I.  Today's Headlines:   

1. Finance Ministry to mail 'polite letters' to service tax defaulters  (Click for detail)
   

2. UB Group takes lenders to court  (Click for detail)

3. Govt working on norms on investment of surplus funds by CPSEs  (Click for detail)

4. Indian lenders take Rs 4000 crore hit on Mumbai based jeweller Winsome  (Click for detail)

5. Over 100 MNCs seek advance ruling to avoid tax disputes  (Click for detail)

6. Sudha Sharma likely to be new CBDT head  (Click for detail)

II. Useful Article:

[Contribution by CA Bimal Jain and contributor is available at bimaljain@hotmail.com]

An article - Electricity charge recovered from tenant not includible in renting of immovable property 

(Please click here)  

III.  Direct Tax Case laws:

1.  CIT Vs. Sikandarkhan N Tunvar, Tax Appeal No. 905/2012, Date of decision: 02.05.2013, Gujarat High Court

Whether provisions of Section 40(a)(ia) of the Income Tax Act, 1961 are applicable for the transaction made during the year.

Held Yes

The section will be applicable for all the transaction made during the year without deducting TDS. The provision of section 40(a)(ia) are not only applicable for the transaction payable as on 31st March of the year concerned but also for the transaction made during the year. The section do not says it would be applicable only for the transactions of 31st March. The section will be applicable for all the transaction made during the year without deducting TDS. It was held that the decision of the Special Bench of the Tribunal (Visakhapatnam) in the case of M/s Merilyn Shipping & Transports vs. ACIT does not lay down correct law.

(Please click here for judgment)

2.  Pace Developers & Promoters (P.) Ltd. Vs. Government of NCT Through its Secretary, W.P.(C) 4585/2012 & CM No. 9515/2012, Date of decision: 30.04.2013, Delhi High Court

Whether sale made through GPA/Will/Agreement to sell would have to be registered by the sub- registrar as long as the transactions are genuine.

Held Yes

Facts

The appellant filed a writ petition against the circular bearing no. F.1 (92) Regn.Br./Div.Com./ 2012/298 dated 27/4/2012. The appellant urged that the said order is violating the fundamental rights guaranteed under Article 14 and 19(1)(g) of the Constitution and also the said circular is against the judgment of Supreme court in the case of Suraj Lamp & Industries Pvt Ltd. v. State of Haryana.

The circular provided that on the basis of GPA, a Will and Agreement to sell in respect of immovable property a conveyance cannot be executed, no transfer of property will take effect if sale deed is not executed and duly registered in the office of registrar /sub-registrar.

The high court in its order quashed the circular. The High Court held that GPA/Will/Agreement to sell will not be disregarded for the purpose of registration as long as the transactions are genuine and the same would have to be registered by the sub- registrar.

(Please click here for judgment)  

IV.  Tenders Info.:

1. Punjab Rural Water Supply & Sanitation Project
   CA Firms for Audits of Gram Panchayat Water Supply & Sanitation Committees
   Multi Location - Punjab
   (Click for detail)

 Golden Rules:

"Relationships are insurance policies against loneliness,
but they need to be renewed with premiums of
regular remembrance, love and care" 

  Thanks & Regards

Team

Voice of CA