Saturday, October 15, 2011

Direct Tax Laws Oct 2011 09

DRP's order, if not speaking, is to be adjudicated afresh - [2011] 14 taxmann 97 (DELHI - ITAT)

HSBC and ICICI banks are not State Financial Corporation or State Industrial Investment Corporation for purposes of section 43B(d) - [2011] 14 taxmann 83 (MUM. - ITAT)

Increase in gross profit rate on account of inflated expenses and suppressed gross profits, unless controverted, should be accepted - [2011] 14 taxmann 88 (PUNJ. & HAR.)

Provision for warranty is an allowable business expenditure - [2011] 14 taxmann 84 (KAR.)

Requirement of recording of satisfaction under section 153C cannot be substituted by furnishing an appraisal note which is prepared by search party after completion of search - [2011] 14 taxmann 93 (INDORE - ITAT)

Transfer pricing : To be comparables, nature and line of business, product or service, market, size and scope of operation and stage of business, etc., should be similar - [2011] 14 taxmann 96 (DELHI - ITAT)

Where assessee accepted addition of undisclosed credit as he could not secure presence of creditor though confirmation letters had been filed, levy of penalty under section 271(1)(c) was not justified - [2011] 14 taxmann 85 (KAR.)

Where audited books of account along with vouchers were produced, assessee's claim of expenditure could not be disallowed - [2011] 14 taxmann 87 (PUNJ. & HAR.)

Where expenditure on religious activities is more than 5 per cent of total Income, trust cannot be issued certificate of exemption under section 80G - [2011] 14 taxmann 92 (VISAKHAPATNAM - ITAT)

Where full value of consideration is equal to valuation done by stamp valuation authorities, reference to DVO for determining fair market value is not valid - [2011] 14 taxmann 95 (ALL. - ITAT)

Where scrap sold by assessee was derived from dismantling of constructed buildings, it was not required to collect tax at source from buyer - [2011] 14 taxmann 94 (RAJKOT - ITAT)

Where there was dispute in respect of concession granted by revenue qua computation of profit rate from civil construction business, matter was to be remanded - [2011] 14 taxmann 86 (PUNJ. & HAR.)

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