Connect us       New User?     Subscribe Now
Confirm your Email ID for Updates
19.11.2014 - Voice of CA presents - Updates
Wednesday, November 19, 2014

I.  Today's Headlines:    

  1. Shell India wins multi-million dollar tax dispute - HC decides TP issue of undervaluation of shares in favour  (Click for detail)
  2. E-registration fee soon for all documents  (Click for detail)
  3. Circular: Extension of time for holding Annual Generat Meeting (AGM) u/s 96(1) of the Companies Act, 2013-Companies registered in State of J&K  (Click for detail)
  4. Just two weeks to go for sending tax returns verification  (Click for detail)
  5. Madras High Court notice to RBI, IBA on PIL challenging ATM usage regulation  (Click for detail)
  6. Jaitley relaunches Kisan Vikas Patra  (Click for detail)
  7. 7 US firms paid CEOs more than to govt as taxes in 2013  (Click for detail)
  8. Announcement: Draft amendments in the Chartered Accountants Regulations, 1988 notified in the Gazette of India vide Notification No. 1-CA(7)/167/2014 dated 10th September, 2014  (Click for detail)
II.  Direct Tax Case Law:

Bipinchandra K. Bhatia Vs. DCIT, Tax Appeal No. 107 of 2004, Date of Order: 16.10.2014, Gujarat High Court
Whether the loss incidental to the illegal business carried on by the assessee is allowable u/s 28 of the Income Tax act, 1961


In brief, the assessee deals in bullion and gold jewellery and a search was carried out on the residential as well as the business premises, in which substantial quantities of bullion was found and seized by the department. The assessee claimed deduction on account of gold seized by the Custom Authorities as allowable business expenditure under the Act. Whereas, the CIT(A) and Hon’ble Tribunal confirm the disallowance. The Hon’ble high court has held that the loss which was incurred during the course of business even if the same is illegal is required to be compensated and for the loss suffered by the assessee.

(Case Referred: Dr. T.A. Quereshi v. CIT  reported in 287 Income Tax Reports 547)


 Golden Rules:

  "Faith is not the belief that God will do what you want.
It is the belief that God will do what is right for you"


  Thanks & Regards


Voice of CA 

« Back
Online Poll
Connect Us       New User?     Subscribe Now