ITR (Trib)) HIGHLIGHTS Vol 5, Part 5. issue dated 27-9-2010

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

ISSUE DATED 27-9-2010 Volume 5 : Part 5

REPORTS

> Assessee not entitled to claim that no tax was liable to TDS as contract for supply of material, once tax deducted assessee bound to pay it u/s. 201(1A) : Block Development Officer v. ITO (Delhi) p. 426

> Search and seizure: Reassessment: Failure to make out any case of escapement of income by AO, reassessment quashed : Shukla Construction Co. v. Asst. CIT (Indore) p. 432

> Loss suffered by assessee in trading of shares speculative loss : Priyasha Meven Finance Ltd. v. ITO (Mumbai) p. 441

> Housing project comprising some units of area exceeding 1500 sq.ft. not eligible for deduction u/s.80-IB(10) : Asst. CIT v. Viswas Promoters P. Ltd. (Chennai) p. 449

> Assessee failed to prove net realisable value of closing stock less than average cost : AO making additions on undervaluation of closing stock of polished diamonds proper : D. Subhashchandra and Co. v. Asst. CIT (Ahd.) p. 452

> Valuation of stock: Rejection of method of valuation without proper reasons and addition to income, not valid : Pankaj Diamond v. Asst. CIT (Ahd.) p. 469

> Receipt of consideration by non-resident for purchase of shares by assessee after TDS; assessee can be treated as agent : Utkal Investments Ltd. v. Asst. DIT (International Taxation) (Mumbai) p. 481

> Fees : CIT(Appeals) dismissing appeal on ground of non-maintainability, sum of Rs. 500 payable as fee : Dr. A. Naresh Babu v. ITO (Hyd.) p. 485

> Where assessee providing bona fide explanation in relation to seized cash as accumulated income and furnishing returns of income, penalty cannot be imposed : Dhanya Kumar Jain v. ITO (Indore) p. 497