Bangalore Branch News Letter - April 2011

April

2 2011

Bangalore Branch of SIRC

of the Institute of Chartered Accountants of India

3 April

2011

April

4 2011



April

2011 5

Advertisement Tariff for the Branch Newsletter Colour full page Inside Black & White Outside back ` 30,000/- Full page ` 15,000/-

Inside back ` 24,000/- Half page ` 8,000/-

Quarter page ` 4,000/- Advt. material should reach us before 22nd of previous month.

CALENDAR OF EVENTS - April & May 2011

Date/Day Topic /Speaker Venue/Time CPE Credit

06.04.11

Wednesday

Time Management & Work Life Balance

Mr. K. Gururaja

Trainer & Counsellor, Bangalore

Branch Premises

06.00pm to 08.00pm

2 hrs

13.04.11

Wednesday

Usage of Tally ERP9-Auditor Edition

Mr. Vijaya Sarathy D.

Branch Premises

06.00pm to 08.00pm

2 hrs

14.04.11

Thursday

Issues pertaining to Service Tax Credit with

Budget changes & filing of ST-3 Return

CA. T R Rajesh Kumar

Delegate Fee: ` 250/-

Sri Bhagawan Mahaveer Jain

College Auditorium,

Next to Bangalore

Stock Exchange

05.00pm to 08.00pm

3 hrs

20.04.11

Wednesday

Opportunities for CAs -

in pursuit of Excellence

CA. Venkatakrishnan

Branch Premises

06.00pm to 08.00pm

2 hrs

27.04.11

Wednesday

Forensic Audit-Shade of things to come

CA. Sumanth H. S.

Branch Premises

06.00pm to 08.00pm

2 hrs

28.04.11

Thursday&

29.04.11

Friday

Workshop on

“Law of Arbitration & Mediation”

CA. S. S. Nagananda

Delegate Fee: ` 500/- Details at page no. 19

Branch Premises

05.00pm to 08.00pm

6 hrs

04.05.11

Wednesday

Enterprise Risk Management

CA. R. Raghuraman

Branch Premises

06.00pm to 08.00pm

2 hrs

Note : High Tea at 5.30 pm for programmes at 6.00 pm at branch premises.

Editor : CA. Venkatesh Babu T.R.

Sub Editor : CA. Ravindranath S.N.

DISCLAIMER : The Bangalore Branch of ICAI is not in anyway responsible for the result of any action taken on the basis

of the advertisement published in the newsletter. The members, however, bear in mind the provision of the code of ethics while responding to the advertisements. The views and opinions expressed or implied in the Branch Newsletter are those of the authors

and do not necessarily reflect that of Bangalore Branch of ICAI.

April

2011 6

Innovation for Growth ✍ CA. S. Krishnaswamy

―Turns out that in an age of wrenching change and hyper-competition, the most valuable human capabilities are

precisely those that are least manage-able. Nerve. Artistry. Élan. Originality. Grit. Non-conformity. Valor. Derring-

do. These are the qualities that create value in the 21st century. Self-discipline. Economy. Orderliness. Rationality.

Prudence. Reliability. Moderation. Fastidiousness. These are the human qualities modern management was designed

to foster and reward. No wonder most organizations are less resilient and inventive than the people who work for

them.‖ (The Future of Management – Gary Hamel With Bill Breen)

The rocky rise of management as

a discipline has produced a number

of management gurus starting from

Peter Drucker who have relentlessly

and by varying interpretations spoken

and written about the term innovation.

Innovation is the process of

improving an existing product or

service and not, as is commonly

assumed, the introduction of

something better.(Wikipedia)

Management Innovation is

anything that substantially alters the

way in which the work of

management is carried out, or

significantly modifies customary

organizational forms, and by doing so

advances organizational goals -

Hamel.

Innovation has been studied in a

variety of contexts, including in

relation to technology, commerce,

social systems, economic

development, and policy

construction. There are, therefore,

naturally a wide range of approaches

to conceptualizing innovation in the

scholarly literature.

Peter Drucker explains ―It is

commonly believed that innovations

create changes – but very few do.

Successful innovations exploit

changes that have already happened.

They exploit the time lag – in science,

often- five or thirty years – between

the change itself and its perception

and acceptance. During that time the

exploiter of the change rarely faces

much, if any, competition‖. In other

words innovation is quickness with

which a change is adapoted. For eg.

from telephone to internet it took a

considerable time. Now it is not so.

Invention is the embodiment of

something better and, as a

consequence, new. While both

invention and innovation have

―uniqueness‖ implications,

innovation is related to acceptance in

society, profitability and market

performance expectation.

Invention is cash into ideas while

innovation is idea into cash.

Innovators produce market and profit

from their innovations. Inventors may

or may not profit from their work.

Another Management guru

Gary Hamel has spoken and

written profusely and widely on

Innovation, also strategy innovation.

GARY HAMEL WITH PETER

SKARZYNSKI wrote in an article

titled ―Innovation- THE NEW

ROUTE TO WEALTH that there are

three ways to kick start the innovative

process. In summary;

1. Start New Conversations.

Search for new ways to carry on

your profession. Breach the

existing strategy monopoly so that

new ideas are generated and

allowed to percolate across the

firm.

2. Seek New Perspectives

Induct young employees. Look

for a new vision. Try a new to

vantage point and see a world of

opportunity.

3. Spark New Passions

It is a combine of heart (passion

and commitment) and head

(intelligence and learning) .Enjoy

yourselves in a new and

profoundly different way. Don‘t

think of incremental change. Be

ambitious, that is the DNA of

innovation, Guts and courage.

―Management innovation yields

an enduring advantage when one or

more of three conditions are met: the

innovation is based on a novel

management principle which

challenges some long-standing

orthodoxy; the innovation is systemic,

encompassing a range of processes

and methods; and/or the innovation

is part of an ongoing program of

rapidfire invention where progress

compounds over time.‖

International Innovation Network

(IIN)

The theme ‗Way for ward –

Innovate and integrate’ heralds a

current view that the accountancy

profession can progress only through

a networking of the profession across

the globe (integrate and standardize

practices) and collectively innovate

(generate new ideas and products for

expanding the profession).



April

2011 7

A new institution called


(IIN) was founded in the year 2001,

to achieve the objective – what other

new and innovative services could be

developed with an eye to an

international as opposed to local

accountancy market. ICAI is a

member of IIN .

The Mission statement of IIN

Helping professional accountants

meet customer expectations and

stakeholder needs; is not confined by

country borders. The IIN was formed

to help our profession achieve this

goal.

The overall mission of the IIN is

to provide leadership in developing

and sharing ideas for products and

services for the benefit of the global

accounting profession and a vehicle

for collaboration between network

members.

Helps the broader accounting

profession fulfill its public interest

mission by adapting advisory and

assurance business models to serve

the public interest.

provides a forum in which

members exchange ideas and

information, collaborate on product

and service development, and market

products to a global network of over

one million professional accountants

worldwide.

Is not a standard setting body but

rather an organization designed to

promote products and services that

support those standards and the

unique needs for our members.

Collaboration is a key objective;

the network continues to provide

leadership in developing and sharing

ideas and solutions, best practices and

benchmarks. Effective interaction

between accountancy institutes can

improve the profession‘s speed to

market for products and services that

meet particular marketplace needs —

the network allows us to collectively

roll out solutions in a more timely

manner to a much broader audience

than any one IIN member can do

alone.

Product and Service

From India — ―Online IT Training

Product‖ — an online training project

to assist individual accountants.

From Scotland — ―Business

Advisory Toolkit‖ — a small member

business advisory practice tool;

―Practice CAre‖ — a practice

development service for small

accountancy firms.

From Canada — ―CA Source‖ — an

online employment service that

accountancy institutes can offer that

matches potential employees with

accounting firm needs.

From Germany — ―Audit of Internal

Controls of Financial Reporting in an

IT Environment‖ — a product that

accountancy firms can offer to clients.

From the United Kingdom —

‖Educational Tool for International

Accounting Standards‖ — an online

learning development tool.

From the United States — ―MAP

Survey‖ — an online survey to gauge

best practices on members in public

practice.

From Ireland — ―Practice Link‖ —

a service that helps firms sell/merge

their accountancy practices.

From Italy — ―MAP‖ — a training

and learning service offered through

satellite communication.

From Japan — ―Public Sector

Maturity Level Assurance‖ — an

assurance service accountants can

offer in the public sector.

Other products - Educational CD

–ROM on ―Anti- fraud from the

American Institute of Certified Public

Accountants (AICPA))

IIN Mission

• enhance value with IIN members

through aligning IIN‘s outputs with

the priorities of its member institutes,

sharing information and knowledge

And

• be a channel and a catalyst for

initiatives affecting the accounting

profession

This is achieved by:

• facilitating the provision of products

for IIN members to provide to their

members (―member services‖)

• facilitating the provision of tools and

services to members for use with/

within their clients, employers and

businesses

• establishing IIN affinity

relationships

• sharing information and knowledge

Which create:

IIN’s Outputs

• Products, services, benefits, tools,

knowledge transfers, best practice,

networking that are

• Relevant to IIN members and their

members, that achieve

• Cost savings, information exchange,

competitive advantage and delivery of

product

And the short term plan to

achieve this is:

• Support for the 3 continuing IIN

Taskforces

• Small and Medium Practitioners

Products Taskforce

• Corporate Management Tools and

Products Taskforce

April

2011 8



• Tools for Digital Security Taskforce

Note: The IIN is very keen on

developing products for small and

medium practitioner and hence a

specific task force.

2 Further develop communications

3 Continue to encourage and

motivate product delivery

VIEWS ON IIN

1. It‘s not every day that accountants

are accused of being on the ‗leading

edge‘ of international advances in

intellectual property (IP) and

innovation. For decades the

accounting profession has agonised

over intangibles such as IP and how

to properly allocate value to it on

balance sheets. But confusion about

intangibles was decidedly absent

when representatives of 17 national

organisations of accountants sat down

in New York and signed off on an


(IIN) – an idea so ground-breaking

that there‘s no model for how it will

work.

2. ―It‘s a unique experiment,‖ says the

head of strategy and innovation at the

ICAA and Australia‘s board member

on the IIN Allen Blewitt. ―The

accounting profession is doing

something that no other profession

has attempted.‖

3. Its goals are to provide a global

network of accounting bodies that act

as a

single platform for vetting

applications, methodologies and

software for business and accounting

purposes. The IIN will act as a single

distribution point for accountants in

all those member countries; members

of the relevant

organisations will be able to make

their own applications available for

licensing and the end-user

organisations will be able to use the

IIN as a one-stop agent for licensing

agreements on the applications and

software they wish to use.

4. It‘s ambitions are huge given the

concept of a profession-specific

clearing

house for technology that accesses

more than one million accountants.

5. For years, the big accounting firms

– often in conjunction with the big

IT consulting firms – have developed

their own proprietary technologies for

everything from audit to valuations.

Once proven in one territory, these

technologies are then disseminated

throughout the big-firm networks but

rarely outside, except when they‘re

deployed in big-business clients as the

‗black-box‘ approach. Small

accounting firms have not had such

economies of scale to justify the

research and development (R&D)

costs.

6. ―The IIN will have three roles, says

Blewitt: that of developer, broker and

network facilitator‖

Integrate – ICAI’s – Initiatives

Committee for capacity Building

of CA Firms & Small and Medium

practitioners

The Committee of Capacity

Building of CA Firm‘s reconstituted

in February 2010 and known as

Committee for Capacity Building of

CA Firms and small & Medium

Practitioners is a non- standing

committee of the Institute formed

under regulatory provisions of CA

Act, 1949. this Committee is

established with the objective of

facilitating consolidation and to

capacity building of CA firms in order

to address various problems faced by

CA firms and to conceptualize and

implement various means for

strengthening their capacity as well

as providing comprehensive

guidelines for consolidation of CA

firms. Thus the Committee aims at

strengthening CA firm as well as

Small &Medium Practitioners to

rejuvenate their practice portfolio.

The Committee has organized

several programmes for making

awareness on consolidation of firms

through Networking, Merger and

setting up corporate form of Practice

(MCS Company).

Major activity

The Committee reviewed the

position of the 35 Networks registered

with ICAI by sending Feedback

Forms to the 112 firm constiti=uting

it and thereby, identified the

challenges/ bottlenecks being faced

by them in the functioning of their

Networks.

The Committee facilitated the

identification &interaction amongst

interested practicing members for

Networking, Mergers etc. through CA

Networking portal

The Committee ensured

availability of updated

comprehensive data of the Networks

registered in India, on the website of

the Institute for easy accessibility by

the end users…….

(ICAI- 61 st Annual Report)

Integrate Globally IOSCO initiative

International organization of

security Commission is an

international body of capital market

regulators. It has been successfully

working on financial statements –

reporting conforming to a unitary

global standard like IFRS. It is also

coordinating for this purpose with

FASB of US.

April

2011 9

TAX UPDATES FEBRUARY 2011

CA. Chythanya K.K., B.com, FCA, LL.B., Advocate

excise duty and cess from the contract

value in making the said deduction so

as to reduce amount to be deducted

and inflate taxable turnover

VAT, CST, ENTRY TAX,

PROFESSIONAL TAX

PARTS DIGESTED:

a) 2010-11(15) KCTJ Part 10

b) 2010 70 Kar. L. J. Part 2

c) 37 VST – Part 5 & 6

d) 5 GST – Part 2

Reference/Description

2011 (70) Kar. L.J. 150 (SC):

Indodan Industries Limited v. State

of Uttar Pradesh & Others

The instant case dealt with Section

9(2-B) of the CST Act which provides

for levy of interest (which was

inserted retrospectively as from the

commencement of the Act vide

Section 120 of the Finance Act,

2000). The Apex Court held that as

per Section 120(2)(d) which inter alia,

stated that any proceeding, act or

thing which could have been validly

taken but not taken may, after

commencement, be taken, continued

or done. The Apex Court was of the

view that Clause (d), gave a complete

answer to the contention advanced by

the assessee on retrospectively.

Section 120 of the Finance Act, 2000

makes sub-section (2-B) effective

right from the very first date of

commencement of the 1956 Act, i.e.,

January 5, 1957. The Apex Court

further explained the compensatory

nature of interest. The Apex Court

held that as per Section 9(2-B), such

interest for delayed payment was

given the status of ―tax due‖. The said

interest was compensatory in nature

in the sense that when the assessee

pays tax after it becomes due, the

presumption is that the Department

has lost the revenue during the

interregnum period(the date when the

tax became due and the date on which

the tax is paid). The assessee enjoys

that amount during the said period. It

is in this sense that the interest is

compensatory in nature and in order

to recover the lost revenue, the levy

of interest is contemplated by Section

120 of the Finance Act, 2000,

retrospectively. However the Apex

Court did not deal with the

constitutional validity as to the

retrospectivety of the said Section

since the same was not challenged.

2011 (70) Kar. L.J. 216 (Tri.) (DB):

Fenesta Building Systems v. State of

Karnataka

The instant case dealt with the

deduction to be made, in respect of

labour and like charges, under Rule

3(2)(m) while determining the value

of taxable turnover of a works

contract. In the instant case UPVC

doors and windows designed and

manufactured by the assessee were

used in the execution of works

contract undertaken by him. In respect

of the same, Central excise duty and

cess were paid at the time of purchase.

The Tribunal in the matter of

allowability or otherwise of the said

duty and cess, held that the payment

of said duty and cess forms part of

contract value. In a case where the

assessee has not maintained separate

accounts in respect of labour charges

and cost of material incurred in

execution of works contract, the

taxable turnover has to be necessarily

determined by deduction of 25% as

labour charges from the said contract

value which is to be inclusive of

central excise duty and cess. The

Tribunal held that excluding central

correspondingly, was unsustainable in

law. In other words, 25% deduction

should be computed on the basis of

the contract value which is inclusive

of central excise duty and cess.

2011 (70) Kar. L.J. 237 (HC) (DB) :

B.V. Ashwathaiah & Brothers v.

State of Karnataka

In the context of certain notifications

dated 31-3-1993 and 31-3-1995

exempting purchase tax and turnover

tax respectively, in respect of

purchase of rawbathis consumed in

manufacture of agarbathis and in the

matter of consignment sales, i.e., sales

effected outside State, the High Court

held that since such consignment sales

does not form part of the assessee‘s

―total turnover‖ and are not

considered as sales within state, the

said exemptions notified are not

extendable to purchase of rawbathis

going into manufacture of agarbathis

which are not sold in state. The High

Court held that the said exemptions

become available only when both,

manufacture of agarbathis using

rawbathis purchased, and sale of

agarbathis so manufactured take place

within state.With due respect to the

High Court, it is submitted that the

condition only related to manufacture

inside the State of sale and not for sale

inside the State. Requiring sale inside

the State amounts to re writing the

Notification which is impermissible.

[2011] 37 VST 622 (P&H) HC :

Gobind Trading Company v. State of

Punjab & others

The High Court hearing the case

having an alternate remedy observed

that, as per the submission of the

Petitioner, under Section 62(5) of the

April

2011 10



Punjab Value Added Tax Act, the

Petitioner was required to deposit 25

% of the assessed amount as a

condition for hearing of the appeal at

the first appellate level. It was further

submitted that such a remedy of

appeal in the facts and circumstance

of the case was too onerous unless

waiver of payment of the said amount

was granted. The High Court without

expressing any final opinion on the

merits but having regard to facts and

circumstances of the case, directed

that appeal of the Petitioner be

entertained without the requirement

of pre-deposit, subject to the

Petitioner furnishing personal bond to

the satisfaction of the appellate

authority.A malady prevalent in all the

State VAT laws!. This provision

though curtails frivolous appeals,

makes access to the wheels of justice

arduous for the cash strapped. It is

indeed a travesty of justice when

bequeathing it lays at the mercy of

means to pay for it!

INCOME TAX

PARTS DIGESTED:

a) 330 ITR – Part 5

b) 331 ITR – Part 1 to 3

c) 196 Taxman – Part 5 to 7

d) 197 Taxman – Part 1

e) 7 ITR(Trib) – Part 6 to 9

f) 128 ITD – Part 5 to 8

g) 135 TTJ – Part 6

h) 136 TTJ – Part 1 & 2

i) 42-B BCAJ – Part 5

j) 4 International Taxation–Part 2

Reference/Description

[2011] 330 ITR 491 (Chhattisgarh)

HC: Dy. CIT v. Sunita Finlease Ltd.

In the instant case the High Court was

dealing with Instruction no. 9, dated

20-09-2004, which provided that

selection of cases for scrutiny in

respect of returns filed upto 31-03-

2004 ought to be made within 3

months of the date of filing of the

return. The High Court held that such

a direction as aforesaid could by no

stretch of imagination, be considered

to override or detract from the

provisions of the Act. The Court

observed that such an instruction

merely directs that the said exercise

should be completed within 3 months

of the date of filing of return by the

assessee, which amounted to

relaxation as far as the assessee was

concerned that the return filed by him

could be scrutinized by the Assessing

Officer within three months of filing

of the return.It was thus held that the

aforesaid instruction is binding on the

revenue and assessee may challenge

selection of his case for scrutiny in

violation of the said instruction

[2011] 330 ITR 496 (Uttarakhand)

HC: CIT & another v. Enron

Expat Services Inc.

In the context of Section 192(3),

which provides for making

adjustments in case of any excess or

deficiency arising out of any previous

deduction or failure to deduct, the

High Court held that such adjustments

could be made up during financial

year. The Court observed that the

object and purpose of sub-section (3)

was to permit the person obliged to

deduct, to make adjustments. The

Court noted that Sub-section (3) does

not stop while authorising adjustment

in case of excess or deficient

deduction, but also authorises

adjustment in case of total failure to

deduct during the financial year. Sub-

section (3), therefore, makes it

abundantly clear that if there is a

failure to deduct in a financial year,

the same can be deducted by way of

adjustment during the financial year.

In those circumstances, the obligation

to deduct at the time of payment,

which is the mandate of sub-section

(1) of Section 192, stands extended

up to the end of the financial year by

virtue of the provisions contained in

sub-section (3) of Section 192.

However the right to adjust, granted

by sub-section (3), does not extend

beyond the financial year.

[2011] 330 ITR 556 (Ker) HC :

Catholic Syrian Bank Ltd. v. CIT

In the instant case the High Court was

dealing with Circular no. 11 of 2001,

dated 23-07-2001, which had

stipulated that, concluded

assessments could not be reopened for

the purposes of Section 14A. In this

case the Commissioner had issued

orders within the time prescribed

under Section 263(2) of the Act. The

High Court held that an assessment

which could be modified by a higher

authority could not be said to have

become final or concluded until

expiry of the statutory time provided

for such orders because it was always

subject to revision by higher authority

within the time stipulated under the

statute.It unfortunate that a case is

considered as pending till the expiry

of the statutory time limit for the

purpose of invoking section 14A. A

case can be considered as pending

only when it is taken up.

[2011] 330 ITR 559 (Ker) HC : CIT

v. Vamadevan Bhanu

In the instant case the Kerala High

Court held that an Order passed in

assessment, which had been made on

an ―agreed basis‖, could not be

appealed against by the Assessee. In

the instant case the assessment was

made on the basis of that the assessee

(through his Chartered Accountant

representative) had agreed that the

interest income in the financing

business could be adopted at 27% as

against 20% borne out by the

accounts. This procedure was adopted

even in respect of the one previous

April

2011 11

assessment years (prior to the one

under appeal). The same was ―agreed

upon‖ so that no penalty proceedings

would be initiated under Section

271(1)(c)!With due respect to the

Honourable High Court, what

happens to the due course of law that

is supposed to take effect? Would not

income for the purpose of taxation be

computed as per the provisions of the

Act? Then having so held, would it

be right to conclude that henceforth

the Assessing Officers and the

Assesses could collude and agree

upon as favourable to their

circumstance condescending the

provisions of law?

[2011] 331 ITR 72 (Bom) HC: Zycus

Infotech P. Ltd. v. CIT

In the instant case the Bombay High

Court was dealing with the provisions

of Section 10A(9) and the adjunct

Explanation 1, which provided for

disallowance of exemption under

Section 10A, in cases of change in the

ownership or beneficial interest of an

undertaking. The Court also took

cognizance of the fact that vide

Section 86 of the Companies Act,

which has been substituted by the

Companies (Amendment) Act, 2000

w.e.f. 13-12-2000, a Company was

allowed to issue two kinds of shares

viz., ‗equity shares‘ and ‗preference

shares‘ and the equity shares could be

with voting rights or with differential

rights as to dividend, voting or

otherwise. In the instant case though

the shares were divested to others, and

the total % of shares as held at the

time the undertaking was set up fell

below 51%, the shares constituting

more than 51% of the voting power

was still held by those who had held

so at the time the undertaking was set

up. Therefore the High Court held that

the undertaking was entitled to

exemption under Section 10A. The

Court also held that the Explanation

1 to Section 10A(9) inserted w.e.f 1-

4-2000 does not have retrospective

effect. The Court held that the

language of the Section could be

understood to describe ―the date on

which the undertaking was set up‖ as

applicable only for those who were

setting up the undertaking after the

new provision, so that in the case of

others, the date had to be understood

at best as 1-04-200, the date on which

the law was brought in the statute.

Since the undertaking under

consideration was set up in 1997-98,

the said provision further was not

applicable to it.

[2011] 331 ITR 192 (Delhi) HC : CIT

v. Hindustan Coco Cola Beverages

P. Ltd.

In the instant case the Delhi High

Court elaborating on the

characteristics of intangible assets in

the context of goodwill observed that,

commercial rights were such rights

which were obtained for effectively

carrying on the business and

commerce. Commerce as was

understood, being a wider term

encompasses in its fold many a facet.

The Court observed that in this

background any right which was

obtained for carrying on the business

with effectiveness was likely to fall

or come within the sweep of meaning

of intangible assets. As per Section 32

it was clearly stipulated that business

or commercial rights should be of

similar nature as know-how, patents,

copy rights, trademarks, licenses,

franchises, etc., and all these assets

which were not manufactured or

produced overnight but were brought

into existence by experience and

reputation. The Court noted that they

gained significance in the commercial

world as they represented a particular

benefit or advantage or reputation

built over a certain span of time and

the customers associated with such

assets. Goodwill, as held by the court,

when appositely understood, did

convey a positive reputation built by

a person/company/business concern

over a period of time.

[2011] 331 ITR 211 (Karn) HC : CIT

& another v. Smt. K. G.

Rukminiamma

In the instant case the assessee

transferred a residential house and

purchased 4 flats in the same

residential building. The High Court

held that the assessee was entitled to

exemption under Section 54. The

High Court interpreting the phrase ‗a

residential house‘ as stated in Section

54 observed that the context in which

the expression ‗a residential house‘

was used in the Section made it clear

that it was not the intention of the

legislation to convey the meaning that

it referred to a single residential

house. The Court noted that if that

were to have been the intention, the

same would have been made clear

explicitly by the usage of the word

‗one‘. The Court observed that even

in the earlier part of the Section, the

words used were buildings or lands

which were plural in number and that

was referred to as ‗a residential

house‘, being the original asset.

Therefore the letter ―a‖ in the context

it was used should not be construed

as meaning ―singular‖. But, being an

indefinite article, the said expression

should be read in consonance with the

other words ―buildings and lands‖ and

therefore, the singular ―a residential

house‖ permitted the use of plural by

virtue of Section 13(2) of the General

Clauses Act.

[2011] 331 ITR 236 (Bom) HC: CIT

v. Jet Airways (I) Ltd.

In the instant case the Bombay

High Court dealing with the effect of

amendment of Section 147 w.e.f.

April

2011 12



1-4-1989 held that the assessing

officer could also assess other

incomes not referred to in the notice

of reassessment since the said power

was embedded in the Section itself

wherein the latter portion read as –

‗… and also any other income

chargeable to tax which has escaped

assessment and which comes to his

notice….’.However, the High Court

held that in order to assess any other

income, it is necessary that the

assessing officer ought to have

assessed income in respect of which

notice was served after recording

reasons. The newly inserted

Explanation 3 to section 147 does not

in any manner dilute the requirement

of “and also” appearing in section

147.

[2011] 196 Taxman 435 (Ker.) 8

taxmann.com 178 (Ker.) : CIT v.

TBS Publishers & Distributors

In the instant case the Assessing

Officer (AO) reopened the assessment

on the grounds that assessee had

claimed credit of TDS on rent based

on certificates in regard to the same,

but the said income had not been

disclosed under the head ‗Income

from house property‘. Further the AO

was of the view that there were certain

non-existent liabilities having arisen

due to omission to record rebates,

commission, discounts, etc., which

were included under claim of sundry

creditors. In the revised assessment,

the AO did not make any addition on

account of rental income but made

disallowance of sundry creditors to

some extent. The High Court held that

the reasons recorded by the AO were

sufficient to justify his belief that

income had escaped assessment, no

matter whether any addition could be

sustained in assessment with specific

reference to grounds of

reopening.This decision of full bench

of Kerala High Court is in conflict

with the decision of Delhi High Court

in Jet Airways (I) Ltd. (supra)

[2011] 196 Taxman 504 (Delhi) 9

taxmann.com 81 (Delhi) : Karan

Raghav Export (P.) Ltd. v. CIT

In the instant case, the Delhi High

Court held that an assessee would not

be entitled to depreciation on factory

building owned by it but used in the

business of the firm in which the

assessee was a partner. The Court

noted that the partnership firm, which

had utilized the said factory premises,

could have claimed the said

depreciation. Further the Court noted

that the claim for deduction of the

insurance charges paid by the assessee

against the risk of the said factory

building was rightly rejected by the

Tribunal on the ground that, only the

interest paid on borrowals invested as

capital in the partnership firm, as

capital, is to be allowed as a

deduction.

[2011] 197 Taxman 25 (Delhi)9

taxmann.com 58 (Delhi) : CIT v.

Oswal Agro Mills Ltd.

The instant case dealt with the aspect

of depreciation under Section 32

subsequent to the amendment of the

said Section vide Taxation Laws

(Amendment) Act, 1986, post which

depreciation is allowed on block of

assets. The High Court held that after

the aforesaid amendment, Revenue

could not segregate a particular asset

therefrom on the ground that it was

not put to use. During the relevant

assessment year, the assessee had

claimed depreciation on its various

assets which included claim of

depreciation in respect of a closed

unit. According to the assessee,

depreciation was to be allowed as

assets of that unit remained part of

block of assets and was ready for

passive use, which was as good as real

use. However the AO disallowed

depreciation on closed unit. The High

Court noted that when the aforesaid

unit remained non-functional for a

number of years and there was no sign

of that unit becoming functional, the

principle of ‗passive user‘ could not

be extended to the said unit. However,

as it was a case of depreciation on

block of assets, assets of aforesaid

closed unit could not be segregated

for purpose of allowing depreciation

and depreciation had to be allowed on

entire block of assets.

[2011] 197 Taxman 52 (Ker.)8

taxmann.com 185 (Ker.) : CIT v.

V.R. Desai

In the instant case the Assessee was

the managing partner of a firm

engaged in real estate business.

During the relevant assessment year,

he transferred certain land to the

partnership firm treating the same as

his contribution to capital of firm. The

firm credited his capital account with

the full value of the said land.

Thereafter, the assessee availed bank

loan for construction of house and

within three years from date of

transfer of land to the firm, he got a

new house constructed. He claimed

exemption under Section 54F on

capital gain arising from transfer of

land to the firm. The High Court held

that on the facts of the case the

assessee was not entitled to exemption

under Section 54F because he neither

deposited the sale proceeds for

construction of building in a bank in

terms of Section 54F(4) before date

of filing of the return nor were the sale

proceeds utilized for construction in

terms of section 54F(1).

[2011] 128 ITD 503 (Bang.)8

taxmann.com 15 (Bang.) : Shri

Gouli Mahadevappa v. ITO

The Tribunal in the instant case

observed that Section 54F was an

April

2011 13

exemption provision and a complete

code in itself. The Tribunal therefore

held that since it was a complete code

in itself, computation of eligible

exemption had to be worked out

within its framework as far as possible

and the deeming fiction contained in

any other provision could not be

brought into Section 54F. Therefore,

the Tribunal held that the deeming

fiction created by virtue of Section

50C in determining ‗capital gain‘

could not be extended to Section 54F.

The capital gains arising from transfer

of any long-term capital asset for

purpose of Section 54F had to be

worked out by applying Section 48

without imposing Section 50C into it.

(2011) 136 TTJ (Mumbai) 188 :

Devendra Motilal Kothari v. Dy. CIT

The Mumbai Tribunal, in the context

of computing the cost of acquisition

of shares, for the purpose of

ascertaining capital gains, held that,

the fees paid by the assessee for

Portfolio Management Services could

neither be considered as cost of

acquisition of the shares and securities

nor the cost of any improvement

thereto and since it was not

inextricably linked with the particular

instance of purchase and sale of

shares, the same could not be

deducted as expenditure incurred

wholly and exclusively in connection

with sale of shares while computing

capital gains.

(2011) 136 TTJ (Coch) (UO) 17 :

Muthoot General Finance v. Dy. CIT

In the context of applicability of

Section 40A(3), which disallows

certain expenditure incurred

otherwise than by an account payee

cheque etc., the Cochin Tribunal held

that the same was not applicable to

interest payment made by the firm to

a partner.

[2011] 33 CAPJ 433: ACIT v. M/s

Essar Steel Ltd. (ITAT,

Visakapatnam) Decided on

25.01.2011, MANU/IV/0022/2011

The concession claimed by the

Assessee was under the proviso to

Section 92C(2) by relying on the

CBDT Circular. The impugned

CBDT Circular was issued only to

explain the amendments made by the

Finance Act, 2001, which never came

into operation. The Tribunal held that

since Finance Act, 2002 w.e.f. 1st

April 2002 had amended the proviso

to Section 92C(2) therefore after the

said amendment the circular could no

longer have any application. It was

held that the Assessee could not place

reliance on the impugned Circular.

The Tribunal thus held that in the

present case, only the proviso to

Section 92C(2), as amended by

Finance Act, 2002 is applicable.

Further as per the ITAT, the amended

proviso to Section 92C(2), would

have application only if more than one

price is determined by the most

appropriate method. In the present

case, since the TPO has worked out

only one price, the question of

allowing concession does not arise.

Hence, the Assessee was held as not

entitled to the concession, as

prescribed in the proviso to Section

92C (2).

[2011] 42-B BCAJ 576 (Mumbai-

ITAT) : Lucent Technologies GRL

LLC v. DCIT ITA No. 6353/Mum./

2009, dated 31-12-2010

In the instant case, the Appellant, a

resident of USA was paid certain

consideration, for services rendered,

by one R after deduction of tax at

source. The said TDS was remitted

to the Government by R and a TDS

certificate was also issued to the

Appellant. However, subsequently R

went in an appeal against the said

TDS and was allowed a refund of the

said TDS. In the matter of giving

credit to the Appellant on account of

the TDS, the Tribunal held that since

the taxes had been deducted from the

payment made to the Appellant and

the Appellant was also in receipt of

the appropriate TDS Certificate, the

credit for TDS could not be declined

on the basis of an administrative

action of refund, which is neither

envisaged by the provisions of the

Act, nor in the control of the taxpayer.

The Tribunal held that refund of taxes

to R was a matter that had to be dealt

with by Tax Authorities who must

have protected their interests

effectively while granting the said

refund. The Appellant obviously was

not expected to get into these aspects

of the matter. The Tribunal noted that

all the requirements for grant of TDS

credit such as deduction of tax under

Section 195, fulfilment of obligations

by tax deductor under Section 200 and

issue of TDS certificate were duly

complied with. Further the fairness of

these procedures had also not been

questioned by the Tax Authority. The

Tribunal held that the refund of tax to

a tax deductor was not prescribed

under the scheme of the Act and it is

an administrative exercise. Such

exercise could not take away, curtail

or otherwise dilute the rights of the

person from whose income, taxes are

so deducted and to whom such

certificate was issued. The Tribunal

therefore held that the Tax Authority

was bound to grant credit of taxes to

the Appellant on the basis of original

TDS certificates produced by the

taxpayer and in accordance with the

provisions of the Act.It could never

be right to use another’s uprightness

to make good the loss caused due to

one’s gaffe.

April

2011 14



RECENT JUDICIAL

PRONOUNCEMENTS IN

INDIRECT TAXES

N.R.Badrinath, Grad C.W.A., F.C.A.,

Madhur Harlalka, B. Com., F.C.A

appellants but, addressed to the other

premises of the appellants. Hence a

show-cause notice was issued

demanding the reversal of such credit

with interest and penalty which, was

confirmed by the adjudicating

authority. The appeal filed by the

appellants before the Commissioner

SERVICE TAX

The applicants had constructed 8

residential units for M/s. RA

Promoters Private Limited who had

approved layout plan for 37

residential units. The department

contended that the applicants are

liable to service tax together with

interest and penalty on the

construction of complex service as the

number of residential units exceeded

12. However, it was held that the

applicants have constructed only 8

residential units while service tax is

leviable only if more than 12

residential units having a common

area and certain common facilities are

constructed. The fact that M/s. RA

Promoters Private Limited had

approved layout plan for 37 units is

prima facie not sufficient to hold that

the applicants are liable to service tax.

Hence the pre-deposit of service tax

was waived pending disposal of the

appeal. [Raj Associates vs.

Commissioner of Central Excise and

Service Tax, LTU, Coimbatore. 2011-

TIOL-250-CESTAT-MAD]

The Commissioner (Appeals) held

that in the case of export of services,

the relevant date for filing the refund

claim should be the date on which the

payment for service exported is

received by the assessee and not the

date on which the service is provided.

Revenue filed an appeal against the

impugned order passed by the

Commissioner (Appeals) on the

ground that the relevant date is the

date of service tax paid as per section

11B of the Central Excise Act, 1944.

However, it was held that as per Rule

5 of Cenvat Credit Rules, 2004, a

manufacturer or the service provider

shall be allowed refund of Cenvat

credit on inputs or input services used

in the manufacture of final product

cleared for export under bond or letter

of undertaking or used in providing

output service exported. As per Rule

3 of Export of Services Rules, 2005,

a taxable service shall be treated as

export when the payment for such

service is received by the service

provider in convertible foreign

exchange. Hence it is clear that in the

case of export of service, the relevant

date is the date when the payment for

the service exported has been received

by the assessee. Accordingly, the

appeal filed by the Revenue was

dismissed. [Commissioner of Central

Excise, Pune I vs. Eaton Industries

Private Limited. 2011-TIOL-166-

CESTAT-MUM]

The appellants were registered

under the service tax law as providers

of advertisement services. It appeared

that the appellants had contravened

the provisions of Rule 9 of Cenvat

Credit Rules, 2004 in as much as they

have availed credit on the documents

which are not addressed to the

(Appeals) was dismissed. However

on appeal to the Tribunal, it was held

that if a person is discharging the

service tax liability from his registered

premises, benefit of Cenvat credit

cannot be denied only on the ground

that the invoices are in the name of

the branch offices of the person.

Hence, the impugned order denying

the credit is not sustainable and

accordingly was set aside. [Manipal

Advertising Services Private Limited

vs. Commissioner of Central Excise,

Mangalore. 2011-TIOL-273-

CESTAT-BANG]

The appellant were providing the

service of Clearing and Forwarding

Agents (‗CFA‘). In addition to the

commission received for such

services, the appellants were also

reimbursed by certain expenses

incurred by them in providing such

services and were paying service tax

only on the commission received by

them. The department contended that

the service tax is payable on the

expense reimbursement as well and

accordingly show-cause notice was

issued for the recovery of the service

tax alongwith interest and penalty

which, was confirmed by the

Commissioner (Appeals). On an

appeal to the Tribunal it was held that,

under Rule 5 of Service Tax Valuation

Rules, 2006, where any expenditure

or costs are incurred by the service

provider in course of providing

April

2011 15

taxable services, such expenditure or

cost shall be treated as consideration

for the taxable service provided or to

be provided and shall be included in

the value of the service for the

purpose of charging tax unless such

costs or expenditure have been

incurred by the service provider as a

―pure agent‖. Under Rule 6 of the said

rules, the value of the taxable service

in case of the services provided by

CFA shall include the commission

paid to such agent. Therefore, in terms

of Rule 5 read with Rule 6 of the said

rules, the assessable value, in addition

to commission, would also include all

the expenditure or costs incurred in

course of providing the service which

were reimbursed by the service

receiver. Hence, the appellants were

directed to deposit the entire amount

of service tax with interest and

penalty. [Rishab Laboratories Private

Limited vs. Commissioner of Central

Excise, Raipur. 2011-TIOL-266-

CESTAT-DEL]

The appellants had filed refund

claim which was denied by the lower

authorities on the ground that the

appellants were not registered under

the category of Business Auxiliary

Service (‗BAS‘). The appellant filed

an appeal against such refusal and

contended that there is no provision

in the Cenvat Credit Rules or the

service tax laws that the assessee is

not entitled for the credit if it is not

registered under that category of

service. The appellant relied on the

decision of the Tribunal in the case of

Aarvee Denims & Exports Limited vs.

CCE [2009-TIOL-1524-CESTAT-

AHM] wherein it was held that as per

Circular No. 112/6/2009-ST dated

12.03.2009, even if the service

provider is registered for providing one

service, refund cannot be denied on the

ground that the taxable service

provided are not covered under the

registration. Based on the ruling of the

Tribunal in the above said case it was

held that, the appellants were entitled

to claim refund and the denial of refund

claim on the ground that the appellant

is not registered under BAS is not

sustainable. Accordingly, the appeal

was allowed with consequential relief

by setting aside the impugned order.

[CBAY Systems(India) Private Limited

vs. Commissioner of Central Excise,

Mumbai. 2011 (21) S.T.R 668 (Tri –

Mumbai)]

The assessee had filed service tax

refund claim which, was denied by the

original authority. The Commissioner

(Appeals) held that the refund claim

is as per the Notification No. 41/2007-

ST dated 06.10.2007 as amended by

Notification No. 17/2008-ST dated

01.04.2008 and the order rejecting the

refund claim cannot be sustained and

hence the claim has to be sanctioned

after necessary verification of

payment of service tax. However, it

was held that if the Commissioner

(Appeals) finds any infirmity in the

order passed by the original authority,

he has no jurisdiction to remand the

matter but has to pass himself the

appropriate order in the matter. The

Commissioner (Appeals) having

found that the findings by the original

authority were not sustainable, it was

necessary for him to analyse the

materials on record and to arrive at

appropriate finding on the asssessee‘s

claim and not to leave the matter for

verification by the adjudicating

authority. Hence, the appeal is

disposed off. [Commissioner o f

Central Excise, Raigad vs. Positive

Packaging Industries Limited. 2011

(21) S.T.R 644 (Tri – Mumbai)]

EXCISE DUTY

The respondents were engaged in

the manufacture of De-oiled cakes of

soya bean, rapeseed and castor and

had filed refund claims for different

periods under Rule 5 of Cenvat Credit

Rules, 2004. Aggrieved by the

rejection of refund claims by the

Assistant Commissioner, the

respondents filed appeal before the

Commissioner (Appeals) who, held

that refund of Cenvat credit cannot be

denied to the respondents even if the

goods are chargeable to Nil rate of

duty in case where goods are exported

and accordingly held that they are

eligible for refund under Rule 5 of the

said rules. The Revenue contended

that the goods manufactured by the

respondents were not exported under

bond since the goods were fully

exempted. Rule 5 provides that the

credit can be refunded only where the

final product is cleared for export

under bond or letter of undertaking

and accordingly issued fresh show-

cause notice proposing to reject the

refund allowed by the Commissioner

(Appeals). However, it was held that

the stand taken by the Revenue that

if the finished goods are exempted

from the levy of duty, refund claim is

not admissible since the credit itself

cannot be taken initially cannot be

sustained. The contention of the

Revenue that the refund cannot be

sanctioned when the goods are not

exported under bond or letter of

undertaking also cannot be sustained.

Hence, the appeal filed by the

Revenue was rejected.

April

2011 16



[Commissioner of Central Excise,

Ahmedabad-III vs. Gujarat Ambuja

Exports Limited. 2011-TIOL-287-

CESTAT-AHM]

VALUE ADDED TAX

The dealer was a contractor

registered in the State of Uttar Pradesh

(‗UP‘) having an office outside UP.

For the purpose of execution of pre-

existing works contract, alongwith

with the materials purchased within

the State of UP, the dealer also

procured materials from its office

situated outside the State of UP by

way of stock transfer. The assessing

authority included the value of such

materials procured by way of stock

transfer in the taxable turnover. The

Tribunal held that the value of such

transferred stock was exempt from tax

under section 3F(2)(b)(i) of the UP

Trade Tax Act, 1948. However, on a

revision petition it was held that the

works contract was in UP and the

stock transfer from the office of the

dealer outside UP resulted in the

movement of goods from one State

to another and such transfer amounted

to sale or purchase of goods in the

course of inter-state trade or

commerce under section 3 of the

Central Sales Tax Act, 1956. Hence,

the value of such goods was liable to

be deducted under section

3(F)(2)(b)(i) of the UP Act from the

net turnover of the dealer.

[Commissioner, Trade Tax, UP,

Lucknow vs. Advance Spectra Tec (P)

Limited. [2011] 38 VST 336 (All)]

The petitioner, engaged in the

manufacture and sale of ceramic tiles

produced C forms under the Central

Sales Tax Act, 1956 and claimed

concessional rate of tax on sales made

to a registered dealer in Tirupati.

However, the assessing authority

granted the concessional rate of tax

only up to 30.06.2002 and levied full

rate of tax after the said date on the

fact that the buyer had cancelled its

registration certificate with effect

from the above date and therefore the

C forms issued for the period

subsequent to 30.06.2002 were

invalid. The order of the assessing

authority was confirmed by the Joint

Commissioner (Appeals). However,

on a revision petition, it was held that

the C forms issued by the buyer could

not be held invalid when the petitioner

was not knowing the fact that the

buyer ceased to exist with effect from

30.06.2002. It was not for the

petitioner to actually find out as to

whether the registered dealer was in

existence on the date when the sales

were affected. The petitioner could

not be found fault since it was the duty

of the purchaser to inform about its

ceasing to be in existence and not to

issue C forms. Therefore, the

authorities could not have held that

the petitioner had utilized the invalid

C forms in order to claim

concessional rate of tax and

accordingly the proceedings initiated

to levy penalty were also not in

accordance with the law. [Bell

Ceramics Limited vs. Deputy

Commissioner of Commercial Taxes

(Transition-3), Bangalore. [2011] 38

VST 388 (Karn)]

AN APPEAL TO THE MEMBERS

Sub: XV Batch of the Course on Finance for Non

Finance Executives under the aegis of Management

Development Programmes (MDP)

Duration: June 2011 to October 2011

Timings: 03.00 pm to 06.30 pm (Only on Saturdays)

Course Fee: Rs.12000/-

Course Contents:

Financial Accounts & Company Accounts

Direct Taxes

Financial Analysis

Project Reports

Indirect taxes

Corporate Finance

Cost Accounts

For Whom:

The course is open to Non-Finance Executives such as

Engineers, Architects, Doctors, Human Resource

personnel, Department Heads, Administrators and other

executives.

The course does not call for any prior knowledge in

Accountancy, Finance and Tax Laws. The course

coverage will be basic in all subjects.

We request you to pass on this information to your

Clients to avail the benefits of this course.

Contact Tel : 080 - 30563500 / 511 / 512

E-mail : [email protected] /

[email protected]

mailto:[email protected]


April

2011 20

Workshop on “Law of Arbitration & Mediation” Arbitration is an alternate dispute resolution mechanism whereby parties to a dispute agree to resolve

their disputes by reference to an Arbitral Tribunal constituted by them or constituted in the manner agreed

to by the parties. Any kind of dispute can be referred to arbitration

In many situations, complex questions of accountancy, share valuation, valuation of stocks, assessment of

loss, assessment of damages for breach of contract disputes relating to corporate management and disputes

relating to share holding are being resolved by recourse to arbitration. The Chartered Accountants can

play an effective role in this field.

The Workshop proposes to deal with some aspects of the law.

• Introduction to arbitration

• Relevance of mediation and conciliation

• Agreement and appointment of arbitrators

• Interim measures by recourse to court and

powers Arbitral Tribunal to grant interim orders

• Procedure of arbitration

• Types of award

• Challenge to arbitral award

• Enforcement of arbitral award

• International commercial arbitration and

enforcement of foreign awards

• Role of Chartered Accountants in arbitration

Co-ordinator: CA. S. S. Nagananda

Day : Thursday, 28th April &

Friday, 29th April 2011

Time : 05.00pm to 08.00pm

CPE

6 Hrs

Venue : Bangalore Branch

premises

Delegate Fee : ` 500/-

Announcement of Coaching Classes for November 2011 Examinations

Bangalore Branch of SIRC of ICAI is pleased to announce that CA Final & IPCC Coaching Classes shall be

commencing from June, 2011 for November 2011 Examination and for CPT from July 2011 for the December

2011 Examination.

The faculty members are chosen after due consideration to their relevant industry exposure/experience coupled

with passion and interest towards teaching at ICAI, including areas of competence and expertise.

Registrations open for Coaching Classes :

Fees Duration Timings

CPT for

Dec 2011

Exam

Rs.4500/- July 2011 to

October 2011

05.30pm to 07.30pm (Monday to Friday)

03.00pm to 07.30pm (Saturday)

07.30am to 12Noon (Sunday)

IPCC for

Nov 2011

Exam

Rs.8000/- for Both Groups

Rs.5000/- for Only Group1

Rs.4000/- for Only Group2

June 2011 to

September 2011 07.30am to 09.30am and

06.00pm to 08.00pm

(Monday to Saturday)


FINAL for

Nov 2011

Exam

Rs.8000/- for Both Groups

Rs.6000/- for Single Group June 2011 to

September 2011 07.30am to 09.30am and

06.00pm to 08.00pm (Monday to Saturday)


Note: We request Members to inform their articles.



April

2011 19

IMPORTANT DATES TO REMEMBER DURING THE MONTH OF APRIL 2011

07-4-11 IT Deposit of TDS/TCS Collected During March 2011

11-4-11 Excise Monthly Returns for Production and Removal of Goods and CENVAT Credit for March 2011

Excise Monthly Returns of Excisable Goods Manufactured & Receipt of Inputs and Capital Goods by Units

in EOU,STP,HTP for March 2011

Excise Monthly Return for Production and Removal of Goods and CENVAT Credit for Quarter Ending 31st

March 2011 by SSIs

Excise Monthly returns of Information relating to principal inputs for March 2011 by Manufacturer of

Specified Goods who paid Duty of Rs.1 Crore or More during financial year 2009-2010 by PLA/

CENVAT/Both.

15-4-11 Excise Quarterly Returns of CENVAT by First Stage and Second Stage Dealers for Quarter ending 31st

March 2011.

VAT Filing of VAT 120 under KVAT Laws.

PF Payment of EPF Contribution for March 2011.

PF Return of Employees Qualifying to EPF during March 2011.

20-4-11 Excise Quarterly Return of Production, Removal and CENVAT by Specified Manufacturers of Yarns and

Ready Made Garments for the Quarter Ended March 2011.

CST/VAT Monthly Returns (VAT 100) and Payment of CST and VAT Collected During March 2011

21-4-11 ESI Deposit of ESI Contribution and Collections of March 2011 to the credit of ESI Corporation.

25-4-11 ST Half yearly Return (ST-3) for the Half Year ending 31st March 2011.

ST Memorandum of Provisional Deposits-Provisional Assessment cases half yearly returns.

EPF Consolidated Statement of Dues and Remittances under EPF and EDLI For March 2011.

EPF Monthly Returns of Employees Joined the Organisation for March 2011.

EPF Monthly Returns of Employees left the Organisation for March 2011.

30-4-11 IT Payment of TDS on Provisions made on 31st March 2011 U/s 193/194A/194C/D/E/G/H/I/J,195,196

and 196C.

IT Quarterly Return of Non-Deduction of Tax at Source U/s 206A for the Quarter ending 31st March

2011.

Excise Annual Statement on Principal Inputs by Assessees who in Financial year 2009-10 Paid rs.10 Lakhs

or More as PLA/CENVAT/Both.

Excise Annual Installed Capacity Statement by all assesses.

ST Half yearly Return for Period ending 31st March 2011 by Input Service Distributors.

EPF Annual Returns Showing Monthwise Recoveries from Members.

EPF Consolidated Annual Contribution Statement

PT Due date for payment of Professional Tax for the financial year 2011-12.

NOTE : DECLARATION IN FORM 15G AND 15H SHOULD BE FILED WITH THE DEPARTMENT BEFORE 7TH DAY OF THE

NEXT FOLLOWING THE MONTH IN WHICH THE DECLARATION IS FURNISHED.

Requirement of Land / Building for Bangalore Branch

Bangalore Branch of SIRC of ICAI is looking out for land /building for outright purchase /long lease

for additional premises within the city of Bangalore. Minimum required land is 15,000 sqft. upto

20,000 sqft. The land should be situated close to the Bangalore Metro Station and having easy

accessibility and wide roads. Any builtup building facility of about 20,000 sq ft. and having adequate

parking facilities can also be considered. The branch is also open to consider long lease of atleast

25 years. Please mail the details of land or building available to [email protected]




21 April

2011

April

22 2011



23 April

2011

April

24 2011

Documents

Bangalore Branch News Letter - April 2011