Thursday, September 30, 2010

ITR (Tribunal) ISSUE DATED 4-10-2010 Volume 5 : Part 6

ITR'S TRIBUNAL TAX REPORTS (ITR (Trib)) HIGHLIGHTS

REPORTS


> Business expenditure : Where purchase of raw material from far-off places from the premises of assessee, identity of payee and genuineness of transaction established disallowance u/s. 40A(3) not justified : Habib Agro Industries v. Addl. CIT (Bangalore) p. 531

> Unabsorbed depreciation cannot be set off against salary income : Chandrakumar v. Asst. CIT (Chennai) p. 540

> Department not entitled to raise additional grounds contrary to finding of AO : ITO v. M.M. Textiles (Mumbai) p. 547

> Rental income derived by assessee from sub-letting premises is "income from other sources" : ITO v. M. M. Textiles (Mumbai) p. 547

> AO co-relating funds contributed by partners with rate of interest on which money lent by assessee for disallowance u/s. 40A(2), not proper : ITO v. M.M. Textiles (Mumbai) p. 547

> Export : Entire direct and indirect costs deductible from sale proceeds realised in convertible foreign exchange u/s. 80HHC(3)(b) : Mectech International v. Asst. CIT (Delhi) p. 564

> Capital gains : Assessee utilising sale proceeds of shares for other purpose and purchasing property from loans taken from bank not entitled to exemption u/s. 54F : Milan Sharad Ruparel v. Asst. CIT (Mumbai) p. 570

> Income earned by exercise of profession as CA not entitled to relief u/s.80RR : Dilip K. Sheth v. ITO (Mumbai) p. 581

> Rectification : Telephone expenses allowed : Order of CIT(Appeals) confirming disallowance deleted : Dilip K. Sheth v. ITO (Mumbai) p. 581

> Sums paid voluntarily by inmates of Ashram to be treated as donations, trust entitled to approval u/s. 80G(5) : Vaidik Bhakti Sadan Asram v. CIT (Delhi) p. 590

> Right to occupy house taken on licence under agreement for period of two terms of eleven months against interest-free deposits cannot be termed to be purchase of residential house : Prafulchandra R. Shah (Late) v. Asst. CIT (Mumbai) p. 598

> Capital gains : Cost of acquisition of tenancy rights to be taken at nil u/s. 55(2) : Prafulchandra R. Shah (Late) v. Asst. CIT (Mumbai) p. 598

> Refund due to excess TDS and advance tax, assessee to be paid interest on refund u/s. 244A : Hyundai Motor India Ltd. v. Dy. CIT (Chennai) p. 611

> Reassessment : AO forming belief interest income assessable as income from other sources has jurisdiction to reassess u/s. 147 : Jagan Lamps Ltd. v. ITO (Delhi) p. 617

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