I.  Today's Topline News : 

1. MCA starts XBRL filing for Corporates  (Clic)  (Click for detail)

2. Cos Will Get to Retain Accounting Heads in XBRL Reporting Too  (Click for detail)

3. Fin Min to reopen suspect assessees' IT returns upto 16 years  (Click for detail)
    

II.  Recent Updates:

1.    THE COMMISSIONER OF INCOME TAX Vs. NAISHADH V. VACHHARAJANI, INCOME TAX APPEAL (L) NO. 1042 OF 2011, DATE : 22ND SEPTEMBER 2011, HIGH COURT AT BOMBAY

Whether the Income Tax Appellate Tribunal was justified in holding that the income  arising on transfer of shares were liable to be assessed as short term capital gains / long term capital gains instead of assessing the same as business income, is the question raised in this appeal

This Court in the case of Commissioner of Income Tax V/s. Gopal Purohit reported in 228 ITR 582 (Bom) has held that it is open to an assessee to trade in the shares and also to invest in shares and wherever, the shares are held as investment, then the income arising on sale of those shares are liable to be assessed as long term / short term capital gains. In these circumstances, in the facts of the present case, the decision of the Income Tax Appellate Tribunal in holding that the income arising on sale of the shares held as investment were liable to be assessed as long term capital gain / short term capsital gain cannot be faulted.

(Please click here for judgment)

  

2.  COMMISSIONER OF INCOME TAX, CENTRAL-1 Vs. M/S SARABAI PIRAMAL PHARMACEUTICALS LTD, INCOME TAX APPEAL NO. 466 OF 2007, DATED: 14 SEPTEMBER 2011, HIGH COURT OF BOMBAY

Whether deduction u/s 35AB on the expenditure on technical knowhow is allowable if the assessee gets its products manufactured from a third party under its direct control and supervision - Whether if the borrowed funds are utilized for acquisition of capital assets, interest paid on such funds is allowable as revenue expenditure u/s 36(1) (iii).

Deduction u/s 35AB would be allowable, where the assessee uses the technical knowhow to get the goods manufactured through a third party under its direct supervision and control. In this view of the matter, no fault can be found with the decision of the ITAT; as regards to the borrowed funds utilized for acquisition of capital assets - The counsel for the parties state that the said question stands answered against the revenue by the decision of the Apex Court in the case of DCIT V/s. Core Health Care Ltd. Hence the question cannot be entertained.

(Please click here for judgment)

  

III.  Today's Bottomline News : 

1. Gross Direct Tax collections up 23%  (Click for detail)

2. RBI Circular No. 31 - Appointment of Agents / Franchisees by Authorised Dealer Category-I banks, Authorised Dealer Category-II and Full Fledged Money Changers– Revised guidelines  (Click for detail)
    

IV.  Today's Tenders Info. :

1. GOVERNMENT OF NCT OF DELHI
   NEW DELHI
   (CLICK FOR DETAIL)

Key of Success :

"We believe that good luck will do someday something for us.
But we don't know, good luck is also waiting that
we do something, someday"

  

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