Thursday, March 3, 2011

ITR(Trib) Vol 8 Part 1 dated 07-03-2011


    ISSUE DATED 7-3-2011    Volume 8 Part 1



  --> Where assessee availing of services for movement of containers by use of cranes liable to TDS u/s. 194C : Asst. CIT (TDS) v. Merchant Shipping Services P. Ltd. (Mumbai) p. 1


  --> Non-resident : Remittance from foreign country through banking channels cannot be taxed u/s. 5(2)(b) : Smt. Susila Ramasamy v. Asst. CIT (Chennai) p. 18


  --> Where no evidence relating to specific expenditure to tax free dividend , deletion of addition proper : Asst. CIT v. Sun Investments P. Ltd. (Delhi) p. 33


  --> Where assessment barred by time in absence of satisfaction of AO, notice invalid : Dy. CIT v. Rano Singh (Delhi) p. 36


  --> Assessee incurred loss on share trading and quantum of loss not disputed, levy of penalty not justified : SRJ Securities Ltd v. ITO (Delhi) p. 41


  --> Net profit rate subject to depreciation and interest more than restricted trading addition to be deleted : Asst. CIT v. Prabhu Dayal Kanojiya (Jaipur) p. 45


  --> No separate addition required to be made in respect of bank FDRs and NSC interest income : Asst. CIT v. Prabhu Dayal Kanojiya (Jaipur) p. 45


  --> Where loss occuring on account of purchase of capital asset and placing security deposit, penalty not leviable : Microsoft Corporation (India) P. Ltd. v. Dy. CIT (Delhi) p. 58


  --> Expenditure on payment of tax was appropriation of income, penalty leviable u/s. 271(1)(c) : Microsoft Corporation (India) P. Ltd. v. Dy. CIT (Delhi) p. 58


  --> Change of ownership of unit is not a reconstruction, deduction allowable u/s. 10B : ITO v. Veto Electropowers (Jaipur) p. 76

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