ITR (tribunal) Volume 9 Part 3 issue dated 16-05-2011

ITR'S TRIBUNAL TAX REPORTS (ITR (TRIB))

Volume 9 : Part 3 (Issue dated : 16-05-2011)

SUBJECT INDEX TO CASES REPORTED IN THIS PART

Assessment --Law applicable--Law in force at beginning of assessment year--Income-tax Act, 1961-- Ashok Kumar Damani v. Addl. CIT(Mumbai) . . . 304

Business expenditure --Disallowance--Fines and penalties--Penalty paid to stock exchange--Compensatory payment--Cannot be disallowed--Income-tax Act, 1961-- Ashok Kumar Damani v. Addl. CIT (Mumbai) . . . 304

Charitable purposes --Charitable trust--Registration of trust--Clause in trust deed empowering trustees to conduct business--Removal of clause w.e.f 17-9-2009--Trust entitled to registration from 17-9-2009--Income-tax Act, 1961, s. 12AA-- Dev Siksha Samiti v. Asst. CIT (Delhi) . . . 319

Deduction of tax at source --Amount paid for services--Fees paid to stock exchange as transaction charges and V-sat charges--Not for services--Section 194J not applicable--Income-tax Act, 1961, s. 194J-- Ashok Kumar Damani v. Addl. CIT (Mumbai) . . . 304

Double taxation relief --Income deemed to accrue or arise in India--U. K. law firm rendering services to clients in connection with projects in India--Firm entitled to benefit of DTAA--Assessee had permanent establishment in India--Profits attributable to projects in India taxable in India--Actual profits taxable--Reimbursement of expenses--Evidence that expenses had been incurred--No part of reimbursement could be treated as income--Income-tax Act, 1961, ss. 9, 90--Double Taxation Avoidance Agreement between India and the U. K. arts. 5, 7-- Linklaters LLP v. ITO (International Taxation) (Mumbai) . . . 217

Income --Computation--Disallowance under section 14A--Computation--Law applicable--Rule 8D not retrospective--Disallowance to be made on reasonable basis--Income-tax Act, 1961, s. 14A-- Ashok Kumar Damani v. Addl. CIT (Mumbai) . . . 304

Shares and securities --Loss on purchase and sale of securities--Effect of insertion of section 94(7) and its amendment w. e. f. 1-4-2005--Amendment applicable for assessment year 2005-06--Decrease in value of investment not covered--Income-tax Act, 1961, s. 94-- Ashok Kumar Damani v. Addl. CIT (Mumbai) . . . 304

SECTIONWISE INDEX TO CASES REPORTED IN THIS PART

Double Taxation Avoidance Agreement between India and the U. K. :

Arts. 5, 7 --Double taxation relief--Income deemed to accrue or arise in India--U. K. law firm rendering services to clients in connection with projects in India--Firm entitled to benefit of DTAA--Assessee had permanent establishment in India--Profits attributable to projects in India taxable in India--Actual profits taxable--Reimbursement of expenses--Evidence that expenses had been incurred--No part of reimbursement could be treated as income-- Linklaters LLP v. ITO (International Taxation) (Mumbai) . . . 217

Income-tax Act, 1961 :

S. 9 --Double taxation relief--Income deemed to accrue or arise in India--U. K. law firm rendering services to clients in connection with projects in India--Firm entitled to benefit of DTAA--Assessee had permanent establishment in India--Profits attributable to projects in India taxable in India--Actual profits taxable--Reimbursement of expenses--Evidence that expenses had been incurred--No part of reimbursement could be treated as income-- Linklaters LLP v. ITO (International Taxation) (Mumbai) . . . 217

S. 12AA --Charitable purposes--Charitable trust--Registration of trust--Clause in trust deed empowering trustees to conduct business--Removal of clause w.e.f 17-9-2009--Trust entitled to registration from 17-9-2009-- Dev Siksha Samiti v. Asst. CIT (Delhi) . . . 319

S. 14A --Income--Computation--Disallowance under section 14A--Computation--Law applicable--Rule 8D not retrospective--Disallowance to be made on reasonable basis-- Ashok Kumar Damani v. Addl. CIT (Mumbai) . . . 304

S. 90 --Double taxation relief--Income deemed to accrue or arise in India--U. K. law firm rendering services to clients in connection with projects in India--Firm entitled to benefit of DTAA--Assessee had permanent establishment in India--Profits attributable to projects in India taxable in India--Actual profits taxable--Reimbursement of expenses--Evidence that expenses had been incurred--No part of reimbursement could be treated as income-- Linklaters LLP v. ITO (International Taxation) (Mumbai) . . . 217

S. 94 --Shares and securities--Loss on purchase and sale of securities--Effect of insertion of section 94(7) and its amendment w. e. f. 1-4-2005--Amendment applicable for assessment year 2005-06--Decrease in value of investment not covered-- Ashok Kumar Damani v. Addl. CIT(Mumbai) . . . 304

S. 194J --Deduction of tax at source--Amount paid for services--Fees paid to stock exchange as transaction charges and V-sat charges--Not for services--Section 194J not applicable-- Ashok Kumar Damani v. Addl. CIT (Mumbai) . . . 304