Sunday, December 11, 2011

ITR (Trib) HIGHLIGHTS Volume 12 Part 7 ISSUE DATED 12-12-2011

ISSUE DATED 12-12-2011
Volume 12 Part 7


--> Disclosure of capital gains after search not proof of bona fides of assessee, penalty leviable : Dy. CIT v. Metal Rolling Works Ltd. (Mumbai) p. 628

--> Salary paid to member of society not unreasonable considering qualification, assessee entitled to exemption u/s. 13(2)(c) : Young Scholars Educational Society v. ITO (Chandigarh) p. 640

--> Addition not based on evidence found during course of search, deletion of penalty justified : Asst. CIT v. Shanti Bai Yadav (Jaipur) p. 646

--> Purchaser neither legal representative nor agent of legal heirs of owner of land, reassessment not valid : ITO v.Siddharth S. Patel (Ahmedabad) p. 653

--> Transfer pricing : Interest income, rent receipts, dividend receipts, penalty collected, rent deposits returned, foreign exchange fluctuations and profit on sale of assets not part of operational income, matter remanded : DHL Express (India) P. Ltd. v. Asst. CIT (Mumbai) p. 658

--> Claim for depreciation at appropriate rate treating transaction as lease transaction, not concealment of income, penalty cannot be levied : Comet Leasing and Finance Ltd. v. Asst. CIT (Delhi) p. 667

--> Requirement for claim by unit in software technology park notified by Commerce Ministry under Foreign Trade (Development and Regulation) Act not satisfied, assessee not entitled to exemption u/s. 10A : Dy. CIT v. IBS Software Services P. Ltd. (Cochin) p. 675

--> Expenses incurred in travelling, telecommunication, consultancy charges not includible in total turnover : Dy. CIT v. IBS Software Services P. Ltd. (Cochin) p. 675

--> Royalty : Payment for software cannot be treated as payment for use of copyright in the software : Addl. DIT (International Tax) v. TII Team Telecom International P. Ltd. (Mumbai) p. 688

--> Non-resident : Where all matches played in foreign countries, advertisement revenues not taxable in India : Nimbus Sport International Pte. Ltd. v. Dy. DIT (Delhi) p. 709

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