Tata offers to buy-out Docomo; CBI seeks DLF case info; Legal, audit firms tug of war
Tata offers to buy-out Docomo; CBI seeks DLF case info; Legal, audit firms tug of war
ITR'S TRIBUNAL TAX REPORTS (ITR (Trib)) HIGHLIGHTS
F Where Assessing Officer rectifying order on finding payment of tax by recipient, assessee not in default on non-deduction of tax at source : Dy. CIT (TDS) v. Reliance Communications Infrastructure Ltd. (Mumbai) p. 1 (25-5-2015)
F Where Assessing Officer scientifically allocating expenditure of non-eligible unit to eligible unit on basis of turnover ratio, allocation of expenditure proper : Hexagon Nutrition P. Ltd. v. Dy. CIT (Mumbai) p. 5 (8-5-2015)
F Assessing Officer to examine whether assessee not required to deduct tax at source for payments made towards advertisement, matter remanded : Hexagon Nutrition P. Ltd. v. Dy. CIT (Mumbai) p. 5
F Brought forward unabsorbed depreciation of unit cannot be set off against current profit of eligible unit for computing deduction u/s. 10A : Hexagon Nutrition P. Ltd. v. Dy. CIT (Mumbai) p. 5
F Income of special economic zone unit of assessee cannot be included while computing book profit u/s. 115JB : Hexagon Nutrition P. Ltd. v. Dy. CIT (Mumbai) p. 5
F Where assessee registered as charitable institution and no change in its aims and objects, proviso to section 2(15) cannot be applied to deny exemption u/s. 11 : ITO (Exemptions)-II v. Kalinga Cultural Trust (Hyd) p. 147 (3-7-2015)
F Business expenditure : Disallowance cannot be made u/s. 40(a)(ia) by applying commercial principles : ITO (Exemptions)-II v. Kalinga Cultural Trust (Hyd) p. 147
F Assessee not required to deduct tax at source on sale of world negative rights on perpetual and permanent basis being not a case of payment of royalty : Dy. CIT v. V. Rama Krishna (Hyd) p. 157 (3-7-2015)
F Club membership fee is revenue expenditure : SAB Miller India Ltd. v. Addl. CIT (Mumbai) p. 167 (3-7-2015)
F Relationship between assessee and distributors in relation to sale and purchase of product needing examination, matter remanded : SAB Miller India Ltd. v. Addl. CIT (Mumbai) p. 167
F Depreciation cannot be denied for failure to deduct tax at source on payment towards purchase of intellectual property rights : SAB Miller India Ltd. v. Addl. CIT (Mumbai) p. 167
F Section 40(a)(i) not applicable on payments hit by prospective amendment, disallowance not proper : SAB Miller India Ltd. v. Addl. CIT (Mumbai) p. 167
F Whether loans advanced to group companies at lower rate of interest out of own funds, matter remanded : SAB Miller India Ltd. v. Addl. CIT (Mumbai) p. 167
F Exemption: Assessing Officer to examine change in objects of memorandum of association and date of approval of modified objects by DIT (Exemptions), matter remanded : Dy. DIT (Exemptions)-III v. Operation Blessing India (Hyd) p. 176 (3-7-2015)
F Where Tribunal consistently deciding issues in favour of assessee in earlier years that fees for advisory services not taxable in India, direction to delete addition of all receipts : Partners Harvard Medical International Inc. v. Asst. DIT (International Taxation) (Mumbai) p. 183 (3-7-2015)
F International transactions : Transfer Pricing Officer to carry out detailed functional analysis of comparables, matter remanded : Zimmer India P. Ltd. v. Dy. CIT (Delhi) p. 188 (5-6-2015)
F Amount reduced from export turnover required to be proportionately reduced from total turnover : Dy. CIT v. Timken India Manufacturing P. Ltd. (Bang) p. 208 (26-5-2015)
F Presumptive tax : Income of assessee liable to tax at 10 per cent. u/s. 44BB on basis of binding decision of co-ordinate Bench : Addl. DIT (International Taxation) v. Baker Hughes Singapore Pte. Ltd. (Delhi) p. 212
F Interpretation of law as it exists and not as it ought to be in light of value notions : Addl. DIT (International Taxation) v. Baker Hughes Singapore Pte. Ltd. (Delhi) p. 212
F Appellate Tribunal bound by decision of jurisdictional High Court : Addl. DIT (International Taxation) v. Baker Hughes Singapore Pte. Ltd. (Delhi) p. 212
F Whether unpaid invoices includible in gross revenue for purposes of computing presumptive income : Addl. DIT (International Taxation) v. Baker Hughes Singapore Pte. Ltd. (Delhi) p. 212
F Where no violation of provisions of section 2(15), assessee entitled to exemption : Asst. DIT (Exemptions) v. Indian Medical Association (Delhi) p. 222
F Companies having enormous turnover and functionally dissimilar cannot be treated as comparable : Aptean Software India P. Ltd. v. ITO (Bang) p. 246 (8-5-2015)
F Telecommunication charges and travelling expenses incurred in foreign currency excluded from export turnover, to be excluded from total turnover : Aptean Software India P. Ltd. v. ITO (Bang) p. 246
F Where assessee not raising objections to draft assessment order, cannot raise issue before Appellate Tribunal : Aptean Software India P. Ltd. v. ITO (Bang) p. 246
F Advance received by actor remains as such until crystallising as income on fulfilment of obligation specified in agreement, not to be treated as income : R. S. Suriya v. Asst. CIT (Chennai) p. 282
F Whether payments received by actor from film production companies already treated as income for earlier assessment year, matter remanded: R. S. Syria v. Asst. CIT (Chennai) p. 282
F Assessee receiving cement bags without payment of consideration, matter remanded for assessee to justify claim : R. S. Suriya v. Asst. CIT (Chennai) p. 282
F Failure by Assessing Officer to take into consideration financial status of assessee, additions to be deleted : R. S. Suriya v. Asst. CIT (Chennai) p. 282
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