Tuesday, August 11, 2015

[aaykarbhavan] Judgments and Infomration , C LI I T R Tribunal , [2 Attachments]






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Vol. 41, Part 5, dated 10-8-2015

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APPELLATE TRIBUNAL ORDERS



F Where predominant object of assessee charitable in nature, Assessing Officer to grant registration if similar institutions in other States granted registration : Central Institute of Tool Design v. DIT (Exemption) (Hyd) p. 578 (8-7-2015)

F Expenses excluded from purpose of export turnover to be excluded from total turnover also : Asst. CIT v. ToCheungLee Stationery Mfg. Co. P. Ltd. (Chennai) p. 590 (26-6-2015)

F Where assessee not owning more than one residential house at time of purchase of new residential house, assessee entitled to exemption : Asst. CIT v. Irshad Mirza (Lucknow) p. 593 (5-6-2015)

F Amount paid to seller for delay in execution of sale deed and handing over of possession compensatory in nature and part of sale transaction, assessee entitled to deduction : Asst. CIT v. Irshad Mirza (Lucknow) p. 593

F Where accounts of copious consumption of cotton, gauze bandages and books properly maintained and not rejected by authorities, disallowance restricted to 15 per cent. of purchases : Sharma East India Hospitals and Medical Research Ltd. v. Deputy CIT (Jaipur) p. 604 (5-6-2015)

F Disallowance of interest u/s. 36(1)(iii) not justified on interest bearing advances used for business purposes : Sharma East India Hospitals and Medical Research Ltd. v. Deputy CIT (Jaipur) p. 604

F Determination of arm's length price : Assessee exclusively in software development services, company in sale of both software products and development services whose segregated accounts not available to be excluded : Global Logic India P. Ltd. v. Deputy CIT (Delhi) p. 622 (4-6-2015)

F Reference to Valuation Officer : Matter remanded to Assessing Officer to allow Valuation Officer to meet objections raised by assessee and opportunity of being heard to assessee : ITO v. Smt. Ruchita Gir (Hyd) p. 634 (1-7-2015)

F Where Assessing Officer holding assessee not entitled to exemption u/s. 10B, alternative claim for deduction u/s. 10A can be considered : ITO v. Com Lab India (Hyd) p. 641

F Arm's length price adjustment cannot be made where transaction not international transaction : Redington (India) Ltd. v. Addl. CIT (Chennai) p. 646 (26-6-2015)

F Payment towards trade mark licence fee, allowable expenditure for purpose of business : Redington (India) Ltd. v. Addl. CIT (Chennai) p. 646

F Expenditure for making building fit for business, Revenue expenditure : Redington (India) Ltd. v. Addl. CIT (Chennai) p. 646

F Where no details regarding credit given by assessee but Dispute Resolution Panel simply placing reliance on earlier order, matter remanded for re-examination : Redington (India) Ltd. v. Addl. CIT (Chennai) p. 646

F Effect of amendment of s. 36(1)(vii) w.e.f. 1-4-1996 : Sufficient that debt written off as irrecoverable in books of account for previous year, no need to prove debt became bad : Redington (India) Ltd. v. Addl. CIT (Chennai) p. 646

F Expenditure relatable to any income which do not form part of total income cannot be allowed while computing taxable income : Redington (India) Ltd. v. Addl. CIT (Chennai) p. 646

F Assessee filing returns within time allowed u/s. 139(4), levy of penalty not automatic : Deputy CIT v. Mehrotra Invofin India P. Ltd. (Delhi) p. 655

F Reopening of assessment on wrong presumption of facts, void ab initio : Deputy CIT v. Dhanrajgir Business P. Ltd. (Mumbai) p. 669

F Deduction allowable on assessee satisfying eligibility conditions prescribed u/s. 80-IB : Asst. CIT v. Anandamoy Das (Kolkata) p. 678

F Expenditure on acquisition of research reports in course of advisory services, Revenue in nature : Pulsar Knowledge Centre P. Ltd. v. Joint CIT (Delhi) p. 690

F Where assessee not carrying on any activity in nature of trade, commerce or business, entitled to exemption u/s. 10(23C)(iv) : Deputy DIT (Exemptions-IV) v. Council for Leather Exports (Chennai) p. 697 (26-6-2015)

F Foreign exchange gains and loss after receipt of sale price not income from unit eligible for deduction u/s. 10B : Yodeva Plastics P. Ltd. v. Deputy CIT (Hyd) p. 712 (17-6-2015)

F Amount adjusted for purchase of rotation drive unit and not received into India within specified time as provided u/s. 10B(3) cannot be considered as receipt in India, to be excluded from export turnover : Yodeva Plastics P. Ltd. v. Deputy CIT (Hyd) p. 712

F Whether interest income from fixed deposit to be treated as business income, matter remanded : Yodeva Plastics P. Ltd. v. Deputy CIT (Hyd) p. 712

F Receipts of sale of scrap within ambit of gains derived from industrial undertakings, eligible for deduction u/s. 80-IC : Yodeva Plastics P. Ltd. v. Deputy CIT (Hyd) p. 712

F Sale consideration representing turnover on account of sale of plastic products, eligible for exemption : Yodeva Plastics P. Ltd. v. Deputy CIT (Hyd) p. 712

F Amortisation and development charges are part of business activity, eligible for deduction : Yodeva Plastics P. Ltd. v. Deputy CIT (Hyd) p. 712

F Receipts towards freight and insurance charges do not form part of export turnover, deduction from turnover not justified : Yodeva Plastics P. Ltd. v. Deputy CIT (Hyd) p. 712

F Interest cannot be disallowed on payment relatable to commercial expediency : Deputy CIT v. International Institute of Planning and Management P. Ltd. (Delhi) p. 733 (10-6-2015)

F Disallowance not valid where no evidence that expenditure was excessive or unreasonable : Deputy CIT v. International Institute of Planning and Management P. Ltd. (Delhi) p. 733

F Business expenditure : Assessing Officer to disallow only amount outstanding at close of assessment year, matter remanded : DCS BPO P. Ltd. v. Asst. CIT (Chennai) p. 750 (19-6-2015)

​US identifies insider trading ring; 3 IPOs get SEBI queries; Comic characters to teach IPR lessons

​US identifies insider trading ring; 3 IPOs get SEBI queries; Comic characters to teach IPR lessons

 


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Posted by: Dipak Shah <djshah1944@yahoo.com>


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