INCOME TAX REPORTS (ITR) HIGHLIGHTS
F Transfer of case : Authority to make available all and every relevant material, as also particulars, while calling upon assessee to submit objection for transfer of his case to another State : Span Design and Development P. Ltd. v. CIT (Karn) p. 322
F Company paying securities transaction tax entitled to rebate under section 88E : CIT v. Horizon Capital Ltd. (Karn) p. 326
F Assessment order passed without giving assessee opportunity to be heard not valid : Green Power Realtors P. Ltd. v. Deputy CIT (Mad) p. 332
F Rejection of claims and additions to income : Penalty could not be levied : CIT v. Balaji Distilleries Ltd. (Mad) p. 339
F Penalty imposed on private company cannot be recovered from director : Kantilal Sakarlal Gandhi v. ITO (Guj) p. 347
F Share application money : Addition solely based on investigation report not justified : CIT v. Fair Finvest Ltd. (Delhi) p. 146
F Capital gains : Exemption : House consisting of several units would constitute a residential house : CIT v. Gita Duggal (Delhi) p. 153
F Writ petition against reference to DVO not valid : ACC Ltd. v. DVO (Delhi) p. 160
F Depreciation allowed after considering facts : Notice after four years to withdraw depreciation not valid : Vatika Ltd. v. ITO (Delhi) p. 170
F Payments made by subsidiary to assessee and interest-free loans by assessee to subsidiary not a ground assessee had business connection in India : Notice of reassessment valid : Convergys Customer Management v. Asst. Director of Income-tax (Delhi) p. 177
F Tribunal not justified in setting aside finding by AO without examining matter : CIT v. Titan Securities Ltd. (Delhi) p. 184
F Creditworthiness of share applicants and genuineness of transactions not proved : Tribunal not justified in deleting addition : CIT v. Youth Construction P. Ltd. (Delhi) p. 197
F No satisfactory explanation regarding delay in filing return and in applying for refund : Rejection of application for refund justified : Kiwanis Club of New Delhi v. Director of I. T. (Exemptions) (Delhi) p. 205
F Direction for special audit quashed : DLF Commercial Projects Corporation v. Asst. CIT (Delhi) p. 211
F Borrowing companies in sound financial position in relevant accounting year : Interest assessable : CIT v. Brahmaputra Capital and Financial Services Ltd. (Delhi) p. 241
F Beneficial circulars or circulars relaxing rigour of provisions of Act binding on AO and others executing Act : CIT v. Ashok Mittal (Delhi) p. 245
F Circular issued under old Act to be applied : CIT v. Ashok Mittal (Delhi) p. 245
F Carry forward speculation loss to be first set off against speculative profits of current year before adjusting any other loss against those profits and other incomes : CIT v. Ashok Mittal (Delhi) p. 245
F AO directed to verify write off factor not proved by the assessee : Suzuki Motorcycle India P. Ltd. v. CIT (Delhi) p. 250
F Machinery and equipment kept ready for use but not used : Entitled to depreciation : National Thermal Power Corporation Ltd. v. CIT (Delhi) p. 253
F Whether ninety per cent. of DEPB credit can be excluded from assessed profits of the business : AO directed to compute DEPB credit afresh : CIT v. K. R. B. L. Ltd. (Delhi) p. 258
F Sale of special import licence : No reduction from profits of business to the extent of ninety per cent. : CIT v. K. R. B. L. Ltd. (Delhi) p. 258
F Rejection of application under section 10(23C) not valid where the assessee conducting regular classes in a systematic manner : Delhi Music Society v. Director General of I. T. (Delhi) p. 265
F Assessee not importing any materials for use in manufacture or export of handicrafts : Customs bonding of unit not be insisted upon : CIT v. Arts Beauty Exports (Delhi) p. 276
F Admission of additional evidence proper but AO to be given opportunity to examine it and process claim of assessee : CIT v. Arts Beauty Exports (Delhi) p. 276
F Tax paid by employer on behalf of employee : Tax amounting Rs. 15 lakhs paid by assessee not reimbursed by employer : Not includible in income of assessee : CIT v. Jaydev H. Raja (Bom) p. 293
F Section 11(4A) not applicable where there was no evidence to show that activities carried out by assessee were propelled by any profit motive : PHD Chamber of Commerce and Industry v. Director of I. T. (Exemptions) (Delhi) p. 296
F Section 40(a)(ia) would cover amounts payable at any time during the accounting year : CIT v. Sikandarkhan N. Tunvar (Guj) p. 312
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Subject: Pre-Print Highlights of ITR(Trib) from CLI
From: "info@cliofindia.com" <info@cliofindia.com>
To: newsletter@cli.in
Sent: Thursday, 19 September 13 4:28 AM
Subject: Pre-Print Highlights of ITR(Trib) from CLI
ITR'S TRIBUNAL TAX REPORTS (ITR (Trib)) HIGHLIGHTS
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