Friday, November 18, 2011

Direct Tax Laws Oct 13

In block assessment proceedings no addition can be made on basis of material collected during investigation after search - [2011] 15 taxmann 192 (Karnataka)

If assessee is not served with summons in revenue's appeal before Tribunal, order passed by Tribunal in said appeal would be nullity in law - [2011] 15 taxmann 188 (Delhi)

Levy of interest under section 220(2) where expenses disallowed by Assessing Officer was allowed by Commissioner (Appeals) but same was upheld by Tribunal - [2011] 15 taxmann 186 (Delhi)

Assessee cooperating in assessment or reassessment proceedings, shall be presumed to have been validly served - [2011] 15 taxmann 184 (Punjab and Haryana)

Where assessee-company had given names and addresses of shareholders from whom share application money had been received, Assessing Officer instead of making addition under section 68, should have reached those shareholders in order to find out genuineness of transactions in question - [2011] 15 taxmann 183 (Bombay)

Assessee-firm engaged in manufacturing activity of ginning and pressing of cotton, could not claim deduction under section 80-IB with regard to 'excess cash', 'interest credited' and 'income earned from weigh bridges' - [2011] 15 taxmann 189 (Indore - Trib.)

Payments made to approved hospitals on behalf of employees and reimbursement given to employees against payments made by them to said hospitals directly, do not fall within sphere of fringe benefits as defined in section 115WB - [2011] 15 taxmann 187 (Bangalore - Trib.)

Assessee-trust formed for benefit of religious minorities is not entitled to registration under section 12A - [2011] 15 taxmann 185 (Cochin - Trib.)

If a non-compete receipt is considered as payment of compensation with source remaining intact, it would be revenue receipt falling under section 28(va)(a) - [2011] 15 taxmann 181 (Mumbai - Trib.)

Where assessee sold shares of a company 'PLL' in which he was a director, since shares of 'PLL' were not listed on any recognized stock exchange on date of sale and transaction undertaken by assessee was not chargeable to STT, assessee would not be entitled to exclude gains from his total income - [2011] 15 taxmann 179 (Delhi - Trib.)

In terms of Circular No. 5 of 2010, dated 3-6-2010, issued by CBDT, Director (Exemption) should grant continuance of exemption under section 80G to assessee from assessment year 2010-11 onwards till same is withdrawn as per law - [2011] 15 taxmann 178 (Kolkata - Trib.)

Loss on account of valuation of interest rate swap contract is allowable as deduction and it cannot be disallowed on ground that it is a notional or imaginary loss - [2011] 15 taxmann 177 (Mumbai - Trib.)

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