Friday, September 2, 2011

ITR (Trib) HIGHLIGHTS ISSUE DATED 05-09-2011 Volume 11 Part 2

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

ISSUE DATED 05-09-2011
Volume 11 Part 2

APPELLATE TRIBUNAL ORDERS

- >>Non-availability of creditor and lack of any correspondence with them will not obliterate debt, debts subsisting, ss. 41(1) and 28(iv) not applicable : Kaps Advertising v. ITO (Delhi) p. 113

- >>Capital gains : Cost of acquisition would be market value of lease rights for sixty years as on date of lease : Atul G. Puranik v. ITO (Mumbai) p. 120

- >>Valuation of land based on past payments to prospective sellers before purchases fructified, penalty cannot be levied u/s. 271(1)(c) : S and S Foundations P. Ltd. v. Asst. CIT (Chennai) p. 136

- >>Rectification of mistake : Power to rectify only to determine sum payable by or refund due to assessee on basis of returned income : Anshul Singal v. Asst. CIT (Delhi) p. 143

- >>Loss on account of transaction in derivatives in accounting year relevant to AY 2005-06, speculative loss : ITO v. TCFC Finance Ltd. (Mumbai) p. 153

- >>Splitting of expenditure on basis of turnover justified : ITO v. TCFC Finance Ltd. (Mumbai) p. 153

- >>Provision for diminution in value of asset to be added to book profit : ITO v. TCFC Finance Ltd. (Mumbai) p. 153

- >>Assessee not guilty of furnishing inaccurate particulars of income in respect of debatable claim, penalty cannot be leviable : Asst. CIT v. Perfect Forgings (Chandigarh) p. 166

- >>Where no material to show assessee received capitation fees, donations not taxable : Asst. CIT v. Balaji Educational and Charitable Public Trust (Madras) p. 179

- >>Trust running educational institutions and fulfilled all requisite conditions entitled to registration u/s. 12AA : St. Mary's Christian Charitable Trust v. ITO (Chennai) p. 205


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