Wednesday, October 27, 2010

ITR (Trib)) HIGHLIGHTS : Dt 18-10-2010 Volume 5 Part 8


ISSUE DATED 18-10-2010

Volume 5 Part 8




Trust setting up and running educational institution, genuineness of activity established, entitled to registration u/s.12A : Shri Krishna Education and Welfare Trust v. CIT (Delhi) p. 750


Where no material produced by AO to prove purchase and lease of cylinders not genuine, assessee entitled to depreciation : Asst. CIT v. Banaras Beads Ltd. (Delhi) p. 761


Export proceeds received in convertible foreign exchange before completion of assessment to be included in total turnover : Asst. CIT v. Banaras Beads Ltd. (Delhi) p. 761


Liability on account of foreign exchange fluctuation allowed on accrual basis with reference to rate of foreign exchange at end of year : HLS Asia Ltd. v. Dy. CIT (Delhi) p. 774


Capital assets not constituting trading items of assessee ; deduction not allowable u/s. 80HHC : HLS Asia Ltd. v. Dy. CIT (Delhi) p. 774


Loans obtained for working capital against security of lands cannot be deducted while computing net wealth of assessee : Phoenix International Ltd. v. Dy. CWT (Delhi) p. 787


Where fixation of annual value of property by Municipal Corporation at higher rate, CIT directing AO to examine issue considering ss.23 and 24, proper : SICAL Logistics Ltd. v. Addl. CIT (Chennai) p. 801


Where repayment of loans in cash prior to amendment, penalty not imposable u/s. 271E : ITO v. Sudesh Kumar Sareen (Delhi) p. 829


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