I.  What's New Today : 

1. INCOME TAX Instruction No. 09/2011 - Section 119 of the IT Act, 1961-CBDT-Instructions to Subordinate Authorities – Handing Over Of Charge – Need For Proper Handing Over Note  (Click for detail)

2. Central Excise Circular No.951 – Change of designation of officers representing CBEC in the CESTAT from CDR,SDR & JDR to AR  (Click for detail)

3. RBI/2011-12/160 - Opening and Maintenance of Rupee-Foreign Currency Vostro Accounts of Non-resident Exchange Houses  (Click for detail)

4. Auditors should be paid from a pool of funds  (Click for detail)

5. Train travel, passport fee, capitation fee may come under service tax net  (Click for detail)

6. FM Sets Ball Rolling For Service Tax Regime Change  (Click for detail)

7. Payment For Copyrighted Goods Not Royalty: ITAT  (Click for detail)
   
   
    

II.  Today's Tenders Info.  

1. RESERVE BANK OF INDIA
   MUMBAI
   (CLICK FOR DETAIL)

2. Center For E Governance
   BANGALORE
   (CLICK FOR DETAIL)
           

III.  Judicial Pronouncements 

1.   THE COMMISSIONER OF GIFT TAX, MUMBAI VS SHRI AJAY BAJAJ, GIFT TAX APPEAL NO. 2929 OF 2009, DATED: AUGUST 18, 2011, BOMBAY HIGH COURT

Whether when a part of sale proceeds of a property is paid to the assessee being a partner in the firm occupying the property, the same is to be treated as deemed gift.

The Tribunal has held that in the absence of any material evidence brought on record to suggest that the partnership between the assessee and her son relating to as back as to the year 1946, the addition in the hands of the assessee on mere suspicion that there was deemed gift cannot be sustained. The Tribunal has held that the sale transaction was at arm's length. There is nothing on record to suggest that the above findings recorded in the income tax proceedings have been reversed or varied; once in the income-tax proceedings, it is accepted that the transactions are genuine and bona fide, the additions made in the proceedings under the Gift Tax Act on the footing that the transaction was a colourable device cannot be accepted. Therefore, the payments made to the son being in his capacity as a partner of the firm, the said amount could not be treated as deemed gift given by the assessee to her son.

(Please click here for judgment)

 

2.   DY COMMISSIONER OF INCOME TAX-(A) Vs PRADIP N DESAI (HUF), Tax Appeal No. 311 of 2001, Dated: July 6, 2011, HIGH COURT OF GUJARAT

Whether the depreciation at the rate of 50% can be claimed in respect of vehicles given on lease

The issue is squarely covered by the decision of the Division Bench of this Court in Tax Appeal No.100 of 2000. Where the court held that on the facts and in the circumstances of the case, the Tribunal was right in law in holding that the appellant was not entitled to depreciation allowance under Entry No. III(2)(ii) of Appendix-I of the IT Rules, 1962, in respect of vehicles given on lease;

(Please click here for judgment)

  

3.   NOTIFICATION NO. 43/2011 – SERVICE TAX DATED 25/08/2011-ISSUED BY CENTRAL GOVT. - Service Tax half yearly Return mandatorily required to be file electronically

The CG, in exercise of power u/s 94(2) of Finance Act, 1994, has issued above mentioned notification to make it mandatory to file the half year service tax return electronically. This amendment shall be effective from 1st October, 2011.

For detail, please refer the above mentioned circular on www.cbec.gov.in

 

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"Voice of CA"

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