Sunday, November 6, 2011

ITR (TRIB) Volume 12 : Part 2 (Issue dated : 7-11-2011)


ITR'S TRIBUNAL TAX REPORTS (ITR (TRIB))
Volume 12 : Part 2 (Issue dated : 7-11-2011)

SUBJECT INDEX TO CASES REPORTED IN THIS PART

Business expenditure --Obsolete materials written off--Valuation of cassettes at Re. 1 after some time--Proper--Loss allowable--Income-tax Act, 1961-- Bennett Coleman and Co. Ltd. v. Addl. CIT [SB] (Mumbai) . . . 97

Capital gains --Loss--Assessee holding shares in company--Value of shares reduced as result of reduction of share capital of company--No transfer involved--No consideration flowing from company--Provisions of section 45 not applicable--No loss to shareholder--Notional loss not allowable--Income-tax Act, 1961, ss. 2(47), 45, 55(2)(b)(v)-- Bennett Coleman and Co. Ltd. v. Addl. CIT [SB] (Mumbai) . . . 97

Industrial undertaking --Special deduction--Publishing of newspaper--Is industrial activity--Special deduction allowable--Income-tax Act, 1961, s. 80-IB-- Bennett Coleman and Co. Ltd. v. Addl. CIT [SB] (Mumbai) . . . 97

Revision --Conditions precedent--General principles--Non-resident--Opting to be taxed in terms of DTAA--Deduction of expenses to be allowed--Assessing Officer after verification of TDS returns allowing deductions for payments to contractors outside India and applying 10 per cent. tax rate to balance--Assessee taxed similarly for preceding years--Revision proposed without showing how facts different in current year--Not a case where Assessing Officer did not apply mind or made no enquiry--Order not erroneous or prejudicial to Revenue--No material to show nexus of permanent establishment with income from operations outside India--Revision not permissible--Income-tax Act, 1961, ss. 44BB, 90, 263--Double Taxation Avoidance Agreement between India and Korea, art. 7-- Hyundai Heavy Industries Co. Ltd. v. Director of Income-tax (International Taxation) (Delhi) . . . 168

SECTIONWISE INDEX TO CASES REPORTED IN THIS PART

Double Taxation Avoidance Agreement between India and Korea :

Art. 7 -- Revision--Conditions precedent--General principles--Non-resident--Opting to be taxed in terms of DTAA--Deduction of expenses to be allowed--Assessing Officer after verification of TDS returns allowing deductions for payments to contractors outside India and applying 10 per cent. tax rate to balance--Assessee taxed similarly for preceding years--Revision proposed without showing how facts different in current year--Not a case where Assessing Officer did not apply mind or made no enquiry--Order not erroneous or prejudicial to Revenue--No material to show nexus of permanent establishment with income from operations outside India--Revision not permissible-- Hyundai Heavy Industries Co. Ltd. v. Director of Income-tax (International Taxation) (Delhi) . . . 168

Income-tax Act, 1961 :

S. 2(47) -- Capital gains--Loss--Assessee holding shares in company--Value of shares reduced as result of reduction of share capital of company--No transfer involved--No consideration flowing from company--Provisions of section 45 not applicable--No loss to shareholder--Notional loss not allowable-- Bennett Coleman and Co. Ltd. v. Addl. CIT [SB] (Mumbai) . . . 97

S. 44BB -- Revision--Conditions precedent--General principles--Non-resident--Opting to be taxed in terms of DTAA--Deduction of expenses to be allowed--Assessing Officer after verification of TDS returns allowing deductions for payments to contractors outside India and applying 10 per cent. tax rate to balance--Assessee taxed similarly for preceding years--Revision proposed without showing how facts different in current year--Not a case where Assessing Officer did not apply mind or made no enquiry--Order not erroneous or prejudicial to Revenue--No material to show nexus of permanent establishment with income from operations outside India--Revision not permissible -- Hyundai Heavy Industries Co. Ltd. v. Director of Income-tax (International Taxation) (Delhi) . . . 168

S. 45 -- Capital gains--Loss--Assessee holding shares in company--Value of shares reduced as result of reduction of share capital of company--No transfer involved--No consideration flowing from company--Provisions of section 45 not applicable--No loss to shareholder--Notional loss not allowable-- Bennett Coleman and Co. Ltd. v. Addl. CIT [SB] (Mumbai) . . . 97

S. 55(2)(b)(v) -- Capital gains--Loss--Assessee holding shares in company--Value of shares reduced as result of reduction of share capital of company--No transfer involved--No consideration flowing from company--Provisions of section 45 not applicable--No loss to shareholder--Notional loss not allowable-- Bennett Coleman and Co. Ltd. v. Addl. CIT [SB] (Mumbai) . . . 97

S. 80-IB -- Industrial undertaking--Special deduction--Publishing of newspaper--Is industrial activity--Special deduction allowable-- Bennett Coleman and Co. Ltd. v. Addl. CIT [SB] (Mumbai) . . . 97

S. 90 -- Revision--Conditions precedent--General principles--Non-resident--Opting to be taxed in terms of DTAA--Deduction of expenses to be allowed--Assessing Officer after verification of TDS returns allowing deductions for payments to contractors outside India and applying 10 per cent. tax rate to balance--Assessee taxed similarly for preceding years--Revision proposed without showing how facts different in current year--Not a case where Assessing Officer did not apply mind or made no enquiry--Order not erroneous or prejudicial to Revenue--No material to show nexus of permanent establishment with income from operations outside India--Revision not permissible -- Hyundai Heavy Industries Co. Ltd. v. Director of Income-tax (International Taxation) (Delhi) . . . 168

S. 263 -- Revision--Conditions precedent--General principles--Non-resident--Opting to be taxed in terms of DTAA--Deduction of expenses to be allowed--Assessing Officer after verification of TDS returns allowing deductions for payments to contractors outside India and applying 10 per cent. tax rate to balance--Assessee taxed similarly for preceding years--Revision proposed without showing how facts different in current year--Not a case where Assessing Officer did not apply mind or made no enquiry--Order not erroneous or prejudicial to Revenue--No material to show nexus of permanent establishment with income from operations outside India--Revision not permissible -- Hyundai Heavy Industries Co. Ltd. v. Director of Income-tax (International Taxation) (Delhi) . . . 168

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