I.  Tenders Information:   

1. Government of India
   Setting & Managing Tax Info. Network for Accepting TDS/TCS Statements
   New Delhi
   (Click for detail)

2. Punjab Alkalies & Chemicals Ltd.
   Financial Consultants for Restructuring of Debt Under CDR
   Chandigarh
   (Click for detail)

3. Himachal Pradesh State CAMPA
   CA Firms for Preparation & Compilation Annual Accounts
   Shimla
   (Click for detail)

4. Office of The Chief Medical Officer
   CA Firms for Concurrent Audit of Distt. Health Society
   Reasi, Jammu & Kashmir
   (Click for detail)

II.  Useful Case laws:

1.   A.G. HOLDINGS PVT. LTD. Vs. ITO, W.P.(C) 8031/2011, Date of Decision: 25/04/2012, High Court of Delhi

Issue:

The assessee challenged the reopening u/s 147 on the ground that the recorded reasons were supplied after the expiry of the limitation period and so the reassessment proceedings were invalid.

Held:

There is no requirement in Section 147 or Section 148 or Section 149 that the reasons recorded should also accompany the notice issued under Section 148. The requirement in Section 149(1) is only that the notice under Section 148 shall be issued. There is no requirement that it should also be served on the assessee before the period of limitation. There is also no requirement in Section 148(2) that the reasons recorded shall be served along with the notice of reopening the assessment.

(Please click here for judgment)

2.  KRISHAK BHARATI COOPERATIVE LTD. Vs. CIT, ITA No, 955/2008, Date of order: 23/04/2012, High Court of Delhi

Issue:

Whether the Income Tax Appellate Tribunal was right in holding that the Commissioner of Income Tax had rightly invoked and exercised jurisdiction under Section 263 of the Income Tax Act, 1961? – where the AO in the assessment did not disturb the computation and accepted the claim that short term bank deposits and tank hire charges should be included for calculating the deduction under Section 80-I of the Act.

Held:

The tank hire charges were received by the appellant-assessee from the consumers to whom Ammonia was supplied. It represents payment for transportation which was separately billed and these tanks were the carriage wagons owned by the Railways. There is no evidence or material that the transport charges paid and received were intrinsically connected and linked with the manufacturing activity and have to be treated as sale proceeds for the goods sold. Normally, transportation is after or post manufacture. The onus was on the appellant assessee to show and establish that in the present case, because of the peculiarity of facts, transportation charges should be treated as sales proceeds or part of sale proceeds of the goods manufactured and were intrinsically connected and had live link with the manufacturing activity. In the absence of aforesaid evidence and material placed by the appellant assessee, the transportation charges cannot be treated as profit and gain derived from the manufacturing activity, which qualifies for deduction under Section 80-I.

(Please click here for judgment)

Key of Success :

"Each heart is having a pain in it
only the way of expression is different
some hide it in their eyes 
while some hide it in their SMILE"

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"Voice of CA"