Sunday, December 18, 2011

ITR (TRIB) Volume 12 : Part 8 (Issue dated : 19-12-2011)


ITR'S TRIBUNAL TAX REPORTS (ITR (TRIB))
Volume 12 : Part 8 (Issue dated : 19-12-2011)

SUBJECT INDEX TO CASES REPORTED IN THIS PART

Assessment --Assessing Officer--Jurisdiction--Objection regarding lack of jurisdiction--Assessing Officer ought to have made reference to higher authorities for decision--Procedure irregular--Matter remanded--Income-tax Act, 1961, s. 124(2)-- ITO v. Subhash Chander Pahwa & Sons (HUF) (Delhi) . . . 777

Income-tax --General principles--Rule of consistency--When applicable-- Li & Fung (India) P. Ltd. v. Deputy CIT (Delhi) . . . 748

International transactions --Arm's length price--Transactional net margin method --Assessee's determination accepted in earlier years without considering certain factors --Orders for earlier years not to operate as res judicata--Associated enterprise receiving compensation on basis of free on board value while assessee compensated at cost plus 5 per cent. mark-up--Assessee providing critical functions with help of tangible and unique intangibles developed by it--Mark-up to be on free on board value of goods sourced through assessee--But adjustment not to exceed amount which could have been received by associated enterprise--Direction for distribution between assessee and associated enterprise in ratio of 80 : 20--Income-tax Act, 1961, ss. 92D, 144C--Income-tax Rules, 1962, r. 10B(1)(e)-- Li & Fung (India) P. Ltd. v. Deputy CIT (Delhi) . . . 748

Reassessment --Notice--Assessee-company dissolved and amalgamated with another company--Notice of reassessment issued to erstwhile director of assessee-company--Notice not valid--Income-tax Act, 1961, ss. 147, 148-- ITO v. Milestone Overseas P. Ltd. (Delhi) . . . 781

Revision --Conditions precedent--Exemption--Transfer of assets--Revocable transfer--Ingredients of--Sale of immovable property of assessee held by another organisation--Conditions for revocable transfer not satisfied--Assessment order neither erroneous nor prejudicial to interests of Revenue--Assessee entitled to exemption--Income-tax Act, 1961, ss. 11, 12, 263-- Services Association of Seventh day Adventists P. Ltd. v. ITO (Chennai) . . . 787

SECTIONWISE INDEX TO CASES REPORTED IN THIS PART

Income-tax Act, 1961 :

S. 11 --Revision--Conditions precedent--Exemption--Transfer of assets--Revocable transfer--Ingredients of--Sale of immovable property of assessee held by another organisation--Conditions for revocable transfer not satisfied--Assessment order neither erroneous nor prejudicial to interests of Revenue--Assessee entitled to exemption-- Services Association of Seventh day Adventists P. Ltd. v. ITO (Chennai) . . . 787

S. 12 --Revision--Conditions precedent--Exemption--Transfer of assets--Revocable transfer--Ingredients of--Sale of immovable property of assessee held by another organisation--Conditions for revocable transfer not satisfied--Assessment order neither erroneous nor prejudicial to interests of Revenue--Assessee entitled to exemption-- Services Association of Seventh day Adventists P. Ltd. v. ITO (Chennai) . . . 787

S. 92D --International transactions--Arm's length price--Transactional net margin method--Assessee's determination accepted in earlier years without considering certain factors--Orders for earlier years not to operate as res judicata--Associated enterprise receiving compensation on basis of free on board value while assessee compensated at cost plus 5 per cent. mark-up--Assessee providing critical functions with help of tangible and unique intangibles developed by it--Mark-up to be on free on board value of goods sourced through assessee--But adjustment not to exceed amount which could have been received by associated enterprise--Direction for distribution between assessee and associated enterprise in ratio of 80 : 20-- Li & Fung (India) P. Ltd. v. Deputy CIT (Delhi) . . . 748

S. 124(2) --Assessment--Assessing Officer--Jurisdiction--Objection regarding lack of jurisdiction--Assessing Officer ought to have made reference to higher authorities for decision--Procedure irregular--Matter remanded-- ITO v. Subhash Chander Pahwa & Sons (HUF) (Delhi) . . . 777

S. 144C --International transactions--Arm's length price--Transactional net margin method--Assessee's determination accepted in earlier years without considering certain factors--Orders for earlier years not to operate as res judicata--Associated enterprise receiving compensation on basis of free on board value while assessee compensated at cost plus 5 per cent. mark-up--Assessee providing critical functions with help of tangible and unique intangibles developed by it--Mark-up to be on free on board value of goods sourced through assessee--But adjustment not to exceed amount which could have been received by associated enterprise--Direction for distribution between assessee and associated enterprise in ratio of 80 : 20-- Li & Fung (India) P. Ltd. v. Deputy CIT (Delhi) . . . 748

S. 147 --Reassessment--Notice--Assessee-company dissolved and amalgamated with another company--Notice of reassessment issued to erstwhile director of assessee-company--Notice not valid-- ITO v. Milestone Overseas P. Ltd. (Delhi) . . . 781

S. 148 --Reassessment--Notice--Assessee-company dissolved and amalgamated with another company--Notice of reassessment issued to erstwhile director of assessee-company--Notice not valid-- ITO v. Milestone Overseas P. Ltd. (Delhi) . . . 781

S. 263 --Revision--Conditions precedent--Exemption--Transfer of assets--Revocable transfer--Ingredients of--Sale of immovable property of assessee held by another organisation--Conditions for revocable transfer not satisfied--Assessment order neither erroneous nor prejudicial to interests of Revenue--Assessee entitled to exemption-- Services Association of Seventh day Adventists P. Ltd. v. ITO (Chennai) . . . 787

Income-tax Rules, 1962 :

R. 10B(1)(e) --International transactions--Arm's length price--Transactional net margin method--Assessee's determination accepted in earlier years without considering certain factors--Orders for earlier years not to operate as res judicata--Associated enterprise receiving compensation on basis of free on board value while assessee compensated at cost plus 5 per cent. mark-up--Assessee providing critical functions with help of tangible and unique intangibles developed by it--Mark-up to be on free on board value of goods sourced through assessee--But adjustment not to exceed amount which could have been received by associated enterprise--Direction for distribution between assessee and associated enterprise in ratio of 80 : 20-- Li & Fung (India) P. Ltd. v. Deputy CIT (Delhi) . . . 748

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