Thursday, November 24, 2011

Direct Tax Laws Oct 15

Where in opinion of Assessing Officer, assessee had understated its income in return filed for assessment year 1999-2000, it was to be held that assessee's case was covered under Explanation 2 to section 147 and, thus, notice issued under section 148 as on 31-5-2001 was a valid notice - [2011] 15 taxmann 228 (AHD. - ITAT)

Where land belonging to assessee was not located in an area falling within 5 kms. of local municipal limit as notified by Central Government, it was to be regarded as an agricultural land - [2011] 15 taxmann 227 (DELHI - ITAT)

Where assessee-company receives certain amount from shareholders and, in support of said transactions, assessee gives addresses of shareholders whose identity is not in dispute, in such a situation, it is not for assessee to establish but it is for department to enquire with investors about their capacity to invest amount in shares - [2011] 15 taxmann 226 (KAR.)

Where assessee had proved identity and creditworthiness of share applicants, share application money could not be treated as unexplained money under section 68 - [2011] 15 taxmann 225 (DELHI)

Where assessee disclosed full facts pertaining to claim made in respect of expenditure incurred on transfer of capital asset in its return of income, penalty order passed under section 271(1)(c) was to be set aside - [2011] 15 taxmann 224 (MUM. - ITAT)

In absence of an opportunity granted to assessee to establish his claim in respect of advance money received, impugned addition under section 68 was to be set aside and, matter was to be remanded back for disposal afresh - [2011] 15 taxmann 223 (DELHI)

Notice issued under section 158BC is invalid if minimum 15 days time is not provided for filing return - [2011] 15 taxmann 222 (KAR.)

Prior to amendment in section 142(2A) with effect from 1-4-2008 Assessing Officer did not have power to extend time for submission of audit report on his own - [2011] 15 taxmann 221 (DELHI)

An activity of hiring of tractors/trolleys for purposes of using them in business would not amount to a contract for carrying out of 'work' as contemplated under section 194C - [2011] 15 taxmann 218 (PUNE - ITAT)

Even where regular assessment is initiated but not completed, Assessing Officer is entitled to re-open assessment and bring to tax escaped income - [2011] 15 taxmann 217 (KER.)

Payment of sub-brokerage made by assessee, a share broker, to his father and wife for diverting their clients to him, could not be disallowed under section 40A(2) - [2011] 15 taxmann 216 (PUNE - ITAT)

Provisions of section 271B did not apply to assessee-federation that was formed with main object to promote game of hockey and not to carry on any business activity with profit motive - [2011] 15 taxmann 215 (DELHI - ITAT)

Followance of project completion method in case of builders - [2011] 15 taxmann 213 (MUM. - ITAT)

Expenses relating to laying of tiles, white-washing, electrical rewiring and wood work incurred by assessee after purchasing property cannot be treated as part of acquisition cost for purpose of claiming exemption under section 54F - [2011] 15 taxmann 212 (CHENNAI - ITAT)

H.P. Marketing Board is not a local authority within meaning of section 10(20) - [2011] 15 taxmann 211 (HP)

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