Thursday, 18 July 2013

ISCA Classes - Hyderabad Branch ICAI

Please be noted that there shall be no class on Saturday ( 20th July , 2013) .
Sorry for the inconvenience caused .

See you on Sunday . Timings 6.45 am . 

Thursday, 11 July 2013

CBDT Directive Regarding Grant Of TDS Credit In Mismatched Cases

Pursuant to the judgement of the Delhi High Court in Court on Its Own Motion vs. UOI 352 ITR 273, the CBDT has issued Instruction No. 5/2013 F.No.275/03/2013-IT(B), dated 8.07.2013 stating that when an assessee approaches the AO with requisite details and particulars in the form of TDS certificate as evidence against any mismatched amount, the AO will grant credit of TDS to the assessee after ascertaining whether the deductor has made payment of the TDS to the Government.

Sunday, 7 July 2013

Judicial Update

Judicial update:
In one of the case, the return of the assessee was processed u/s 143(1) of I T Act 1961 and later on the AO reopened the assessment u/s 148 on three grounds. One of the allegations was that as per report in form 3CEB,the assessee had intl transactions with associted enterprises and therefore determination of arm's length price is required. The AO did not make any addition on the first two allegations but made certain additions in respect of above allegation in view of report of TPO. the question arose whether it could be a valid reason for reopening. 

The hon'ble Del HC has held that this could not be said to be any reason u/s 148 since not supported by any material. 354 ITR 549

Constitution Material

Link to download :   Constitution Slides