Connect us       New User?     Subscribe Now
Confirm your Email ID for Updates
24.03.2014 - Voice of CA presents - Updates
Monday, March 24, 2014
 

  I. Today's Headlines:    


  1. New Companies Act drives demand for forensic audits  (Click for detail)
  2. Director’s cut to be screened more closely by taxman  (Click for detail)
  3. E-filing of I-T returns: Taxpayers to get digital signatures  (Click for detail)
  4. Over 50,000 crore Revenue Still to Come; CBDT Cancels all Leave  (Click for detail)
  5. Auditing and Assurance Standards Board – EXPERT PANEL for Addressing Bank Branch Audit Queries  (Click for detail)
  6. RBI: Give customers a free copy of credit profile  (Click for detail)
  7. Bank of India launches card-less cash withdrawal via some ATMs  (Click for detail)
  8. Ten commandments for equity investors  (Click for detail)

II.  Direct Tax Case laws:

1.   Trilok Chand Girdharilal & Party Vs. Income-tax Officer, IT Appeal No. 577 of 2009, Date of Order: 21.01.2014, High Court of Rajasthan

Assessee not maintaining sale vouchers, rejection of assessee's account books and trading results by invoking provisions of section 145(3) was justified and Commissioner (Appeals) had rightly applied average gross profit rate in instant case.

When the sale vouchers have not been maintained or issued, then certainly provisions of section 145(3) can be invoked by the revenue. The assessee cannot contend that when all other things are fully proved and only because sale vouchers are lacking then book results cannot be rejected. The Assessing Officer applied gross profit rate on the basis of certain comparable cases. The Commissioner (Appeals) after appreciation of evidence on record applied average gross profit rate as declared by the assessee and the other comparable cases relied upon by the assessee as well as the Assessing Officer. Therefore, there was no other alternate with the Commissioner (Appeals) in a case like this to have adopted an average gross profit rate, which has been upheld by the Tribunal.

(Please click here for judgment)

2.   Shri Gopilal Laddha Vs. ACIT,  I.T.A. No. 1356/Bang/2012, Date of Pronouncement: 31.10.2013,  ITAT – Banglore

For the purpose section 54F, relevant date of investment in new house is the date of Registered sale deed.

The issues raised by the authorities below to deny the assessee the said exemption u/s.54F viz. (i) that the booking for the said flat was made by the assessee on 19.1.2006; (ii) that a loan of Rs.40 lakhs was taken from Syndicate Bank on 24.5.2006 towards investment in the said flat being more than one year, prior to sale acquisition of the said property on 21.7.2008, the learned Authorised Representative submits, is not material, since the assessee has acquired the new property i.e. ;the flat, only on 11.9.2008 by Registered Sale beed and not before that, Held Yes, since The assessee has been vested with the ownership of the new flat at Gokulam, Kanakpura Road only by virtue of the Registered Sale deed

(Please click here for judgment)
 

 Golden Rules:

  "Heart is a bottle of perfume.
If you never open it, nobody knows its fragrance.
If always kept open, you lose fragrance.
Open it for People who touch Heart"

 

  Thanks & Regards

Team

Voice of CA 

« Back
 
Online Poll
Connect Us       New User?     Subscribe Now