Tuesday, October 11, 2011

Direct Tax Laws Oct 2011 05

The right granted for use of a copyrighted article for a consideration would be royalty, though that right granted may be limited and does not take in a right to further transfer the right or its use - [2011] 14 taxmann.com 17 (AAR - New Delhi)

Excise duty paid need not be added in valuation of closing stock when items of stock continue to lay with assessee - [2011] 14 taxmann.com 21 (Karnataka)

Where Assessing Officer initiated reassessment proceedings taking a view that assessee had wrongly adjusted speculation loss on account of Futures & Options transactions against short-term capital gain arising from sale of shares, in view of fact that earlier Assessing Officer himself had accepted Futures & Options transactions to be non-speculative in nature being hedging transaction - [2011] 14 taxmann.com 37 (Mumbai - Trib.)

Where assessee had sold his proprietary concern as a going concern for a consideration to a company and received consideration by way of allotment of shares of company and retained more than 51 per cent of shareholding in company for a period of six years, sale transaction was a transfer within meaning of section 47(xiv) - [2011] 14 taxmann.com 27 (Chennai - Trib.)

Application of Article 7 of Indo-Korean DTAA - [2011] 14 taxmann.com 26 (Delhi - Trib.)

Where a specific order was passed by Joint Commissioner authorizing TRO to work as Assessing Officer by virtue of powers vested in her by section 120(5), assessment order passed by TRO - [2011] 14 taxmann.com 25 (Indore - Trib.)

Where Assessing Officer made adjustment to armā?Ts length price determined by assessee relying upon higher per man hour rate charged by its comparable, in view of fact that said comparable was a large industrial undertaking whereas assessee was a new entrant in field, impugned order was to be set aside - [2011] 14 taxmann.com 24 (Hyderabad - Trib.)

Where assessee had not shown annual value of property for which it might reasonably be let out from year to year but adopted rent received which was highly depressed due to receipt of huge interest-free security deposit, penalty under section 271(1)(c) was to be levied upon assessee - [2011] 14 taxmann.com 23 (Delhi - Trib.)

Where assessee had entered into a development agreement in terms of which he transferred his land and building to developer through a document, which had been registered by State Registration Authorities, it was a case of transfer of capital asset - [2011] 14 taxmann.com 20 (Mumbai - Trib.)

There is nothing in section 92CA to suggest that AO should hear assessee or record reasons before making a reference to TPO nor is there anything in section to suggest that AO should ask assessee whether he should himself proceed to determine arm's length price or should involve TPO for this purpose - [2011] 14 taxmann.com 19 (Bangalore - Trib.)

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