Saturday, September 10, 2011

(ITR) HIGHLIGHTS ISSUE DATED 12-9-2011 Volume 337 Part 1

INCOME TAX REPORTS (ITR) HIGHLIGHTS
ISSUE DATED 12-9-2011
Volume 337 Part 1
HIGH COURT JUDGMENTS

>> Wilful failure to file return on time not a continuing offence : J. Jayalalitha v. Asst. CWT (Mad) p. 1

 
>> Gains due to fluctuation in foreign exchange constituted capital receipt : CIT v. Jagatjit Industries Ltd. (Delhi) p. 21
 

>> Order of court to withdraw utilisation/investment and utilise/invest those funds in terms of s. 11(5) for entitlement to benefit : Assessee complying with direction : Entitled to exemption : Export Promotion Council for Handicrafts v. Director-General of I. T. (Exemptions) (Delhi) p. 26
 

>> Sale of original shares and bonus shares : Cost of acquisition to be spread over original and bonus shares : M. B. and Co. Ltd. v. Asst. CIT (Mad) p. 29
 

>> Whether assessee a real owner of that concern : To be determined and addition made only in regular assessment and not in block assessment : CIT v. Mukesh Luthra (Delhi) p. 41
 

>> Commissioner directing AO to decide year of commencement of business : Tribunal on merits holding in favour of assessee not proper : CIT v. Eastern Medikit Ltd. (Delhi) p. 56
 

>> Objection to jurisdiction cannot be raised after assessment is completed : CIT v. British India Corporation Ltd. (All) p. 64
>> Deduction for vacancy not allowable where property not let out at all : Vivek Jain v. Asst. CIT (AP) p. 74
 

>> Inclusion of winnings from television game show within definition with effect from AY 2002-03 : Winnings in earlier period not taxable : Miss Lopamudra Misra v. Asst. CIT (Orissa) p. 86
 

>> AO not entitled to tax as income from other sources while giving effect to order of Tribunal : Miss Lopamudra Misra v. Asst. CIT (Orissa) p. 92
 

>> Section 92 does not apply to royalty which is not part of regular business between resident and non-resident : CIT v. Nestle India Ltd. (Delhi) p. 103

AUTHORITY FOR ADVANCE RULINGS

>> Transaction of sale and transfer of title outside India : Receipts therefor not taxable in India : LS Cable Ltd., In re p. 35

>> Services involving field data collection, desk study and mathematical model study and technology transfer involving transfer of software : Fees for technical services taxable under DTAA : Lanka Hydraulic Institute Ltd., In re p. 47

>> Time charter vessels hired by non-resident to company carrying out offshore drilling and support services for ONGC : Income to be computed under s. 44BB : Bourbon Offshore Asia Pte. Ltd., In re p. 122

>> Non-resident responsible for offshore supplies : Sums payable to non-resident not taxable in India : Deepak Cables (India) Ltd., In re p. 127

>> Transfer of equity shares in Indian company to another non-resident by off-market mode : Lower rate of tax of 10 per cent. not available : Cairn U. K. Holdings Ltd., In re p. 131


STATUTES AND NOTIFICATIONS

>> Bills :

Benami Transactions (Prohibition) Bill, 2011 p. 1

>> Notifications :

Income-tax Act, 1961 : Notification under section 35(1)(iii) : Scientific research associations notified by the Central Government for the purpose of section 35(1)(iii) p. 35


JOURNAL

>> Circular No. 4 of 2011, relating to section 281, which deals with certain transfers to be void (S. K. Tyagi, Advocate) p. 8

>> Whether CBDT can issue Circulars/Instructions in relaxation of the provisions of the income-tax law ? (T. N. Pandey, Retd. Chairman, CBDT) p. 1

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