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15.03.2014 - Voice of CA presents - Updates
Saturday, March 15, 2014

  I. Today's Headlines:    

  1. Date of Advance Tax Final Installment Payment Extended to 18th March 2014  (Click for detail)
  2. CBDT Provides Tax Clarity on Mergers and Amalgamations  (Click for detail)
  3. Share application money cannot be recharacterized as interest-free loans  (Click for detail)
  4. DVAT Dealers Angry Due to T2  (Click for detail)
  5. Forex reserves jump from $1.09 billion to $295.45 billion  (Click for detail)
  6. Banks invite bids for Rs 42,800 crore NPAs ahead of tough norms  (Click for detail)

II.  Direct Tax Case laws:

1.  Sunisha Impex (P.) Ltd. Vs. CIT, Writ Petition No. 2498 of 2013, Date of Order: 06.01.2014, High Court of Bombay

Commissioner cannot transfer a case from one place to another on ground of co-ordinate investigation without giving notice, personal hearing and assigning reasons.

While transferring the case on the ground of co-ordinated investigation, it is incumbent upon the Commissioner to indicate the reasons why it is necessary to transfer the case for the purposes of co-ordinated investigation. It is not even remotely suggested by the revenue that it was not possible for them to issue notice or grant personal hearing before passing the impugned order. Therefore, on the above grounds of breach of natural justice, i.e., not giving of notice, not giving a personal hearing and passing the order without reasons, the impugned order is set aside.

(Please click here for judgment)

2.  CIT Vs. Babu Mohan Lal Arya Smarak Educational Trust, IT Appeal Defective No. 118 of 2013, Date of Order: 07.11.2013, High Court of Allahabad

Registration granted under section 12AA could not be cancelled on basis of seized documents, where in course of search carried out at assessee's premises, certain documents were found indicating some receipt of cash against admission of students in various courses run by assessee trust, in view of fact that presumption under section 292C was rebutted by denial of assessee as no evidence of actual receipt of donation or capitation fees was found in search.

The Income Tax Appellate Tribunal being the final Court of facts has recorded finding of fact on the material found during search and seizure operation and has come to conclusion that no evidence was found with regard to payment of any money to the assessee trust. The presumption under Section 292C of the Act was rebutted by denial of the assessee with no evidence of actual receipt of on money/ donation/ capitation fees was found in search. No incriminating evidence or corroborative evidence was found. The order of Income Tax Appellate Tribunal records findings of fact, which do not raise any substantial question of law to be decided by the High Court.

(Please click here for judgment)

III.  An Article:

[ Contribution by CA. Sanjeev Singhal and contributor is available at ]

"Consequences for CENVAT Credit wrongly taken or erroneously refunded"



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  "Stay focused on priorities
Seek solutions and do not mourn over problems
Do not complain and moan
Be creative and imaginative
Do not believe in chance or luck
Be ready to accept change
Love to face challenges
Know when to take smart risks
Consider Critic as Friend gives Consultation without fees
If Problem Remains unsolved, Leave it upon God & Time


  Thanks & Regards


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