Friday, April 9, 2010

ITR'S TRIBUNAL TAX REPORTS (ITR (Trib)) HIGHLIGHTS, issue dt 12.04.2010 Vol2 Part 6

ITR'S TRIBUNAL TAX REPORTS (ITR (Trib)) HIGHLIGHTS
ISSUE DATED 12-4-2010
Volume 2 : Part 6

F Credit for TDS must be given to assessee u/s 205 : Ahluwallia and Associates v. ITO (Ahd.) p.582

F Where expenses incurred by assessee for earning salary as well as share in profits of the firm, proportionate disallowance to be worked out u/r. 8D: Dharmasingh M. Popat v. Asst. CIT (Mumbai) p. 586

F Receipt declared as income from other sources but expenses claimed against income from profession not allowable : Dharmasingh M. Popat v. Asst. CIT (Mumbai) p. 586

F Assessee sold units within three months from record date : loss to be ignored u/s.94(7): Tube Investments of India Ltd. v. Jt. CIT (Chennai) p. 612

F Where capital borrowed for business purposes and TDS from interest payment and deposited with Govt., addition to be deleted : Dy. CIT v. J.H. Finvest P. Ltd. (Delhi) p. 620

F Where assessee providing evidence regarding identity of share applicants, deletion of addition justified : Dy. CIT v. J.H. Finvest P. Ltd. (Delhi) p. 620

F Stocks brought into account from year to year and forming part of current stock, assessee entitled to deduction of loss in relevant AY : Dy. CIT v. Indroyal Furniture Co. P. Ltd. (Cochin) p. 628

F Payment of royalty towards right to use technical know-how with no asset of enduring benefit transferred in favour of assessee is revenue expenditure : Modi Revlon P. Ltd. v. Asst./Dy. CIT (Delhi) p. 632

F Advertisement expenses incurred for promotion of brand in interest of business of company allowable u/s 37: Modi Revlon P. Ltd. v. Asst./Dy. CIT (Delhi) p. 632

F Web hosting, web development, telephone handsets expenses, as revenue expenditure : Radial Marketing P. Ltd. v. ITO (Mumbai) p. 641

F Software development charges, capital expenditure : Radial Marketing P. Ltd. v. ITO (Mumbai) p. 641

F Assessee entitled to credit for TDS on foreign income : Rectification to allow credit proper : Asst. CIT v. Ms. Aishwarya K. Rai (Mumbai) p. 644

F Where service of assessment notice on company not denied, notice valid : Amrac Automotive India P. Ltd. v. Asst. CIT (Delhi) p. 649

F Reassessment notice sent to correct address, not received back : Power of attorney issued to CA after date of notice and subsequent notices issued : notice validly served : Avneesh Kumar Singh v. ITO (Agra) p.663

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