INCOME TAX REPORTS (ITR) HIGHLIGHTS
F Business expenditure : Disallowance : Even genuine and admissible expenses to be disallowed in case of omission to deduct tax at source : CIT v. Crescent Export Syndicate (Cal) p. 1
F Interpretation of taxing statutes : Appellate Tribunal : Cannot supply casus omissus : CIT v. Crescent Export Syndicate (Cal) p. 1
F Interpretation of taxing statutes : Comparison between draft law and law as enacted not permissible to regulate meaning : CIT v. Crescent Export Syndicate (Cal) p. 1
F Reasons for reopening recorded and notice issued by same AO : Notice fixing hearing issued by succeeding AO : Not to vitiate proceedings : Dalal and Broacha Stock Broking P. Ltd. v. Asst. CIT (Bom) p. 25
F Date mentioned in scheme would be date of amalgamation : Torrent P. Ltd. v. CIT (Guj) p. 34
F Dividend distributed by amalgamating company to amalgamated company after date of amalgamation : Deposit of dividend distribution tax to be refunded : Torrent P. Ltd. v. CIT (Guj) p. 34
F Dividends of private companies : Scope of section 115-O : Torrent P. Ltd. v. CIT (Guj) p. 34
F Commissioner cannot reject application under section 264 and decide the case on merits thereafter : Torrent P. Ltd. v. CIT (Guj) p. 34
F Central Excise Settlement Commission waiving penalty : Return filed before issue of notice and tax due with interest paid : Imposition of penalty not justified : CIT v. Vega Auto Accessories P. Ltd. (Karn) p. 48
F Loan received by assessee-company from another company : Assessee not shareholder of company which gave loan : Loan cannot be treated as deemed dividend : CIT v. AR Magnetics P. Ltd. (Delhi) p. 52
F Receipt of non-compete fee prior to 1-4-2003 not taxable : CIT v. Bilagu Chandrashekar (Karn) p. 54
F Appeal filed by Revenue dismissed on ground net tax effect less than monetary limit prescribed under Instruction : CIT v. Parimala Enterprises (Karn) p. 57
F Appellate order deleting several disallowances : Assessment at a figure lower than returned income : No need to restrict to returned income : CIT v. Milton Laminates Ltd. (Guj) p. 58
F Transfer of land and building thereon : No depreciation allowed on land : Section 50 not applicable : CIT v. I. K. International P. Ltd. (Delhi) p. 64
F Documents discovered disclosing agreement to sell firm : Capital gains not disclosed includible in block assessment : CIT v. Kamadhenu Milk Products (Ker) p. 73
F Deposit received from company in which assessee not a shareholder : Cannot be treated as deemed dividend : CIT v. Daisy Packers P. Ltd. (Guj) p. 80
F Authority entering into contract with assessee for repairs and maintenance to infrastructure by construction of permanent bank protection measures to water canals for a period of three years : Assessee not entitled to deduction under section 80-IA : Yojaka Marine P. Ltd. v. Asst. CIT (Karn) p. 530
F Business income : Finding that there was no cessation of liabilities : Section 41 not applicable : CIT v. Ravjibhai Becharbhai Dhameliya (Guj) p. 533
F AO believing escapement of income on going through return filed by assessee after accepting return under section 143(1) without scrutiny : Reassessment not valid : CIT v. Orient Craft Ltd. (Delhi) p. 536
F No reasons recorded that arm's length price determined by assessee not correct : No addition could be made in reassessment : CIT v. Cheil Communications India P. Ltd. (Delhi) p. 549
F Amendment to section 115JB with retrospective effect, book profit to be reworked : Not a ground for reassessment after four years : Vodafone West Ltd. v. Asst. CIT (No. 2) (Guj) p. 562
F Reassessment on ground payments towards recharges not advance but accrued income : Reassessment not valid : Vodafone West Ltd. v. Asst. CIT (No. 3) (Guj) p. 572
F More than one price determined by most appropriate method : Arm's length price to be arithmetical mean of such prices : CIT v. Mentor Graphics (Noida) P. Ltd. (Delhi) p. 586
F Notice under section 142(1) to co-operative societies within jurisdiction : Mangalam Service Co-operative Bank Ltd. v. ITO (Ker) p. 601
F Royalty is necessary to secure use of trade name and infrastructure : Assessee entitled to exemption under section 11 : Chirec Education Society v. Asst. Director of I. T. (AP) p. 605
F Receipt of non-compete fee prior to April 1, 2003 not taxable : CIT v. Sunil Kini K. (Karn) p. 623
F Interest on late recovery of sale proceeds : Not deductible from profits : CIT v. Suzlon Energy Ltd. (Guj) p. 630
F Disallowance of part of commission justified : CIT v. Suzlon Energy Ltd. (Guj) p. 630
F Interest expenses and administrative expenses on investments in subsidiaries : No disallowance could be made under section 14A : CIT v. Suzlon Energy Ltd. (Guj) p. 630
F Interest earned on deposits made out of surplus funds whether includible in operating income : Nature of business of assessee to be considered : Marubeni India P. Ltd. v. Director of I. T. (Delhi) p. 638
F Tribunal finding benefit of 5 per cent. range not available to assessee : Finding of fact : Marubeni India P. Ltd. v. Director of I. T. (Delhi) p. 638
F Compensation received on account of closure of Indian units : No impact on transfer pricing or in fixing of arm's length price : Marubeni India P. Ltd. v. Director of I. T. (Delhi) p. 638
F Tribunal finding expenses no relation with transfer pricing and not considering while computing arm's length price : Finding of fact : Marubeni India P. Ltd. v. Director of I. T. (Delhi) p. 638
F Reassessment on ground assessee violating conditions of section 10B valid : Suntec Business Solutions P. Ltd. v. Union of India (Ker) p. 657
F Disallowance of brokerage justified : Gyan Chand Jain (Decd.) v. CIT (Raj) p. 662
F Revision not an open remand order : AO not justified in issuing questionnaires with view to passing fresh assessment order for mentha business : Smt. Shobha Govil v. Additional CIT (All) p. 668
F From our Reporter at the Supreme Court :
Appeal to High Court :
Monetary limits for appeals by Department p. 101
Assessment order :
Order giving effect to appellate order : Income whether can be lower than returned income p.101
Block assessment :
Undisclosed income : Capital gains based on agreement recovered during search p.101
Capital gains :
Depreciable assets : Land not part of block of depreciable assets p.101
Capital or revenue receipt :
Non-competition fee : Law before April 1, 2003 p. 102
Deduction of tax at source : Royalty
Payments to non-resident for shrink wrap computer software whether royalty p. 102
Deemed dividend :
Deposit received by assessee-company from company in which assessee not a shareholder p. 102
Loan received by company from another company having common shareholders p. 103
Income :
Disallowance of expenditure in relation to exempt income : Deductions under Chapter VI-A p. 103
Penalty :
Concealment of income : Filing of revised return pursuant to survey p. 103
Loan or deposit exceeding prescribed limit otherwise than by account payee cheque or bank draft p. 103
Reassessment :
Composite order on objections and assessment p. 104
F Notifications :
Income-tax Act, 1961 : Notification under section 48, Explanation, clause (v) : Cost Inflation Index for 2013-14 specified for purposes of computation of capital gains p. 104
F Circuitous amendments of section 90/90A, relating to Tax Residency Certificate-S. K. Tyagi, Advocate p. 65
F Mutual Agreement Procedure under DTAAs : Time to Embrace Arbitration ?-Tarun Jain, Advocate p. 69
| COMPANY LAW INSTITUTE OF INDIA PVT. LTD. No. 2, Vaithyaram Street, T.Nagar, Chennai - 600017. Phone: (044) 24350752 - 55 Fax: (044) 24322015 info@cliofindia.com |
ITR'S TRIBUNAL TAX REPORTS (ITR (Trib)) HIGHLIGHTS
F Exemption : Expenses reduced from export turnover should also be reduced from total turnover : 3i Infotech Ltd. v. ITO (Chennai) p. 1
F International transactions : ALP : Where profit level declared by assessee in respect of AE transactions more than profit level of comparable cases found by TPO, no adjustment warranted : 3i Infotech Ltd. v. ITO (Chennai) p. 1
F Where payment made by assessee to bus owners for hire of vehicles to provide pick-up and drop facility to school students not a case of hire of machinery but of service rendered by bus owners to assessee, tax to be deducted u/s. 194C : Asst. CIT (TDS) v. Delhi Public School (Delhi) p. 531
F Where assessee not owner of dredgers either wholly or partly not entitled to depreciation : Dharti Dredgers and Infrastructure Ltd. v. Asst. CIT (Hyd) p. 538
F Where no incriminating material or finding against assessee, the AO was not justified in holding that the assessee could not substantiate expenses under the head data purchase, disallowance unjustified : Recent Insurance Services Ltd. v. Dy. CIT (Agra) p. 551
F Non-resident : Head office expenditure : Income not chargeable to tax in hands of head office under domestic law : Lloyds Register v. Dy. DIT (International Taxation) (Mumbai) p. 579
F Where contribution by State Warehousing Corporation to Karmachari Welfare Fund falling within expression "required by or under any other law" not to be disallowed u/s. 40A(9) : Maharashtra State Warehousing Corporation v. Dy. CIT (Pune) p. 595
F International transactions : ALP : Where declaration of net profit margin within permissible variation, assessee justified to claim u/s. 92C(2) : Asst. CIT v. Reebok India Co. (Delhi) p. 599
F Where medical institution was wholly or substantially funded by Government of India or State Government, exemption automatic u/s. 10(23C)(iiiac) : The District Health and Family Welfare Society v. Dy. CIT (Bangalore) p. 604
F Where allowing depreciation on expenses showed that genuineness not disputed and expenses related to business, penalty not justified : Dresser-rand India P. Ltd. v. Dy. CIT (Mumbai) p. 610
F Where assessee unable to use land for agricultural purposes due to vagaries of nature and non-availability of resources, exemption cannot be denied u/s. 54B: Asst. CIT v. N. Raghu Varma (Hyd) p. 616
F Where assessee deriving commensurate benefit and contribution not excessive, apportionment of contribution in respective gross profit ratio of assessee and Korean holding company not correct: Asst. CIT v. LG Electronics India P. Ltd. (Delhi) p. 634
| COMPANY LAW INSTITUTE OF INDIA PVT. LTD. No. 2, Vaithyaram Street, T.Nagar, Chennai - 600017. Phone: (044) 24350752 - 55 Fax: (044) 24322015 info@cliofindia.com |
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From: CA. VMV SUBBA RAO <vmvsrao@gmail.com>
To: a_solanki@sify.com
Sent: Saturday, 22 June 2013 6:22 AM
Subject: e PIN
From: CA. VMV SUBBA RAO <vmvsrao@gmail.com>
To: a_solanki@sify.com
Sent: Saturday, 22 June 2013 6:22 AM
Subject: e PIN
See Attachment
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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
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
Member- IT Committee of SIRC of ICAI
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