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INCOME TAX REPORTS (ITR) HIGHLIGHTS | | Vol. 355, Part 3, dated 22-7-2013 | | | | | | | | | | | | | | | | | | | | | | | | | | | |
F Order of TPO not valid where no evidence of arrangement between assessee and its associated enterprises : CIT v. Patni Computer Systems Ltd. (Bom) p. 146
F Tribunal finding new units established by assessee were separate and independent : Units entitled to exemption under section 10A : CIT v. Patni Computer Systems Ltd. (Bom) p. 146
F Loss incurred by branch office in Sweden can be set off against other business profits : CIT v. Patni Computer Systems Ltd. (Bom) p. 146
F Evidence that liaison office carrying on commercial activities : Income from such activities assessable in India : Jebon Corporation v. CIT (Karn) p. 151
F Reassessment valid where there was failure to assess capital gains : CIT v. National Tyres and Rubber Co. of India Ltd. (Ker) p. 163
F One of the blocks in units exceeding built-up area of 1,500 square feet would not nullify claim of assessee for entire project : Viswas Promoters P. Ltd. v. Asst. CIT (Mad) p. 169
F Management fee paid to subsidiary company : Part of payment could not be disallowed on ground subsidiary company not fulfilling its obligations : CIT v. Raman Boards Ltd. (Karn) p. 305
F Provision that investee company has to have approval under section 10(23G) : Reopening of assessment requiring assessee, an investor company, to furnish approval not justified : RPG Cellular Investment and Holdings P. Ltd. v. Asst. CIT (Delhi) p. 310
F Determination of annual letting value : Interest on security deposit cannot be added : CIT v. Shastha Pharma Laboratories P. Ltd. (Karn) p. 316
F Direction for special audit without hearing assessee : Direction given to extend period of limitation : Assessment barred by limitation : CIT v. Subboji Rao C. H. (Karn) p. 320
F Expenses on foreign travel of managers and their wives deductible : CIT v. Williamson Tea (Assam) Ltd. (Gauhati) p. 323
F Gains from fluctuation foreign currency : Ninety per cent. of amount not excludible in arriving at profits of business : CIT v. Novell Software Development (I) P. Ltd. (Karn) p. 339
F Notice of reassessment issued beyond period of six years to assessee without giving it opportunity to be heard : Rural Electrification Corporation Ltd. v. CIT (No. 1) and (No. 2) (Delhi) pp. 345, 356
F Revenue not entitled to raise question relating to expenses being of a capital nature, which assessee claimed as revenue : Rural Electrification Corporation Ltd. v. CIT (No. 2) (Delhi) p. 356
F Non-commencement of charitable activity not a ground for denying registration under section 12AA : Director of I. T. v. Foundation of Ophthalmic and Optometry Research Education Centre (Delhi) p. 361
F Assessee purchasing bagasse from sugar factory and used for making briquettes : Entitled to deduction under section 80JJA : CIT v. Smt. Padma S. Bora (Bom) p. 368
F Part of tax paid before return was due : Interest could not be levied on such part payment : Bharatbhai B. Shah v. ITO (Guj) p. 373
F Notice of reassessment based on opinion of Revenue audit party and not that of AO : Reassessment not valid : Agricultural Produce Market Committee v. ITO (Guj) p. 384
F Effect of certificate of registration : Agricultural Produce Market Committee v. ITO (Guj) p. 384
F Objection raised by audit party considered during original assessment : Notice at the insistence of audit party not valid : Cadila Healthcare Ltd. v. Asst. CIT (OSD) (Guj) p. 393
F Notice on basis of audit objection not valid : Jagat Jayantilal Parikh v. Deputy CIT (Guj) p. 400
F Loan in excess of specified limit in cash : Tribunal finding assessee's explanation not reasonable : Imposition of penalty valid : Auto Piston Mfg. Co. P. Ltd. v. CIT (P&H) p. 414
STATUTES AND NOTIFICATIONS |
F C. B. D. T. Circulars/Instructions :
Circular/Instruction No. 3 of 2013, dated 5th July, 2013-Procedure to be followed in receipt and disposal of rectification applications filed under section 154 of the Income-tax Act, 1961-regarding p. 82
Circular/Instruction No. 4 of 2013, dated 5th July, 2013-Identification of unserved intimations under section 143(1) of the Income-tax Act for cases processed prior to 31-3-2010-regarding p. 84
Circular No. 5 of 2013, dated 29th June, 2013 : withdrawal of Circular No. 2 of 2013, dated 26-3-2013 p. 104
Circular No. 6 of 2013, dated 29th June, 2013-Amending Circular No. 3 of 2013, dated 26-3-2013 : Circular on conditions relevant to identify development centres engaged in contract R & D services with insignificant risk p. 104
F Press Notes/Releases :
Agreement Signed between the Republic of India and the Republic of Albania for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and on capital p.80
Withdrawal of Circular No. 2, dated 26th March, 2013 and amending and reissue and Circular No. 3 of 2013, dated 26th March, 2013 p. 100
F Rules :
Income-tax (Third Amendment) Rules, 2013 p.107
Income-tax (Eighth Amendment) Rules, 2013 p. 88
Income-tax (Ninth Amendment) Rules, 2013 p. 91
Post Office Savings Account (Amendment) Rules, 2013 p.86
F Notifications :
Income-tax Act, 1961 : Notifications under section 10(23C)(vi) : Approved institutions p. 95
Income-tax Act, 1961 : Notification under section 35(1)(ii) : Scientific research association notified by the Central Government for the purpose of section 35(1)(ii) p. 96
Income-tax Act, 1961 : Notification under section 48, Explanation, clause (v) : Cost Inflation Index for 2013-14 specified for purposes of computation of capital gains : Gazette reference p. 87
Income-tax Act, 1961 : Notification under section 90 : Convention between the Government of the Republic of India and the Government of the People's Republic of Bangladesh for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income : Amendment p. 97
Income-tax Act, 1961 : Notification under section 138(1)(a) : Disclosure of information respecting assessees p. 95
F Critical appraisal of measures proposed to plug loopholes in tax planning in case of "Keyman insurance policies"-CA Dindayal Dhandaria, B.Com.(Hons.), F.C.A. p. 44
F Section 10B deduction to 100% EOU set up under STP scheme-Gopal Nathani, FCA p. 37
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