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10 March, 2012 DIRECT TAXES– RECENT DECISION March, 2012 by Haresh P. Kenia INCOME TAX DECISION Section 194 H – TDS - SRL Ranbaxy Ltd. vs. ACIT (2012) 65 DTR 185 (Del.) Assessee engaged in conducting various medical diagnostic tests having entered into non-exclusive agreements with collection centres who collect samples from patients / customers for laboratory testing services and forward the same to the assessee and collect fees on its own bills / invoices to the patients / customers at the rates decided by themselves and make payment to the assessee, net of discount, after deducting TDS u/s. 194J, there is no principal – agent relationship between the assessee and the collection centres so as to attract provisions of section 194 H and, therefore, discount offered by the assessee to the collection centres could not be disallowed by invoking provisions of section 40(a)(ia). Section 2(24) – Capital vs. Revenue Receipt – Kushal K. Bangia vs. ITO – ITA No. 2349/Mum/2011 Redevelopment of housing society – Compensation received from builder – is a capital receipt – however would reduce cost of acquisition as and when the flat in redeveloped society is sold. Section 72 – Setoff of Loss – M/s. Nandi Steels Ltd. vs. ACIT – ITA No. 546/(Bang.)/2008 The assessee sold land and building used for business purposes. Though the gain was offered as capital gains, the assessee claimed, relying on Cocanada Radhaswami Bank Ltd. 57 ITR 306 (SC) and other judgments, that as the assets were "business assets", the gains therefrom were eligible for set-off against the brought forward business loss u/s 72. The issue was referred to a Special Bench. The Special Bench held against the assessee. BL D DONATION OO CAMP Section 54 – Capital Gain deduction – CIT vs. Jagriti Aggarwal 64 DTR 333 (P&H) The time limit for making deposit or making of a house referred to in section 54 would mean time limit of filling of return u/s 139(4). The deduction was allowed where house was purchased in extended time period. Section 11(1)(a) – Charitable Trust – CIT vs. Shri Gujrati Samaj 64 DTR 76 (MP.) The assessee is a Charitable Trust formed with the main object to run Educational Institution for the benefit of the public. The assessee had incurred excessive expenditure towards charitable purposes over income and the assessee had carried forward this deficit to be adjusted against subsequent years income which was allowed by the appellate authority and where held to be applied for charitable or religious purposes. Section 195 – Payment of Commission to Non-Resident – TDS – CIT vs. EON Technology Pvt. Ltd. 64 DTR 257 (Del) It was held that when a non-resident agent operates outside the country no part of his income arises in India, and since payment is remitted directly abroad and merely because an entry in books of account is made, it does not mean that non-resident had received any payment in India. Section 54 F – Cost of Acquisition of Residential House – Smt. S. Sudha vs. ACIT 48 SOT 335 (Mad.) The expenses related to laying of tiles, white – washing, electrical rewiring and wood work were incurred after purchasing the property and the expenses was to improve the inhabitability in the property. This expense does not form part of the cost of acquisition. Advocate fees and brokerage are part of cost of acquisition and property. The Institute of Chartered Accountants of India Vasai Branch of WIRC Newsletter Photographs taken at Blood Donation Camp on 25th March, 2012.
GLIMPSES AT WIRC FELICITATION FUNCTION CA Shweta Jain (Chairperson–Vasai Branch) welcoming CA Anil Bhandari (Secretary, WIRC) at Felicitation of WIRC New office Bearers function dated 18th March, 2012. On the dais seen from (L-R): CA Lalit Bajaj (Past Chairman–Vasai Branch), CA Dinesh Gandhi (Treasurer–WIRC), CA Durgesh Kabra (Chairman–WIRC), CA Shweta Jain (Chairperson– Vasai Branch), CA Anil Bhandari (Secretary–WIRC) & CA Tarun Ghia (Speaker) at Felicitation of WIRC New office Bearers function dated 18th March,2012. CA Shweta Jain (Chairperson – Vasai Branch) welcoming CA Durgesh Kabra (Chairman, WIRC) at Felicitation of WIRC New office Bearers function dated 18th March,2012. CA Shweta Jain (Cahirperson – Vasai Branch) welcoming CA Dinesh Gandhi (Treasurer, WIRC) at Felicitation of WIRC New Office Bearers function dated 18th March,2012. CA Kishor Vaishnav (Secreatry-Vasai Branch) felicitating CA Nitesh Shah (Bhayanadar Study Circle) felicitating CA Durgesh Kabra (Chairman –WIRC) CA Anil Bhandari (Secretary–WIRC) CA Unmesh Narvekar (Immediate Past Chairman- Vasai Branch) presenting memento to CA Anil Bhandari (Secretary-WIRC). CA Pramod Dhamankar (Past Chairman-Vasai Branch) felicitating CA Anil Bhandari (Secretary – WIRC) CA Philip Colaco (VVCSC) felicitating CA Dinesh Gandhi (Treasurer–WIRC) CA Ramanand Gupta (Vice–Chairman) presenting memento to CA Dinesh Gandhi (Treasurer – WIRC) CA Nitesh Kothari (Convenor- Bhy. CPE Study Circle Felicitating CA Durgesh Kabra(Chairman –WIRC) CA Sandip Jain (Bhayandar Study Circle) felicitating CA Dinesh Gandhi (Treasurer –WIRC) CA R. D. Lukad (Chairman, JCAF, Mira, Bhyandar) presenting memento to CA Durgesh Kabra (Chairman – WIRC) CA Manak Daga (President Lions Club, Kandivali, Thakur Complex) felicitating CA Durgesh Kabra (Chairman–WIRC) 11 The Institute of Chartered Accountants of India Vasai Branch of WIRC Newsletter March, 2012
Page 1 and 2: The Institute of Chartered Accounta
Page 3 and 4: My Dear Professional Colleagues, Wr
Page 5 and 6: ACKNOWLEDGEMENT It is a matter of p
Page 7 and 8: SEMINAR ON NEW AUDIT REPORT & REVIS
Page 9: IT CORNER by CA Ashwin Dedhia Usefu

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