[aaykarbhavan] Fw: Pre-Print Highlights of ITR from CLI
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From: "info@cliofindia.com" <info@cliofindia.com>
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Sent: Saturday, 20 April 2013 2:13 AM
Subject: Pre-Print Highlights of ITR from CLI
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INCOME TAX REPORTS (ITR) HIGHLIGHTS
F Registration under section 12A cannot be cancelled on basis of order denying exemption under section 10(23C)(vi) : CIT v. Society of Advanced Management Studies (All) p. 269
F Hardships faced by assessees owing to faulty processing of returns and uploading of details of TDS : Directions given to Department and CBDT : Court on its own Motion v. CIT (Delhi) p. 273
F Reassessment adding transport subsidy as taxable income of assessee not valid : CIT v. Sonitpur Solvex Ltd. (Gauhati) p. 305
F Expenditure incurred for purpose of restructuring to achieve modernisation : Revenue expenditure : CIT v. Foseco India Ltd. (Bom) p. 320
F No transfer of possession during previous year relevant to AY 2006-07 but only receipt of advance : Execution of sale deed in following year : Amount received as advance not taxable in AY 2006-07 : CIT v. Delhi Apartments P. Ltd. (Delhi) p. 322
F Assessee treating land as fixed asset for a long time and using it for agricultural purposes : No evidence that assessee purchased land by funds borrowed : Sale proceeds resulting long-term capital gains and not business income : CIT v. Delhi Apartments P. Ltd. (Delhi) p. 322
F Penalty : Period to be reckoned from date of issue of first show cause for penalty and not from issue of first show cause by Joint Commissioner : CIT v. Jitendra Singh Rathore (Raj) p. 327
F Loss of one division to be adjusted against profit of other division for purposes of computation of deduction under section 80HHC : Madhav Marbles and Granites Ltd. v. Asst. CIT (Raj) p. 331
F Adjustment of tax liability of brother of assessee not justified : Assessee entitled to interest for amount seized : G. L. Jain v. CIT (Delhi) p. 339
F Reassessment to withdraw special deduction under section 80-IA on ground that assessee not entitled to deduction : Notice not valid : Parixit Industries P. Ltd. v. Asst. CIT (OSD) (Guj) p. 349
F Report of investigation wing on basis of which assessment reopened containing specific information that assessee received as accommodation entry Rs. 4,50,000 from Q with bank account particulars and instrument number, proper : A. G. Holdings Pvt. Ltd. v. ITO (Delhi) p. 364
F Expenditure on installation of new unit deductible : CIT v. Havells India Ltd. (Delhi) p. 376
F Expenditure on debenture deductible : CIT v. Havells India Ltd. (Delhi) p. 376
F Disallowance of claim : Assessee not liable for penalty : CIT v. Amtek Auto Ltd. (P&H) p. 394
F Revenue not justified in attaching entire amount standing to the credit of assessee over and above demand raised against assessee : Nirmal Singh v. Union of India (P&H) p. 396
F Non-speaking order rejecting revision on ground of availability of alternative remedy of appeal not valid : Universal Packaging v. CIT (Bom) p. 398
F Budget Twenty Thirteen Exploration-Chidambaram's 8TH ; India's 82ND-Raji Nathani, Cost and Management Accountant and Gopal Nathani, Chartered Accountant p. 37
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