E-Newsletter-September 15

The Institute of Chartered
Accountants of India
(Setup by Act of Parliament)
Pimpri Chinchwad Branch of WIRC
of ICAI
E-News Letter September 2015
E-Newsletter Pimpri Chinchwad Branch of WIRC of ICAI
Page 1
Chairman Speech
Chairman Pimpri Chinchwad Branch of WIRC of ICAI
CA. Prasadh Saraaf
Dear All Members,
I Wish you Tax Audit Day for the members & all my colleagues who are
working very hardly.
Pimpri chinchwad Branch is going to arrange cpe seminar for members like
seminar on tax audit, Interactive Discussion on various issues on 3rd Sep. 2015
with principal of commissioner of income tax V & Joint Commissioner of
Income Tax.
Even WICASA Team is organized Tax Audit for students for their audit.
I hear conclude with “Team work is a key of success”.
E-Newsletter Pimpri Chinchwad Branch of WIRC of ICAI
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Table of Contents
Sr
No
Particulars
1
Chairman Communiqué
2
3
4
Index
Office Bearers 2015-16
Updates/Notifications/Circulars/Events /Legal
Decision
5
Event
6
7
Page
No
2
1112
13
14
Forthcoming Events
Details of Mock Test Series
E-Newsletter Pimpri Chinchwad Branch of WIRC of ICAI
3
4
5-10
Page 3
MANAGING COMMITTEE MEMBERS
( Year 2015-16 )
CA.Prasadh Saraaf
CA.Suhas Gardi
CA.Maheshwar Marathe
Chairman
Vice Chairman
Secretary & Treasurer
CA.Baban Dangale
CA.Manojkumar Agarwal
CA.Kishor Gujar
Immediate Past Chairman
Past Chairman
Managing Committee
Member
CA.Santosh Sancheti
CA.Pankaj Patni
Managing Committee Member
Managing Committee Member
E-Newsletter Pimpri Chinchwad Branch of WIRC of ICAI
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CBDT Extends Due Date For Filing ROI
ONLY For Assessess In P&H And Gujarat
Subject To Outcome Of Appeal In Supreme
Court
The Central Board of Direct Taxes, in compliance to the orders of
Hon’ble Punjab and Haryana High Court dated 28.09.2015 in case
of Vishal Garg & Ors. vs. Union of India & Anr.; CWP 19770-2015
and order of Hon’ble Gujarat High Court dated 29.09 .2015 in case
of All Gujarat Federation of Tax Consultants vs. CBDT; Special
Civil Application No. 15075 of 2015 and in exercise of powers
conferred under section 119 of the Income-tax Act , 1961 (‘Act’),
hereby orders that the returns of income due to be E-filed by 30th
September, 2015 may be filed by 31st October, 2015 in cases of
Income-tax assessees of the State(s) of Punjab and Haryana and
Union Territory of Chandigarh and the State of Gujarat. This order
shall be subject to the outcome of any further appeal/SLP which the
CBDT may file against the said judgment
CBDT Press Release Reg Circulation of
Fake order for extension of due date for
filing of Audit report and return of Income
for Assessment Year 2015-16
It is clarified the order is fraudulent. The Government has not
extended the due date for filing of returns and audit report due by
30th September 2015. Tax payer and practitioners are advised not
E-Newsletter Pimpri Chinchwad Branch of WIRC of ICAI
Page 5
to give any credence to the fraudulent order purportedly signed by
one Upmanyu Reddy
Finance Ministry Directive: No Extension Of
Due Date For Filing ROI Due On 30.09.2015
The Ministry of Finance has issued a press release dated 09.09.2015
stating that there will be no extension of the date for filing of
returns due by 30th September for Assessment Year 2015-16. The
Ministry has advised taxpayers to file their returns well in time to
avoid last minute rush
CBDT’s Clarifications (FAQs) On Tax
Compliance for Undisclosed Foreign Income
and Assets (Black Money Act)
The CBDT has issued Circular No. 15 of 2015 dated 3rd September
2015 stating that The Black Money (Undisclosed Foreign Income
and Assets) and Imposition of Tax Act, 2015 has introduced a tax
compliance provision under Chapter VI of the Act. The Black
Money (Undisclosed Foreign Income an d Assets) and Imposition of
Tax Rules, 2015 (hereinafter referred to as ‘ the Rules’) have been
notified. In this regard, circular No. 13 of 2015 dated 6th July, 2015
issued by the Board provided clarifications to 32 queries.
Subsequently, further queries have been received from the public
about the tax compliance provisions under Chapter VI of the Act.
The Board has considered the same and issued clarifications
CBDT Clarification Reg Extension Of Due
Date Of Filing Return Of Wealth For AY
2015-16
In view of CBDT order F.No.225/154/2015/ITA-11 tinted 2.9.2015
issued under section 119 of the Income-tax Act, extending the due
date for e-filing returns of income from 31″ August, 2015 to 7th
E-Newsletter Pimpri Chinchwad Branch of WIRC of ICAI
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September, 2015 in respect of all taxpayers who were required to efile their returns of income by 31″ August, 2015, the ‘due date’ for
filing return of wealth by such assessees for assessment year 2015.16
also stands extended from 31″ August 201510 7th September 2015
CBDT Order U/s 119 Extending Due Date
For Filing ROI For All Assessees
CBDT has further received representations that across the country,
taxpayers had faced hardships in E-Filing Returns of Income on the
last date i.e. 31st August, 2015 due to slowing down of certain eservices. Therefore, after considering the matter, CBOT in exercise
of powers conferred under section 119 of the Income-tax Act, 1961,
hereby extends the ‘due-date’ for E-Filing Returns of Income from
31st August, 2015 to 7th September, 2015 in respect of all the
taxpayers who were required to E-File their returns by 31st August,
2015.
CIT vs. Vijay Singh Kadan (Delhi High
Court)
COURT:
Delhi High Court
SECTION(S):
2(14)
GENRE:
Domestic Tax
DATE:
September 14, 2015 (Date of pronouncement)
DATE:
September 28, 2015 (Date of publication)
AY:
2006-07
S. 2(14)(iii)(b): To determine whether the “agricultural land” is situated within 8 km of the
municipal limits so as to constitute a “capital asset”, the distance has to be measured in
terms of the approach road and not by the straight line distance on horizontal plane or as
per crow's flight
E-Newsletter Pimpri Chinchwad Branch of WIRC of ICAI
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The Court is of the view that for the purposes of Section 2 (14) (iii) (b) of the Income-tax
Act, the distance had to be measured from the agricultural land in question to the outer
limit of the municipality by road and not by the straight line or the aerial route. The
distance has to be measured from the land in question itself and not from the village in
which the land is situated
Shabina Abraham & Ors vs. Collector of
Central Excise (Supreme Court)
COURT:
Supreme Court
SECTION(S):
159, Excise Act
DATE:
July 29, 2015 (Date of pronouncement)
DATE:
September 28, 2015 (Date of publication)
Entire law on the taxation of deceased persons and their estate explained in the context of the
Income-tax Act and the Central Excise Act
The individual assessee has ordinarily to be a living person and there can be no
assessment on a dead person and the assessment is a charge in respect of the income of
the previous year and not a charge in respect of the income of the year of assessment as
measured by the income of the previous year. Wallace Brothers & Co. Ltd. v
Commissioner of Income-tax. By section 24B of the Income-tax Act the legal
representatives have, by fiction of law, become assessees as provided in that section but
that fiction cannot be extended beyond the object for which it was enacted
Sri S. N. Wadiyar (Dead) Through LR vs.
CWT (Supreme Court)
COURT:
Supreme Court
SECTION(S):
Wealth-tax Act
DATE:
September 21, 2015 (Date of pronouncement)
E-Newsletter Pimpri Chinchwad Branch of WIRC of ICAI
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DATE:
September 28, 2015 (Date of publication)
AY:
1977-78 to 1986-87
Important principles relating to valuation of property subject to the Land Ceiling Act explained in
the context of the Wealth-tax Act
One has to assume that the property in question is saleable in the open market and
estimate the price which the assumed willing purchaser would pay for such a property.
When the asset is under the clutches of the Ceiling Act and in respect of the said
asset/vacant land, the Competent Authority under the Ceiling Act had already determined
the maximum compensation of Rs.2 lakhs, how much price such a property would fetch if
sold in the open market? We have to keep in mind what a reasonably assumed buyer
would pay for such a property if he were to buy the same. Such a property which is going
to be taken over by the Government and is awaiting notification under Section 10 of the
Act for this purpose, would not fetch more than Rs.2 lakhs as the assumed buyer knows
that the moment this property is taken over by the Government, he will receive the
compensation of Rs.2 lakhs only. We are not oblivious of those categories of buyers who
may buy “disputed properties” by taking risks with the hope that legal proceedings may
ultimately be decided in favour of the assessee and in such a eventuality they are going to
get much higher value. However, as stated above, hypothetical presumptions of such sales
are to be discarded as we have to keep in mind the conduct of a reasonable person and
“ordinary way” of the presumptuous sale. When such a presumed buyer is not going to
offer more than Rs.2 lakhs, obvious answer is that the estimated price which such asset
would fetch if sold in the open market on the valuation date(s) would not be more than
Rs.2 lakhs
P. Satyanarayana Murthy vs. Dist. Inspector
of Police (Supreme Court)
COURT:
Supreme Court
SECTION(S):
1988, Prevention of Corruption Act
DATE:
September 14, 2015 (Date of pronouncement)
DATE:
September 17, 2015 (Date of publication)
E-Newsletter Pimpri Chinchwad Branch of WIRC of ICAI
Page 9
Acche Din For Corrupt Babus: Mere possession and recovery of currency notes from an accused is
not sufficient to establish an offense under the Prevention of Corruption Act. Proof of demand of
illegal gratification is essential. Its absence is fatal to the complaint
Mere possession and recovery of currency notes from an accused without proof of
demand would not establish an offence under Sections 7 as well as 13(1)(d)(i)&(ii) of the
Act. In the absence of any proof of demand for illegal gratification, the use of corrupt or
illegal means or abuse of position as a public servant to obtain any valuable thing or
pecuniary advantage cannot be held to be proved. The proof of demand is an
indispensable essentiality and of permeating mandate for an offence under Sections 7 and
13 of the Act. Qua Section 20 of the Act, which permits a presumption as envisaged
therein, it has been held that while it is extendable only to an offence under Section 7 and
not to those under Section 13(1)(d) (i)&(ii) of the Act, it is contingent as well on the proof
of acceptance of illegal gratification for doing or forbearing to do any official act. Such
proof of acceptance of illegal gratification, it was emphasized, could follow only if there
was proof of demand. Axiomatically, in absence of proof of demand, such legal
presumption under Section 20 of the Act would also not arise. As a corollary, failure of
the prosecution to prove the demand for illegal gratification would be fatal and mere
recovery of the amount from the person accused of the offence under Sections 7 or 13 of
the Act would not entail his conviction thereunder
E-Newsletter Pimpri Chinchwad Branch of WIRC of ICAI
Page 10
Interactive Discussion on various issues on 3rd Sep.
2015
Interactive Discussion on various
issues on 3rd Sep. 2015
From L to R: - CA.Kishor Gujar
Professional Development Committee
Chairman. CA.Prasadh Saraaf,
Chairman of Pimpri Chinchwad
Branch, Shri N.N.Kumar I.R.S.,
Principal of Commissioner of Income
Tax V, Dr.Mahesh Akhade Joint
Commissioner of Income Tax,
Event..
Half day Seminar on “TAX AUDIT On 12th Sep.
2015
L To R: CA. Prasadh Saraaf
Chairman Of Pimpri Chinchwad
Branch of WIRC of ICAI, CA.Baban
Dangale Past Chairman of Pimpri
Chinchwad Branch of WIRC of ICAI,
CA. Suhas Gardi Vice Chairman of
Pimpri Chinchwad Branch of WIRC
of ICAI,
CA. Kishor Gujar PD
Committee Chairman of Pimpri
Chinchwad Branch of WIRC of ICAI,
Speaker CA. Harish Motiwalla .
E-Newsletter Pimpri Chinchwad Branch of WIRC of ICAI
Page 11
WICASA PIMPRI CHINCHWAD BRNACH of WIRC of ICAI
Organize Workshop on“TAX AUDIT” On 12th Sep. 2015
L To R: Speaker CA. Subodh
Shah,CA.Shailesh Bore, Rutuja
Nilange WICASA MCM
E-Newsletter Pimpri Chinchwad Branch of WIRC of ICAI
Page 12
Sr.
No.
Date
PROGRAMME
TYPE
TOPIC
SPEAKER
1
16.10.2015
Career
Counselling
Programme
for Higher &
Secondary
Schools
Career
Counselling
Programme
CA.Dilip Advani
2
16.10.2015
How to face
IPCC/FINAL CA
Examinations?
How to face
IPCC/FINAL CA
Examinations?
CA.Dilip Advani
3
19.10.2015
Dandiya
Dhamaka Cultural
Fest_FOR
STUDENTS
Dandiya
Dhamaka
Cultural
Fest_FOR
STUDENTS
CA.Prasadh
Saraaf_Chairman
CA.Suhas
Gardi_WICASA
Chairman
E-Newsletter Pimpri Chinchwad Branch of WIRC of ICAI
Page 13
Pimpri Chinchwad Branch of WIRC of ICAI
Mock Test Series
IPCC ,FINAL Mock Test
Sr.No
Detail
1
IPCC
2
Final
From date
End Date
No. of
Students
Venue
21.9.2015 29.9.2015
13
21.9.2015 30.9.2015
19
ICAI Bhawan Pimpri
Chinchwad Branch
of WIRC of ICAI
ICAI Bhawan Pimpri
Chinchwad Branch
of WIRC of ICAI
E-Newsletter Pimpri Chinchwad Branch of WIRC of ICAI
Page 14