[aaykarbhavan] Fw: Pre-Print Highlights of ITR(Trib) from CLI
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From: "info@cliofindia.com" <info@cliofindia.com>
To: newsletter@cli.in
Sent: Saturday, 12 January 2013 7:24 AM
Subject: Pre-Print Highlights of ITR(Trib) from CLI
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ITR'S TRIBUNAL TAX REPORTS (ITR (Trib)) HIGHLIGHTS
APPELLATE TRIBUNAL ORDERS |
F Capital gains : Computation on basis of sale of land in open market : Manjit Singh v. Dy. CIT (Chandigarh) p. 149
F Amount paid for diversion of forest land, revenue expenditure : Mysore Minerals Ltd. v. Asst. CIT (Bangalore) p. 167
F Where no reasonable explanation for shortage in closing stock, value of shortage not deductible : Mysore Minerals Ltd. v. Asst. CIT (Bangalore) p. 167
F Where carbon credit not a by-product of business, amount realised on transfer of carbon credit was not taxable: My Home Power Ltd. v. Dy. CIT (Hyderabad) p. 186
F Where fresh capital brought in by partner and confirmed by him, not assessable u/s. 68 : Patel Vishnubhai Kantilal and Co. v. ITO (Ahmedabad) p. 204
F Where no evidence that high consumption of raw materials led to higher production, rejection of accounts not justified : Vishal Paper Industries v. Joint CIT (Chandigarh) p. 220
F Interest on borrowed capital : Interest not allowable unless capital assets are used : Vishal Paper Industries v. Joint CIT (Chandigarh) p. 220
F Assessment : Capital gains from sale of ancestral property and interest on mutual funds shown as family income and accepted, same income cannot be taxed again in hands of individual : Jyotindra Natwarlal Naik v. ITO (Mumbai) p. 252
F Income : Disallowance of five per cent. of total expenses in accordance with rule 8D proper : Prakash Narottam Das Gupta v. ITO (Mumbai) p. 255
F Sub-brokerage paid in connection with services rendered in course of transactions pertaining to mutual funds not liable to TDS : Dy. CIT v. S.J. Investment Agencies P. Ltd. (Mumbai) p. 258
F Where assessee not owner of premises, expenditure allowable as revenue expenditure : Cymtoza Art Gallery v. Asst. CIT (Mumbai) p. 262
F International transaction : Net profit margin realised from transaction with associated enterprises cannot be taken as comparable : Tecnimont ICB P. Ltd. v. Addl. CIT (Mumbai) p. 267
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