I.  A Valuable Presentation on :

Section 44AD of The Income Tax Act,1961

Please click here for detail

  

II.  What's New of the day : 

1. Income Tax Order - Exemption from the requirement of furnishing a Return of Income u/s 139(1)  (Click for detail)

2. Service Tax Notification No. 42 - Exempts club or association service referred to in sub-clause (zzze) of clause (105) of section 65 of the said Act, provided by an association of dyeing units in relation to the project, from the whole of service tax leviable  (Click for detail)

3. CO. LAW - CIRCULARS : 

• 48/2011 – Name Availability Guidelines, 2011  (Click for detail)

• 49 /2011 - Online incorporation of companies within 24 hours  (Click for detail)

• 50 / 2011 – Simplified procedure for obtaining confirmation of shifting of registered office from one state to another state under section 17 of the Companies Act, 1956  (Click for detail)

• 51 / 2011 – Simplified procedure for rectification of register of charges under section 141 of the Companies Act, 1956  (Click for detail)

• 52/2011 – Simplified procedure for obtaining online approval of Central Government under section 297 of the Companies Act, 1956  (Click for detail)

• 53/2011 – Guidelines for RDs/ROCs in the matter of scheme of arrangement / amalgamation under section 391-394  (Click for detail)

• 54/2011 - Pro-active action in case of winding up petitions  (Click for detail)

• 55/2011 - Scrutiny inspection and investigation in all winding up cases  (Click for detail)
  
   

   

III.  Judicial Pronouncement 

1.  CREDIT LYONNAIS, MUMBAI Vs. DEPUTY DIRECTOR OF INCOME TAX, ITA No: 1546/Mum/2010, Assessment Year: 2004-05, Dated: 8th July 2011, ITAT – Mumbai

Whether the depreciation allowable at the rate of 50% or 20% is amenable to section 154.

The issue involves interpretation of the two entries in the depreciation schedule read with foot note 6. of the schedule which also refers to section 2 of the Motor Vehicles Act, 1988. That the issue is debatable is also seen from the order of the Mumbai Bench of the Tribunal in Daleep S Chandnani vs. ACIT as also that of the Hyderabad Bench in Avanti Feeds Ltd. vs. DCIT. The discussion in these orders shows that the issue as to which of the two entries will apply is not free from doubt and therefore is not a case for rectification u/s 154. It is well settled that u/s 154, any issue which requires a long drawn argument cannot be considered as a mistake apparent from the record.

(Please click here for judgment)

  

2.  BEEJAY SECURITY & FINANCE LTD Vs. ASST COMMISSIONER OF INCOME TAX, ITA No.4859/Mum/2009 : A.Y. 2001-2002 to A.Y. 2007-2008, Dated: 24th June 2011, ITAT – Mumbai

The satisfaction required for proceedings under section 153C cannot be reduced to a mere formality of forwarding the documents found in the course of search which did not belong to the person searched and which belonged to the person against whom proceedings under section 153C are sought to be initiated. Thus there was no satisfaction regarding existence of any undisclosed income which warrants proceedings u/s 153 of the Act. On this ground the assessment is annulled.

(Please click here for judgment)

 

"Maturity is not when we start speaking "big things"
but actually it is, when we start understanding "small things""

  

Thanks for your valuable time

   

"Voice of CA"

  
CA. Sanjay Kumar Agarwal
Founder - Voice of CA 
Mob : 9811080342, agarwal.s.ca@gmail.com      
   
CA. Sidharth Jain, Co-Moderator
sidhjasso@yahoo.com 
  
CA. Mukesh K Bansal, Co-Moderator-FEMA 
mukbansal80@gmail.com