INCOME TAX REPORTS (ITR) HIGHLIGHTS
àBlock assessment : No discrepancy or omission found in accounts warranting their rejection : Addition on basis of discrepancy in stocks worked out on estimate basis not permissible : CIT v. Utkal Alloys Ltd. (Orissa) p. 339
àAdvance tax on salary paid by non-resident : Grossing up of tax liability u/s 195A not justified : CIT v. Tadashi Murakami (Delhi) p. 347
à Search in residence-cum-clinic of doctor : Documents disclosing receipt of illegal money by sharing fee of doctors and x-ray clinics : Additions justified : Dr. Mrs. Shanti Roy v. Chief CIT (Patna) p. 350
àAssessee conceding before Tribunal that minimum penalty be imposed : Penalty imposed justified : Dr. Mrs. Shanti Roy v. Chief CIT (Patna) p. 350
àDelivery of assets by assessee to lessee before September 30, 1996 o-->previous year : Assessee entitled to full depreciation : CIT v. UTI Bank Ltd. (Guj) p. 357
àAppeal to Appellate Tribunal : Mere upholding of finding of Commissioner (Appeals) is not sufficient : K. D. Wires P. Ltd. v. Union of India (MP) p. 359
àTrust deed empowering trust to start educational agencies for earning income to achieve aims and objects of trust : Surplus transferred to trust and utilised in purchase of land and construction of building : Valid trust : CIT v. Brihdaranyak Mandal (Trust) (All) p. 363
àHigh Court has no power to condone delay in filing appeal : CIT v. Williamson Tea (Assam) Ltd. (Gauhati) p. 368
àAssessee filing appeal before Tribunal and requesting deferment of penalty proceedings cannot plead that levy of penalty barred by limitation : Dewan Engineering Works v. CIT (P & H) p. 375
àConsultancy fees not deductible u/s 37 : Emmpac Holdings P. Ltd. v. CIT (Delhi) p. 379
àMaximum amount of penalty u/s 272A(2) not to exceed amount of tax deductible : CIT v. Jain Colonizers P. Ltd. (All) p. 383
àAssessment order of subsequent year could form basis for reassessment : Tilak Raj Bedi v. Joint CIT (P & H) p. 385
àHigh Court has no power to review substantively : CIT v. West Coast Paper Mills Ltd. (Bom) p. 390
àInvestment not confirmed by some applicants : Not undisclosed income of assessee : Asst. CIT v. Venkateshwar Ispat P. Ltd. (Chhattisgarh) p. 393
àGoods purchased but not entered in stock register : Explanation that son of assessee looking after assessee's business was out of station in connection with treatment of his mother : Commissioner (Appeals) and Tribunal accepting explanation : Finding of fact : CIT v. Satyanaryan Agrawal (Chhattisgarh) p. 396
àCBDT the prescribed authority to grant approval u/s 10(23C)(vi) for AYs 1999-2000 and 2000-01 : Cancellation of approval by Director General not valid : Maharashtra Academy of Engineering and Educational Research v. Director General of Income-tax (Investigation) (Bom) p. 399
àFirm claiming that out of borrowings from firm, partner acquiring land in his personal name but for business of firm : Firm given opportunity to prove its case : CIT v. Anugraha Builders (Ker) p. 407
àFailure to deduct tax at source : AO to reconsider matter in the light of SC decision : Children's Education Society v. Deputy CIT (TDS) p. 409
àLoans and interest thereon not includible in total income of assessee where there is a finding by Tribunal that loans were genuine and in the form account payee cheques : CIT v. Smt. Sushila Devi Khadaria (Bom) p. 413
àInterest on capital borrowed for investment in shares deductible u/s 57(iii) : CIT v. Smt. Sushila Devi Khadaria (Bom) p. 413
àExpenditure related to exempted income not deductible : Pradeep Kar v. Asst. CIT (Karn) p. 416
àForeign technician : Status as non-resident for years before entry into India : Exemption available for forty-eight months : CIT v. J. G. Lovoie (Karn) p. 419
àTrust not entitled to exemption where Tribunal finding managing trustee personally utilised income of trust : CIT v. Sir M. Visveswaraya Educational Trust (Kar) p. 425
àAppeals pending from assessment of public sector company which had large resources : Rejection of application for stay of recovery proceedings without giving reasons not valid : Tamil Nadu State Transport Corporation (Kumbakonam) Ltd. v. Chief CIT (Mad) p. 430
àNo finding that company had accumulated profits : Loan to shareholder not assessable as deemed dividend : CIT v. Nitin Shantilal Parikh (Guj) p. 437
àSubsidy received to encourage hotel industry in State not liable to tax : CIT v. Udupi Builders P. Ltd. (Karn) p. 440
àTransfer of right to exhibit films outside India : Assessee entitled to deduction u/s 80HHC : CIT v R. K Exports (Mad) p. 442
àOriginal assessment granting exemption : Notice after four years to withdraw exemption not valid : Nikhil K. Kotak v. Mahesh Kumar (Guj) p. 445
àRemuneration from foreign enterprise : Only on receipts brought into India in foreign exchange : Vikram Tannan v. ITO (Mumbai) p. 407
àCredit for tax deducted at source in foreign country allowable to extent of tax paid in foreign country but restricted to tax payable in India : Vikram Tannan v. ITO (Mumbai) p. 407
àRecovery of tax : Interest to be reckoned from date of original assessment order : Deputy CIT v. A. S. Krishna and Co. Ltd. (Visakhapatnam) p. 414
àAssets and income of trust used for poverty alleviation and benefit of socio-economically weaker sections : Assessee entitled to exemption : Asst. Director of Income-tax (Exemption) v. Bharatha Swamukti Samsthe (Bangalore) p. 422
àFinding that rural and urban poor women benefiting from trust's funding activities : Assessee entitled to registration : Asst. Director of Income-tax (Exemption) v. Bharatha Swamukti Samsthe (Bangalore) p. 422
àNo material to show that assessee received amount in cash as a deposit or loan : No violation of s 269SS : Hamarashehar Co. P. Ltd. v. Addl. CIT (Hyderabad) p. 437
àC. B. D. T. Circulars :
Remittances to non-residents under section 195 of the Income-tax Act, 1961-Remittances of consular receipts-Clarification reg. : Circular No. 9 of 2009, dated 30th November, 2009 p. 65
àNotifications :
Notifications under section 35AC(1) Expln., clause (b) : Eligible projects or schemes p. 66
Notifications under section 35(1)(ii) : Scientific research association/Institution notified by the Central Government for the purpose of section 35(1)(ii) p. 74
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