[aaykarbhavan] Fw: Pre-Print Highlights of CC from CLI, I T R , Company Cases

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www.cliofindia.com info@cliofindia.com INCOME TAX REPORTS (ITR) HIGHLIGHTS OnLine Edition Vol. 2 Print Edition Vol. 363, Part 1, dated 28-4-2014 SUPREME COURT HIGH COURTS ENGLISH CASES CLB SUPREME COURT HIGH COURTS ENGLISH CASES CLB SAT DRAT STATUTES JOURNAL SAT DRAT STATUTES JOURNAL NEWS-BRIEFS AAR TAXATION TRIBUNAL CESTAT NEWS-BRIEFS AAR TAXATION TRIBUNAL CESTAT ONLINE EDITION HIGH COURT JUDGMENTS F Approval of industrial park given by Commerce Ministry : CBDT has no power to conduct inquiry : Creative Infocity Ltd. v. Under Secretary (ITA-I) (Guj) p. 322 F Tribunal has inherent power to direct refund of amount collected illegally : Deputy CIT v. ITAT (P&H) p. 326 F Addition of amount under section 68 justified where creditworthiness of directors not proved : Classic Products P. Ltd. v. CIT (P & H) p. 336 F Tribunal setting aside order of Commissioner and remanding matter to AO : No prejudice to assessee : Fibres and Fabrics International P. Ltd. v. CIT (Karn) p. 345 F Appeal from order of Tribunal in appeal merging in order of High Court : Application for rectification thereafter not maintainable : Saroj Ceramics Industries v. ITO (Guj) p. 350 PRINT EDITION HIGH COURT JUDGMENTS F Warehousing corporation : Income from house property, bank receipts, income on loans and advances to staff, interest on bank deposits and dividend not eligible for deduction under section 10(29) : Tamilnadu Warehousing Corporation v. ITO (OSD) (11-3-2014) (Mad) p. 1 F Warehousing corporation : Supervision charges, fumigation service charges, weighbridge receipts, income from sale of tender forms and interest on belated refund of advances eligible for deduction under section 10(29) : Tamilnadu Warehousing Corporation v. ITO (OSD) (11-3-2014) (Mad) p. 1 F Power tariff concession : Revenue receipt : Brakes India Ltd. v. Joint CIT (14-2-2014) (Mad) p. 13 F Scrap sales not includible under section 80HHC : Brakes India Ltd. v. Joint CIT (14-2-2014) (Mad) p. 13 F Chit dividend under chit fund scheme assessable as income : V. Rajkumar v. CIT (13-2-2014) (Mad) p. 21 F Estimate of income : Determination of gross profit on basis of figure for preceding year not justified : G. V. D. I. and Co. v. Deputy CIT (7-1-2014) (Mad) p. 27 F Expression "resulted into an order which is prejudicial to the interests of the Revenue" : Sufficient compliance for issuing notice under section 263 : Hemanth Kumar Bothra v. CIT (28-1-2014) (Mad) p. 33 F Show-cause notice under section 263 : Assessee to submit his reply to notice and raise all contentions available before authority : Hemanth Kumar Bothra v. CIT (28-1-2014) (Mad) p. 33 F Assessment of assessee based on materials gathered in course of search conducted in case of two other assessees residing in same premises as assessee : Assessee understanding this and participating in assessment : Assessment not invalid on ground no search conducted against assessee : Kailash Sarda v. CIT (10-2-2014) (Mad) p. 36 F Tribunal satisfied that assessee's claim reasonable, but rejecting it relying on decision of court without analysing facts : Tribunal justified in exercising its power under section 254(2) : CIT v. TTG Industries Ltd. (3-2-2014) (Mad) p. 44 F Generator sets qualify for hundred per cent. depreciation : CIT v. TTG Industries Ltd. (3-2-2014) (Mad) p. 44 F Drilling machines, boring machines, lathe machines entitled to depreciation at twenty-five per cent. : CIT v. TTG Industries Ltd. (3-2-2014) (Mad) p. 44 F Sale of flat three years after date of allotment letter and payment of first instalment : Amount received from sale of flat assessable as long-term capital gains : Mrs. Madhu Kaul v. CIT (17-1-2014) (P & H) p. 54 F Short-term or long-term capital gains : Date of allotment of plot to assessee to be considered for purposes of capital gains : CIT v. K. Ramakrishnan (18-3-2014) (Delhi) p. 59 F No obligation to deduct tax at source on commission paid to non-resident agents : CIT v. Allied Exims (13-11-2013) (All) p. 62 F Payments to non-residents : No disallowance of commission payments can be made : CIT v. Model Exims (17-12-2013) (All) p. 66 F Contributions to provident and other funds after due dates under respective Acts but before due date for filing of return : Amounts could not be disallowed : CIT v. State Bank of Bikaner and Jaipur and CIT v. Jaipur Vidyut Vitaran Nigam Ltd. (6-1-2014) (Raj) p. 70 F Block assessment : Addition based on admission by assessee valid : Medical Land v. CIT (Appeals) (29-1-2014) (Ker) p. 81 F Block assessment : Inclusion of amount representing false claim for deduction assessable as undisclosed income : Medical Land v. CIT (Appeals) (29-1-2014) (Ker) p. 81 F Book profit : Provision of section 115J does not affect carry forward of losses, unabsorbed depreciation, etc. : Deccan Cements Ltd. v. CIT (28-11-2013) (AP) p. 100 F Block assessment : Amount assessable as undisclosed income where no material to indicate source of income of donors : Mrs. Kumari Kanagam v. CIT (22-8-2012) (Mad) p. 105 F Proviso to section 5(1)(c) not applicable where no proof that income accrued or arisen outside India not on account of any business interest or trade in India : Mrs. Kumari Kanagam v. CIT (22-8-2012) (Mad) p. 105 F Expenditure for earning interest on tax free bonds and dividends exempted under section 10 disallowable : South Indian Bank Ltd. v. CIT (22-1-2014) (Ker) p. 111 F Leave encashment : Revised return filed after due date as provided under section 139(5) disallowable : South Indian Bank Ltd. v. CIT (22-1-2014) (Ker) p. 111 F Partitions and structures entitled to hundred per cent. depreciation : CIT v. Amrutanjan Finance Ltd. (24-8-2011) (Mad) p. 135 F Diminution in value of investments : AO directed to reconsider claim in light of decision of SC : CIT v. Amrutanjan Finance Ltd. (24-8-2011) (Mad) p. 135 F AOP failing to file return of loss within time : No determination of loss in hands of AOP : Member cannot claim to carry forward and set off of loss : N. Jagadeesan v. Asst. CIT (3-3-2014) (Mad) p. 140 F Block assessment : Penalty imposable on additional undisclosed income disclosed in revised return : CIT v. Hitech Chemical P. Ltd. (14-2-2014) (Jharkhand) p. 145 F Power of High Court to remand : Disallowance of bad debts : Matter remanded : CIT v. Canara Bank (14-2-2014) (Karn) p. 156 JOURNAL F CAG's report on prosecution proceedings-T. N. Pandey, Retd. Chairman, CBDT . . . 7 F Shall we abolish income-tax-T. C. A. Ramanujam and T. C. A. Sangeetha, Advocates . . . 1 STATUTES AND NOTIFICATIONS F C. B. D. T. Criculars : Circular dated 11th April, 2014-Merger/Amalgamation/demerger-Objections entertained by High Court-reg. . . . 27 F Rules : Post Office Monthly Income Account (Amendment) Rules, 2014 . . . 32 Post Office Recurring Deposit (Amendment) Rules, 2014 . . . 31 Post Office Savings Account (Amendment) Rules, 2014 . . . 30 Post Office Savings Bank General (Amendment) Rules, 2014 . . . 28 Post Office Time Deposit (Amendment) Rules, 2014 . . . 32 F Notifications : F Income-tax Act, 1961 : Notification under section 90 : Agreement between the Government of the Republic of India and the Government of the Republic of Latvia for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income . . . 1 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 To Unsubscribe : Reply back with "Unsubscribe" in subject followed by the key word "ITR" or "CC" or "VST" or "CCD" or "ITR (Trib)" or "GSTR", respectively or "All" if you do not want any Email. ITR : Income Tax Reports, CC : Company Cases, VST : VAT and Service Tax Cases, CCD : Consolidated Commercial Digest, GSTR : Goods and Service Tax Reports, ITR (Trib) : ITR'S Tribunal Tax Reports. Also send your feedback or comments to info@cliofindia.com

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ITR'S TRIBUNAL TAX REPORTS (ITR (Trib)) HIGHLIGHTS

OnLine Edition Vol. 2				Print Edition Vol. 31, Part 3, dated 28-4-2014
SUPREME COURT	HIGH COURTS	ENGLISH CASES	CLB	SUPREME COURT	HIGH COURTS	ENGLISH CASES	CLB
SAT	DRAT	STATUTES	JOURNAL	SAT	DRAT	STATUTES	JOURNAL
NEWS-BRIEFS	AAR	TAXATION TRIBUNAL	CESTAT	NEWS-BRIEFS	AAR	TAXATION TRIBUNAL	CESTAT

ONLINE EDITION

APPELLATE TRIBUNAL ORDERS

F Assessment : Where failure by assessee to prove that AO not provided opportunity of hearing, appeal to be dismissed : Indivision Investment Advisors Ltd. v. Asst. CIT (Mumbai) p. 452

F Rebate allowable where income assessed on book profit basis u/s. 115JB but only with reference to tax on business income by way of securities transactions disclosed by assessee and assessed as such : Dy. CIT v. Arcadia Share and Stock Brokers P. Ltd. (Mumbai) p. 459

F Goodwill is asset eligible for depreciation under Explanation 3(b) to section 32(1) : Millennium Beer Industries v. Dy. CIT (Mumbai) p. 474

PRINT EDITION

APPELLATE TRIBUNAL ORDERS

F Penalty : Where seized document relating to group of companies not assessee alone, penalty to be cancelled : Concorde Housing Corporation v. Dy. CIT (Bangalore) p. 299

F Non-resident : Fees for technical services : PE : Where local office not allowed to do trading, commercial or industrial activity and not a supervisory PE in India, income taxable as fees for technical services and liable to tax at 20 per cent. under art. 12(2) of DTAA (Japan) : Sumitomo Corporation v. Dy. CIT (Delhi) p. 310

F Where expenditure incurred on payment of rent relating to director's residence and godown, disallowance can be calculated only after considering all expenditure incurred by assessee u/s. 14A : Elegant Marbles and Grani Industries Ltd. v. Dy. CIT (Mumbai) p. 338

F Business expenditure : Expenditure relating to issue of bonus shares are revenue in nature and stamp duty charges included within scope of section 35D : OnMobile Global Ltd. v. Addl. CIT (Bangalore) p. 348

F Where media resource boards to be classified as "computers", depreciation at rate of 60 per cent allowable : OnMobile Global Ltd. v. Addl. CIT (Bangalore) p. 348

F Income : Computation : Where shares held both as investment and as stock-in-trade, direct expenditure to be set off against relevant income and apportionment to be done for indirect expenditure under rule 8D : D. H. Securities P. Ltd. v. Dy. CIT (Mumbai) p. 381

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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

To Unsubscribe : Reply back with "Unsubscribe" in subject followed by the key word "ITR" or "CC" or "VST" or "CCD" or "GSTR" or "ITR (Trib)", respectively or "All" if you do not want any Email. ITR : Income Tax Reports, CC : Company Cases, VST : VAT and Service Tax Cases, CCD : Consolidated Commercial Digest, GSTR : Goods and Service Tax Reports, ITR (Trib) : ITR'S Tribunal Tax Reports. Also send your feedback or comments to info@cliofindia.com

On Saturday, 26 April 2014 2:01 AM, "info@cliofindia.com" <info@cliofindia.com> wrote:

Click here to view subject index Rs. 1,530/- Paper Bound Edition (Two Volumes)

www.cliofindia.com info@cliofindia.com COMPANY CASES (CC) HIGHLIGHTS ISSUE DATED 25-4-2014 Volume 183 Part 8 SUPREME COURT HIGH COURTS ENGLISH CASES CLB SAT DRAT STATUTES JOURNAL NEWS-BRIEFS HIGH COURT JUDGMENTS F Order of winding up passed on merits not ordinarily recalled : Maytas Properties Ltd. v. Krishna Kilaru (AP) p. 569 COMPANY LAW BOARD ORDERS F Company not giving notice of meetings or paying salary to director after his resignation showed resignation accepted and acted upon : Kamal Kumar Gupta v. Indus Marine P. Ltd. p. 553 F Where information sought available in stock exchange's website and member in habit of making frivolous application, application seeking action against company u/s. 219 of 1956 Act, dismissed : Anil Kumar Poddar v. Alka India Ltd. p. 561 F Issue of shares at discount : CLB not to sanction higher percentage beyond 10 per cent. unless special circumstances exist : Count N Denier (India) Ltd., In re p. 563 STATUTES AND NOTIFICATIONS F Circulars : General Circulars : Circular No. 8 of 2014, dated 4th April, 2014-Commencement of provisions of the Companies Act, 2013 with regard to maintenance of books of account and preparations/adoption/filing of financial statements, auditors report, board's report and attachments to such statements and reports-Applicability with regard to relevant financial year P. 150 F Rules : Patents (Amendment) Rules, 2014 P. 151 F Notifications : Companies Act, 2013 : Notification under sections 123(2) and 467(1) : Alterations to Schedule II P. 166 Notification under section 467(1) : Amendments to Schedule VII : Corrigendum P. 166 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 To Unsubscribe : Reply back with "Unsubscribe" in subject followed by the key word "ITR" or "CC" or "VST" or "CCD" or "GSTR" or "ITR (Trib)", respectively or "All" if you do not want any Email. ITR : Income Tax Reports, CC : Company Cases, VST : VAT and Service Tax Cases, CCD : Consolidated Commercial Digest, GSTR : Goods and Service Tax Reports, ITR (Trib) : ITR'S Tribunal Tax Reports. Also send your feedback or comments to info@cliofindia.com

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