I.  What's New of the day : 

1. Income Tax Circular No. 05/2011 - Instructions for deduction of TDS from salary for financial year 2011-2012 under section 192 of the Income Tax Act, 1961  (Click for detail)

2. Service Tax Circular No. 145/14/2011 - Chambers of Commerce- Service tax on fee charged for issuance of Country of Origin Certificate (COOC)  (Click for detail)

3. IRDA Circular No. IRDA/F&I/CIR/INV/187/08/2011 – Fund approval procedure and Guidelines on NAV Process – Corrigendum  (Click for detail)

4. IRDA Circular No. IRDA/ADMN/CIR/MISC/189/08/2011 – Syllabus for Training of Telecallers – Distance Marketing of Insurance Products  (Click for detail)

5. Instruction - Reduction of Government litigation - providing monetary limits for filing appeals by the Department before CESTAT/High Courts and Supreme court  (Click for detail)

6. Finance Ministry to launch a new scheme to refund service tax on goods exported  (Click for detail)
   
   
    

II.  Today's Tenders Info.  

1. ORISSA WATER SUPPLY & SEWERAGE BOARD
   BHUBNESHWAR
   (CLICK HERE FOR DETAIL
           

III.  Judicial Pronouncement 

1.  Dr. (Ms) Avimay S. Hakim Vs. The Income Tax Officer 12(3)(2) Mumbai, ITA No. 2923 of 2010, DATED : 10TH AUGUST, 2011, Mumbai High Court

Whether on the facts and in law, the Tribunal was right in holding that the amount of Rs.8,42,000/- received as a compensation for damage caused to the land, a capital asset of the appellant, was a revenue receipt taxable in the hands of the appellant ? “In these circumstances, in our opinion, the amount of Rs. 8,42,000/- received by the assessee towards the damage to the land belonging to the assessee cannot be said to be revenue receipt. The fact that the land has remained with the assessee and that the assessee in future may earn profits from the said land cannot be a ground to hold that the compensation received by the assessee in lieu of damage caused to the land was revenue receipt. Accordingly, we answer the question in favour of the assessee and against the revenue.

(Please click here for judgment)

  

2.  Commissioner of Income Tax, Hisar Vs. Ram Narain Bansal, Income Tax Appeal No. 814 of 2010, Date of decision: 13.7.2011, Punjab & Haryana High Court

Whether in the facts and circumstances non-issuance of notice under Section 143(2) of the Act would render the proceedings for re-assessment null and void? is not disputed that the assessee had appeared before the assessing officer on various dates and participated in the reassessment proceedings before the finalization and no objection regarding issuance and service of notice under Section 143(2) of the Act was raised before the assessing officer. The CIT(A) and the Tribunal were, thus, in error in nullifying the re-assessment proceedings and declaring the re-assessment order to be invalid. 13. In view of the above, the substantial question of law is answered in favour of the Revenue and against the assessee. Consequently, the matter is remanded to the Tribunal for decision afresh on merits in accordance with law.

(Please click here for judgment)

  

3.   [Contribution by  CA. Manoj Gupta, and contributor is available on Mobile No. 9899686676 / email-id: mgupta2803@gmail.com ]

A Useful Article on “FDI in Limited Liability Partnership”

(Please Click here for article)
 

 

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