Friday, September 9, 2011

ITR (Trib) HIGHLIGHTS ISSUE DATED 12-09-2011 Volume 11 Part 3

ISSUE DATED 12-09-2011
Volume 11 Part 3


>> Appeal to Appellate Tribunal : Assessee filing return for block period without any objection, additional ground rejected : Bhagwandas Punjabi (Decd.) v. Asst. CIT (Ahmedabad) p. 216

>> Search and seizure : Undisclosed income to be determined at amount mentioned in sale deed : Bhagwandas Punjabi (Decd.) v. Asst. CIT (Ahmedabad) p. 216

>> Charitable trust : CIT citing irrelevant reasons for refusing registration, assessee entitled to registration : Vidhya Sikshaa Educational and Charitable Trust v. CIT (Chennai) p. 236

>> Expenditure on keyman insurance for two working directors, maturity amount offered for taxation, deductible : ITO v. Radha Raj Ispat P. Ltd. (Delhi) p. 243

>> Where assessee not charging any interest notional interest cannot be added : ITO v. C.J. Rathod (Indl.) (Ahmedabad) p. 252

>> Where value of property not fully disclosed by assessee, AO justified in making reference u/s. 142A : Shagun Buildwell Ltd. v. Dy. CIT (Delhi) p. 273

>> Rectification of mistakes : Order charging interest u/s. 234D can be rectified u/s. 154 : Ashok Leyland Finance Ltd. v. Asst. CIT (Chennai) p. 287

>> Software services, amount paid for technical advisory services deductible as revenue expenditure : Dy. CIT v. Lifetree Cyberworks P. Ltd. (Delhi) p. 294

>> Computer software : Receipt of sale proceeds in India in convertible foreign exchange within prescribed period, assessee entitled to exemption u/s. 10B : ITO v. Techdrive (India) P. Ltd. (Delhi) p. 298

>> When sale consideration not less than stamp duty, AO not permitted to refer to DVO additions to be deleted : ITO v. Chandrakant R. Patel (Ahmedabad) p. 317
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