Sunday, July 8, 2012

INCOME TAX REPORTS (ITR) Volume 342 : Part 5 (Issue dated 16-4-2012)

INCOME TAX REPORTS (ITR)

Volume 342 : Part 5 (Issue dated 16-4-2012)

SUBJECT INDEX TO CASES REPORTED IN THIS PART

HIGH COURTS

Appeal to Appellate Tribunal --Cash credits--Sale of jewellery--Assessing Officer and Commissioner (Appeals) holding transactions of sale to be fictitious--Tribunal not right in setting aside finding without considering evidence--Income-tax Act, 1961, s. 68-- CIT v. Tejinder Singh HUF (P&H) . . . 295

Bad debt --Share broker purchasing shares for his clients--Brokerage credited to profit and loss account--Brokerage receivable from treated as bad debt--Part of debt to be taken into account while computing income--Allowable--Income-tax Act, 1961, s. 36(1)(vii), (2)(i)-- CIT v. Shreyas S. Morakhia (Bom) . . . 285

Business expenditure --Deduction only on actual payment--Excise duty on inputs used in manufacture of goods--Matter remanded to allow opportunity to assessee to produce proof of payment--Income-tax Act, 1961, s. 43B-- CIT v. H. P. Global Soft Ltd. (No. 2 ) (Karn) . . . 276

Capital gains --Exemption--Law applicable--Effect of section 54EA inserted w. e. f. 1-10-1996 and included in ambit of section 54H w. e. f. 1-4-1999--Compulsory acquisition of land in 1992--Enhancement of compensation in 1997--Investment of amount in UTI--Assessee entitled to exemption under section 54EA--Income-tax Act, 1961, ss. 45, 54EA, 54H-- CIT v. J. Palemar Krishna (Karn) . . . 366

Exemption --Export of computer software--No material to show assessee indulged in arrangement with foreign buyer so as to produce higher profits to assessee--Assessing Officer not entitled to presume such arrangement and determine reasonable profits--Income-tax Act, 1961, ss. 10A(6), 80-I(9)-- CIT v. H. P. Global Soft Ltd. (No. 1 )

(Karn) . . . 263

Interpretation of taxing statutes --Interpretation extending benefit intended by Legislature-- CIT v. J. Palemar Krishna (Karn) . . . 366

Method of accounting --Business expenditure--Deduction only on actual payment--Valuation of stock--Unutilised Modvat credit--Deduction of excise duty paid on inputs used in manufacture--Not a question of method of accounting--Assessee to be given opportunity to prove payment of excise duty on inputs--Income-tax Act, 1961, ss. 43B, 145-- CIT v. H. P. Global Soft Ltd. (No. 1 ) (Karn) . . . 263

Non-resident --Agent of non-resident--Assessment proceedings simultaneously against non-resident and his agent--Valid --Income-tax Act, 1961, s. 166-- Aditya Birla Nuvo Ltd . v. Deputy Director of Income-tax (International Taxation)

(Bom) . . . 308

Obsolescence --Customs duty on goods claimed irrecoverable--Matter remanded--Customs duty on computer software--Deduction allowable-- CIT v. H. P. Global Soft Ltd. (No. 2 ) (Karn) . . . 276

Penalty --Concealment of income--Disallowance of payment to Registrar of Companies and payments on which tax deducted at source paid to Government after end of previous year--Assessee can raise contention in penalty proceedings that explanation plausible--Cancellation of penalty justified--Income-tax Act, 1961, s. 271(1)(c)-- CIT v. AT & T Communication Services India P. Ltd. (Delhi) . . . 257

Reassessment --Capital gains--Joint venture by non-resident and an Indian company--Agreement specifying rights of promoters--Transfer of shares from one non-resi-dent to other--Transfer included transfer of rights--Prima facie belief that capital gains arose--Justified--Reassessment proceedings--Valid--Income-tax Act, 1961-- Aditya Birla Nuvo Ltd . v. Deputy Director of Income-tax (International Taxation)

(Bom) . . . 308

Recovery of tax --Interest--Waiver of interest--Law applicable--Effect of amendment of section 220(2A) in 1984--Power to waive should be exercised judiciously--Finding that all conditions for waiver were satisfied--Waiver of part of interest--Not valid--Income-tax Act, 1961, s. 220(2A)--E . M. Joseph v. Chief CIT (Ker) . . . 379

SECTIONWISE INDEX TO CASES REPORTED IN THIS PART

Income-tax Act, 1961 :

S. 10A(6) --Exemption--Export of computer software--No material to show assessee indulged in arrangement with foreign buyer so as to produce higher profits to assessee--Assessing Officer not entitled to presume such arrangement and determine reasonable profits-- CIT v. H. P. Global Soft Ltd. (No. 1 ) (Karn) . . . 263

S. 36(1)(vii) --Bad debt--Share broker purchasing shares for his clients--Brokerage credited to profit and loss account--Brokerage receivable from treated as bad debt--Part of debt to be taken into account while computing income--Allowable-- CIT v. Shreyas S. Morakhia (Bom) . . . 285

S. 36(2)(i) --Bad debt--Share broker purchasing shares for his clients--Brokerage credited to profit and loss account--Brokerage receivable from treated as bad debt--Part of debt to be taken into account while computing income--Allowable-- CIT v. Shreyas S. Morakhia (Bom) . . . 285

S. 43B --Business expenditure--Deduction only on actual payment--Excise duty on inputs used in manufacture of goods--Matter remanded to allow opportunity to assessee to produce proof of payment-- CIT v. H. P. Global Soft Ltd. (No. 2 )

(Karn) . . . 276

----Method of accounting--Business expenditure--Deduction only on actual payment--Valuation of stock--Unutilised Modvat credit--Deduction of excise duty paid on inputs used in manufacture--Not a question of method of accounting--Assessee to be given opportunity to prove payment of excise duty on inputs-- CIT v. H. P. Global Soft Ltd. (No. 1 ) (Karn) . . . 263

S. 45 --Capital gains--Exemption--Law applicable--Effect of section 54EA inserted w. e. f. 1-10-1996 and included in ambit of section 54H w. e. f. 1-4-1999--Compulsory acquisition of land in 1992--Enhancement of compensation in 1997--Investment of amount in UTI--Assessee entitled to exemption under section 54EA-- CIT v. J. Palemar Krishna (Karn) . . . 366

S. 54EA --Capital gains--Exemption--Law applicable--Effect of section 54EA inserted w. e. f. 1-10-1996 and included in ambit of section 54H w. e. f. 1-4-1999--Compulsory acquisition of land in 1992--Enhancement of compensation in 1997--Investment of amount in UTI--Assessee entitled to exemption under section 54EA-- CIT v. J. Palemar Krishna (Karn) . . . 366

S. 54H --Capital gains--Exemption--Law applicable--Effect of section 54EA inserted w. e. f. 1-10-1996 and included in ambit of section 54H w. e. f. 1-4-1999--Compulsory acquisition of land in 1992--Enhancement of compensation in 1997--Investment of amount in UTI--Assessee entitled to exemption under section 54EA-- CIT v. J. Palemar Krishna (Karn) . . . 366

S. 68 --Appeal to Appellate Tribunal--Cash credits--Sale of jewellery--Assessing Officer and Commissioner (Appeals) holding transactions of sale to be fictitious--Tribunal not right in setting aside finding without considering evidence-- CIT v. Tejinder Singh HUF (P&H) . . . 295

S. 80-I(9) --Exemption--Export of computer software--No material to show assessee indulged in arrangement with foreign buyer so as to produce higher profits to assessee--Assessing Officer not entitled to presume such arrangement and determine reasonable profits-- CIT v. H. P. Global Soft Ltd. (No. 1 ) (Karn) . . . 263

S. 145 --Method of accounting--Business expenditure--Deduction only on actual payment--Valuation of stock--Unutilised Modvat credit--Deduction of excise duty paid on inputs used in manufacture--Not a question of method of accounting--Assessee to be given opportunity to prove payment of excise duty on inputs-- CIT v. H. P. Global Soft Ltd. (No. 1 ) (Karn) . . . 263

S. 166 --Non-resident--Agent of non-resident--Assessment proceedings simultaneously against non-resident and his agent--Valid -- Aditya Birla Nuvo Ltd . v. Deputy Director of Income-tax (International Taxation) (Bom) . . . 308

S. 220(2A) --Recovery of tax--Interest--Waiver of interest--Law applicable--Effect of amendment of section 220(2A) in 1984--Power to waive should be exercised judiciously--Finding that all conditions for waiver were satisfied--Waiver of part of interest--Not valid--E . M. Joseph v. Chief CIT (Ker) . . . 379

S. 271(1)(c) --Penalty--Concealment of income--Disallowance of payment to Registrar of Companies and payments on which tax deducted at source paid to Government after end of previous year--Assessee can raise contention in penalty proceedings that explanation plausible--Cancellation of penalty justified-- CIT v. AT & T Communication Services India P. Ltd. (Delhi) . . . 257

No comments:

Post a Comment