I.  Useful Info.:

• The CBEC vide the notification no 1/2013 – Service Tax dated 22-02-2013 has issued the new ST 3 form for the period 01-07-2012 to 30-09-2012. The revised ST 3 form is expected to be available on www.aces.gov.in by the first week of March. The new format of the return is presently available on www.servicetax.gov.in.
  

Please click here for the changes brought in by new form in comparison to previous form

 II.  Economic Survey:

 

Economy may grow at 6.1-6.75% in 2013-14; inflation may decline to 6.2-6.6%

Please click here for Summary of Economic Survey 2012-13 Press Release

Please click here for CHAPTER 1 : STATE OF THE ECONOMY AND PROSPECTS

Please click here for CHAPTER 2 : SEIZING THE DEMOGRAPHIC DIVIDEND

Please click here for CHAPTER 3 : PUBLIC FINANCE

Please click here for CHAPTER 4 : PRICES AND MONETARY MANAGEMENT

Please click here for CHAPTER 5 : FINANCIAL INTERMEDIATION

Please click here for CHAPTER 6 : BALANCE OF PAYMENTS

Please click here for CHAPTER 7 : INTERNATIONAL TRADE

Please click here for CHAPTER 8 : AGRICULTURE AND FOOD MANAGEMENT

Please click here for CHAPTER 9 : INDUSTRIAL PERFORMANCE

Please click here for CHAPTER 10 : SERVICES SECTOR

Please click here for CHAPTER 11 : ENERGY, INFRASTRUCTURE AND COMMUNICATIONS

Please click here for CHAPTER 12 : SUSTAINABLE DEVELOPMENT AND CLIMATE CHANGE

Please click here for CHAPTER 13 : HUMAN DEVELOPMENT

  III.  Useful Case Laws: 

1.   Ajay Kumar Sharma Vs. CIT & Anr, W.P.(C) 1987/2012 & Cm no. 4285/2012, Judgment delivered on: 18.02.2013, High Court of Delhi

Deduction available U/s 80-IC for manufacturing of PET bottles as it is fall within the negative list stipulated in serial No. 20 of the 13th schedule of the said Act and issue of notice on this ground is U/s 148invalid.

The entire substratum of the notices issued under section 148 of the said Act is that the petitioner’s product namely PET bottles fall within the negative list stipulated in serial No. 20 of the 13th schedule of the said Act. We have noted the arguments of the learned counsel for the petitioner that the product manufactured by them falls under 3923.30.90 of the Central Excise Classification which is not within the range of products specified in serial No.20 of the 13th schedule of the said Act, that is, within headings 39.09 to 39.15. Therefore clearly, the submission of the learned counsel for the petitioner is correct. The petitioner’s product does not fall within the negative list stipulated in the 13th schedule of the said Act. If that be the case, then, the answer given by the petitioner in serial No. 14(ii)(e) of form 10 CCB filed along with the return is not wrong, false or inaccurate. Therefore, the petitioner cannot be held to have failed to fully and truly disclose all material facts necessary for its assessment.

(Please click here for judgment)

2 .  CIT Vs. Jaswinder Singh Ahuja, ITA No. 81/2013, Judgment delivered on: 08.02.2013, High Court of Delhi

Whether penalty proceeding u/s 271(1)(c ) imposed on the basis of that the assessee declared short term gains on the sale of the stock options instead of long term capital gains?

Hon’ble High court upheld the order of tribunal which is as under-

In the assessee‟s case, evidently, there is no furnishing of any inaccurate particulars. It is not the case of the Revenue that the assessee has either concealed any fact or has submitted any wrong or incorrect fact. It is only the question of opinion whether the income from sale of stock option is assessable as short term capital gain or as long term capital gain. In view of the above, respectfully following the decision of Hon‟ble Apex Court in the case of Reliance Petro Product Pvt. Ltd., we uphold the order of learned CIT(A).”

(Please click here for judgment)    
 

 Golden Rules:

"Nothing is impossible; 
the word itself says I_m_possible'!" 

  Thanks & Regards

Team

Voice of CA