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19.09.2012 - Voice of CA Presents - Updates
Wednesday, September 19, 2012
 

 I.  Whats New:

  1. Does AAR Have the Power to Review its Own Rulings?  (Click for detail) 
  2. CBDT Scrutinising Firms Enjoying Tax Exemptions  (Click for detail) 
  3. SC Slams Tax Dept for Delays in Filing Appeals in Tax Cases  (Click for detail) 
  4. A single window demand grievance redressal cell has been decentralized for Delhi, aggrieved IT payers required to contact  (Click for detail)
  5. FM Launches NSE Platform for Small and Medium Enterprises  (Click for detail) 
  6. Company Law Bill to be presented in winter session: Moily  (Click for detail) 

   II.  Useful Case Laws: 


1.  CIT Vs. M/S Uberoi Sons (Machines) Ltd., ITA 166/2006, Pronounced on: 31.08.2012, High court of Delhi


Reopening of assessment u/s 147 on the basis of ‘mesne profits’ which is likely to accrue in the future is valid?


Held:
In view of judgment in R.J Wood. The Court held that receipts towards mesne profits should be taxed in the year of their receipt. The revenue had not however, re-opened the assessment in respect of the year of receipt of the amounts, in this case. As a result, this Court holds that though the amount received by the assessee was liable to tax, in accordance with the law declared by the Supreme Court – in the year of its receipt- there is no infirmity with the findings and conclusions of the Tribunal. The questions of law framed are accordingly answered against the revenue, and in favour of the asseseee, subject to the above observations and findings. The appeals are consequently dismissed.

(Please click here for judgment)


2.  CIT Vs. Tei Technologies Pvt. Ltd., ITA Nos. 347/2011 & 2067/2010, Date of Decision: 27.08.2012, High court of Delhi

Issue:

“Whether the ITAT is right in holding that for the purpose of Section 10A of the IT Act, 1961 the losses suffered in the Non-EPZ Unit need not be set off from the profit/income of the EPZ Unit?”

Held:

Section 10A, even after the amendment by the Finance Act, 2000 w.e.f. 1.4.2001 is an "exemption" provision and the current years and the brought forward loss suffered by a non-EPZ unit cannot be set-off against the section 10A unit’s profits. 

(Please click here for judgment) 
 
 

 III.  Tenders Info.: 

  • National Institute of Fashion Technology
    Appointment of Internal Auditor for the Year 2012-2013
    Kangra - Himachal Pradesh
    (Click for detail )

  • National Project Construction Corporation Ltd.
    Audit of NPCC Ltd. Employees CPFund Accounts
    Faridabad (Last Date : 20.09.2012)
    (Click for detail) 


 

  Golden Rules:

"The care and affection which you get from others
Is the gift of our own character
"

 

  Thanks & Regards

  Team - Voice of CA 

   

 

 


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