ITR'S TRIBUNAL TAX REPORTS (ITR (Trib)) HIGHLIGHTS ISSUE DATED 8-3-2010 Volume 2 : Part 1

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

ISSUE DATED 8-3-2010 Volume 2 : Part 1

REPORTS	STATUTES	JOURNAL	NEWS BRIEFS

REPORTS

F Business expenditure : Deduction under section 36(1)(viia) to be computed at the rate of 5 % of total income before making any deduction under section 36(1)(viia) and Chap. VI-A : Tourism Finance Corp. of India Ltd. v. Jt. CIT (Delhi) p.1

F Receipts on account of dividends and profits on sale of investment are not income from long-term finance : Not allowable : Tourism Finance Corp. of India Ltd. v. Jt. CIT (Delhi) p.1

F Bad debts : Deduction to be allowed after reducing credit balance : Tourism Finance Corp. of India Ltd. v. Jt. CIT (Delhi) p.1

F Collection of corpus donations essential for pursuing charitable activities, delay to be condoned and registration to be granted from date of inception : Kadayanallur Cholia Brahmana Mahajana Trust v. ITO (Chennai) p.14

F Payments made by assessee under SEBI Regularisation Scheme, 2002, cannot for purpose of disallowance under Expln. be treated as penalty under section 37 : Kaira Can Co. Ltd. v. DCIT (Mumbai) p. 20

F Expenses incurred for utilising services of sister concern for all its operational activities not shown as excessive : Allowable : Asst. CIT v. KIN Ship Services (I) P. Ltd. (Coch) p. 29

F Payments made to non-resident companies towards charter hire charges for transporting merchandise from foreign port to another foreign port, allowable : Asst. CIT v. KIN Ship Services (I) P. Ltd. (Coch) p. 29

F Expenses on speed money paid to dock labour, inherent to nature of business carried on by assessee, allowable under section 37 : Asst. CIT v. KIN Ship Services (I) P. Ltd. (Coch) p. 29

F Where element of proft not involved, TDS not required : Cairn Energy India Pty. Ltd. v. Asst. CIT (Chennai) p. 38

F Section 40(a)(i) could not be invoked where the income to be computed under section 42, assessee entitled to deduction in respect of payment made to its parent company : Cairn Energy India Pty. Ltd. v. Asst. CIT (Chennai) p. 38

F Where entire amount declared by assessee as income, addition as capitation fees not justified : SSRD Somany Sikshan Sansthan v. Asst. CIT (Delhi) p. 55

F Commissioner (Appeals) deleting addition based on statement of eleven employees stating receipt of full salary as debited by assessee in its books, proper : SSRD Somany Sikshan Sansthan v. Asst. CIT (Delhi) p. 55

F Losses of unit of assessee not eligible under section 10A not to be set off against profits of eligible undertaking : Scientific Atlanta India Technology P. Ltd. v. Asst. CIT (Chennai) [SB] p.66

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