ITR'S TRIBUNAL TAX REPORTS (ITR (Trib)) HIGHLIGHTS
F Where expenditure having nothing to be with scientific research but incurred for setting up facilities for commercial production of new product, not eligible for deduction u/s. 35 : Dy. CIT v. Bharat Biotech International Ltd. (Hyd) p. 7
F Unexplained expenditure : Where deduction not claimed as business expenditure, sum cannot be brought to tax as unexplained expenditure : ITO v. Growel Energy Co. Ltd. (Mum) p. 1 (13-6-2014)
F Expenditure incurred on renovation and repairs to business premises taken on lease is revenue in nature : Asst. CIT (OSD) v. Sarkar Jewellers P. Ltd. (Ahd) p. 16 (6-6-2014)
F Where no material to show that sale of property made by assessee not in nature of business transaction, income from sale to be assessed as business income : R. Bhoopathy v. Asst. CIT (Chennai) p. 20 (2-6-2014)
F Where facts disclosed by assessee not found to be incorrect imposition of penalty not justified : AAA Portfolios P. Ltd. v. Dy. CIT (Delhi) p. 23 (6-6-2014)
F Conveyance expenses of employees from residence to office and back, exempt from fringe benefits tax : Dy. CIT v. Intelenet Global Services P. Ltd. (Mumbai) p. 30 (4-6-2014)
F Shortage in gold, silver and diamond items can be treated as undisclosed sales not undisclosed investments, section 69A not attracted : ITO v. Subhas Brothers Jewellers P. Ltd. (Kolkata) p. 66 (5-6-2014)
F Where no employer-employee relationship between assessee and professionals, tax to be deducted at source from payment to doctors u/s. 196J not u/s. 192(1) and assessee not in default : Asst. CIT v. Usha Mullapudi Cardiac Centre (Hyd) p. 72 (18-6-2014)
F Payment of job-work charges by assessee-company to firm in which directors interested as partners not unlawful purpose : Jai Surgicals Ltd. v. Asst. CIT (Delhi) p. 86 (26-6-2014)
F Non-resident : PE : Where subsidiary acting as service provider, sale outlet provider co-operating with after sale service and providing assistance requested by assessee, activities of subsidiary in India constitute PE of assessee under art. 5 of DTAA (USA) : Nortel Networks India International Inc. v. Asst. DIT (International taxation) (Delhi) p. 97 (13-6-2014)
F Depreciation allowable on goodwill : Asst. CIT v. Sahitya Mundranalaya P. Ltd. (Ahd) p. 108 (20-6-2014)
F Expenditure incurred for repairs and maintenance of rented building , revenue in nature : Asst. CIT v. Sahitya Mundranalaya P. Ltd. (Ahd) p. 108 (20-6-2014)
F Payment of management fee between two non-resident companies not taxable in India : Asst. DIT v. A.P. Moller (Mum) p. 123 (18-6-2014)
F Where failure by Department to prove payments as fees for technical services, disallowance not justified : Asst. CIT v. Myrind School of Catering and Computer Management P. Ltd. (Chennai) p. 138 (16-6-2014)
F Revision : Where reimbursement of advance tax not income of assessee, not able to consider under provisions of section 115JB, condition for invoking jurisdiction u/s. 263 not satisfied : Lanco Kondapalli Power Ltd. v. Joint CIT (Hyd) p. 142 (20-6-2014)
F Extreme concentration of wealth--Lessons to be learned
CEO of Infosys holding 700 plus apartments--Gopal Nathani, Chartered Accountant p. 1
F How to minimize TDS mismatches to prevent withholding of refunds--Gopal Nathani, Chartered Accountant p. 13
F Taxability of mutual associations--Taxes paid even though not required to--Rajat Mohan, Chartered Accountant p. 8
F When "a finding of fact" gives rise to a substantial question of law--Pankaj R. Toprani, Advocate p. 4
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On Monday, 14 July 2014 8:39 AM, "info@cliofindia.com" <info@cliofindia.com> wrote:
Attention ITR ONLINE users:
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GOODS AND SERVICE TAX REPORTS (GSTR) HIGHLIGHTS
F Bills :
Budget Speech of Minister of Finance for 2014-15 :
Part - A p. 65
Part - B p. 97
Finance (No. 2) Bill, 2014 p. 108
Notes on Clauses p. 134
Memorandum explaining the provisions in the Finance (No. 2) Bill, 2014 p. 145
F Notifications :
Customs Act, 1962 : Notification under section 14 : Exchange rate of foreign currency for import/export of goods with effect from June 6, 2014 p. 168
Notification under section 14(2) : Rates of basic customs duty on specified goods : Amendments p. 166
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