I.  Today's Topline News : 

1. INCOME TAX Press Release – Clarification on Interest Rates on Small Savings Schemes  (Click for detail)

2. Prerequisite Software for E-filing at MCA Website  (Click for detail)

3. Press Note : Simplified Scheme For The Refund of Service Tax  (Click for detail)

4. Enforcement Directorate (ED) approaches Income Tax Dept. over secret LGT bank accounts  (Click for detail)

5. ICAI - General Amnesty Scheme for Retrospective Restoration of Membership  (Click for detail)

II.  Recent Updates:

1.   SURAJ LAMP & INDUSTRIES (P) Ltd. Vs. STATE OF HARYANA, SLP NO. 13917 OF 2009 (SUPREME COURT), DATE OF DECISION : 11 OCTOBER 2011

It was held that, transfer of Immovable property through General Power of Attorney Sales (GPA sales), Sale agreement (SA), Will transfer can’t be recognized as valid mode of transfer. Because it does not convey any title nor create any interest in an immovable property. Immovable property can be legally and lawfully transferred/ conveyed only by a registered deed of conveyance.

(Please click here for judgment)

 

2. CIT Vs EHPT INDIA P. LTD., ITA No.  1172/2008, DATE OF DECISION: 14 DECEMBER 2011, HIGH COURT OF DELHI

The Assessee operated two units - a software Technologies Park Unit (STP) and Domestic Unit (Non –STP). Assessee computed the profits from the STP unit by apportioning the indirect or common expenses on the basis of the head-count of the employees working in the said unit and the domestic unit and claimed the deduction u/s 10A in respect of the former unit accordingly. The assessing official contention is that the common expenses should have been apportioned on the basis of the turnover in the respective units. Held that, method adopted by the assessee has been consistently accepted by the departmental authorities is not under challenge. No just cause has been made out by the department for a departure from the past assessments and there is no distortion of Profit.

(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 “Revolving Technology Innovation Fund for MSME”

(Please click here for article)

 

III.  Today's Bottomline News : 

1. Circular No. IRDA/ACTL/CIR/ALM/006/01/2012 - Asset-Liability Management and Stress Testing - Guidelines on Asset Liability Management Reporting  (Click for detail)

2. RBI - External Commercial Borrowings (ECB)  (Click for detail)

3. RBI - Implementation of Section 51-A of UPA, 1967 - Updates of the UNSCR 1267 (1999) and 1989 (2011)  (Click for detail)

4. Satyam's ex-CFO guilty of professional misconduct: ICAI  (Click for detail)
    

IV.  Today's Tenders Info. :

1. Inviting Quotation for Internal Auditors Training
   Airports Authority of India
   Bhubneshwar
   (Click for detail)

2. Inviting Proposal from Empanelled CA Firms
   Government of Andhra Pradesh
   Hyderabad
   (Click for detail)
   
    

Key of Success :

"Respect the heart who finds time for you in their busy schedule.
But love the heart who never see their schedule when you need them"

  

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