INCOME TAX REPORTS (ITR) HIGHLIGHTS
F Assessee not entitled to deduction for exporting granites prior to amendment in 1991 : CIT v. Vijay Granites P. Ltd. (Mad) p. 247
F Long-term capital gains : Tribunal deleting addition on ground assessee not given opportunity to cross-examining managing director : Not justified when no such req uest by assessee : CIT v. Vinod Kumar Gupta (Delhi) p. 253
F Transfer of cases : Necessity of centralisation of assessment in view of assessee's nexus with group companies : Arrow Alloys P. Ltd. v. Union of India (Gauhati) p. 259
F Whether income from sale of stock option assessable as short-term capital gains or as long-term capital gains : Debatable issue when assessee filing return : No penalty leviable : CIT v. Jaswinder Singh Ahuja (Delhi) p. 262
F Amount received in cash by assessee from her father-in-law for purchasing property is a gift and not a loan : Penalty could not be imposed : CIT v. Smt. M. Yesodha (Mad) p. 265
F Provision for income-tax : No addition could be made : Oriental Insurance Co. Ltd. v. CIT (Delhi) p. 270
F Expenditure on lease rent, taxes and repairs and maintenance of guest house not allowable : Oriental Insurance Co. Ltd. v. CIT (Delhi) p. 270
F Bad and doubtful debts reserve not to be added to balance of profits disclosed in accounts : Oriental Insurance Co. Ltd. v. CIT (Delhi) p. 270
F Reassessment subject in remand proceedings : CIT (A) ought to have adjudicated issue of validity of reassessment : Smt. Prabha Rani Agrawal v. ITO (All) p. 275
F Form 10 can be filed during reassessment proceedings : Association of Corporation and Apex Societies of Handlooms v. Asst. Direct of I. T. (Delhi) p. 287
F Not possible for AO in regular charge to undertake detailed and co-ordinated investigations : Order of transfer of cases to central charge in New Delhi valid : Continental Milkose (India) Ltd. v. CIT (Gauhati) p. 292
F Finding that seconded personnel not employees of assessee but continuing to be employees of oil companies : Amount paid as foreign allowances to seconded personnel not liable for deduction of tax at source : Payment not to be disallowed : CIT v. Petroleum Indfia International (Bom) p. 295
F No allegation in notice of failure on part of assessee to disclose any material facts : No mention in order rejecting objections what fact assessee had failed to disclose : Notice and order rejecting objections not valid : E. I. Dupont India P. Ltd. v. Deputy CIT (Delhi) p. 299
F Enforcement of recovery of demand without disposing of application for stay not justified : Society of the Franciscan (Hospitaller) Sisters v. Deputy Directors of Income-tax (Exemptions) (Bom) p. 302
F Entertainment subsidy is a capital receipt : CIT v. Chaphalkar Brothers (Bom) p. 309 and Deputy CIT v. Inox Leisure Ltd. (Guj) p. 314
F Notice under section 142(1) to co-operative societies within jurisdiction : Mangalam Service Co-operative Bank Ltd. v. ITO (Ker) p. 312
F Consideration received by assessee in respect of sale of securities is capital gains and exempt in of DTAA with Cyprus : Director of I. T. (International Taxation) v. Credit Suisse First Boston (Cyprus) Ltd. (Bom) p. 323
F Reassessment : Notice : Objections : Application of mind to objections essential : Jay Bharat Maruti Ltd. v. Asst. CIT (Delhi) p. 342
F Recovery of tax : TRO bound to pass appropriate order based on order passed in appeal : Sri Lakshmi Brick Industries v. TRO (Mad) p. 345
F Receipt less than amount specified in second proviso to section 2(15) : Trust entitled to exemption : CIT v. Rajasthan Jain Charitable Trust (Karn) p. 354
F Cancellation of renewal without notice not justfied : CIT v. Rajasthan Charitable Trust (Karn) p. 354
F Whether or not expenses were incurred for earning exempt income is a question of fact : CIT v. Glenmark Pharmaceutical Ltd. (Bom) p. 359
F Marketing know-how resulting in higher sales as well as leading to higher profit : Revenue expenditure : CIT v. Glenmark Pharmaceutical Ltd. (Bom) p. 359
F Part of consideration paid for acquiring brand : Depreciation allowable : CIT v. Glenmark Pharmaceutical Ltd. (Bom) p. 359
F Book profit : Interest can be chargeable : CIT v. Glenmark Pharmaceutical Ltd. (Bom) p. 359
F Salaries paid by non-resident employer and not borne by permanent establishment not taxable in India : Director of I. T. (International Taxation) v. Maersk Co. Ltd. (Uttarakhand) p. 366
F Sale of scrap includible in business profits : R. N. Gupta and Co. Ltd. v. CIT (A) (P&H) p. 369
F Fresh assessment consequent to notice under section 263 : Assessee cannot contend opportunity to hearing not given and assessment invalid : NTUC Income Insurance Co-operative Ltd. v. Deputy Director of I. T. (International Taxation) (Bom) p. 372
F Provision for excise duty written back deductible : CIT v. Tata Yodogawa Ltd. (Jharkahnd) p. 379
F Penalty on undisclosed income found during search-section 271AAB analysed-K. Kumar, Advocate p. 56
F Power of Commissioners (Appeals) to stay demand applications filed before them-T. N. Pandey, Retd. Chairman, CBDT p. 49
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COMPANY CASES (CC) HIGHLIGHTS
F Unsecured creditor, petitioner in pending petition for winding up, not entitled to be heard on application for directions to convene meeting to consider scheme : Agnite Education Ltd., In re (Mad) p. 60
F Where application for stay of proceedings pending consideration of scheme, notice to petitioning creditor in pending winding up petition mandatory : Agnite Education Ltd., In re (Mad) p. 60
F Regional Director cannot raise objections where shareholders accepting share exchange ratio in scheme of arrangement : Transferee company entitled to use new name without complying with any other formality : V. R. Textiles P. Ltd., In re (Mad) p. 83
F Where shareholders having less than one per cent. shares seeking to circulate resolution for removal of managing director of company, mandatory provision u/s. 188(2) not fulfilled : Kotak Mahindra Bank Ltd. v. Sureshchandra V. Parekh p. 53
Rules :
F Limited Liability Partnership (Winding up and Dissolution) Rules, 2012-(Contd.)
F An aid for defaulting companies : Company Law Settlement Scheme--Anushree Agrawal p.34
F Jurisdiction of Company Law Board : Intent expressed in articles of association--Sahil Arora, Ivan and Aanchal Basur p. 27
F "Special rights in private equity deals : Evolution of 'control' from Rhodia S. A. to Subhkam Ventures"--Abhyuday Bhotika and Aeishwarya Jha p. 21
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----- Forwarded Message -----
From: CA. V.M.V.SUBBA RAO <vmvsrao@gmail.com>
To: Kanigalla <kanigalla@hotmail.com>
Sent: Thursday, 14 March 2013 6:00 AM
Subject: Money Transfer Service Scheme – Revised Guidelines
From: CA. V.M.V.SUBBA RAO <vmvsrao@gmail.com>
To: Kanigalla <kanigalla@hotmail.com>
Sent: Thursday, 14 March 2013 6:00 AM
Subject: Money Transfer Service Scheme – Revised Guidelines
Money Transfer Service Scheme – Revised Guidelines
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Best Wishes
CA. V.M.V.SUBBA RAO
Chartered Accountant
Door No.24-2-1885,
I Floor, Flat No.5,
Siddivinayaka Residency, I Cross,
Central Avenue, MSR Nagar,
Magunta Layout,
Nellore-524 003
Andhra Pradesh
India
Mobile:+91 - 0 9390221100
+91 - 0 9440278412
e-Mail: vmvsr@rediffmail.com
vmvsr@yahoo.co.uk
http://pdicai.org/MyPage/203038.aspx
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