Connect us       New User?     Subscribe Now
Confirm your Email ID for Updates
14.12.2013 - Voice of CA presents - Updates
Saturday, December 14, 2013



  I. Today's Headlines:    

1. RBI bans residents of Hong Kong or Macau from opening branch offices in India. (Click here for details)
 
2. Revenue can’t ask manner of tax calculation, insists on lump-sum payments; CBEC clarifies on amnesty scheme. (Click here for details)  
 

II.  Direct Tax Case laws:

 
[Contribution by P.C.Yadav, Advocate - Supreme Court of India ]
 
1.  CIT vs. GLOBAL GREEN COMPANY LTD , ITA 464/2013, Date of Order : 10.12.2013, Delhi High Court
 
Hon’ble Delhi high court held that if there is decrease in Market value of assessee’s assets since the same being of perishable nature or for any other reason become non saleable such as change in customer’s specifications, change in brand name or difference in quantities etc. The closing stock has to be valued at market price and not necessarily at cost price.
 
Since the respondent assessee was eligible for deduction under Section 10B of the Act and, therefore, there was no cause or reason for the assessee to deliberately write off saleable goods, and as such there could be no penalty u/s 271(1)(c) in respect of provisioning made by assessee in respect of non saleable items disallowed by Assessing Officer.
 
 
2. V.K. Fiscal services Pvt. Ltd. Vs. DCIT, ITA No. 5460 / Del / 2012, Date of Order: November 2013, ITAT – Delhi.
 
Where no money or bullion or jewellery or any other valuable article or thing or books of accounts or documents belonging to assessee were seized as a result of search at premises of third party, notice issued u/s 153C of the Income Tax Act was illegal, invalid and unsustainable.
 

 

  Useful Link:

1. Article on Cenvat on Capital Good, Contribution by CA Sanjeev Singhal. (Please click here for details).

2. Brief Note on FDI in India, Contribution by CA Shiv Shankar Khudania.  (Please click here for details).

 Golden Rule:

"Whatever you can do, or dream you can, begin it. 

Boldness has genius, power and magic in it. "

 

  Thanks & Regards

Team

Voice of CA

« Back
 
Online Poll
Connect Us       New User?     Subscribe Now