From: GlobalIndianCAs@yahoogroups.com [mailto:GlobalIndianCAs@yahoogroups.com] On Behalf Of CABHUPENDRASHAH
Sent: Friday, February 18, 2011 5:40 PM
To: GlobalIndianCAs@yahoogroups.com
Subject: [GlobalIndianCAs] itr 331[2]
Sent: Friday, February 18, 2011 5:40 PM
To: GlobalIndianCAs@yahoogroups.com
Subject: [GlobalIndianCAs] itr 331[2]
INCOME TAX REPORTS (ITR)
Volume 331 : Part 2 (Issue dated 21-2-2011)
SUBJECT INDEX TO CASES REPORTED IN THIS PART
HIGH COURTS
Appeal to High Court --Delay in filing appeal--High Court can condone delay--Income-tax Act, 1961, s. 260A-- CIT v. R. K. B. K. Ltd . (Cal) . . . 269
Capital gains --Exemption--Transfer of residential house and purchase or construction of a residential house within the prescribed time--Meaning of "a residential house" in section 54--Transfer of residential house and purchase of four flats in the same residential building--Assessee entitled to exemption under section 54--Income-tax Act, 1961, s. 54--General Clauses Act, 1897, s. 13-- CIT v. Smt. K. G. Rukminiamma
(Karn) . . . 211
Charitable purpose --Charitable institution--Registration--Agricultural produce market committee--Income received to be spent for purpose mentioned--Including object of general public utility--Samiti entitled to registration--Income-tax Act, 1961, ss. 2(15), 12A, 12AA-- CIT v. Krishi Upaj Mandi Samiti, Jaisalmer
(Raj) . . . 135
----Charitable institution--Registration--Agricultural produce marketing committees set up by State Government--Charitable institution entitled to registration--Income-tax Act, 1961, ss. 2(15), 11, 12, 12A-- CIT v. Krishi Upaj Mandi Samiti, Shrimadhopur
(Raj) . . . 174
----Registration of trust--Agricultural produce marketing committees--Delay in application for registration from assessment year 2003-04 due to bona fide belief that registration was not necessary and in getting approval and legal advice from Government authorities--Delay to be condoned--Income-tax Act, 1961, ss. 12A, 12AA-- CIT v. Krishi Utpadan Mandi Samiti (All) . . . 154
----Registration of trust--"Charitable purposes", "property"--Meanings of--Samiti set up by State Government to regulate sale and purchase of agricultural produce and develop facilities for marketing of agricultural produce--Committees declared as local authorities exempted from tax till 2003--Dominant object of samitis was advancement of general public utility--Cess collected by samitis utilised for objects of samitis--Samitis entitled to registration--Income-tax Act, 1961, ss. 2(15), 11, 12A, 12AA-- CIT v. Krishi Utpadan Mandi Samiti (All) . . . 154
----Registration of trust--Market committee constituted statutorily with object of helping agriculturists and consumers--Entitled to registration--Benefit of exemption depends upon whether income utilised for charitable purpose--Income-tax Act, 1961, ss. 11, 12A, 12AA-- CIT v. Krishi Upaj Mandi Samiti (MP) . . . 140
Charitable trust --Registration--Application for registration--Delay in filing application--Assessee executing trust deed in 2000, started activities in 2005--Assessee as per advice of chartered accountant filing application belatedly--Delay to be condoned--Income-tax Act, 1961, s. 12AA-- CIT v. Indian Gospel Fellowship Trust
(Mad) . . . 283
Commissioner --Revision--Depreciation on goodwill--Revision on ground goodwill not an asset entitled to depreciation--Goodwill valuable commercial asset similar to other intangibles eligible to depreciation--Where two views are possible and Assessing Officer accepting one view which is a plausible one, not appropriate to exercise power under section 263--Income-tax Act, 1961, ss. 32, 263-- CIT v. Hindustan Coco Cola Beverages P. Ltd. (Delhi) . . . 192
Income --Accrual--Non-banking financial company--Method of accounting--Mercantile system of accounting--Interest accrued on non-performing assets not recognised as income--In conformity with notification issued by Reserve Bank of India--No question of accrual of income--Income-tax Act, 1961-- CIT v. Coimbatore Lakshmi Inv. and Finance Co. Ltd . (Mad) . . . 229
Income from other sources --Deduction--Interest on borrowed capital--Assessee manufacturing and exporting textiles--Funds transferred from cash credit/packing credit--Interest on such funds--Not entitled to deduction--Income-tax Act, 1961, s. 57(iii)-- CIT v. Dhanalakshmi Weaving Works (Ker) . . . 188
Industrial undertaking --Special deduction--Duty draw back --Does not form part of net profit--Income-tax Act, 1961, s. 80-IB-- Eastman Exports Global Clothing P. Ltd. v. Asst. CIT (Mad) . . . 232
Interpretation of taxing statutes --Effect of Explanation -- CIT v. Jet Airways (I) Ltd . (Bom) . . . 236
----Purposive interpretation--Casus omissus-- CIT v. R. K. B. K. Ltd.
(Cal) . . . 269
Reassessment --Notice--Deduction allowed under section 80-IA --Initiation of proceedings on change of opinion on whether assessee engaged in manufacture--Not permissible--Assessee allowed deduction in preceding as well as subsequent years--Group company engaged in similar activity also allowed deduction--Proceedings to be quashed--Income-tax Act, 1961, ss. 80-IA, 147, 148-- Northern Strips Ltd . v. ITO
(Delhi) . . . 224
----Scope of power of Assessing Officer--Law applicable--Effect of amendment of section 147 w.e.f. 1-4-1989--Assessing Officer can also assess other incomes not referred to in notice of reassessment--Power to assess such other income only if income referred to in notice of reassessment has been assessed--Income-tax Act, 1961, s. 147-- CIT v. Jet Airways (I) Ltd. (Bom) . . . 236
Recovery of tax --Hindu undivided family--Firm--Hindu undivided family or individual property--Karta of Hindu undivided family becoming partner in firm--Finding that he had become a partner in his individual capacity--Hindu undivided family properties could not be attached in proceedings for recovery of tax due by firm--Income-tax Act, 1961-- ITO v. Tippala China Appa Rao (AP) . . . 248
----Provisional attachment--Limitation--Department to show whether time extended as required under law--Income-tax Act, 1961, s. 281B-- VLS Finance Ltd. v. Asst. CIT (Delhi) . . . 131
Revision --Commissioner--Assessing Officer allowing claim for depreciation without examining facts--False claim for depreciation in prior years--Order erroneous--Commissioner justified in setting aside order in revision--Income-tax Act, 1961, s. 263-- CIT v. English Indian Clays Ltd. (Ker) . . . 219
Search and seizure --Return of seized assets--Direction not to release seized assets till assessment completed--Assessment made treating as unexplained investment of assessee--Tribunal deleting addition on jewellery--Jewellery not released on ground it did not belong to assessee alone--No proof that jewellery belonging to a third person--Matter remanded--Income-tax Act, 1961, s. 69A-- Madhu Lalwani v. CIT
(Delhi) . . . 184
Unexplained investment --Cost of construction of property--Estimate based on relevant material--Justified--Income-tax Act, 1961-- CIT v. Smt. V. Gajalakshmi
(Mad) . . . 216
SECTIONWISE INDEX TO CASES REPORTED IN THIS PART
General Clauses Act, 1897 :
S. 13 --Capital gains--Exemption--Transfer of residential house and purchase or construction of a residential house within the prescribed time--Meaning of "a residential house" in section 54--Transfer of residential house and purchase of four flats in the same residential building--Assessee entitled to exemption under section 54-- CIT v. Smt. K. G. Rukminiamma (Karn) . . . 211
Income-tax Act, 1961 :
S. 2(15) --Charitable purpose--Charitable institution--Registration--Agricultural produce market committee--Income received to be spent for purpose mentioned--Including object of general public utility--Samiti entitled to registration-- CIT v. Krishi Upaj Mandi Samiti, Jaisalmer (Raj) . . . 135
----Charitable purpose--Charitable institution--Registration--Agricultural produce marketing committees set up by State Government--Charitable institution entitled to registration-- CIT v. Krishi Upaj Mandi Samiti, Shrimadhopur (Raj) . . . 174
----Charitable purpose--Registration of trust--"Charitable purposes", "property"--Meanings of--Samiti set up by State Government to regulate sale and purchase of agricultural produce and develop facilities for marketing of agricultural produce--Committees declared as local authorities exempted from tax till 2003--Dominant object of samitis was advancement of general public utility--Cess collected by samitis utilised for objects of samitis--Samitis entitled to registration-- CIT v. Krishi Utpadan Mandi Samiti
(All) . . . 154
S. 11 --Charitable purpose--Charitable institution--Registration--Agricultural produce marketing committees set up by State Government--Charitable institution entitled to registration-- CIT v. Krishi Upaj Mandi Samiti, Shrimadhopur
(Raj) . . . 174
----Charitable purpose--Registration of trust--"Charitable purposes", "property"--Meanings of--Samiti set up by State Government to regulate sale and purchase of agricultural produce and develop facilities for marketing of agricultural produce--Committees declared as local authorities exempted from tax till 2003--Dominant object of samitis was advancement of general public utility--Cess collected by samitis utilised for objects of samitis--Samitis entitled to registration-- CIT v. Krishi Utpadan Mandi Samiti
(All) . . . 154
----Charitable purpose--Registration of trust--Market committee constituted statutorily with object of helping agriculturists and consumers--Entitled to registration--Benefit of exemption depends upon whether income utilised for charitable purpose-- CIT v. Krishi Upaj Mandi Samiti (MP) . . . 140
S. 12 --Charitable purpose--Charitable institution--Registration--Agricultural produce marketing committees set up by State Government--Charitable institution entitled to registration-- CIT v. Krishi Upaj Mandi Samiti, Shrimadhopur
(Raj) . . . 174
S. 12A --Charitable purpose--Charitable institution--Registration--Agricultural produce market committee--Income received to be spent for purpose mentioned--Including object of general public utility--Samiti entitled to registration-- CIT v. Krishi Upaj Mandi Samiti, Jaisalmer (Raj) . . . 135
----Charitable purpose--Charitable institution--Registration--Agricultural produce marketing committees set up by State Government--Charitable institution entitled to registration-- CIT v. Krishi Upaj Mandi Samiti, Shrimadhopur (Raj) . . . 174
----Charitable purpose--Registration of trust--Agricultural produce marketing committees--Delay in application for registration from assessment year 2003-04 due to bona fide belief that registration was not necessary and in getting approval and legal advice from Government authorities--Delay to be condoned-- CIT v. Krishi Utpadan Mandi Samiti (All) . . . 154
----Charitable purpose--Registration of trust--"Charitable purposes", "property"--Meanings of--Samiti set up by State Government to regulate sale and purchase of agricultural produce and develop facilities for marketing of agricultural produce--Committees declared as local authorities exempted from tax till 2003--Dominant object of samitis was advancement of general public utility--Cess collected by samitis utilised for objects of samitis--Samitis entitled to registration-- CIT v. Krishi Utpadan Mandi Samiti
(All) . . . 154
----Charitable purpose--Registration of trust--Market committee constituted statutorily with object of helping agriculturists and consumers--Entitled to registration--Benefit of exemption depends upon whether income utilised for charitable purpose-- CIT v. Krishi Upaj Mandi Samiti (MP) . . . 140
S. 12AA --Charitable purpose--Charitable institution--Registration--Agricultural produce market committee--Income received to be spent for purpose mentioned--Including object of general public utility--Samiti entitled to registration-- CIT v. Krishi Upaj Mandi Samiti, Jaisalmer (Raj) . . . 135
----Charitable purpose--Registration of trust--Agricultural produce marketing committees--Delay in application for registration from assessment year 2003-04 due to bona fide belief that registration was not necessary and in getting approval and legal advice from Government authorities--Delay to be condoned-- CIT v. Krishi Utpadan Mandi Samiti (All) . . . 154
----Charitable purpose--Registration of trust--"Charitable purposes", "property"--Meanings of--Samiti set up by State Government to regulate sale and purchase of agricultural produce and develop facilities for marketing of agricultural produce--Committees declared as local authorities exempted from tax till 2003--Dominant object of samitis was advancement of general public utility--Cess collected by samitis utilised for objects of samitis--Samitis entitled to registration-- CIT v. Krishi Utpadan Mandi Samiti
(All) . . . 154
----Charitable purpose--Registration of trust--Market committee constituted statutorily with object of helping agriculturists and consumers--Entitled to registration--Benefit of exemption depends upon whether income utilised for charitable purpose-- CIT v. Krishi Upaj Mandi Samiti (MP) . . . 140
----Charitable trust--Registration--Application for registration--Delay in filing application--Assessee executing trust deed in 2000, started activities in 2005--Assessee as per advice of chartered accountant filing application belatedly--Delay to be condoned-- CIT v. Indian Gospel Fellowship Trust (Mad) . . . 283
S. 32 --Commissioner--Revision--Depreciation on goodwill--Revision on ground goodwill not an asset entitled to depreciation--Goodwill valuable commercial asset similar to other intangibles eligible to depreciation--Where two views are possible and Assessing Officer accepting one view which is a plausible one, not appropriate to exercise power under section 263-- CIT v. Hindustan Coco Cola Beverages P. Ltd.
(Delhi) . . . 192
S. 54 --Capital gains--Exemption--Transfer of residential house and purchase or construction of a residential house within the prescribed time--Meaning of "a residential house" in section 54--Transfer of residential house and purchase of four flats in the same residential building--Assessee entitled to exemption under section 54-- CIT v. Smt. K. G. Rukminiamma (Karn) . . . 211
S. 57(iii) --Income from other sources--Deduction--Interest on borrowed capital--Assessee manufacturing and exporting textiles--Funds transferred from cash credit/packing credit--Interest on such funds--Not entitled to deduction-- CIT v. Dhanalakshmi Weaving Works (Ker) . . . 188
S. 69A --Search and seizure--Return of seized assets--Direction not to release seized assets till assessment completed--Assessment made treating as unexplained investment of assessee--Tribunal deleting addition on jewellery--Jewellery not released on ground it did not belong to assessee alone--No proof that jewellery belonging to a third person--Matter remanded-- Madhu Lalwani v. CIT (Delhi) . . . 184
S. 80-IA --Reassessment--Notice--Deduction allowed under section 80-IA--Initiation of proceedings on change of opinion on whether assessee engaged in manufacture--Not permissible--Assessee allowed deduction in preceding as well as subsequent years--Group company engaged in similar activity also allowed deduction--Proceedings to be quashed-- Northern Strips Ltd . v. ITO (Delhi) . . . 224
S. 80-IB --Industrial undertaking--Special deduction--Duty draw back --Does not form part of net profit-- Eastman Exports Global Clothing P. Ltd. v. Asst. CIT
(Mad) . . . 232
S. 147 --Reassessment--Notice--Deduction allowed under section 80-IA --Initiation of proceedings on change of opinion on whether assessee engaged in manufacture--Not permissible--Assessee allowed deduction in preceding as well as subsequent years--Group company engaged in similar activity also allowed deduction--Proceedings to be quashed-- Northern Strips Ltd . v. ITO (Delhi) . . . 224
----Reassessment--Scope of power of Assessing Officer--Law applicable--Effect of amendment of section 147 w.e.f. 1-4-1989--Assessing Officer can also assess other incomes not referred to in notice of reassessment--Power to assess such other income only if income referred to in notice of reassessment has been assessed-- CIT v. Jet Airways (I) Ltd. (Bom) . . . 236
S. 148 --Reassessment--Notice--Deduction allowed under section 80-IA --Initiation of proceedings on change of opinion on whether assessee engaged in manufacture--Not permissible--Assessee allowed deduction in preceding as well as subsequent years--Group company engaged in similar activity also allowed deduction--Proceedings to be quashed-- Northern Strips Ltd . v. ITO (Delhi) . . . 224
S. 260A --Appeal to High Court--Delay in filing appeal--High Court can condone delay-- CIT v. R. K. B. K. Ltd . (Cal) . . . 269
S. 263 --Commissioner--Revision--Depreciation on goodwill--Revision on ground goodwill not an asset entitled to depreciation--Goodwill valuable commercial asset similar to other intangibles eligible to depreciation--Where two views are possible and Assessing Officer accepting one view which is a plausible one, not appropriate to exercise power under section 263-- CIT v. Hindustan Coco Cola Beverages P. Ltd.
(Delhi) . . . 192
----Revision--Commissioner--Assessing Officer allowing claim for depreciation without examining facts--False claim for depreciation in prior years--Order erroneous--Commissioner justified in setting aside order in revision-- CIT v. English Indian Clays Ltd. (Ker) . . . 219
S. 281B --Recovery of tax--Provisional attachment--Limitation--Department to show whether time extended as required under law-- VLS Finance Ltd. v. Asst. CIT
(Delhi) . . . 131
Volume 331 : Part 2 (Issue dated 21-2-2011)
SUBJECT INDEX TO CASES REPORTED IN THIS PART
HIGH COURTS
Appeal to High Court --Delay in filing appeal--High Court can condone delay--Income-tax Act, 1961, s. 260A-- CIT v. R. K. B. K. Ltd . (Cal) . . . 269
Capital gains --Exemption--Transfer of residential house and purchase or construction of a residential house within the prescribed time--Meaning of "a residential house" in section 54--Transfer of residential house and purchase of four flats in the same residential building--Assessee entitled to exemption under section 54--Income-tax Act, 1961, s. 54--General Clauses Act, 1897, s. 13-- CIT v. Smt. K. G. Rukminiamma
(Karn) . . . 211
Charitable purpose --Charitable institution--Registration--Agricultural produce market committee--Income received to be spent for purpose mentioned--Including object of general public utility--Samiti entitled to registration--Income-tax Act, 1961, ss. 2(15), 12A, 12AA-- CIT v. Krishi Upaj Mandi Samiti, Jaisalmer
(Raj) . . . 135
----Charitable institution--Registration--Agricultural produce marketing committees set up by State Government--Charitable institution entitled to registration--Income-tax Act, 1961, ss. 2(15), 11, 12, 12A-- CIT v. Krishi Upaj Mandi Samiti, Shrimadhopur
(Raj) . . . 174
----Registration of trust--Agricultural produce marketing committees--Delay in application for registration from assessment year 2003-04 due to bona fide belief that registration was not necessary and in getting approval and legal advice from Government authorities--Delay to be condoned--Income-tax Act, 1961, ss. 12A, 12AA-- CIT v. Krishi Utpadan Mandi Samiti (All) . . . 154
----Registration of trust--"Charitable purposes", "property"--Meanings of--Samiti set up by State Government to regulate sale and purchase of agricultural produce and develop facilities for marketing of agricultural produce--Committees declared as local authorities exempted from tax till 2003--Dominant object of samitis was advancement of general public utility--Cess collected by samitis utilised for objects of samitis--Samitis entitled to registration--Income-tax Act, 1961, ss. 2(15), 11, 12A, 12AA-- CIT v. Krishi Utpadan Mandi Samiti (All) . . . 154
----Registration of trust--Market committee constituted statutorily with object of helping agriculturists and consumers--Entitled to registration--Benefit of exemption depends upon whether income utilised for charitable purpose--Income-tax Act, 1961, ss. 11, 12A, 12AA-- CIT v. Krishi Upaj Mandi Samiti (MP) . . . 140
Charitable trust --Registration--Application for registration--Delay in filing application--Assessee executing trust deed in 2000, started activities in 2005--Assessee as per advice of chartered accountant filing application belatedly--Delay to be condoned--Income-tax Act, 1961, s. 12AA-- CIT v. Indian Gospel Fellowship Trust
(Mad) . . . 283
Commissioner --Revision--Depreciation on goodwill--Revision on ground goodwill not an asset entitled to depreciation--Goodwill valuable commercial asset similar to other intangibles eligible to depreciation--Where two views are possible and Assessing Officer accepting one view which is a plausible one, not appropriate to exercise power under section 263--Income-tax Act, 1961, ss. 32, 263-- CIT v. Hindustan Coco Cola Beverages P. Ltd. (Delhi) . . . 192
Income --Accrual--Non-banking financial company--Method of accounting--Mercantile system of accounting--Interest accrued on non-performing assets not recognised as income--In conformity with notification issued by Reserve Bank of India--No question of accrual of income--Income-tax Act, 1961-- CIT v. Coimbatore Lakshmi Inv. and Finance Co. Ltd . (Mad) . . . 229
Income from other sources --Deduction--Interest on borrowed capital--Assessee manufacturing and exporting textiles--Funds transferred from cash credit/packing credit--Interest on such funds--Not entitled to deduction--Income-tax Act, 1961, s. 57(iii)-- CIT v. Dhanalakshmi Weaving Works (Ker) . . . 188
Industrial undertaking --Special deduction--Duty draw back --Does not form part of net profit--Income-tax Act, 1961, s. 80-IB-- Eastman Exports Global Clothing P. Ltd. v. Asst. CIT (Mad) . . . 232
Interpretation of taxing statutes --Effect of Explanation -- CIT v. Jet Airways (I) Ltd . (Bom) . . . 236
----Purposive interpretation--Casus omissus-- CIT v. R. K. B. K. Ltd.
(Cal) . . . 269
Reassessment --Notice--Deduction allowed under section 80-IA --Initiation of proceedings on change of opinion on whether assessee engaged in manufacture--Not permissible--Assessee allowed deduction in preceding as well as subsequent years--Group company engaged in similar activity also allowed deduction--Proceedings to be quashed--Income-tax Act, 1961, ss. 80-IA, 147, 148-- Northern Strips Ltd . v. ITO
(Delhi) . . . 224
----Scope of power of Assessing Officer--Law applicable--Effect of amendment of section 147 w.e.f. 1-4-1989--Assessing Officer can also assess other incomes not referred to in notice of reassessment--Power to assess such other income only if income referred to in notice of reassessment has been assessed--Income-tax Act, 1961, s. 147-- CIT v. Jet Airways (I) Ltd. (Bom) . . . 236
Recovery of tax --Hindu undivided family--Firm--Hindu undivided family or individual property--Karta of Hindu undivided family becoming partner in firm--Finding that he had become a partner in his individual capacity--Hindu undivided family properties could not be attached in proceedings for recovery of tax due by firm--Income-tax Act, 1961-- ITO v. Tippala China Appa Rao (AP) . . . 248
----Provisional attachment--Limitation--Department to show whether time extended as required under law--Income-tax Act, 1961, s. 281B-- VLS Finance Ltd. v. Asst. CIT (Delhi) . . . 131
Revision --Commissioner--Assessing Officer allowing claim for depreciation without examining facts--False claim for depreciation in prior years--Order erroneous--Commissioner justified in setting aside order in revision--Income-tax Act, 1961, s. 263-- CIT v. English Indian Clays Ltd. (Ker) . . . 219
Search and seizure --Return of seized assets--Direction not to release seized assets till assessment completed--Assessment made treating as unexplained investment of assessee--Tribunal deleting addition on jewellery--Jewellery not released on ground it did not belong to assessee alone--No proof that jewellery belonging to a third person--Matter remanded--Income-tax Act, 1961, s. 69A-- Madhu Lalwani v. CIT
(Delhi) . . . 184
Unexplained investment --Cost of construction of property--Estimate based on relevant material--Justified--Income-tax Act, 1961-- CIT v. Smt. V. Gajalakshmi
(Mad) . . . 216
SECTIONWISE INDEX TO CASES REPORTED IN THIS PART
General Clauses Act, 1897 :
S. 13 --Capital gains--Exemption--Transfer of residential house and purchase or construction of a residential house within the prescribed time--Meaning of "a residential house" in section 54--Transfer of residential house and purchase of four flats in the same residential building--Assessee entitled to exemption under section 54-- CIT v. Smt. K. G. Rukminiamma (Karn) . . . 211
Income-tax Act, 1961 :
S. 2(15) --Charitable purpose--Charitable institution--Registration--Agricultural produce market committee--Income received to be spent for purpose mentioned--Including object of general public utility--Samiti entitled to registration-- CIT v. Krishi Upaj Mandi Samiti, Jaisalmer (Raj) . . . 135
----Charitable purpose--Charitable institution--Registration--Agricultural produce marketing committees set up by State Government--Charitable institution entitled to registration-- CIT v. Krishi Upaj Mandi Samiti, Shrimadhopur (Raj) . . . 174
----Charitable purpose--Registration of trust--"Charitable purposes", "property"--Meanings of--Samiti set up by State Government to regulate sale and purchase of agricultural produce and develop facilities for marketing of agricultural produce--Committees declared as local authorities exempted from tax till 2003--Dominant object of samitis was advancement of general public utility--Cess collected by samitis utilised for objects of samitis--Samitis entitled to registration-- CIT v. Krishi Utpadan Mandi Samiti
(All) . . . 154
S. 11 --Charitable purpose--Charitable institution--Registration--Agricultural produce marketing committees set up by State Government--Charitable institution entitled to registration-- CIT v. Krishi Upaj Mandi Samiti, Shrimadhopur
(Raj) . . . 174
----Charitable purpose--Registration of trust--"Charitable purposes", "property"--Meanings of--Samiti set up by State Government to regulate sale and purchase of agricultural produce and develop facilities for marketing of agricultural produce--Committees declared as local authorities exempted from tax till 2003--Dominant object of samitis was advancement of general public utility--Cess collected by samitis utilised for objects of samitis--Samitis entitled to registration-- CIT v. Krishi Utpadan Mandi Samiti
(All) . . . 154
----Charitable purpose--Registration of trust--Market committee constituted statutorily with object of helping agriculturists and consumers--Entitled to registration--Benefit of exemption depends upon whether income utilised for charitable purpose-- CIT v. Krishi Upaj Mandi Samiti (MP) . . . 140
S. 12 --Charitable purpose--Charitable institution--Registration--Agricultural produce marketing committees set up by State Government--Charitable institution entitled to registration-- CIT v. Krishi Upaj Mandi Samiti, Shrimadhopur
(Raj) . . . 174
S. 12A --Charitable purpose--Charitable institution--Registration--Agricultural produce market committee--Income received to be spent for purpose mentioned--Including object of general public utility--Samiti entitled to registration-- CIT v. Krishi Upaj Mandi Samiti, Jaisalmer (Raj) . . . 135
----Charitable purpose--Charitable institution--Registration--Agricultural produce marketing committees set up by State Government--Charitable institution entitled to registration-- CIT v. Krishi Upaj Mandi Samiti, Shrimadhopur (Raj) . . . 174
----Charitable purpose--Registration of trust--Agricultural produce marketing committees--Delay in application for registration from assessment year 2003-04 due to bona fide belief that registration was not necessary and in getting approval and legal advice from Government authorities--Delay to be condoned-- CIT v. Krishi Utpadan Mandi Samiti (All) . . . 154
----Charitable purpose--Registration of trust--"Charitable purposes", "property"--Meanings of--Samiti set up by State Government to regulate sale and purchase of agricultural produce and develop facilities for marketing of agricultural produce--Committees declared as local authorities exempted from tax till 2003--Dominant object of samitis was advancement of general public utility--Cess collected by samitis utilised for objects of samitis--Samitis entitled to registration-- CIT v. Krishi Utpadan Mandi Samiti
(All) . . . 154
----Charitable purpose--Registration of trust--Market committee constituted statutorily with object of helping agriculturists and consumers--Entitled to registration--Benefit of exemption depends upon whether income utilised for charitable purpose-- CIT v. Krishi Upaj Mandi Samiti (MP) . . . 140
S. 12AA --Charitable purpose--Charitable institution--Registration--Agricultural produce market committee--Income received to be spent for purpose mentioned--Including object of general public utility--Samiti entitled to registration-- CIT v. Krishi Upaj Mandi Samiti, Jaisalmer (Raj) . . . 135
----Charitable purpose--Registration of trust--Agricultural produce marketing committees--Delay in application for registration from assessment year 2003-04 due to bona fide belief that registration was not necessary and in getting approval and legal advice from Government authorities--Delay to be condoned-- CIT v. Krishi Utpadan Mandi Samiti (All) . . . 154
----Charitable purpose--Registration of trust--"Charitable purposes", "property"--Meanings of--Samiti set up by State Government to regulate sale and purchase of agricultural produce and develop facilities for marketing of agricultural produce--Committees declared as local authorities exempted from tax till 2003--Dominant object of samitis was advancement of general public utility--Cess collected by samitis utilised for objects of samitis--Samitis entitled to registration-- CIT v. Krishi Utpadan Mandi Samiti
(All) . . . 154
----Charitable purpose--Registration of trust--Market committee constituted statutorily with object of helping agriculturists and consumers--Entitled to registration--Benefit of exemption depends upon whether income utilised for charitable purpose-- CIT v. Krishi Upaj Mandi Samiti (MP) . . . 140
----Charitable trust--Registration--Application for registration--Delay in filing application--Assessee executing trust deed in 2000, started activities in 2005--Assessee as per advice of chartered accountant filing application belatedly--Delay to be condoned-- CIT v. Indian Gospel Fellowship Trust (Mad) . . . 283
S. 32 --Commissioner--Revision--Depreciation on goodwill--Revision on ground goodwill not an asset entitled to depreciation--Goodwill valuable commercial asset similar to other intangibles eligible to depreciation--Where two views are possible and Assessing Officer accepting one view which is a plausible one, not appropriate to exercise power under section 263-- CIT v. Hindustan Coco Cola Beverages P. Ltd.
(Delhi) . . . 192
S. 54 --Capital gains--Exemption--Transfer of residential house and purchase or construction of a residential house within the prescribed time--Meaning of "a residential house" in section 54--Transfer of residential house and purchase of four flats in the same residential building--Assessee entitled to exemption under section 54-- CIT v. Smt. K. G. Rukminiamma (Karn) . . . 211
S. 57(iii) --Income from other sources--Deduction--Interest on borrowed capital--Assessee manufacturing and exporting textiles--Funds transferred from cash credit/packing credit--Interest on such funds--Not entitled to deduction-- CIT v. Dhanalakshmi Weaving Works (Ker) . . . 188
S. 69A --Search and seizure--Return of seized assets--Direction not to release seized assets till assessment completed--Assessment made treating as unexplained investment of assessee--Tribunal deleting addition on jewellery--Jewellery not released on ground it did not belong to assessee alone--No proof that jewellery belonging to a third person--Matter remanded-- Madhu Lalwani v. CIT (Delhi) . . . 184
S. 80-IA --Reassessment--Notice--Deduction allowed under section 80-IA--Initiation of proceedings on change of opinion on whether assessee engaged in manufacture--Not permissible--Assessee allowed deduction in preceding as well as subsequent years--Group company engaged in similar activity also allowed deduction--Proceedings to be quashed-- Northern Strips Ltd . v. ITO (Delhi) . . . 224
S. 80-IB --Industrial undertaking--Special deduction--Duty draw back --Does not form part of net profit-- Eastman Exports Global Clothing P. Ltd. v. Asst. CIT
(Mad) . . . 232
S. 147 --Reassessment--Notice--Deduction allowed under section 80-IA --Initiation of proceedings on change of opinion on whether assessee engaged in manufacture--Not permissible--Assessee allowed deduction in preceding as well as subsequent years--Group company engaged in similar activity also allowed deduction--Proceedings to be quashed-- Northern Strips Ltd . v. ITO (Delhi) . . . 224
----Reassessment--Scope of power of Assessing Officer--Law applicable--Effect of amendment of section 147 w.e.f. 1-4-1989--Assessing Officer can also assess other incomes not referred to in notice of reassessment--Power to assess such other income only if income referred to in notice of reassessment has been assessed-- CIT v. Jet Airways (I) Ltd. (Bom) . . . 236
S. 148 --Reassessment--Notice--Deduction allowed under section 80-IA --Initiation of proceedings on change of opinion on whether assessee engaged in manufacture--Not permissible--Assessee allowed deduction in preceding as well as subsequent years--Group company engaged in similar activity also allowed deduction--Proceedings to be quashed-- Northern Strips Ltd . v. ITO (Delhi) . . . 224
S. 260A --Appeal to High Court--Delay in filing appeal--High Court can condone delay-- CIT v. R. K. B. K. Ltd . (Cal) . . . 269
S. 263 --Commissioner--Revision--Depreciation on goodwill--Revision on ground goodwill not an asset entitled to depreciation--Goodwill valuable commercial asset similar to other intangibles eligible to depreciation--Where two views are possible and Assessing Officer accepting one view which is a plausible one, not appropriate to exercise power under section 263-- CIT v. Hindustan Coco Cola Beverages P. Ltd.
(Delhi) . . . 192
----Revision--Commissioner--Assessing Officer allowing claim for depreciation without examining facts--False claim for depreciation in prior years--Order erroneous--Commissioner justified in setting aside order in revision-- CIT v. English Indian Clays Ltd. (Ker) . . . 219
S. 281B --Recovery of tax--Provisional attachment--Limitation--Department to show whether time extended as required under law-- VLS Finance Ltd. v. Asst. CIT
(Delhi) . . . 131
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This group is moderated by SHRI. BHUPENDRA SHAH, FCA, DISA(ICA)of Mumbai and DIPAK AGARWAL, FCA, DISA(ICA)of Guwahati. The opinion expressed here by any memebrs are of their own, and the user need to verify it from their own sources. No responsibility of any sort can be cast upon any members or the modertaor for any opinion expressed or the information posted on this group.
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