Monday, October 18, 2010

ITR (TRIB) VOL 5 PART 8

ITR'S TRIBUNAL TAX REPORTS (ITR (TRIB))

Volume 5 : Part 8 (Issue dated : 18-10-2010)


SUBJECT INDEX TO CASES REPORTED IN THIS PART


Business expenditure --Deduction--Liability on account of foreign exchange fluctuaztion--To be allowed on accrual basis with reference to rate of foreign exchange at end of year--Income-tax Act, 1961, ss. 37, 43A-- HLS Asia Ltd . v. Deputy CIT (Delhi) . . . 774


Charitable purpose --Charitable trust--Registration--Commissioner to satisfy himself about object of trust and genuineness of activities of trust--Trust deed disclosing establishment of trust for purpose of setting up and running educational institution--Activity charitable in nature and genuineness of activity established--Conditions of registration fulfilled--Direction to Commissioner to grant registration--Income-tax Act, 1961, ss. 2(15), 12A, 12AA-- Shri Krishna Education and Welfare Trust v. CIT (Delhi) . . . 750


Depreciation --Plant and machinery--Higher rate allowed in previous years--Assessee entitled to higher depreciation present year also--Income-tax Act, 1961, s. 32-- HLS Asia Ltd. v. Deputy CIT (Delhi) . . . 774


----Transaction of purchase and lease of cylinders --Purchase and lease of cylinders confirmed by parties--No material produced by Assessing Officer to prove transaction not genuine--Assessee entitled to depreciation--Income-tax Act, 1961, s. 32-- Asst. CIT v. Banaras Beads Ltd. (Delhi) . . . 761


Export --Special deduction--Capital assets not constituting trading items of assessee--Not allowable--Income-tax Act, 1961, s. 80HHC-- HLS Asia Ltd. v. Deputy CIT (Delhi) . . . 774


----Special deduction--Receipt of convertible foreign exchange--Extension of time granted by competent authority--Receipt of export sales in convertible foreign exchange before completion of assessment--Export receipts to be included--Income-tax Act, 1961, ss. 80HHC(2), 155(13)-- Asst. CIT v. Banaras Beads Ltd. (Delhi) . . . 761


Income from house property --Deductions--Repairs and vacancy allowance--Commissioner directing Assessing Officer to verify if municipal tax paid and reduce it from annual value to allow deduction--Direction of Commissioner in consonance with legal provisions--Income-tax Act, 1961-- SICAL Logistics Ltd. v. Addl. CIT (Chennai) . . . 801


----Revision--Annual value--Determination of annual value--Property let out to group concern--Fixation of annual value of property by Corporation at higher rate--Commissioner directing Assessing Officer to examine issue considering sections 23 and 24 of Act--Proper--Income-tax Act, 1961, ss. 23, 24, 263-- SICAL Logistics Ltd. v. Addl. CIT (Chennai) . . . 801


Industrial undertaking --Special deduction--Assessee to be given deduction where allowed in previous years--Income-tax Act, 1961, s. 80-IB-- HLS Asia Ltd. v. Deputy CIT (Delhi) . . . 774


Penalty --Acceptance and repayment of loans or deposits in cash--Change of law--Amendment with effect from June 1, 2003 bringing repayment of loans within purview of provision--Repayment of loans in cash prior to amendment--No penalty imposable--Income-tax Act, 1961, ss. 269T, 271E-- ITO v. Sudesh Kumar Sareen (Delhi) . . . 829


Revision --Notice issued on ground profits low--Failure to show error in assessment order--Revision order set aside--Income-tax Act, 1961, s. 263-- SICAL Logistics Ltd. v. Addl. CIT (Chennai) . . . 801


Wealth-tax --Net wealth--Debt owed--Loans obtained for working capital against security of lands--Not debts incurred in relation to lands--Cannot be deducted while computing net wealth--Wealth-tax Act, 1957, s. 2(m)-- Phoenix International Ltd. v. Deputy CWT (Delhi) . . . 787

 

SECTIONWISE INDEX TO CASES REPORTED IN THIS PART

Income-tax Act, 1961 :


S. 2(15) --Charitable purpose--Charitable trust--Registration--Commissioner to satisfy himself about object of trust and genuineness of activities of trust--Trust deed disclosing establishment of trust for purpose of setting up and running educational institution--Activity charitable in nature and genuineness of activity established--Conditions of registration fulfilled--Direction to Commissioner to grant registration-- Shri Krishna Education and Welfare Trust v. CIT (Delhi) . . . 750


S. 12A --Charitable purpose--Charitable trust--Registration--Commissioner to satisfy himself about object of trust and genuineness of activities of trust--Trust deed disclosing establishment of trust for purpose of setting up and running educational institution--Activity charitable in nature and genuineness of activity established--Conditions of registration fulfilled--Direction to Commissioner to grant registration-- Shri Krishna Education and Welfare Trust v. CIT (Delhi) . . . 750


S. 12AA --Charitable purpose--Charitable trust--Registration--Commissioner to satisfy himself about object of trust and genuineness of activities of trust--Trust deed disclosing establishment of trust for purpose of setting up and running educational institution--Activity charitable in nature and genuineness of activity established--Conditions of registration fulfilled--Direction to Commissioner to grant registration-- Shri Krishna Education and Welfare Trust v. CIT (Delhi) . . . 750


S. 23 --Income from house property--Revision--Annual value--Determination of annual value--Property let out to group concern--Fixation of annual value of property by Corporation at higher rate--Commissioner directing Assessing Officer to examine issue considering sections 23 and 24 of Act--Proper-- SICAL Logistics Ltd. v. Addl. CIT (Chennai) . . . 801

 

S. 24 --Income from house property--Revision--Annual value--Determination of annual value--Property let out to group concern--Fixation of annual value of property by Corporation at higher rate--Commissioner directing Assessing Officer to examine issue considering sections 23 and 24 of Act--Proper-- SICAL Logistics Ltd. v. Addl. CIT (Chennai) . . . 801

 

S. 32 --Depreciation--Plant and machinery--Higher rate allowed in previous years--Assessee entitled to higher depreciation present year also-- HLS Asia Ltd. v. Deputy CIT (Delhi) . . . 774

 

----Depreciation--Transaction of purchase and lease of cylinders--Purchase and lease of cylinders confirmed by parties--No material produced by Assessing Officer to prove transaction not genuine--Assessee entitled to depreciation-- Asst. CIT v. Banaras Beads Ltd. (Delhi) . . . 761

 

S. 37 --Business expenditure--Deduction--Liability on account of foreign exchange fluctuaztion--To be allowed on accrual basis with reference to rate of foreign exchange at end of year-- HLS Asia Ltd . v. Deputy CIT (Delhi) . . . 774

 

S. 43A --Business expenditure--Deduction--Liability on account of foreign exchange fluctuaztion--To be allowed on accrual basis with reference to rate of foreign exchange at end of year-- HLS Asia Ltd . v. Deputy CIT (Delhi) . . . 774

 

S. 80HHC --Export--Special deduction--Capital assets not constituting trading items of assessee--Not allowable-- HLS Asia Ltd. v. Deputy CIT (Delhi) . . . 774

 

S. 80HHC(2) --Export--Special deduction--Receipt of convertible foreign exchange --Extension of time granted by competent authority--Receipt of export sales in convertible foreign exchange before completion of assessment--Export receipts to be included-- Asst. CIT v. Banaras Beads Ltd. (Delhi) . . . 761

 

S. 80-IB --Industrial undertaking--Special deduction--Assessee to be given deduction where allowed in previous years-- HLS Asia Ltd. v. Deputy CIT (Delhi) . . . 774

 

S. 155(13) --Export--Special deduction--Receipt of convertible foreign exchange--Extension of time granted by competent authority--Receipt of export sales in convertible foreign exchange before completion of assessment--Export receipts to be included-- Asst. CIT v. Banaras Beads Ltd. (Delhi) . . . 761

 

S. 263 --Income from house property--Revision--Annual value--Determination of annual value--Property let out to group concern--Fixation of annual value of property by Corporation at higher rate--Commissioner directing Assessing Officer to examine issue considering sections 23 and 24 of Act--Proper-- SICAL Logistics Ltd. v. Addl. CIT (Chennai) . . . 801

 

----Revision--Notice issued on ground profits low--Failure to show error in assessment order--Revision order set aside-- SICAL Logistics Ltd. v. Addl. CIT (Chennai) . . . 801

 

S. 269T --Penalty--Acceptance and repayment of loans or deposits in cash--Change of law--Amendment with effect from June 1, 2003 bringing repayment of loans within purview of provision--Repayment of loans in cash prior to amendment--No penalty imposable-- ITO v. Sudesh Kumar Sareen (Delhi) . . . 829

 

S. 271E --Penalty--Acceptance and repayment of loans or deposits in cash--Change of law--Amendment with effect from June 1, 2003 bringing repayment of loans within purview of provision--Repayment of loans in cash prior to amendment--No penalty imposable-- ITO v. Sudesh Kumar Sareen (Delhi) . . . 829

 

Wealth-tax Act, 1957 :

 

S. 2(m) --Wealth-tax--Net wealth--Debt owed--Loans obtained for working capital against security of lands--Not debts incurred in relation to lands--Cannot be deducted while computing net wealth-- Phoenix International Ltd. v. Deputy CWT (Delhi) . . . 787

 

 

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