Thursday 31 May 2012

CHANGE IN DECLARATION FORM WHICH IS TO BE ATTACHED WITH DIN-1


Ministry of Corporate affairs vide its circular No. G.S.R.(E) dated 28.05.2012 has change 
the format of DIN Declaration in DIN-1 form and make some other changes in DIN-4, the 
complete details can be trace at http://mca.gov.in/Ministry/notification/pdf/
G.S.R%28E%29_28may2012.pdf
http://mca.gov.in/Ministry/notification/pdf/G.S.R(E)_28may2012.pdf
mca.gov.in

A first step towards integration and migration to new system, form-1 and form-24 will not be available for filing w.e.f 21-05-2012 on LLP portal i.e. www.llp.gov.in.


The Ministry of Corporate Affairs is in process of integration
 of LLP system into MCA-21 in the month of June 2012 by 
allowing filing & approval of LLP forms at MCA-21 website 
(www.mca.gov.in) , by making necessary changes in e-forms. 
As a first step towards integration and migration to new 
system, form-1 and form-24 will not be available for filing 
w.e.f 21-05-2012 on LLP portal i.e. www.llp.gov.in. Other LLP 
forms will not be available for filing for a period of approx 10 
days w.e.f 31-05-2012 .........

Tuesday 29 May 2012

Recent Judgments


Only on computer 60% depreciation is allowed not on networking equipment

Court

INCOME TAX APPELLATE TRIBUNAL


Brief

On the facts and in the circumstances of the case and in law, the Ld. CIT(A) has erred in directing the Assessing Officer to allow depreciation @ 60% on ITG Networking equipments as against 25% allowed by the Assessing Officer


Citation

M/s Microsoft Corporation India Pvt. Ltd., F-40, NDSE Part-I, New Delhi. PAN: AAACM5586C (Appellant) Vs. Dy. Commissioner of I.Tax, Circle 6(1), New Delhi. (Respondent)


Judgement

 
IN THE INCOME TAX APPELLATE TRIBUNAL
DELHI BENCH `E’: NEW DELHI
 
BEFORE SHRI R.P. TOLANI, JUDICIAL MEMBER AND
SHRI K.D. RANJAN, ACCOUNTANT MEMBER
 
I.T. A. No.1665/Del/2011
Assessment Year: 2003-04
 
Dy. Commissioner of Income-tax,
Circle 6(1), New Delhi.
(Appellant)
 
Vs.
 
M/s. Microsoft Corporation
India Pvt. Ltd., F-40, NDSE
Part-I, New Delhi.
PAN: AAACM5586C
(Respondent)
 
C.O. No.152/Del/2011
Assessment Year: 2003-04
 
M/s Microsoft Corporation
India Pvt. Ltd., F-40, NDSE
Part-I, New Delhi.
PAN: AAACM5586C
(Appellant)
 
Vs.
 
Dy. Commissioner of I.Tax,
Circle 6(1), New Delhi.
 (Respondent)
 
Department by: Shri R.S. Negi, Sr. DR.
Assessee by: Shri Nageshwar Rao, Advocate &
Mrs. Preety GoelCA
 
O R D E R
 
PER K.D. RANJAN, ACCOUNTAT MEMBER:
 
The appeal by the Revenue and cross objection by the assessee for Assessment Year 2003-04 arise out of the order of the Commissioner of Income-tax (Appeals)-IX, New Delhi. The grounds of appeal raised by the Revenue are reproduced as under:-
 
“1. The order of Learned CIT(Appeals) is erroneous & contrary to facts & law.
 
2. On the facts and in the circumstances of the case and in law, the Ld. CIT(A) has erred in directing the Assessing Officer to allow depreciation @ 60% on ITG Networking equipments as against 25% allowed by the Assessing Officer.
 
3. The Ld. CIT(A) ignored the finding recorded by the Assessing Officer and the fact that the depreciation on ITG Networking equipment is allowable @ 25% on ITG Networking equipment i.e. equivalent to plant & machinery.”
 
2. The only issue for consideration in Revenue’s appeal relates to directing the Assessing Officer to allow depreciation @ 60% on ITG Networking equipment as against 25% allowed by the AO. The AO allowed depreciation @ 25% treating the networking cables and equipments as plant and machinery.
 
3. On appeal the learned CIT(A) allowed depreciation @ 60% following the decision of Hon’ble Delhi High Court in the case of CIT vs. BSES Yamuna Powers Ltd., reported in 2010-TIOL-636-HC-DEL-IT, wherein it has been held that computer accessories and peripherals such as printers, scanners, servers etc. are entitled to higher rate of depreciation @ 60%.
 
4. Before us when case came up for hearing the learned AR of the assessee submitted that the issue is squarely covered by the decision of ITAT in the case of the assessee for Assessment Year 2002-03 in ITA No.4173/Del/2010 dated 19.11.2010. On the other hand, the learned Sr. DR supported the order of the AO.
 
5. We have heard both the parties and gone through the material available on record. ITAT in assessee’s own case vide order dated 19.11.2010 allowed depreciation @ 60% on ITG networking equipment by observing as under:-
 
“16. From the above note, it is clear that the above equipment primarily include the routers, switches, modems, etc. which are in the nature of input and output support devices which performs the functions including communication and control and, thus, they are computer hardware when they are used along with computer and when their functions are integrated with `computer’. Such devices used as part of the computer in its functions and, thus, it can be termed as `computer’ only, therefore, eligible for depreciation @ 60%. Therefore, also we find no infirmity in the claim of the assessee of depreciation @ 60% of ITG networking equipments.”
 
Since the issue is squarely covered by the decision of ITAT in the assessee’s own case as also by the decision of Hon’ble Delhi High court in the case of BSES Yamuna Powers Ltd. (supra), we do not find any infirmity in the order of CIT(A) deleting the addition on account of difference in depreciation. The Assessing Officer is directed to allow depreciation on ITG Networking Equipments and cables etc. @ 60%.
 
6. In the result, appeal filed by the Revenue is dismissed.
 
7. Now coming to cross objection filed by the assessee. The grounds of cross objection are reproduced as under:-
 
“That on the facts and in the circumstances of the case and in law the learned CIT-A in not holding that the Reassessment proceedings initiated under section 147 of the Act by the learned AO were bad in law and accordingly, the reassessment order passed under section 147 of the Act is invalid and is therefore, liable to be quashed.”
 
8. The only issue for consideration in assessee’s cross-objection relates to reopening of assessment u/s 147 of the Act. The facts of the case stated in brief are that the Assessing Officer reopened assessment for Assessment Year 2003-04 on the ground that the assessee had been allowed inadvertently depreciation on networking equipments @ 60% under the category of computer whereas it should have been allowed @25% as in the case of plant & machinery.
 
9. Before us when case came up for hearing, it was argued by the learned AR of the assessee that on identical facts for Assessment Year 2002-03, the assessment was reopened and the Tribunal after detailed discussion has held that reopening of assessment was not valid. It was also submitted that the Hon’ble Delhi High Court has upheld the order of ITAT vide their order dated 11.07.2011 in ITA 820/2011. Therefore, reopening of assessment is bad in law.
 
10. On the other hand, the learned Sr. DR submitted that in Assessment Year 2003-04 the assessment has been reopened within the period of 4 years and therefore, the decision for Assessment Year 2002-03 cannot be applied as in that year the reopening was made after period of 4 years.
 
11. We have heard both the parties and gone through the material available on record. The assessee has taken the ground relating to reopening of assessment before the CIT(A). However, the learned CIT(A) has decided this ground of appeal by stating that this ground being general in nature did not require any specific adjudication. Before the CIT(A) the assessee had taken the following ground regarding reopening of assessment under sec. 147 of the Act:-
 
“1. That the reassessment proceedings initiated under section 147 of the Income tax Act 1961, (the Act”) by the learned Deputy Commissioner of Income Tax, Circle 6(1), New Delhi (hereinafter referred to as “the learned Assessing Officer”) are bad in law and accordingly, the reassessment order issued under section 147 of the Act is invalid and is liable to be quashed.”
 
12. We have gone through the ground of appeal raised before the CIT(A). On perusal of this ground of appeal it is clear that the assessee had not taken the ground relating to assumption of jurisdiction on a specific point indicating whether there was change of opinion or there was no material or it was barred by limitation etc. The ground of appeal raised by the assessee is not specific in nature. We therefore, agree with the finding of the learned CIT(A) that ground raised by the assessee is general which did not require any specific adjudication. Accordingly, we do not find any infirmity in the order passed by the learned CIT(A) dismissing ground of appeal for initiation of proceedings u/s 147 of the Act. Accordingly, cross objection filed by the assessee is dismissed.
 
13. In the result, the cross objection filed by the assessee is dismissed.
 
14. To sum up, the appeal by the Revenue and cross objection filed by the assessee are dismissed.
 
15. This decision is pronounced in the Open Court on 11th May, 2012.
 
                                                      Sd/-                              Sd/-
                                            (R.P. TOLANI)            (K.D. RANJAN)
                                    JUDICIAL MEMBER ACCOUNTANT MEMBER
 
Dated: 11th May, 2012.
 
Copy of the order forwarded to:-
 
1. Appellant
2. Respondent
3. CIT
4. CIT(A)
5. DR
 
*mg
 
By Order
Deputy Registrar, ITAT.


UPDATES:


1.  For Assessment Year 2011-2012, no TDS checking if difference <5000. For zero TDS matching etc., credit after verification. Income Tax Instruction 4/2012 of 25-05-2012.
2  Finance Bill 2012 becomes Finance Act 2012 on 28-05-2012 with 
Honorable President assent to it.  Provisions applicable from passing 
of budget applicable w.e.f. 28-05-2012.

Monday 28 May 2012

UPDATES


1.  Revised CBDT instruction on grant of TDS credit for Assessment year 2011-2012.The Board has decided to withdraw instruction no. 01/2012 issued on 2nd February, 2012 on the subject above with immediate effect.
2. Issue Form 16A, 27D for Q4 by 30-05-2012 and Form 16 by 31-5-
12 for Financial Year 2011-2012, Mandatory only for Companies 
and Banks to download from NSDL website.

Urgent opening for, Designation: Manager / Sr.Manager - secretary

an urgent opening for,

 Designation: Manager / Sr.Manager - secretary

 Location: Mumbai

 Qualification: CS post qualified

 Experience required: minimum 8-12 yrs secretarial exp

> Job profile:

 - This position is for looking after all secretarial, listing and related regulatory compliances of listed company(ies), including overseas subsidiaries;
 - Qualified Company Secretary with about 5 years of experience
 - Listing experience essential - latest experience should be with a listed company
 - Excellent oral and written English communication skills - This is IMPORTANT
 - Good drafting and analytical skills
 - Knowledge of Corporate Laws, including FEMA
 - Exposure to NBFCs and Venture Capital compliances would be an added advantage (though not essential).

> Management Grade : Manager


> Annual CTC : negotiable

> COMPANY PROFILE:
 Piramal Glass is a global leader in delivering world-class packaging solutions for the perfumery and pharmaceuticals businesses. We offer an entire gamut of flacconage solutions under one umbrella, making us a one-stop-shop for all the needs of our customers. Our end-to-end flacconage solutions include full bottle design capabilities, in-house mould design, CNC machines for mould manufacturing, high quality glass manufacturing and dedicated ancillaries for decoration and accessories like caps, cartons and brushes.
> Piramal Glass is one of the largest manufacturers of flacconage glass for the pharmaceuticals and perfumery businesses today, with an installed capacity of 1,115 tonnes per day, and sales of more than $200 million worldwide. We also manufacture glass bottles for specialty food and beverages. Piramal Glass has invested more than $110 million in creation of significant new capacity, and is among the top five manufacturers of perfumery bottles in the world.
http://glass.piramal.com/corporate/marketing/why-piramal-glass.html

Sunday 27 May 2012

NEW BATCH FOR CS EXECUTIVE/PROFESSIONAL


Victory is not the property of brilliants. It is the crown for those who bend themselves in front of hard work, honesty and confidence


Institute for Corporate Achievers (ICA) announces going to start new batches- for COMPANY SECRETARY STUDENTS FOR DECEMBER 2012 EXAMS FROM 30TH MAY 2012

EXECUTIVE
TIMING
PROFESSIONAL
TIMING

MODULE  1
11.00 AM
CSP
4.30PM



DRAFTING
6.00PM


FACULTY:

  • CA US TEWARI
  • CS MANOJ KUMAR BHAGAT
  • CS MEENAKSI  SRIVASTAVA


For registration & other details, contact at-


Mobile :                         9554279814                  
                                      9415010364            
PHONE :                     0522-4011081                
Or write to us at-

bhagatatmk@yahoo.co.in
ica_queries@yahoo.com

Limited seats available….Book your seats first come & first serve basis  so as to avoid last minute rush.. …. Hurry… Get Enrolled now!!