Saturday, November 26, 2011

Direct Tax Laws Oct 18

In case of failure of assessee to file a return within prescribed time, Assessing Officer was to be directed to carry out penalty proceedings in accordance with section 13 of the Interest Tax Act and totally uninfluenced by provisions of section 271(1)(c) of Income-tax Act, 1961 - [2011] 15 taxmann 280 (HP)

Where movable and immovable properties of a hotel were transferred to assessee-trust for providing catering education therein and in hands of doner said transfer was not treated as gift on ground that it was only a permission granted for a college, said property could not be treated as assessee's wealth in its wealth tax assessment - [2011] 15 taxmann 279 (KAR.)

Sale of shares held by assessee as investment for ten years would result in long-term capital gains - [2011] 15 taxmann 278 (CHENNAI - ITAT)

In absence of pendency of any proceedings before Assessing Officer, he could not have referred case of assessee-housing society to District Valuation Officer in exercise of power under section 131 - [2011] 15 taxmann 277 (AHD. - ITAT)

While determining book profits under section 115JB profit eligible for deduction under section 80HHC is to be reduced and not amount of deduction under section 80HHC - [2011] 15 taxmann 276 (KAR.)

If there is tangible material before Assessing Officer on basis of which he has formed belief that income had escaped assessment, that would furnish jurisdiction to him to reopen assessment - [2011] 15 taxmann 275 (BOM.)

Interest Tax : Amount received by assessee-bank as export subsidy from RBI could not be treated as interest under section 2(7) - [2011] 15 taxmann 274 (DELHI)

Where assessee engaged in business of ginning and pressing of cotton, etc., had done ginning and processing job work on behalf of others, income derived from such activity would be eligible for deduction under section 80-IA - [2011] 15 taxmann 273 (GUJ.)

Section 271F is also applicable whenever there is a violation of section 153C, read with section 153A in respect of filing return of income - [2011] 15 taxmann 270 (DELHI - ITAT)

An authorized representative under section 288(2) is not required to get himself registered as an authorized income-tax practitioner under rules 54 and 55 of Income-tax Rules in order to appear before Tribunal on behalf of assessee - There is no provision in sections 11, 12 and 13 mentioning that a trust can not make changes of name and address of trust without getting prior clearance from department - [2011] 15 taxmann 269 (CHENNAI - ITAT)

Amount received by assessee from a company for providing that company easement right in private road situated on his land would be capital receipt - [2011] 15 taxmann 268 (CHENNAI - ITAT)

Merely because proceedings could not be initiated by creditor against assessee-sick company for enforcing decree for want of consent of BIFR, it would not mean that liability had not accrued, particularly where assessee was following mercantile system of accounting - [2011] 15 taxmann 267 (DELHI)

Transfer pricing - While computing ALP, adjustment of depreciation on administrative assets has to be made - Expenditure on sign boards have be treated as revenue expenditure - [2011] 15 taxmann 266 (PUNJ. & HAR.)

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