Saturday, October 22, 2011

Direct Tax Laws Oct 2011 10


Direct Tax  Laws

Aeroplane and Aircraft are same thing; Aircraft cannot be held to be 'plant and machinery' and allowed depreciation less than 40 per cent.Cash payments exceeding prescribed limits made to Airport Authority of India, may be allowable - [2011] 14 taxmann 115 (Delhi - Trib.)

Assessing Officer is not empowered to travel beyond specific issues contained in order of remand passed by Commissioner (Appeals) - [2011] 14 taxmann 118 (Gujarat)

Benefit under section 23(1)(c) cannot be extended to a case where a property is not let out at all during previous year - [2011] 14 taxmann 146 (Andhra Pradesh)

Clause (i) of Explanation 1 to Section 115JB(2) was made effective from 1-4-2001 and would, therefore, apply to assessment year 2001-02 and subsequent assessment years - [2011] 14 taxmann 121 (Punjab and Haryana)

In view of amendment in section 80HHC(3) with effect from 1-4-1991, deduction is required to be computed by aggregating profits, export turnover and total turnover of all businesses carried on by assessee - [2011] 14 taxmann 117 (Calcutta)

It is not proper for Tribunal to remand matter without attempting to settle matter at its stage - [2011] 14 taxmann 143 (Karnataka)

Liberty is to be given to department to move to High Court pointing out that Instruction No. 3, dated 9-2-2011 should not be applied ipso facto - [2011] 14 taxmann 142 (SC)

Provision made towards irrecoverability of debt cannot be said to be provision for liability under clause (c) of Explanation to section 115J(IA) - [2011] 14 taxmann 147 (Calcutta)

Remand can be for rectification of specific points of mistakes - [2011] 14 taxmann 119 (Calcutta)

Sub-letting charges to DDA are not deductible under proviso to section 23(1) - [2011] 14 taxmann 116(Delhi - Trib.)

Supply of foods to international flights leaving India after customs clearance would be export when RBI has treated payment in Indian rupee as convertible foreign exchange - [2011] 14 taxmann 113 (Calcutta)

When in view of business exigency AMC charges from mutual funds expenditure lesser than that actually spent, no addition can be made to income of company - [2011] 14 taxmann 144 (Bombay)

Where a charitable society merges with another society having similar objects, registration granted under section 12AA cannot be withdrawn - [2011] 14 taxmann 114 (Mumbai - Trib.)

Where assessee had furnished details with respect to deposits which investors acknowledged, assessee was not required to prove genuineness of transactions or creditworthiness of investors - [2011] 14 taxmann 150 (Delhi)

Where issue involved is debatable, an intimation under section 143(1)(a) disallowing claim based on such debatable issue on ground that it is prima facie inadmissible, cannot be sustained - [2011] 14 taxmann 122 (Delhi - Trib.)

Where land owner entered into agreement with developers and, received certain sum and a part of build-up area as consideration, capital gain would be assessable in year in which possession of property was handed over, and not in year in which project was completed - [2011] 14 taxmann 120 (Karnataka)

Without showing valid reasoning, value of excess stock found at time of survey cannot be drastically reduced on ground that some of items valued at market price were merely scrap - [2011] 14 taxmann 124 (Delhi - Trib.)

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