Wednesday, November 16, 2011

Direct Tax Laws Oct Vol. 11

When accepting revenue's submission order was passed, revenue would be estopped from challenging said order in further appeal - [2011] 15 taxmann 153 (Karnataka)

Where assessee stopped hotel business and incurred expenses for renovating hotel premises so as to sell business as going concern and to get a good price, expenses were deductible under section 48 from sale proceeds of business - [2011] 15 taxmann 148 (Karnataka)

For purposes of section 54 due date for furnishing return of income as provided under section 139(1) is subject to extended period as provided under sub-section (4) of section 139 - [2011] 15 taxmann 146 (Punjab and Haryana)

Concept of 'apparent consideration' as defined in section 269UA is of no relevance for computation of capital gains under section 48 - [2011] 15 taxmann 142 (Madras)

Non-issuance of reassessment notice to some of legal heirs cannot be ground to challenge validity of reassessment proceedings under Gift-tax Act - [2011] 15 taxmann 138 (Himachal Pradesh)

Plea of innocence and lack of legal knowledge cannot be accepted to quash penalty under section 271(1)(c) - [2011] 15 taxmann 136 (Karnataka)

Where initially assessee filed return declaring income of Rs. 4.27 lakhs, but subsequently filed a revised return declaring loss of Rs. 3.62 lakhs and AO found that nature of business carried on by assessee  was not clear, reopening of assessment under section 147 was just and proper - [2011] 15 taxmann 135 (Karnataka)

Where Assessing Officer had considered entire facts regarding FDR bank interest while computing book profit under section 40(b), reopening of assessment on ground that FDR bank interest should have been excluded while computing book profit under section 40(b) was unjustified - [2011] 15 taxmann 133 (Gujarat)

Where addition were made by estimating gross profit at higher rate without any reference to any seized material found in course of search, no penalty could be imposed under section 158BFA - [2011] 15 taxmann 155 (Delhi - Trib.)

Where benefit of a trust was available to a section of people and was not confined to some specified individuals, it would be entitled to section 13 exemption - [2011] 15 taxmann 154 (Ahmedabad - Trib.)

Payment of non-compete fee restraining receipient to enter into similar line of business for a period of seven years, is to be treated as capital expenditure.A right arising out of non-compete agreement does not fall in category of 'intangible asset' so as to eligible for depreciation under section 32(1)(ii) - [2011] 15 taxmann 144 (Delhi - Trib.)

Where assessee's income was computed in accordance with provisions of section 115VA, Assessing Officer could not make separate additions in respect of write back of sundry creditors, prior period adjustments, etc., under section 41(1) - [2011] 15 taxmann 141 (Mumbai - Trib.)

Where assessee has failed to file report of Registered Valuer for determining cost of acquisition for purpose of computing capital gains, but sought to furnish same before Commissioner (Appeals), Commissioner (Appeals) has to consider said evidence - [2011] 15 taxmann 137 (Chandigarh - Trib.)

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