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I. Today's Topline News:
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MCA set up a Committee for Future Implementation of XBRL (Click for detail)
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Loans to Companies/ Industrial Houses by SCBs (Click for detail)
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All Power of Attorney Property Deals Banned (Click for detail)
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SEBI : Filing offer documents under SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 (Click for detail)
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RBI - Deregulation of Interest Rates on Export Credit in Foreign Currency (Click for detail)
II. Useful Case laws:
1. M/s Punjab Breweries Ltd. Ludhiana Vs. CIT, ITA No. 217 of 2002, Date of decision: 17.04.2012, High Court of Punjab and Haryana
Issue:
Held:
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It would not be in public interest to accept such a claim when there is no evidence of rendering any service by Blue Chip & Company to the assessee- company. The sole object of diverting funds to Blue Chip and Company was to facilitate passing of funds as interest free loan to Shri Vijay Mallya and Smt. Samira Mallya. Agreement between the assesee- company and Blue Chip company has been found to be a sham transaction by the Assessing Officer as well as by the CIT (A). The Tribunal committed grave error by recording the order as if it is a consent order though the DR had categorically defended the AO & CIT (A)’s order. Also, the earlier orders of the Tribunal had been challenged before the High Court. Therefore the findings of the Tribunal are wholly erroneous, cryptic, perverse, laconic and perfunctory.
(Please click here for Judgment)
2. Shri Yasin Moosa Godil Vs. ITO, I.T.A. No. 2519 /AHD/2009, Date of Pronouncement: 13.04.2012, ITAT - AHMEDABAD
Issue:
Held:
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Sec. 50C is a deeming provision and it extends to only to land or building or both. Section 50C can come into play only in a situation where the consideration received or accruing as a result of the transfer by an appellant of a capital asset, being land or building or both is less than the value adopted or assessed or assessable by any authority of State Government therefore for the purpose of payment of stamp duty in respect of such transfer. Clearly therefore, it is essential that for application of Sec.50C that the transfer must be of a capital asset, being land or building or both. If the capital asset under transfer cannot be described as “land or building or both” then section 50C will cease to apply. It is seen that the assessee has transferred booking rights and received back the booking advance. Booking advance cannot be equated with the capital asset and therefore section 50C cannot be invoked.
(Please click here for Judgment)
Key of Success :
"Always try your best to get whatever you like and love
otherwise you will be forced to like whatever you get"
Thanks for your valuable time
"Voice of CA"
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