Friday, November 26, 2010

ITR(Trib) Vol 6 Part 5 dated 29-11-2010

ITR'S TRIBUNAL TAX REPORTS (ITR (Trib)) HIGHLIGHTS ISSUE DATED 29-11-2010

Volume 6 Part 5

APPELLATE TRIBUNAL ORDERS

 

 

>> Where claim of provision for doubtful debts disclosed in account, discharge of burden by assessee u/s. 271(1)(c), Expln. 1, levy of penalty not justified : Asst. CIT v. Nuchem Ltd. (Delhi) p. 429

>> Claim of set-off of long-term capital loss against business income of current year after applying indexed cost of acquisition, not permissible u/s. 71, penalty justified : Asst. CIT v. Nuchem Ltd. (Delhi) p. 429

>> Disclosure of rental income after enquiry by AO under compulsion, penalty justified u/s. 271(1)(c) : Asst. CIT v. Nuchem Ltd. (Delhi) p. 429

>> Adjustment to opening WDV of assets result of WDV finally worked out in earlier years, deletion of penalty justified : Asst. CIT v. Nuchem Ltd. (Delhi) p. 429

>> Management and selling commission paid to non-resident lead managers by Indian company in connection with issue of GDRs, not taxable : Dy. DIT v. Tata Iron and Steel Co. Ltd. (Mumbai) p. 463

>> Where deduction allowed on entire indexed cost of acquisition of land with trees, part of sale proceeds not agricultural income : Abhinav Ajmera v. Asst. CIT (Delhi) p. 482

>> Derivative transactions carried out in previous year relevant to assessment year 2006-07 ; business income : Smt. Seema Jain v. Asst. CIT (Delhi) p. 488

>> Admission of cash payments exceeding specified limit under compulsion during search, retracted by assessee, addition u/s. 40A(3) reduced : Sona Bazaar v. Asst. CIT (Bangalore) p. 492

>> Exclusion of reimbursement of advertisement expenditure for determining profit level indicator not proper : Panasonic India P. Ltd. v. ITO (Delhi) p. 502

>> Data for comparison to be data relating to year in which international transaction entered into : Panasonic India P. Ltd. v. ITO (Delhi) p. 502

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