Saturday, January 8, 2011

ITR(Trib) Val 7 part 2 dated 10-01-2011

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

ISSUE DATED 10-1-2011
Volume 7 Part 2

APPELLATE TRIBUNAL ORDERS

    -> Payments in cash to producers of milk exceeding specified limit ; section 40A(3) not attracted : Gamdiwala Dairy v. Asst. CIT (Ahmedabad) p. 114

    -> Where no defects found in books of assessee, book results to be accepted : Gamdiwala Dairy v. Asst. CIT (Ahmedabad) p. 114

    -> Appeal : Tribunal's order cannot be reviewed u/s. 254(2) : Asst. CIT v. Bank of Madura Ltd. (Chennai) p. 139

    -> Dividend income eligible for deduction under chapter VI-A not liable to disallowance u/s. 14A : Asst. CIT v. Bank of Madura Ltd. (Chennai) p. 139

    -> Assessee depositing STT entitled to rebate u/s. 88E : Asst. CIT v. Parveen Jain (Delhi) p. 142

    -> No evidence disclosing receipt of sale consideration over and above amount mentioned in registered sale deed, addition deleted : Kaushik Sureshbhai Reshamwala v. ITO (Ahmedabad) p. 146

    -> Direction to AO to adopt value of land adopted by assessee on basis of technical report of registered valuer : Kaushik Sureshbhai Reshamwala v. ITO (Ahmedabad) p. 146

    -> Provision for pension based on actuarial valuation to be allowed : Asst. CIT v. Ranbaxy Laboratories Ltd. (Delhi) p. 161

    -> Contribution by assessee to health care society to bring goodwill or to promote its business ; deduction allowable u/s. 37 : Asst. CIT v. Ranbaxy Laboratories Ltd. (Delhi) p. 161

    -> Contribution to ESI paid before due date of filing return ; deduction allowable : Asst. CIT v. Ranbaxy Laboratories Ltd. (Delhi) p. 161

    -> Payments received against sale of copyrighted software not royalty either under ITA or DTAA : Velankani Mauritius Ltd. v. Dy. DIT (Bangalore) p. 171

    -> Payment of wages without signature of workers on vouchers ; books of account liable to be rejected : Reliable Surface Coatings v. Asst. CIT (Ahmedabad) p. 183

    -> Remuneration to non working partner to be disallowed u/s. 40(b) : Reliable Surface Coatings v. Asst. CIT (Ahmedabad) p. 183

    -> Assessee, 80 per cent. owner of windmill, entitled to depreciation : Asst. CIT v. Baghmar Finance Ltd. (Chennai) p. 196

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