On Monday, 27 January 2014 5:41 AM, "info@cliofindia.com" <info@cliofindia.com> wrote:
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INCOME TAX REPORTS (ITR) HIGHLIGHTS
F AO finding share applicants were entry operators not involved in any business : Tribunal not justified in deleting addition of amounts to income of assessee : CIT v. NR Portfolio P. Ltd. (Delhi) p. 68
F Assessee as caution providing for penalty in books and claiming deduction at earliest point of time : Not a case of concealment of income : CIT v. Durr India P. Ltd. (Mad) p. 87
F Assessee not entitled to deduction under section 80-IB because there was no evidence to establish direct nexus of surrendered income with industrial undertaking : Tudor Knitting Works P. Ltd. v. CIT (P & H) p. 453
F Depreciation on guest house not allowable : CIT v. Radico Khaitan Ltd. (All) p. 462
F Deduction under section 80-I allowable on gross total income without reducing deduction under section 80HH : CIT v. Radico Khaitan Ltd. (All) p. 462
F Interest income to be treated as business income : CIT v. Radico Khaitan Ltd. (All) p. 462
F Tribunal holding assessee having arguable case and directing hearing along with Department's cross-appeal but subsequently dismissing stay application for recovery without granting adjournment : Tribunal to hear appeal on merits : Unique Artage v. Union of India (Raj) p. 467
F Commissioner has no power to revise block assessments made pursuant to searches conducted prior to 1-1-1997 : R. Srinivasan v. Assistant/Deputy CIT (Mad) p. 471
F Block assessment : Order of Tribunal attaining finality : Notice of revision solely on basis of block assessment not valid : Seshasayee Paper and Boards Ltd. v. Deputy CIT (Mad) p. 483
F Book profits : AO after four years issuing notice of reassessment taking different view regarding computation of income : Notice not valid : Gujarat Lease Financing Ltd. v. Deputy CIT (Guj) p. 496
F No satisfaction recorded by AO that income has escaped assessment by reason of failure on part of assessee to disclose fully and truly all material facts necessary for its assessment : Notice of reassessment after four years not valid : General Motors India P. Ltd. v. Deputy CIT (Guj) p. 527
F Notice under section 92D should specify information or document to be furnished : CIT v. Leroy Somer and Contracts (India) P. Ltd. (Delhi) p. 532
F Whether enquiry or investigation under section 245D(3) should be ordered : Within the exclusive jurisdiction of Settlement Commission : CIT v. ITSC (Bom) p. 539
F Deemed dividend not to be assessed in hands of person not a shareholder of a company : Assistant CIT v. Britto Amusement P. Ltd. (Bom) p. 544
F Recovery proceedings not valid where amended assessment order passed beyond five-year period : Savy L. Purayidam v. Agrl IT and CTO (Ker) p. 551
F Reason to suspect that income had been concealed or was likely to be concealed by assessees need not be stated in notice under section 131(1A) : Sumermal Jain v. Deputy CIT (Cal) p. 553
F Gold biscuits recovered from locker of assessee : Concurrent finding that gold biscuits recovered from locker not owned by brother of assessee at time of recording his statement : Addition in hands of assessee sustainable : Dharmendra Kumar Varshney v. CIT (All) p. 563
F Interest not credited in profit and loss account as recovery extremely doubtful : Not chargeable interest : UCO Bank v. CIT (Cal) p. 567
F Purchase and demolition of old house and construction of new house within three years : Assessee entitled to exemption under section 54F : CIT v. Ashok Kumar Ralhan (Delhi) p. 575
F Refusal to condone delay causing genuine hardship to assessee : Delay condoned matter remitted to Chief Commissioner to consider application afresh : Vasco Sales and Marketing Corporation v. Deputy CIT (Ker) p. 578
F Penalty could not be imposed where no evidence of deliberate concealment of income : CIT v. Krishni Tyre Retreading and Rubber Industries (Raj) p. 580
F Failure to confront assessee with statement and affidavit : Settlement Commission directed to decide matter afresh : Dr. Avtar Singh v. ITSC (P & H) p. 588
F Demurrage and dead freight charges liability of assessee and deducted before remittance of export proceeds allowable : CIT v. Bannariamman Exports Ltd. (Mad) p. 591
F Ninety per cent. of conversion charges to be reduced in total turnover to arrive at business profits : CIT v. Kadri Mills Ltd. (Mad) p. 595
F Trust furnishing information in form of letter with full details as required in Form 10 furnished for setting apart and carrying forward unspent amount for spending in next year : Entitled to exemption : CIT v. Moti Ram Gopi Chand Charitable Trust (All) p. 598
F Tribunal finding transaction entered into by assessee with third party is hire purchase agreement and not a loan transaction : No requirement of payment of interest : CIT v. M. G. Brothers Finance Ltd. (AP) p. 603
F Raw material not available at place of production : Determination of value of raw material to be made taking into account cost at nearest available place, cost of transportation and local taxes : CIT v. Wipro Ltd. (No. 1) (Karn) p. 606
F Non-compete fees is a capital receipt : CIT Wintac Ltd. (Karn) p. 614
F Sale agreement providing for forfeiture of thirty lakhs of rupees : Amount received in excess assessable as revenue receipt : CIT Wintac Ltd. (Karn) p. 614
F Technical know-how acquired after 1-4-1998 is a capital asset : Amount received on transfer of such asset assessable as capital gains : CIT Wintac Ltd. (Karn) p. 614
F Loss in sale of shares to subsidiary company deductible : CIT Wintac Ltd. (Karn) p. 614
F Assessee discontinuing manufacturing articles of unit and retaining closing stock : Valuation of stock at nil justified : CIT v. Wintac Ltd. (Karn) p. 614
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