Sunday, July 21, 2013

ITR (Trib) HIGHLIGHTS (Online edition)

APPELLATE TRIBUNAL ORDERS

-->  Where non-resident not having PE in India, payment to non-resident outside India of advertisement expenditure in foreign currency not liable to tax : Sandoz P. Ltd. v. Addl. CIT (Mumbai) p. 100

-->  Interest on borrowed capital allowable as business expenditure : Sandoz P. Ltd. v. Addl. CIT (Mumbai) p. 100

-->  Method of accounting : Where closing stock increased on account of unutilised Modvat credit, corresponding opening stock of that year should also be increased : Sandoz P. Ltd. v. Addl. CIT (Mumbai) p. 100


    PRINT EDITION


    APPELLATE TRIBUNAL ORDERS

-->  Where non-resident company engaging consultants on retainership basis for its projects in India, such persons not eligible for retirement or superannuation or gratuity benefits, FBT not attracted : Joshi Technologies International Inc. v. Asst. DIT (International Taxation) (Ahd) p. 170

-->  Companies which have suffered merger or demerger, impacting financial results, those having supernormal profit, those functionally dissimilar, those acting as intermediary having outsourced their activity, those whose directors involved in fraud, those whose turnover exceeding Rs.200 crores not to be treated as comparables : Capital IQ Information Systems (India) P. Ltd. v. Dy. CIT (International Taxation) (Hyd.) p. 185

-->  International transactions : ALP : Foreign exchange fluctuation cannot be excluded in reckoning operating margin : Capital IQ Information Systems (India) P. Ltd. v. Dy. CIT (International Taxation) (Hyd.) p. 185

-->  Charitable purpose : Where building belonging to society and benefit going to society not managing trustee, no violation of section 13 : Shri Amol Chand Varshney Sewa Sansthan v. Addl. CIT (Agra) p. 211

-->  Exemption : Contributions to Lions Club : Lions Club is a social club, not social organisation to undertake social work as envisaged in study curriculum, exemption not allowable u/s. 10(23C)(iiiab) : Ganapathy Educational Trust v. Asst. DIT (Exemption) (Chennai) p. 231

-->  International transactions : Payment of royalty and technical fee to AE pursuant to deemed approval by RBI under automatic approval scheme, ALP cannot be computed at nil : ThyssenKrupp Industries India P. Ltd. v. Addl. CIT (Mumbai) p. 243

-->  Search and seizure : Matters finalised in proceedings following income-tax survey not to be considered in block assessment : Heatshrink Technologies Ltd. v. Asst. CIT (Mumbai) p. 269

-->  Search and seizure : Losses of block period from unaccounted transactions can be set off : Heatshrink Technologies Ltd. v. Asst. CIT (Mumbai) p. 269

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