Monday, November 14, 2011

Direct Tax Laws Oct 10

Direct Tax Laws
Consideration paid for granting of a licence in respect of a patent or obtaining right to use patent or a process protected by copyright, is royalty - [2011] 15 taxmann 126 (AAR - New Delhi)

Where prosecution proceedings were initiated after expiry of 10 years from end of relevant assessment year and, thereupon, prosecution witnesses were not examined for another 19 years, it was a fit case to quash those proceedings on ground of immense delay - [2011] 15 taxmann 132 (Delhi)

Since assumption of jurisdiction under section 197 by Assessing Officer could be challenged in a revision under section 264(2), writ petition filed by assessee on aforesaid issue was not maintainable - [2011] 15 taxmann 131 (Delhi)

Value of an immovable property of assessee being used as its business asset, has to be taken in accordance with rule 3 of Part B of Schedule III of Act - [2011] 15 taxmann 130 (Allahabad)

Penalty under section 271(1)(c) cannot be imposed merely because loss claimed by assessee as business loss was treated as capital loss in quantum proceedings - [2011] 15 taxmann 129 (Madhya Pradesh)

Earlier rejection of appeal on ground of not obtaining COD approval would not bar revenue from filing application for rectification of mistake apparent from record - [2011] 15 taxmann 128 (Karnataka)

Where assessee-society establishing aided minority schools, removed non-education clauses from its aims and object in MoA, grant of exemption was to be reconsidered - [2011] 15 taxmann 127 (Delhi)

Expenses incurred on extensive repairs for restoration of existing capabilities of a business asset are allowable as revenue expenditure - [2011] 15 taxmann 124 (Bombay)

While considering application for registration under section 12AA, Commissioner has to examine only genuineness of objects of trust but not application of income of trust for charitable or religious purpose - [2011] 15 taxmann 123 (Punjab and Haryana)

Deduction under section 10B on export profit of EOU has to be computed after setting off carried forward unabsorbed depreciation - [2011] 15 taxmann 122 (Kerala)

Offences could be compounded only before filing of complaint - [2011] 15 taxmann 121 (Delhi)

Unless all conditions of Explanation 3 to section 271(1)(c) are cumulatively satisfied, mere failure on part of assessee to furnish a return of income within specified period does not tantamount to concealment under section 27(1)(c) - [2011] 15 taxmann 120 (Gujarat)

Where assessee discontinued hotel business, retrenched workmen, paid mandatory retrenchment compensation and started a new business in same premises, assessee could claim deduction for such compensation as new business had same management and place of business - [2011] 15 taxmann 119 (Karnataka)

Transfer Pricing - A comparable should also have uncontrolled transactions.Transfer Pricing - Mere profit rate, whether higher or lower, does not make a case incomparable - [2011] 15 taxmann 125 (Mumbai - Trib.)

Transfer pricing - Where AO made adjustments to ALP on the basis of material information in his possession without giving due opportunity of hearing to assessee as required by proviso to section 92C(3) CIT(A) was justified in deleting impugned addition made on that account - [2011] 15 taxmann 118 (Ahmedabad - Trib.)

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