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27.06.2013 - Voice of CA Presents - Updates
Thursday, June 27, 2013



 I.  Today's Headlines:   



  1. Standardizing the process of filing application under section 10(46) of the Income Tax Act, 1961  (Click for detail)
  2. Tax relief for investments by Sebi-okayed angel funds  (Click for detail)
  3. Income Tax Return (ITR) 5 - Applicable for Partnership Firms, AOPs, LLPs & BOIs for e-filing of Returns  (Click for download)
  4. FM: Revised FDI caps to be out by mid July  (Click for detail)
  5. India to blacklist tax havens not sharing info  (Click for detail)
  6. RBI allows use of ECB fund for import of services  (Click for detail)

II.  Direct Tax Case laws:

1.   ACIT Vs. Meenakshi Khanna, ITA No. 644/ DEL/ 2012, Date of pronouncement: 14.06.2013, ITAT - Delhi

Decision: In favour of Assessee
Section: 56(2)(vi) of Income Tax Act, 1961
Assessment Year: 2008-09

Case referred: Princes Maheshwari Devi vs CIT (1984) 147 ITR 258

Whether lump sum amount received from ex-husband as alimony is taxable u/s 56(2)(vi) of the Income Tax Act, 1961.

Held No,

The money received as lump- sum alimony, against an agreement for divorce entered between husband and wife prior to their divorce shall be considered to be received from relative as provided in section 56(2)(vi) of the Act. Further, it cannot be said that the sum was received without consideration as the consideration in such a case shall be considered as relinquishment of personal rights against any past or future monthly maintenance. The amount was held as capital receipt and shall not be taxable.

(Please click here for judgment)


2.   New Delhi Hotels Ltd. Vs. ACIT, ITA No. 238-240/2013, Date of Judgement: 17.05.2013, Delhi High Court

Whether the rental income derived from the unsold flats shown as stock-in-trade would be taxable under the head “Profits and gains from business and profession”

Held No,

Following the decision in CIT v Ansal Housing Finance & Leasing Co. Ltd. decided on 31.10.2012 in ITA No. 18/1999, it was held that the actual rent received on account of renting of flats held as stock-in-trade shall be taxable under the head “House Property” and not under “PGBP”.

(Please click here for judgment)

 

III.  Tenders Info.:


  1. Empanelment of Auditors from practicing CA firms with 30 years experience
    Air Force Naval Housing Board
    New Delhi
    (Click for detail)

  2. Allahabad Museum
    Chartered Accountants for the Internal Audit of the Records of Museum
    Allahabad
    (Click for detail)    

 

 Golden Rules:

"Do not wait to strike till the iron is hot;
but make it hot by striking
"
 

 

  Thanks & Regards

Team

Voice of CA

 

 


 

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