ITR'S TRIBUNAL TAX REPORTS (ITR (Trib)) HIGHLIGHTS
F Where interest on excess refund, provision with effect from 1-6-2003 not applicable for years prior thereto : Dy. DIT v. Delta Air Lines Inc. (Mumbai) p. 538
F Business expenditure : Year in which allowable : Direction by CIT (Appeals) to AO to allow expenditure in year to which it pertained, no allowance for year in question : Gujarat State Fertilizers and Chemicals Ltd. v. Asst. CIT (Ahd.) p. 540
F Expenditure on release of water and discharge of effluent and pollution control not resulting in creation of any specific asset is revenue expenditure : Gujarat State Fertilizers and Chemicals Ltd. v. Asst. CIT (Ahd.) p. 540
F Reassessment : Income escaping assessment : Reasons recorded for reopening of assessment should have nexus with income assessed : Swarnadhara IJMII Integrated Township Development Co. v. Dy. CIT (Hyd.) p. 736
F International transactions : Transfer pricing : Where no adjustment to ALP called for, addition to be deleted : Symphony Marketing Solutions India P. Ltd. v. ITO (Bangalore) p. 753
F Export : Expenditure excluded from export turnover to be excluded from total turnover : Symphony Marketing Solutions India P. Ltd. v. ITO (Bangalore) p. 753
F Business expenditure : Where salary not excessive comparing with salary of visiting doctors, salary not be disallowed : Kalpana Nursing Home P. Ltd. v. Dy. CIT (Jodhpur) p. 773
F Income : Works contract : Where retention money for which bills submitted but payment not made, retention money to be brought to tax in year in which received : Asst. CIT v. B.G. R. Energy Systems Ltd. (Hyd.) p. 791
F Where conditions of ownership and user of asset satisfied, assessee entitled for grant of depreciation u/s. 32(1)(iii) : Asst. CIT v. B.G. R. Energy Systems Ltd. (Hyd.) p. 791
F Repayment of principal in respect of assets taken on finance lease is capital expenditure : Asst. CIT v. B.G. R. Energy Systems Ltd. (Hyd.) p. 791
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On Saturday, 9 November 2013 2:04 PM, "info@cliofindia.com" <info@cliofindia.com> wrote:
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INCOME TAX REPORTS (ITR) HIGHLIGHTS
F Subsidy received from State Government is capital receipt : Deputy CIT v. Munjal Auto Industries Ltd. (Guj) p. 436
F Depreciation on fixed assets utilised for charitable purposes allowable : Director of I. T. v. Vishwa Jagriti Mission (Delhi) p. 444
F Jurisdiction of civil court is barred where the order of deemed seizure attaining finality : Rakesh Kumar Agarwal v. Bansal Commodities (Delhi) p. 451
F Division Bench holding proper forum to agitate disputed questions about ownership of pay orders would be civil court : Suit claiming money thereafter not barred by limitation : Rakesh Kumar Agarwal v. Bansal Commodities (Delhi) p. 451
F Section 234D not applicable where the assessment was completed prior to 1-6-2003 : CIT v. Reliance Energy Ltd. p. 371
F Delay in issuing notification : Notification had retrospective effect from the date of amendment : CIT v. Nasa Finelease P. Ltd. (Delhi) p. 305
F No error or discrepancy pointed out before Tribunal for making disallowance : No error in not remitting matter to AO for fresh consideration : CIT v. Consolidated Photo and Finvest Ltd. (Delhi) p. 310
F Machinery kept ready for use but not used because of extraneous reasons : Entitled to depreciation : CIT v. Chennai Petroleum Corporation Ltd. (Mad) p. 314
F Assessee having sufficient funds available with it, more than amount invested for earning dividend : Disallowance in respect of interest expenditure not permissible : CIT v. Gujarat State Fertilizers and Chemicals Ltd. (Guj) p. 323
F Payment to financial consultants for professional services in connection with corporate debt restructuring by negotiating with banks and financial institutions : Expenditure spread over six years justified : CIT v. Gujarat State Fertilizers and Chemicals Ltd. (Guj) p. 323
F Waiver of loan including interest and principal not benefit or perquisite arising from business : CIT v. Gujarat State Fertilizers and Chemicals Ltd. (Guj) p. 323
F Addition deleted in normal computation : Consequently to be deleted for purpose of section 115JB : CIT v. Gujarat State Fertilizers and Chemicals Ltd. (Guj) p. 323
F Audit report not issued in time : Delay to be condoned : Arecanut Processing and Sale Co-operative Society Ltd. v. CIT (Karn) p. 337
F Writ appeal maintainable from order of transfer of case : CIT v. Union of India (Chhattisgarh) p. 341
F Search in business premises of assessee in different places : Order of transfer for purposes of co-ordinated investigation valid : CIT v. Union of India (Chhattisgarh) p. 341
F Estimated provision for shortfall in quality or defective equipment requiring repairs or replacement : Deductible : FL Smidth Minerals P. Ltd. v. Deputy CIT (Mad) p. 353
F Transfer of shares by holding company to its subsidiary company at book value : Deemed gift : New Ambadi Estates P. Ltd. v. Joint CIT (Mad) p. 360
F Holding and subsidiary companies : Two different entities : No need for lifting corporate veil to know nature of transaction : New Ambadi Estates P. Ltd. v. Joint CIT (Mad) p. 360
F Refund not granted to assessee under section 143(1) or under section 143(3) but pursuant to order of Commissioner (Appeals) : Section 234D not applicable : Director of I. T. (International Taxation) v. Delta Air Lines Inc. (Bom) p. 367
F Registered society for charitable purposes : Artificial juridical person : CIT v. Children's Education Society (Karn) p. 373
F Aggregate annual receipts of educational institution : Provision refers to each one of several institutions : CIT v. Children's Education Society (Karn) p. 373
F Subsidy paid by educational institution for provision of hostel facilities deductible : CIT v. Children's Education Society (Karn) p. 373
F Expiry of lease : Discarding building : Loss deductible : CIT v. Children's Education Society (Karn) p. 373
F Tribunal finding some provisions are on basis of ascertained liabilities while others are not and allowing provisions made to that extent : CIT v. Uhde India P. Ltd. (Bom) p. 395
F Software development charges : Revenue expenditure : CIT v. Uhde India P. Ltd. (Bom) p. 395
F Tribunal restoring issue of levy of penalty to AO with direction that he should decide issue after receipt of decision of High Court on quantum proceedings : No prejudice caused to Revenue : CIT v. Wander P. Ltd. (Bom) p. 408
F Powers to grant stay of penalty proceedings pending appeal : Incidental and ancillary powers : Asst. CIT v. GE India Industrial P. Ltd. (Guj) p. 410
F Failure to file Form No. 3CEB : Adjustment to arm's length price for subsequent year : Reason to believe that income liable to tax has escaped assessment for relevant year : Sitara Diamond P. Ltd. v. ITO (Bom) p. 424
F Interest from date of first revised return to date of second revised return to be waived : Kelvinator of India Ltd. v. CIT (Delhi) p. 440
F Disallowance under section 14A-S. K. Tyagi, Advocate p. . . . 30
F Tangible material versus power to reassess-fat line between power to review and power to assess-Gopal Nathani, FCA p. . . . 27
F TDS-Should the failure of the deductor visit on the deductee ?-S. Rajaratnam, Retd. Member I. T. A. T. p. . . . 19
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