Connect us       New User?     Subscribe Now
Confirm your Email ID for Updates
19.12.2014 - Voice of CA presents - Updates
Friday, December 19, 2014

I. Headlines Today:    

  1. GST Bill on Monday in LS, Real Estate Bill not in this session  (Click for detail)
  2. Petro tax under GST: Devil is in the details  (Click for detail)
  3. Companies Act (Amendment) Bill, 2014 as passed by Lok Sabha  (Click for detail)
  4. New Companies Bill: Key changes to help ease doing business  (Click for detail)
  5. Cust. Cir. No. 15: Norms for Execution of Bank Guarantee in respect of Advance License/EPCG Schemes  (Click for detail)
  6. ST Circular: Audit of the Service Tax assessees by the officers of Service Tax and Central Excise Commissionerates  (Click for detail)
  7. FM may need to tighten fiscal belt by Rs 1 lakh cr  (Click for detail)
  8. ICAI to soon issue guidance note on reporting frauds  (Click for detail)
  9. RBI Cir. No. 49: Money Transfer Service Scheme - Delegation of work to Regional Offices  (Click for detail)
II.  Direct Tax Case Laws:

1.  CIT Vs. Smt. Kailash Grover, ITA No. 364 of 2013 (O&M), Date of Decision: 05.12.2014, Punjab & Haryana High Court

Addition cannot be made in respect of same type of expenses, which were accepted by A.O. in preceding assessment years


The assessee had filed a return, declaring an income at of Rs. 5,72,340/- against a gross receipt of Rs. 1.12 crores for the A.Y. 2007-08 and claimed the expenses of Rs. 82,00,602/-, giving a gross profit rate of 26.96% & net profit rate of 5.23% and gross profit rate for preceding A.Y. 2006-07 of 3.56% only. The AO disallowed an amount of Rs.60,01,578/- by treating it as in-genuine expenditure & fictitious payments. However the A.O. had allowed the same type of expenses in earlier years. Accordingly the appeal is dismissed.

(Please click here for judgment)

2.  ITO Vs. ARC Charities, I.T.A. No. 2233/Mds/2014, Date of Pronouncement: 11.12.2014, ITAT Chennai

In case of trusts registered u/s.12A, the claim of depreciation does not amount to double deduction


“Depreciation should be reduced from the income for determining the percentage of funds which have to be applied for the purpose of the trust. This does not amount to double deduction as contemplated by the Revenue”. Hence the claim of depreciation does not amount to double deduction. We do not find any infirmity in the order of CIT(Appeals) and the same is upheld.”

(Please click here for judgment)
Note: This case is valid upto A.Y. 2013-14

 Golden Rules:

  "It's very easy to give an example,
but it's very difficult to become an example"


  Thanks & Regards


Voice of CA 

« Back
Online Poll
Connect Us       New User?     Subscribe Now