INCOME TAX REPORTS (ITR) HIGHLIGHTS
F Commissioner giving personal hearing to assessee in relation to special audit : Direction for special audit valid : Neesa Leisure Ltd. v. Deputy CIT (Guj) p. 93
F Assessees uneducated persons not properly represented before Assessing Officer : Supreme Court : No interference with assessment but no interest or penalty : Tripal Singh v. CIT (3-7-2014) p. 511
F Wealth-tax : Valuation of asset : Reference to Valuation Officer and assessment at his valuation proper : Amrit Banaspati Co. Ltd. v. CIT (30-6-2014) p. 515
F Lump-sum payment for assignment of rights under lease agreement capital expenditure : CIT v. Rane Brake Linings Ltd. (7-4-2014) (Mad) p. 401
F Assessment of third person : Recording of satisfaction necessary even if AO of both persons is the same : CIT v. Gopi Apartment (1-5-2014) (All) p. 411
F Expenditure on higher education abroad of daughter of assessee not deductible : Divyakant C. Mehta v. ITO (11-3-2014) (Bom) p. 423
F Assembling of computers and servers entitled to deduction under section 80-IB : CIT v. Sunilbhai Kakad (Guj) p. 427
F Assessee buying monitor, key board, mouse and assembling them : Entitled to special deduction under section 80-IB : CIT v. Sai Infosystem India P. Ltd. (24-6-2014) (Guj) p. 433
F Expenditure incurred on higher education of son of director allowable : Kostub Investment Ltd. v. CIT (25-2-2014) (Delhi) p. 436
F Assessee refunding amount after twelve years to Government : Accrual, crystallisation and finalisation relatable to year in which returned : CIT v. Urban Mass Transit Ltd. (28-2-2014) (Delhi) p. 442
F Reassessment : Evidence to show report available and used at time of original assessment : Notice and further proceedings not valid : Rasalika Trading and Investment Co. P. Ltd. v. Deputy CIT (14-2-2014) (Delhi) p. 447
F Gains from purchase and sale of shares : Short-term capital gains : CIT v. Devasan Investment P. Ltd. (16-4-2014) (Delhi) p. 452
F Notice after four years not valid where material facts disclosed in return : Gujarat Carbon and Industries Ltd. v. Asst. CIT (12-2-2014) (Guj) p. 464
F Reference to Valuation Officer and addition based on his report not valid where books of account of assessee not rejected : CIT v. Vijaykumar D. Gupta (15-4-2014) (Guj) p. 470
F Loans from agriculturists in remote areas : Cancellation of penalty justified : CIT v. Maa Khodiyar Construction (28-4-2014) (Guj) p. 474
F Sale of detachable warrants constitutes business income : Ganapati Enterprises v. CIT (3-2-2014) (Cal) p. 480
F Ruler not entitled to exemption for part of palace on rent : CIT v. Maharao Bhim Singh of Kota (26-3-2014) [FB] (Raj) p. 485
F Payment made after adjudication in AY 1984-85 and not during relevant year : Deductible : ITC Ltd. v. CIT (3-2-2014) (Cal) p. 532
F Expenses incurred out of personal considerations and not commercial considerations : Not allowable : Shreenath Motors P. Ltd. v. CIT (3-7-2014) (Bom) p. 536
F No period of limitation prescribed for passing order under section 201 treating assessee as in default : Revenue not bound by any reasonable period of limitation for taking action under section 201 : Bhura Exports Ltd. v. ITO (Cal) p. 548
F Order deeming person assessee in default to be passed within one year from end of financial year in which proceedings under section 201(1) : DIT (International Taxation) v. Mahindra and Mahindra Ltd. (3-7-2014) (Bom) p. 560
F Whether CBDT notification extending date for filing returns and audit report applicable to assessee goes root of matter : Tribunal directed to decide afresh : Bal Kishan Dhawan (HUF) v. Deputy CIT (10-3-2014) (P&H) p. 581
F From our reporter at the Supreme Court :
Accrued or contingent liability
Provision for additional warranty claims . . . 209
Appellate Tribunal
Recall of order . . . 209
Assessment
Notice : Service on next working day where last day of limitation is holiday . . . 209
Special audit . . . 210
Bad debt
Amounts incurred for wholly owned subsidiary companies written off . . . 210
Capital or revenue receipt
Non-compete fee . . . 210
Sum received under release agreement . . . 210
Business expenditure
Commission . . . 210
Capital gains
Income from undisclosed sources . . . 211
Stamp duty valuation taken as full value of consideration . . . 211
Charitable purpose
Registration of trust : Application of funds for charitable activities through another trust . . . 211
Deduction of tax at source
Failure to deduct tax on payments under holiday home scheme and conveyance maintenance reimbursement expenditure . . . 212
Deemed income
Remission or cessation of trading liability : Forfeiture of earnest money . . . 212
Depreciation
Machinery not put to use owing to paucity of raw material . . . 212
Double taxation avoidance
Operation of ships in international traffic whether includes slot hire agreements . . . 212
Double taxation relief
Operation of ships in international traffic whether includes slot hire agreements . . . 213
Export
Exemption whether allowable in respect of training fees . . . 213
Interest on borrowed capital
Whether nexus between expenditure and business purpose established . . . 213
Member of Scheduled Tribe
Conditions for claiming exemption . . . 214
Non-resident
Income deemed to accrue or arise in India : Business connection . . . 214
Powers of Assessing Officer
Jurisdiction in making assessment pursuant to remand to process fresh sources of income . . . 214
Reassessment
No finding that assessee failed to disclose material facts . . . 215
Notice based on issues not considered in original assessment . . . 215
Notice after four years without failure by assessee to disclose material facts . . . 215
Undisclosed income
Set off of miscellaneous receipts . . . 215
Effect of settlement in case of company on assessments of undisclosed income offered by members . . . 216
F Notifications :
F Income-tax Act, 1961 :
Notification under section 48, Explanation, clause (v) :
Cost Inflation Index for 2014-15 specified for purposes of computation of capital gains : Gazette reference . . . 216
F Budget 2014-15-Income-tax proposals concerning personal taxation-T. N. Pandey, Retd. Chairman, CBDT . . . 49
F Some suggestions on the proposals in the Finance (No. 2) Bill, 2014-S. Rajaratnam, Retd. Member, I. T. A. T. . . . 57
F Taxing offshore services under Income-tax Act : Are service tax principles relevant ?-Tarun Jain, Advocates & Solicitor . . . 30
F Union Budget 2014-T. C. A. Ramanujam and T. C. A. Sangeetha, Advocates . . . 66
| 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 |
Tribunal had to stay penalty proceeding during pendency of appeal
July 28, 2014[2014] 46 taxmann.com 374 (Gujarat)/[2014] 224 Taxman 140 (Gujarat)(MAG.)/[2013] 358 ITR 410 (Gujarat)/[2014] 266 CTR 207 (Gujarat)
IT : Tribunal under section 254 has power to grant stay of penalty proceedings as incidental or ancillary to its appellate jurisdiction, provided Tribunal is satisfied that entire purpose of appeal would be frustrated or rendered nugatory by allowing such proceedings to continue during pendency of appeal
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