CPT V24P7-Art1 (Content).pmd - Taxmann

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Contents Direct Tax Laws 625 632 638 645 649 653 656 660 ii Vodafone story - Re-written contents VOLUME 24 • ISSUE 7 • AUGUST 1-15, 2012 - A.J. MAJUMDAR Think twice before withdrawing appeal filed before ITAT - S. KRISHNAN CBDT needs to issue instructions to CIT(A) to decide stay of demands applications expeditiously - T.N. PANDEY Taxing the expenditure on litigation : Adding insult to injury? - PURUSHOTTAM ANAND Exclusive Owner v. Joint Owner - An analysis of the decision of the Madras High Court in the case of Dr. (Smt.) P.K. Vasanthi Rangarajan v. CIT [2012] 23 taxmann.com 299 Retrospective amendments - Courts disagree - GOPAL NATHANI Write off of non-rural advances by banks not impaired by provision kept for rural advances Taxation of insurance business in India - AMIT KUMAR & NIKHIL MISHRA 670 674 684 Tax Implications for NGOs that Source Foreign Goods and Services - JAMES JOSEPH Experts’ Comments • Additional claim can be made otherwise than by filing a revised return - An analysis of Commissioner of Income-tax, Central-I v. Pruthvi Brokers & Shareholders (P.) Ltd. [2012] 23 taxmann.com 23 (Bom.) • Bifurcation of Lease Rental into Capital and Revenue Receipt - An analysis of Prakash Leasing Ltd. v. Deputy Commissioner of Income-tax [2012] 23 taxmann.com 3 (Kar.) - D.C. AGRAWAL • Validity of availing twin benefits of sections 54F and 54EC in respect of sale of one long-term capital asset - An analysis of Asstt. CIT v. Deepak S. Bheda [2012] 23 taxmann.com 159 (Mum. - Trib.) - V.K. SUBRAMANI Landmark Rulings Company Law 696 August 1 to 15, 2012 u TAXMANN’S CORPORATE PROFESSIONALS TODAY u Vol. 24 u 2 Related Party Disclosures and legal provisions - KIRAN MUKADAM
Accounts & Audit 701 707 FOUNDER EDITOR : U.K. BHARGAVA EDITOR : RAKESH BHARGAVA COORDINATING EDITOR : NAVEEN WADHWA Disclosure of Borrowings under Revised Schedule VI - VINAYAK PAI V Accounts & Audit in Brief - SARIKA GOSAIN HON. COORDINATING EDITOR : DR. VINOD K. SINGHANIA Corporate Professionals Today comes in three Volumes, Annual subscription from January - December 2012 is ` 3600. Single copy ` 200 only. Stock Market 712 Corporate Professionals Today is published on every 10th & 25th of the month. Non-receipt of part must be notified within 60 days of the due date. Address your editorial and subscription correspondence to : TAXMANN ALLIED SERVICES (P.) LTD., 59/32, New Rohtak Road, New Delhi-110 005. Phones : +91-11-45562222 Fax : +91-11-45577111 PRINTED AND PUBLISHED BY : AMIT BHARGAVA on behalf of Taxmann Allied Services (P.) Ltd. and Printed at Tan Prints (India) Pvt. Ltd., 44 Km. Mile Stone, National Highway, Rohtak Road, Village Rohad, Distt. Jhajjar, Haryana (India) and Published at 59/32, New Rohtak Road, New Delhi-110 005 (India). EDITOR : RAKESH BHARGAVA Material published in this part is the exclusive copyrighted property of Taxmann Allied Services (P.) Ltd. and cannot be reproduced or copied in Stock Corner - ARUN K. MUKHERJEE ••• any form or by any means without written permission of the Publisher. Editors do not necessarily agree with the views expressed by authors of articles/features. Views so expressed are the personal views of author(s). This publication is sold with the understanding that authors/editors and publishers are not responsible for the result of any action taken on the basis of this work nor for any error or omission to any person, whether a purchaser of this publication or not. All disputes are subject to jurisdiction of the Delhi High Court. Email : sales@taxmann.com Website : http//www.taxmann.com MODE OF CITATION [2012] 24 CPT. . . TOTAL PAGES INCLUDING COVER 100 August 1 to 15, 2012 u TAXMANN’S CORPORATE PROFESSIONALS TODAY u Vol. 24 u 3 iii
Page 3: August 1 to 15, 2012 u TAXMANN’S
Page 7 and 8: INTRODUCTION Vodafone story - 1. On
Page 9 and 10: and the capital gains on transfer o
Page 11 and 12: used to introduce new rules of law,
Page 13 and 14: for earning tax exempt income. Howe
Page 15 and 16: of the hearing before the Tribunal
Page 17 and 18: (P.) Ltd.’s (supra) before the IT
Page 19 and 20: the ITAT Rules, 1946, vis-à-vis th
Page 21 and 22: Two recent instances of such practi
Page 23 and 24: ut CIT(A) are not bothered by any s
Page 25 and 26: say, twice the latter amount or mor
Page 27 and 28: Taxing the Expenditure on Litigatio
Page 29 and 30: PENALTY CHARGES FOR BREACH OF LAW C
Page 31 and 32: Exclusive Owner v. Joint Owner DIRE
Page 33 and 34: to agree with the assessee’s cont
Page 35 and 36: Retrospective Amendments - Courts D
Page 37 and 38: Court and if such party is still ag
Page 39 and 40: of the Act. It will not apply to de
Page 41 and 42: ank. It follows that if the amount
Page 43 and 44: This article aims to study various
Page 45 and 46: The true profits of the insurance b
Page 47 and 48: expenditure or allowance which is n
Page 49 and 50: the same have not yet been adopted
Page 51 and 52: 48. General Insurance Corpn. of Ind
Page 53 and 54: of income as declared by the assess
Page 55 and 56:
NGOs undertake many kinds of charit
Page 57 and 58:
in the above judgment observed that
Page 59 and 60:
ground not raised earlier in appeal
Page 61 and 62:
As per section 145 of the IT Act bu
Page 63 and 64:
enhanced rates shown as receipts in
Page 65 and 66:
a common passage, common kitchen, e
Page 67 and 68:
The Tribunal concluded the decision
Page 69 and 70:
ent free accommodation was not bein
Page 71 and 72:
(c) Lease rental shall be paid at t
Page 73 and 74:
of the above definition, the assess
Page 75 and 76:
The High Court held in favour of as
Page 77 and 78:
‘Approach road’ treated as a pa
Page 79 and 80:
or any form in which such Director
Page 81 and 82:
invests in a fair manner. Generally
Page 83 and 84:
Disclosure of Borrowings under Revi
Page 85 and 86:
RELEVANT GUIDANCE PROVIDED BY THE I
Page 87 and 88:
5.1.3 Maturity profile of unsecured
Page 89 and 90:
ACCOUNTS & AUDIT IN BRIEF A Fortnig
Page 91 and 92:
cost savings, greater efficiency, i
Page 93 and 94:
8.2 Summary - IESBA has released th
Page 95 and 96:
equirements but of late has receive
Page 97 and 98:
Gram Yojana. Additionally, other sc
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