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11.10.2013 - Voice of CA Presents - Updates
Friday, October 11, 2013

 I.  Today's Headlines   

1. RBI’s move to improve liquidity-cuts penal interest rates (Click here to view detail)
2. Form No. 15CA relating to any payment chargeable to income tax (to a non-resident, not being a company or to a foreign company) is available from 01/10/2013 on e-Filing portal. Remitters may use the same. (click here for detail)
3. Clarification on Restaurant Service vide Circular No.173/8/2013 - ST, dt. 7-10-2013 [F.No.334/3/2013-TRU]. (Click here for detail)
4. FinMin detects Rs 600-crore service tax evasion. (click here for detail )
5. Goa government collected Rs 90 crore tax from offshore casinos last fiscal. (click here for detail)
6. I-T finds tax evasion by NSEL borrowers. (click here for detail)

II.  Direct Tax Case laws:

1. The Commissioner Of Income Tax And Another versus M/S Gail (India)Ltd., INCOME TAX APPEAL No. - 460 of 2009, Date of Order : 19.08.2013.

Whether penalty u/s 272B mandatorily to be imposed upon non quoting of PAN in TDS Certificates.
Held No.
A perusal of Section 139A(5A) shows that it puts an obligation on the person receiving any sum or income or amount from which tax has been deducted under the provisions of Chapter XVII( which include Section 194C and 194J) to intimate his permanent account number to the person responsible for deducting such tax under that Chapter. Section 139A(5B) makes it obligatory for every person deducting tax under Chapter XVII-B to quote the permanent account number of the person to whom such sum or income or amount has been paid by him. Thus, reading both the provisions together, namely,Section 139A(5A) and Section 139A (5B) it appears to us that the deductor may be at fault under section 139A (5B) if he does not quote the permanent account number of the persons to whom the amount has been paid, despite the intimation of permanent account number by such person to the deductor under section 139A(5A) of the Act. In the present matter there is nothing on record to show that the contractors had intimated their permanent account number to the respondent assessee as required under section 139A(5A) of the Act. Therefore under present circumstances the respondent assessee successfully explained the reasonable cause to satisfy the provisions of Section 273B of the Act.

(Please click here to view the Judgment)

2. Commissioner of Income-tax - II, New Delhi v. Mira Exim Ltd. IT APPEAL NOS. 346, 347, 348 & 353 OF 2013, Date of Order : 03.10.2013

Whether depreciation admissible to transferee-co on imported cars "acquired" under M&A scheme effective after 1-4-2001
Held Yes
Merger & Acquisition can be modes of "acquisition" of imported cars for the purposes of clause (a) of proviso to section 32(1). Transferee-company cannot be denied depreciation on imported motor cars acquired by it under scheme of merger effective from a date after 1-4-2001 on the ground that the imported motor cars were originally acquired by merged entities after 28-2-1975 but before 1-4-2001.


 Golden Rules:

"Tough times are like physical exercise. You may not like it while you are doing it, but tomorrow you will be stronger because of it"


  Thanks & Regards


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