful Article:

[ Contribution by CA Nitin Gupta and contributor is available at ]

Renting of Immovable Property under Service Tax 

(Please click here)  


IV.  Tenders Info.:

  1. CA Firms to conduct Statutory Audit for F.Y. 2011-12
    Diversified Agriculture Support Project
    Lucknow, U.P.
    (Click for detail)
  2. CA Firms for empanelment of internal auditors for F.Y. 2012-13
    M.P. State Agro Industries Development Corp. Ltd.
    Bhopal, M.P.
    (Click for detail)


 Golden Rules:

"Character is a diamond
that scratches every other stone


  Thanks & Regards


Voice of CA




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