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02.08.2014 - Voice of CA presents - Updates
Saturday, August 2, 2014
 
I. An Initiative by Voice of CA:

Representation for extension of the applicability of New Form No. 3CA, 3CB and 3CD for furnishing Tax Audit Report u/s 44AB of the Income Tax Act, 1961 for A.Y. 2015-2016 & onwards

In respect of Notification No. 33/2014, F.No.133/1/2014-TPL dated 25th July, 2014 issued by Central Board of Direct Taxes, Ministry of Finance, Government of India, notifying revised forms for Tax Audit Report u/s 44AB of the Income Tax Act, 1961, Representation has been made before the Chairman, CBDT.

Members, especially those who are Auditors/Directors in Banks, PSUs, Govt. sectors and entities having multiple locations are requested to forward this representation to the Chairman, CBDT in order to achieve the common benefit of extension of applicability of new format of tax audit report.

(Please click here for email sent to Chairman, CBDT)

(Please click here for the detailed representation made)

(Please click here for Draft representation in word format, if you want to do any modification and send from your side)   

 

   II. Today's Headlines:    


  1. No Amnesty for Tax Evaders; Government vows Re-look at GAAR  (Click for detail)
  2. It is not too late to file income tax returns yet  (Click for detail)
  3. ICAI invites suggestions on the revised formats of Form Nos. 3CA, 3CB and 3CD  (Click for detail)

III.  Direct Tax Case Laws:

1.   Pawan Kumar Gupta Vs. ACIT, ITA Nos. 4652, 4653,4654, 4655/DEL/2011, Date of Order: 25.07.2014, ITAT - Delhi

No penalty can be imposed u/s 271(1)(c), in case where assessment completed at income returned u/s 153A. Once return of income u/s 153A is accepted by AO, it can neither be a case of concealment of income nor furnishing of inaccurate particulars of such income.

Tribunal has come to the conclusion that for the purpose of imposition of penalty u/s 271(1)(c) as a result of search assessments made u /s 153A, original return of income filed u/s 139 cannot be considered. It was held that concealment of income has to be seen with reference to additional income brought to tax over and above the income returned by the assesee in response to notice issued u/s 153A and therefore once return of income u/s 153A is accepted by AO, it can neither be a case of concealment of income nor furnishing of inaccurate particulars of such income.

(Please click here for judgment)

 

2.  Assistant Commissioner of Income Tax Vs. M/s Bahubali Dyes Limited, ITA No. 4980/Del/2013, Date of Order: 25.07.2014, ITAT - Delhi

In the present matter the assessee had received `2.50 crores from the six companies in the form of share capital and share premium and the same is added by AO as unexplained cash credit, it was held

a.  Summons issued by the Assessing Officer to the shareholder companies were duly served upon them.

b.  The shareholder companies responded to the Assessing Officer by affirming the investment made by them in the shares of the assessee company and also produced the necessary evidence in support of such investment.

c.  The assessee has produced copy of acknowledgement of filing of income tax returns by all the companies.

d.  The assessee produced copy of their bank accounts in which amount paid to the assessee is debited, their balance sheet which shows substantial share capital.and in the schedule forming part of the balance sheet, the investment made in the shares of the assessee company was duly disclosed.

Since none of the above mentioned evidence was rebutted by the Revenue and as such addition of Rs.2.50 Crore deleted by the CIT (A) is upheld.

(Please click here for judgment)
   
          

 Golden Rules:

  "The best cure for the body is a quiet mind,
and the best cure for mind is NEVER MIND"

 

  Thanks & Regards

 

CA. Sanjay Agarwal

Founder - Voice of CA 

 

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