Saturday, June 23, 2012

ITR'S TRIBUNAL TAX REPORTS (ITR (Trib)) HIGHLIGHTS ISSUE DATED 25-6-2012 Volume 16 Part 5

ITR'S TRIBUNAL TAX REPORTS (ITR (Trib)) HIGHLIGHTS

ISSUE DATED 25-6-2012

Volume 16 Part 5


APPELLATE TRIBUNAL ORDERS



->> Where new industrial undertaking in a free trade zone, loss can be set off against normal business income of assessee : Patni Computer Systems Ltd. v. Dy. CIT (Pune) p. 533

->> Where extension of credit to AE beyond stipulated credit period, cannot be construed as international transaction, no adjustment required for ascertaining ALP : Patni Computer Systems Ltd. v. Dy. CIT (Pune) p. 533

->> Where assessee taking benefit of ss.10A and 80HHE in relation to same unit to consider 10 per cent. of profit of undertaking covered u/s. 10A, entitled to special deduction u/s. 80HHE : Patni Computer Systems Ltd. v. Dy. CIT (Pune) p. 533

->> Where amendment extending period of exemption from five to ten years, undertaking existing prior to date of amendment, entitled to exemption for extended period of years : Maral Overseas Ltd. v. Addl. CIT (Indore)[SB] p. 565

->> Where depreciation not an expenditure but an allowance, does not come within scope of disallowance : Hoshang D. Nanavati v. Asst. CIT (Mumbai) p. 614

->> Where share of profit from firm exempt in hands of partner, disallowance of expenses in proportion of that income proper : Vishnu Anant Mahajan v. Asst. CIT (Ahmedabad) [SB] p. 621

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