Friday, October 14, 2011

Direct Tax Laws Oct 2011 08

On expiry of tax holiday period under section 10B, block of assets, viz., plant and machineries of industry are available for working out relief under section 50(2) - [2011] 14 82 (Madras)

Transfer pricing - Rule 10B nowhere provides that comparable uncontrolled transaction shall be only an international transaction - [2011] 14 91 (New Delhi - Trib.)

Losses on sale and purchase of shares would not be treated as speculation losses of assessee engaged in bills rediscounting activities - [2011] 14 81 (Mumbai - Trib.)

Where assessee which was an association related to trade had incurred revenue expenses solely for purpose of protection of common interest of its members it would be allowable as deduction under section 44A - [2011] 14 80 (Delhi - Trib.)

A partner of a firm is an individual only even if he is partner as a representative of HUF and, thus, where salary is paid to such a partner for conducting affairs of business of firm, it has to be allowed as deduction in view of Explanation 4 to section 40(b) - [2011] 14 79 (Ahmedabad - Trib.)

Assessee not entitled to deduction under section 80-IB(10) where it sold plots to respective customers by registering a sale deed and thereafter it constructed building at an agreed price - [2011] 14 78 (Indore - Trib.)

Where assessee, a non-resident company, carried out work of offshore transportation and installation of pipelines in territorial waters of India through its vassels, it could be said to have a fixed place of business in India in terms of paragraph (1) of article 5 of Indo-Mauritius DTAA - [2011] 14 77 (Delhi - Trib.)

If stock-in-trade is converted into investment and sold later on, difference between sale price of shares and their indexed cost of acquisition should be computed as capital gain - [2011] 14 76 (Chennai - Trib.)

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