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22.07.2014 - Voice of CA presents - Updates
Tuesday, July 22, 2014

  I. Today's Headlines:    

  1. FM: Revenue Targets Fixed for Direct Taxes for the Current Financial Year 2014-15 would not only be Achieved but would be Surpassed  (Click for detail)
  2. Deal firmly with tax evaders, FM says  (Click for detail)
  3. Law Ministry okays to search & seizure power for SEBI  (Click for detail)
  4. File tax returns on time - It helps revise returns, carry forward losses and get refunds on time  (Click for detail)
II.  Direct Tax Case Laws:

1. DCIT Vs. M/s Credential Stock Brokers Ltd., I.T.A. No. 1535/Del/2011, Date of Order: 11/07/2014, ITAT - Delhi

Whether rebate of STT paid u/s 88E available against tax calculated u/s 115JB?

Held Yes

Relying upon the ration in the case of MBL Securities Pvt.Ltd. bench has allowed the rebate u/s 88E from the bookprofit of the assessee, while computing the book profit. It is also seen that the decision of ITAT Bangalore has further been confirmed by the Hon’ble High Court of Karnataka in its order dated 24.10.2011 inCIT Vs., M/s. Horizon Capital ltd. ITA 434 of 2010 wherein the Hon’ble Karnataka High Court has allowed the rebate u/s 88E from the book profit.

(Please click here for judgment)

2. Income-tax Officer(E) Vs. S.D.College Society (Lahore), I.T.A No. 3640/Del/2012, Date of Order: 11/07/2014,  ITAT - Delhi.

Whether In a case where the capital expenditure has been treated to have been applied for the object of the trust, allowance of deduction on account of depreciation will amount to double deduction?

Held No.

Held that issue is covered by plethora of judgments, CIT Vs. Tiny Tots Education Society 330 ITR 21, ITO Vs. Dr. Khera Charitable Trust (ITA no. 4427/Del/2011); and ITO (E) Vs. J.D. Tytler School Society (2014) 30 ITR (Trib) 277 (Del.). relied.

(Please click here for judgment)

 Golden Rules:

  "Success has only one formula that is
stop thinking in terms of limitations and
start thinking in terms of possibilities"


  Thanks & Regards


Voice of CA 

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