II.  Useful Case laws:

1.    SAK Industries Pvt. Ltd. Vs. Dy. CIT, W.P.(C) 7933/2010, Date of Decision: 16th February 2012, High Court of Delhi

Assessee filed writ petition to challenge the reopening of assessment u/s 147 on the ground that AO has not disposed off objection in speaking manner.

HELD by the High Court quashing the reassessment order:

In pursuant to GKN Driveshaft [259 ITR 19 (SC)] the AO was under an obligation to dispose of the objections to the reopening by passing a speaking order, he passed a non-speaking and cryptic order. Further, though the AO had sufficient time to complete the assessment, he had proceeded with the reassessment proceedings with undesirable haste and hurry, in violation of principles of natural justice and contrary to the procedure mandated and this had resulted in a miscarriage of justice. The fact that the assessee had an alternative remedy of filing an appeal (which it had exercised) was no bar to the exercise of writ jurisdiction. The concerned CIT should examine the reassessment file in the present case and take appropriate action if warranted. The department to pay cost of Rs.10,000 to the assessee.

(Please click here for Judgment)

 

2.  M/s Varindra Construction Company Vs. CIT, ITA No. 209 of 2003, Date of Decision: 24.01.2012, High Court of Punjab & Haryana

Issue:

Whether assessing Officer has jurisdiction to rectify the original assessment u/s 154 of the Act,  as it was change of opinion and the review of order passed by his predecessor was not permissible under law.

Held:

That assessing officer has a power to rectify the assessment by invoking the provisions of Section 154 of the Act. The rate of depreciation claimed by the assessee on trucks at 40% was wrongly allowed as the assessee was not plying trucks owned by it on hire but was utilizing the trucks for its own purposes and hence rate of depreciation applicable was 25%.

(Please click here for Judgment)

 

III.  Today's Topline News : 

1. FEMA Cir. No. 90 - Liberalised Remittance Scheme for Resident Individuals  (Click for detail)

2. Co. Law Cir. No. 03 - Constitution of a Committee to formulate a Policy Document on Corporate Governance  (Click for detail)

3. Filing of Conflicting Returns by Contesting Parties – Clarification Regarding  (Click for detail)

4. RBI/2011-2012/396 - Bank Rate  (Click for detail)

5. RBI may soon do away with branch audit of PSU banks: Srcs  (Click for detail)

   

  
IV.  Tenders Info. : 

1. National Projects Construction Corporation Ltd.
   Computerization Of Finance and Accounting System
   Faridabad - Haryana
   (Click for detail)

2. ONGS Videsh Limited
   Internal Auditor For The Corporate Office Of ONGC Videsh Limited
   New Delhi
   (Click for detail)
   
    

Key of Success :

"If god wants you to do something bigger,
he creates obstacles in your way
and he knows your true potential.
So trust and believe his judgment"

  

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