Thursday, November 18, 2010

ITR (Trib) Volume 6 Part 4 ISSUE Dt 22-11-2010

ITR'S TRIBUNAL TAX REPORTS (ITR (Trib)) HIGHLIGHTS
ISSUE DATED 22-11-2010 Volume 6 Part 4

    APPELLATE TRIBUNAL ORDERS

 ->> Where reconciliation of difference in personal accounts not completely administered by dealer during assessment, profit element alone taxable and restriction of quantum addition justified : Dy. CIT v. HVAC Systems P. Ltd. (Bang) p. 346

 ->> Registration granted to assessee engaged in charitable activity u/s.12A not withdrawn, renewal of certificate u/s. 80G to be granted : Gian Educational Society v. CIT (Delhi) p. 350

 ->> Where foreign company deriving income from Indian concern under agreement for provision of licence for technology and intellectual property and condition u/s. 10(6A) fulfilled, foreign company entitled to exemption : ITO v. Shell Gas B.V. (Ahd.) p. 353

 ->> Where original assessments not abated and documents seized during search of any other person not belonging to assessee, assessment u/s. 153A invalid : Meghmani Organics Ltd. v. Dy. CIT (Ahd.) p. 360

 ->> No amount of money, bullion, jewellery or other valuable article or thing or books of account or documents seized belonged to assessee, assessments u/s. 153C cancelled : Asst. CIT v. Gambhir Silk Mills (Ahd.) p. 376

 ->> Non-resident entering into composite contract with Metro Railway for supply of equipment on FOB and provision of services, consideration for offshore supply of equipment received outside India, not liable to pay tax in India : Xelo Pty. Ltd. v. Dy. DIT (International Taxation) (Mumbai) p. 391

 ->> Interest amount waived by GoI to be included in computation of book profit u/s. 115JA : Hindustan Shipyard Ltd. v. Dy. CIT (Visakhapatnam) p. 407

 ->> Book profit : Provision for liquidated damages and leave encashment covered under ascertained liabilities not u/s.115JA : Hindustan Shipyard Ltd. v. Dy. CIT (Visakhapatnam) p. 407



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