Wednesday, March 9, 2011

ITR(Trib) Vol 8 Part 2 dated 14-03-2011

ITR'S TRIBUNAL TAX REPORTS (ITR (Trib)) HIGHLIGHTS
ISSUE DATED 14-3-2011 Volume 8 Part 2
       

    APPELLATE TRIBUNAL ORDERS

   >> Where Tribunal confirming addition finding explanation of assessee that cash seized belonged to company not bona fide, penalty leviable : Harish Dargan v. Dy. CIT (Delhi) p. 125

   >> Application for rectification of order on application for rectification not permissible u/s. 254(2) : Padam Prakash (HUF) v. ITO (Delhi) [SB] p. 135

   >> Bad debts written off not a factor to determine ALP of international transactions u/r. 10B : C. A. Computer Associates P. Ltd. v. Dy. CIT (Mumbai) p. 142

   >> Litigation expenses on criminal proceedings against actor in his individual capacity not deductible u/s. 37 : Dy. CIT v. Salman Khan (Mumbai) p. 150

   >> Stock broker : Sums receivable from clients allowable deduction u/s. 36(2) : Bhavik Rajesh Khandra Share and Stock Brokers P. Ltd. v. Dy. CIT (Mumbai) p. 155

   >> International transactions : Interest on outstandings to be calculated for overflow period after allowing interest-free period, proper : Logix Micro Systems Ltd. v. Asst. CIT (Bangalore) p. 159

   >> International transactions : Dispute Resolution Panel must consider submissions of assessee and pass speaking order : GAP International Sourcing India P. Ltd. v. Dy. CIT (Delhi) p. 177

   >> Lease income exploitation of property income from house property : Asst. CIT v. T & R Welding Products (India) Ltd. (Chennai) p. 181

   >> Carried forward business loss cannot be set off against lease income : Asst. CIT v. T & R Welding Products (India) Ltd. (Chennai) p. 181

   >> International transactions : TPO cannot take up other transactions suo motu for verification and suggest adjustments : Amadeus India P. Ltd. v. Asst. CIT (Delhi) p. 187

   >> Pre-weaving machines not covered under block III (6) of Appendix I , assessee entitled to depreciation at normal rate : Eagle Synthetics P. Ltd. v. ITO (Ahd) p. 211

   >> Search and seizure : Failure to mention section 158BD in notice not fatal, defect in notice curable u/s. 292B : Asst. CIT v. Dilip Kumar Balar (Bangalore) p. 229

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