INCOME TAX REPORTS (ITR) HIGHLIGHTS
F Addition made on basis of statement : No case for entertainment of curative petition : Bhagirath Aggarwal v. CIT p. 377
F Income earned out of mutual fund investment : Reasonable allocation of expenditure to taxable income and tax exempt income permissible : CIT v. Sintex Industries Ltd. (Guj) p. 364
F Assessee suo motu disallowing certain sum under section 14A : No further disallowance : CIT v. UTI Bank Ltd. (Guj) p. 366
F Order indicating due application of mind and transfer of case not mala fide : Order transferring assessee's case from Mumbai to Delhi valid : Aamby Vallery Ltd. v. CIT (Bom) p. 370
F Order of reassessment passed without considering objections of assessee not valid : SAK Industries P. Ltd. v. Deputy CIT (Delhi) p. 378
F Expenses on replacement and renovation of a boat : Revenue expenditure : CIT v. Machado Sons (Mad) p. 385
F Amounts claimed to be payments for services but no evidence of payments : Assessable under section 68 : S. Muthukumar v. ITO (3-7-2013) (Mad) p. 161
F Issue not raised before or considered by Tribunal cannot be considered by High Court : S. Muthukumar v. ITO (3-7-2013) (Mad) p. 161
F AO capitalising lease rentals as connected with main activity : Commissioner has no jurisdiction to revise because one of two possible views was taken by AO : CIT v. Usha Kiran Movies Ltd. (6-2-2014) (AP) p. 165
F No proper notice but assessee actually heard : Order of revision valid : Ashutosh Bandopandhyay v. CIT (25-2-2014) (Tripura) p. 168
F Tribunal granting stay of recovery and passing interim order for period of one hundred and eighty days in open court in presence of counsel for Revenue : Attachment of amounts in assessee's bank account on ground concerned Assessing Officer was not intimated would amount to overreach of order of Tribunal : A. T. Kearney India P. Ltd. v. ITO (28-3-2014) (Delhi) p. 172
F Assessee to resolve disputed questions of fact in alternative remedies : Adobe Systems Software Ireland Ltd. v. Asst. Director of I. T. (28-3-2014) (Delhi) p. 174
F Assessee cannot deny obligation to file return in terms of notice on ground in his opinion there is no taxable income : Adobe Systems Software Ireland Ltd. v. Asst. Director of I. T. (28-3-2014) (Delhi) p. 174
F Extensive repairs on ground floor, removed walls in rear room and bar constructed : Revenue expenditure : Comfort Living Hotels P. Ltd. v. CIT (10-3-2014) (Delhi) p. 182
F Provision not authorising committee to utilise its properties or monies through device of trusts and societies to engage in indirect commercial activity : Committee constituting trust to run and operate hospital not entitled to registration : Director of I. T. v. Guru Harkishan Medical Trust (4-3-2014) (Delhi) p. 186
F Development expenses whether allowable under Accounting Standards read with section 145/145A : Matter remanded : Rangoli Projects P. Ltd. v. CIT (11-12-2013) (Delhi) p. 192
F Finding by Tribunal not taking into account facts found by AO and CIT (A) : Matter remanded : CIT v. Arun Malhotra (25-11-2013) (Delhi) p. 195
F No evidence to support claim to cash expenses incurred not recorded in regular books of account : Assessment valid : Dr. Dinesh Jain v. ITO (24-3-2014) (Bom) p. 210
F No notice giving a personal hearing and order passed without recording reasons : Order transferring case of assessee from Mumbai to Bangalore not valid : Sunisha Impex P. Ltd. v. CIT (6-1-2014) (Bom) p. 220
F Assessee manufacturing polyurethane foam which is mentioned in entry 25 of Eleventh Schedule not entitled to special deduction under section 80-IB : CIT v. Polyfex (India) P. Ltd. (25-2-2014) (Karn) p. 224
F Charitable trust giving loan in violation of section 13 : Entire income of trust cannot be denied exemption : CIT v. Fr. Mullers Charitable Institutions (10-2-2014) (Karn) p. 230
F Prejudice refers to lawful revenue being realised : CIT v. Fr. Mullers Charitable Institutions (10-2-2014) (Karn) p. 230
F Furnishing of legal opinion to foreign company on matters relating to setting up industry in India not entitled to deduction under section 80-O : H. Raghavendra Rao v. Deputy CIT (5-3-2014) (Karn) p. 238
F Difference between cost of construction estimated by DVO and cost shown in accounts less than 15 per cent. : Addition to income in block assessment not justified : CIT v. Vasudev Construction (30-1-2014) (Karn) p. 247
F Interest on KEB and NSC deposits not entitled to deduction under section 80-IA : CIT v. ITC Hotels (31-1-2014) (Karn) p. 254
F Amount paid as licence fee for use of courtyard is revenue expenditure : CIT v. ITC Hotels (31-1-2014) (Karn) p. 254
F Deduction under section 80HHD whether to be computed on entire business or in respect of each eligible unit : CIT v. ITC Hotels (31-1-2014) (Karn) p. 254
F Special deduction under Chapter VI-A can be granted under more than one provision : CIT v. Panachayil Industries (20-1-2014) (Ker) p. 261
F Crushing of granite boulders into small pieces constitutes production and entitled to deduction under sections 80HH, 80J and 80-IB : CIT v. Panachayil Industries (20-1-2014) (Ker) p. 261
F Benefit extended on basis of registration as co-operative society : Order erroneous and prejudicial to interests of Revenue : Perinthalmanna Service Co-operative Bank Ltd. v. ITO (31-1-2014) (Ker) p. 268
F Documents in support of claim for exemption filed : CIT (A) justified in granting exemption : CIT v. Rajasthan Fasteners P. Ltd. (2-1-2014) (Raj) p. 271
F Assessee taking substantial part of loan from a company in which he was a director and having substantial interest : Includible as deemed dividend : Krishna Gopal Maheshwari v. Additional CIT (10-3-2014) (All) p. 280
F Agricultural produce marketing committee, a statutory body , filed application for registration in delay : Entitled to registration : CIT v. Krishi Utpadan Mandi Samiti (24-7-2013) (All) p. 290
F Reason for reassessment must be recorded before issuing notice : Gujarat Borosil Ltd. v. Deputy CIT(16-4-2013) (Guj) p. 293
F Interest on investment assessable as income from other sources : CIT v. Indian Vaccines Corporation Ltd. (5-3-2014) (Delhi) p. 295
F Notice of reassessment after four years : AO must record in reasons for notice fact that income escaping assessment likely to exceed Rs. 1 lakh : Mahesh Kumar Gupta v. CIT (17-4-2013) (All) p. 300
F Dues under provident fund and employees' State insurance : Amounts paid before due date for furnishing income-tax return allowable : CIT v. Jaipur Vidyut Vitaran Nigam Ltd. (6-1-2014) (Raj) p. 307
F Income from mixing rubber with chemicals on job work basis entitled to deduction : CIT v. Midas Polymer Compounds P. Ltd. (3-3-2014) (Ker) p. 309
F Block assessment invalid where no issue of notice under section 143(2) : R. Romi v. CIT (6-3-2014) (Ker) p. 311
F Agreement for purchase of property under attachment to bank in June 2001 : Consideration for sale paid in February 2004 : Sale of property to third person in February 2005 : Gains assessable as short-term capital gains : Lachmandas and Sons v. Deputy CIT (3-1-2014) (Ker) p. 315
F Guest house expenses not allowable : CIT v. Baghpat Co-operative Sugar Mills Ltd. (24-3-2014) (All) p. 319
F Rules :
National Savings Certificates (VIII Issue) (Amendment) Rules, 2014 . . . 35
National Savings Certificates (IX Issue) (Amendment) Rules, 2014 . . . 36
Public Provident Fund Scheme (Amendment) Rules, 2014 . . . 34
Senior Citizen Savings Scheme (Amendment) Rules, 2014 . . . 33
F Schemes :
Industrial Park Scheme, 2002 : Rescission of notification . . . 37
F Notifications :
Income-tax Act, 1961 :
Notification under section 90 :
Agreement between the Government of the Republic of India and the Government of the Democratic Socialist Republic of Sri Lanka for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income . . . 39
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ITR'S TRIBUNAL TAX REPORTS (ITR (Trib)) HIGHLIGHTS
F International transactions : Where corporate guarantees did not constitute international transactions within meaning of section 92B and the ALP adjustment was liable to be deleted : Bharti Airtel Ltd. v. Addl. CIT (Delhi) p. 475
F Where assessee not claiming any such expenditure on cashless services of paper work and guarantee of making payment to hospitals in which insured persons availed of medical services in its profit and loss account, no disallowance u/s. 40(a)(ia): Asst. CIT v. Health India TPA Services P. Ltd. (Mumbai) p. 407
F Income : Where assessee not discharged onus, Department could not be faulted for applying rule 8D, disallowance confirmed : Dufon Laboratories P. Ltd. v. Dy. CIT (Mumbai) p. 410
F Where assessee dealing in F & O and doing share trading, income assessable as business income : Amit P. Pandya v. Asst. CIT (Mumbai) p. 414
F Expenditure incurred in conducting market research for betterment and expansion of its trading business is revenue in nature : Mehra Eyetech P. Ltd. v. CIT (Mumbai) p. 420
F Assessee not be punished for mistakes committed by counsel or advisors, penalty to be deleted : Sigma Steel Industries v. ITO (Chandigarh) p. 424
F Assessee having declaration in Forms 15G and 15H with it at time when interest paid to respective customer, not liable to TDS, section 40(a)(ia) not attracted : Vijaya Bank v. ITO (Delhi) p. 427
F Housing projects : Section 80-IB(10)(d) was prospective in nature and could not be made applicable to projects approved prior to April 1, 2005 : ITO v. Velentine Developers (Mumbai) p. 452
F Where commission paid to non-resident agents for services rendered outside India need not be chargeable to TDS, expenditure allowable u/s. 40(a)(i): Dy. CIT v. Farida Prime Tannery P. Ltd. (Chennai) p. 461
F Industrial undertaking : Where carbon credit a privilege generated in course of business activity, income on sale of carbon credit a receipt : Apollo Tyres Ltd. v. Asst. CIT (Cochin) p. 477
F Where income on sale of carbon credit not profit "derived from" industrial undertaking, assessee not entitled to deduction u/s. 80-IA : Apollo Tyres Ltd. v. Asst. CIT (Cochin) p. 477
F Where portion of corporate office let out to sister concern, assessee not entitled to depreciation thereon : Apollo Tyres Ltd. v. Asst. CIT (Cochin) p. 477
F Expenditure incurred towards gifts allowable : Shree Cement Ltd. v. Addl. CIT (Jaipur) p. 513
F Disallowance of telephone expenses not permissible in computing book profit u/s. 115JB : Shree Cement Ltd. v. Addl. CIT (Jaipur) p. 513
F Interest u/s. 244A allowable on refund of prepaid taxes after giving credit of brought forward MAT : Shree Cement Ltd. v. Addl. CIT (Jaipur) p. 513
| 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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