COMPANY CASES (CC) HIGHLIGHTS
F Initiation of proceedings under 1996 Act or 2002 Act not bar to winding up proceedings : Indiabulls Housing Finance Ltd. v. South Asian Agro Industries Ltd. (T & AP) p. 205
F Where no question of law involved, appeal not maintainable before High Court : Radhey Shyam Agarwal v. Bank of Rajasthan Ltd. (Raj) p. 230
F That company profitable not ground to disallow reduction of share capital and reduction not to be treated as repayment of external commercial borrowings : RS Livemedia P. Ltd., In re (Delhi) p. 243
F Where party acquiring property in personal capacity, jurisdiction to grant relief of transfer of property in name of company with civil court and not with CLB : Baleshwar Sharma v. Anirva Developers P. Ltd. p. 233
F Notice of meeting : Postal certificates have no legal sanctity : Baleshwar Sharma v. Anirva Developers P. Ltd. p. 233
F Landmark Cases in Corporate Law (Volume 186)-Dr. K. R. Chandratre p. 17
F Wilful defaulters and need for a corporate bankruptcy law in India-Prashant Pranjal p. 77
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ITR'S TRIBUNAL TAX REPORTS (ITR (Trib)) HIGHLIGHTS
F Where profits from business include all profits having nexus with business of assessee including trading activity, assessee eligible for exemption u/s. 10B : Dy. CIT v. GE BE P. Ltd. (Bangalore) p. 542
F International transactions : Foreign exchange gain or loss in relation to purchase transactions to be included in operating cost : Westfalia Separator India P. Ltd. v. Asst. CIT (Delhi) p. 590
F Claim on account of net foreign exchange loss allowable : Westfalia Separator India P. Ltd. v. Asst. CIT (Delhi) p. 590
F Industrial undertaking : Where failure by assessee to establish passage of vehicle carrying raw material through barrier, profits gained through corresponding sales of finished goods manufactured from such raw material not entitled to deduction, deduction to be allowed on balance sales u/s. 80(2)(a)(ii) : Asst. CIT v. Octave Exports (Chandigarh) p. 1 (28-8-2014)
F Staff of assessee not familiar with system of electronic filing but tax deposited and no loss to Revenue, penalty not justified u/s. 272A(2)(c) : Addl. CIT v. Karrox Technologies P. Ltd. (Mumbai) p. 39 (9-9-2014)
F Revision : Commissioner : No power to re-examine and make fresh enquiries : Manisha Agri Biotech P. Ltd. v. CIT (Hyd) p. 42 (13-10-2014)
F Where printers, scanners, projectors and port-switches are functionally dependent on computers, depreciation at 60 per cent. allowable : Dy. CIT v. UAE Exchange & Financial Services Ltd. (Bangalore) p. 53 (10-10-2014)
F Receipts for CDM is capital in nature : India Dyeing Mills P. Ltd. v. Asst. CIT (Chennai) p. 55 (8-10-2014)
F Where assessee disclosing full and true material facts in original assessment, reopening of assessment bad in law : Satabisha Agro P. Ltd. v. ITO (Hyd) p. 59 (10-10-2014)
F Revision order passed after a period of two years of original assessment, barred by limitation : Louis Berger Group Inc. v. Asst. DIT (International Taxation) (Hyd) p. 79 (26-9-2014)
F Appeal to Appellate Tribunal : Where genuine cause for not preferring appeal in time, delay to be condoned : Sri Biotech Laboratories India Ltd. v. Asst. CIT (Hyd) p. 88 (24-9-2014)
F Where failure by Department of Scientific and Industrial Research to submit report in Form 3CL to Director (Exemption), assessee cannot be penalised : Sri Biotech Laboratories India Ltd. v. Asst. CIT (Hyd) p. 88 (24-9-2014)
F Where unexplained cash credits not business income of assessee and not eligible to claim exemption u/s. 10B : Sriraam Industries and Chemicals v. ITO (Chennai) p. 102 (12-9-2014)
F Industrial undertaking : Where book value appearing in books not related to assessee, deduction cannot be allowed u/s. 80-IA(4)(iv) : Kannan Devan Hills Plantation Co. P. Ltd. v. Asst. CIT (Cochin) p. 106 (19-9-2014)
F Where payment of commission to director-shareholders in terms of appointment as another form of salary for services was approved at AGM, expenditure allowable u/s. 37(1) : Asst. CIT v. Botil Oil Tools (India) P. Ltd. (Delhi) p. 119 (29-8-2014)
F Expenditure on market research to find out consumer preferences to target sales of products is revenue in nature : Parle Agro P. Ltd. v. Asst. CIT (Mumbai) p. 124 (28-8-2014)
F Bad debt : Co-operative bank : Law after 1-4-1989, debts written off by the assessee in its books of account is sufficient, assessee entitled to deduction u/s. 36(1)(vii) : Andhra Pradesh State Co-operative Bank Ltd. v. Addl. CIT (Hyd) p. 131 (9-10-2014)
F Appeal not maintainable against penalty for failure to furnish annual information return : SRO, Muvattupuzha v. DIT (Intelligence) (Cochin) p. 140 (19-9-2014)
F Charitable purpose : Computation : Cost of acquisition of asset taken as application of income, depreciation allowable on asset, not a case of double benefit : Dy. CIT v. Chaman Vatika Educational Society (Chandigarh) p. 144 (19-8-2014)
F Abuse of share premium for money laundering--CA. Dindayal Dhandaria, Chartered accountant p. 7
F Taxation of alternate investment funds : Unsettling stand of CBDT--A. Krishna Thej, Student, Rajiv Gandhi National University of Law, Punjab p. 1
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