[aaykarbhavan] Fw: Pre-Print Highlights of ITR(Trib) from CLI, I T R ,

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INCOME TAX REPORTS (ITR) HIGHLIGHTS

OnLine Edition Vol. 1				Print Edition Vol. 357, Part 1, dated 16-9-2013
SUPREME COURT	HIGH COURTS	ENGLISH CASES	CLB	SUPREME COURT	HIGH COURTS	ENGLISH CASES	CLB
SAT	DRAT	STATUTES	JOURNAL	SAT	DRAT	STATUTES	JOURNAL
NEWS-BRIEFS	AAR	TAXATION TRIBUNAL	CESTAT	NEWS-BRIEFS	AAR	TAXATION TRIBUNAL	CESTAT

ONLINE EDITION

STATUTES AND NOTIFICATIONS

F Notifications : :
Income-tax Act, 1961 : Notification under section 90 : Agreement between the Government of the Republic of India and the Government of the Oriental Republic of Uruguay for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and on capital p. 17

PRINT EDITION

SUPREME COURT JUDGMENTS

F Documents placed before Supreme Court : Matter remanded to High Court with direction to accept documents and dispose of appeal afresh after looking into them : Tek Ram (Dead Through Lrs) v. CIT p. 133

HIGH COURT JUDGMENTS

F Subscription of shares : Shares allotted at face value : No deemed gift : CIT v. O. P. Srivastava (All) p. 1

F Accounts of assessee complex : Order under section 142(2A) after application of mind valid : U. P. Samaj Kalyan Nirman Nigam Ltd. v. CIT (All) p. 12

F Assessment after detailed enquiry into identity and creditworthiness of share applicants : Notice after four years on ground that share applications not genuine : Notice not valid : CIT v. Suren International P. Ltd. (Delhi) p. 24

F Undisclosed income cannot be computed on the basis of best judgment : CIT v. Dr. Ratan Kumar Singh (All) p. 35

F Tribunal upholding lease income as from house property but remitting issue of reopening : No question of law arises : Mahesh Investments v. Asst. CIT (Karn) p. 42

F Reassessment on ground excess depreciation claimed : Interim order of status quo not a factor to interfere with order of reassessment : Narmadha Chemicals P. Ltd. v. Asst. CIT (Mad) p. 45

F Computational error in calculating depreciation : No failure to disclose material facts necessary for assessment : Microsoft Corporation (I) P. Ltd. v. Deputy CIT (Delhi) p. 50

F Assessee providing long-term finance : Processing charges, foreclosure charges and penalty for later payments deductible : CIT v. Weizmann Homes Ltd. (Karn) p. 74

F Plea not raised before Commissioner or Tribunal cannot be raised before High Court for first time : Kandi Friends Educational Trust v. CIT (P&H) p. 84

F Refusal of registration not valid where there was no finding in the order refusing registration that assessee violated section 80G(5) : Director of I. T. v. Neel Gagan Charitable Trust (Delhi) p. 86

F Provision for warranty liability deductible : CIT v. IBM India Ltd. (Karn) p. 88

F Expenditure on acquiring software enabling assessee to carry on business more efficiently : CIT v. IBM India Ltd. (Karn) p. 88

F Provision for bad debts not deductible : CIT v. IBM India Ltd. (Karn) p. 88

F Interest can be levied where income of company is computed under section 115JA : CIT v. IBM India Ltd. (Karn) p. 88

F Dividends relating to 1990-91 and 1991-92 distributed in accounting year relevant for assessment year 1993-94 entitled to deduction in assessment year 1993-94 : CIT v. Delhi Tourism and Transportation Development Corporation Ltd. (Delhi) p. 95

F AAR would not have jurisdiction to render ruling where return has been filed : Netapp B. V. v. AAR (Delhi) p. 102

F Assessee obtaining order of approval from prescribed authority but not utilising income for educational purposes : Tribunal not justified in granting exemption to assessee : CIT v. Manipal Academy of Higher Education (MAHE) (Karn) p. 114

F Jurisdiction of AO : Objection could not be raised for first time on appeal : CIT v. All India Children Care and Educational Development Society (All) p. 134

F No objection that reasons for reassessment had not been given : Tribunal not justified in setting aside notice : CIT v. All India Children Care and Educational Development Society (All) p. 134

AUTHORITY FOR ADVANCE RULINGS

F Returns filed and notices issued under section 143(2) : Application cannot be entertained : Hyosung Corporation, In re p. 123

F AAR cannot consider validity of provision on ground of discrimination : Hyolsung Corporation, In re p. 123

JOURNAL

F Tax jurisprudence-S. Rajaratnam, Retd. Member I. T. A. T. p. 1

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From: "info@cliofindia.com" <info@cliofindia.com>
To: newsletter@cli.in
Sent: Thursday, 12 September 13 6:38 AM
Subject: Pre-Print Highlights of ITR(Trib) from CLI

Now view Online Volumes in www.taxlawsonline.com Click here to view Online demo Rs. 1,530/- Paper Bound Edition (Two Volumes)

www.cliofindia.com info@cliofindia.com ITR'S TRIBUNAL TAX REPORTS (ITR (Trib)) HIGHLIGHTS OnLine Edition Vol. 1 Print Edition Vol. 26, Part 4, dated 16-9-2013 SUPREME COURT HIGH COURTS ENGLISH CASES CLB SUPREME COURT HIGH COURTS ENGLISH CASES CLB SAT DRAT STATUTES JOURNAL SAT DRAT STATUTES JOURNAL NEWS-BRIEFS AAR TAXATION TRIBUNAL CESTAT NEWS-BRIEFS AAR TAXATION TRIBUNAL CESTAT ONLINE EDITION APPELLATE TRIBUNAL ORDERS F Payment to ESI and EPF made before due date for filing return allowable as deduction : ITO v. Onward Technologies Ltd. (Mumbai) p. 292 F Miscellaneous income, finder fees and marketing fees are close nexus with activities of undertaking, includible in total turnover : ITO v. Onward Technologies Ltd. (Mumbai) p. 292 F Educational institution : Exemption : Condition existing solely for educational purposes and without profit motive, where assessee making huge profits not entitled to exemption u/s. 10(23C)(iiiad) : M.P. Rajya Open School v. Dy. CIT (Indore) p. 313 PRINT EDITION APPELLATE TRIBUNAL ORDERS F Bad debts : Difference between sum claimed as deduction as provision for bad and doubtful debts in respect of rural advances and sum debited to P & L a/c to be disallowed u/s.36(1)(viia) : Syndicate Bank v. Dy. CIT (Bangalore) p. 501 F Banking company : Business loss : Diminution in value of stock-in-trade as on last day of previous year to be allowed as deduction : Syndicate Bank v. Dy. CIT (Bangalore) p. 501 F Stamp duty expenses incurred in issuing bonds to public as revenue expenditure : Syndicate Bank v. Dy. CIT (Bangalore) p. 501 F Where proposed new project inextricable linkage with existing business and also not new asset, not capital expenditure : Gujarat Green Revolution Co. Ltd. v. Asst. CIT (Ahmedabad) p. 567 F Where greenhouse to be considered as plant, depreciation allowable at 25 per cent. : Gujarat Green Revolution Co. Ltd. v. Asst. CIT (Ahmedabad) p. 567 F Deduction cannot be disallowed in assessment made pursuant to search : Dinesh Tobacco Industries v. Dy. CIT (Jodhpur) p. 579 F Where trading in shares or investment, period of holding of shares and non receipt of dividend not a decisive factor : Dy. CIT v. Emerging Securities P. Ltd. (Delhi) p. 593 F Amendment of section 32(1)(iia) by Finance Act, 2012 to include business of generation and distribution of power to benefit of additional depreciation is only clarificatory, assessee entitled to additional depreciation on windmill : Dy. CIT v. Hutti Gold Mines Co. Ltd. (Bangalore) p. 600 F Reach stacker is a crane considered as motor lorry falling under category of heavy goods vehicle entitled to depreciation at rate applicable to motor lorries : FIS Logistics P. Ltd. v. Asst. CIT (Kolkata) p. 605 F Assessment in search cases : Where surrender of income by individual, income to be assessed in hands of individual on substantive basis not in hands of firm : Nand Kishore Malani v. Dy. CIT (Jodhpur) p. 613 F Where expenses treated as deferred revenue expenditure in books but claimed as revenue expenditure in return of income to be allowed : Dy. CIT v. Essar Steel Ltd. (Mumbai) p. 623 F Depreciation : Reduction of sum waived from written down value of plant and machinery not permissible : Dy. CIT v. Essar Steel Ltd. (Mumbai) p. 623 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 To Unsubscribe : Reply back with "Unsubscribe" in subject followed by the key word "ITR" or "CC" or "VST" or "CCD" or "GSTR" or "ITR (Trib)", respectively or "All" if you do not want any Email. ITR : Income Tax Reports, CC : Company Cases, VST : VAT and Service Tax Cases, CCD : Consolidated Commercial Digest, GSTR : Goods and Service Tax Reports, ITR (Trib) : ITR'S Tribunal Tax Reports. Also send your feedback or comments to info@cliofindia.com

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