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16.08.2013 - Voice of CA Presents - Updates
Friday, August 16, 2013

 I.  Today's Headlines   


  1. CBDT Releases Draft Transfer Pricing Safe Harbour Rules  (Click for detail)
  2. Order No. 1/FT & TR/2013: CBDT has directed a change in the Constitution of the Dispute Resolution Panel (DRP)  (Click for detail)
  3. DVAT Order: Objections against orders to assessment and/or penalty where the amount in dispute upto Rs. 15 Lacs  (Click for detail)
  4. VAT Notification: Withdrawal of notification in respect of form DVAT - 16 & DVAT-17  (Click for detail)
  5. Revised - Guidance Note on Report under Section 92E of the Income Tax Act, 1961 (Transfer Pricing)  (Click for detail)
  6. Taxman turns heat on Private Equity Funds over transfer pricing  (Click for detail)
  7. Finance ministry refuses infrastructure tag for low-cost housing  (Click for detail)
  8. New Companies Bill to make M&A easier for companies, empower private equity investors  (Click for detail)
  9. Import of gold coins and medallions banned  (Click for detail)

II.  Direct Tax Case law:

1.   Replika Press (P) Ltd Vs. DCIT, W.P.(C) 7452/2010, Date of Decision 05.08.2013, Delhi High Court

Section : 10B of the I.T. Act, 1961

Whether setting, printing and binding of pages be considered as production of book as a new article or thing for the purpose of deduction u/s 10B?

Held : Yes

In the case at hand, the assessee being a printing press is engaged in the business of printing of text books claimed deduction u/s 10B, which was disallowed by the AO by stating that printing and binding of papers does not amount to manufacturing of an article or thing for deduction u/s 10B. The Hon’ble High Court, considering the facts of the case that the assessee was engaged in setting of bare manuscripts, printing and binding which can be considered as production (if not manufacture) of a new article or things and, therefore, shall be eligible for deduction u/s 10B and accordingly, quashed reassessment notice of the AO.

(Please click here for judgment)


2.   CIT Vs. Airline Allied Services Ltd, ITA No. 13/2013, Date of Decision 08.08.2013, Delhi High Court

Issue 1:

Whether the entire grant received by the assessee shall be considered as an income for the period In which such grant was received?

Held : No

In the case at hand, the assessee was provided with a grant by the govt. for improvisation of air connectivity in North- eastern region against which aircrafts were taken on lease and accordingly, the grant received was distributed over the lease period of the aircrafts so acquired as income, which was disallowed by the AO. The Hon’ble High Court considering the facts of the case that AS- 12 issued by the ICAI has been followed and no substantial question of law arises, rejected the contention of the AO.

(Please click here for judgment)

 

 Golden Rules:

"It is impossible to fail completely and
it is impossible to succeed perfectly.
But, it is always possible to perform dedicatedly"

 

  Thanks & Regards

Team

Voice of CA

 

 


 

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