ITR (TRIB) Volume 10 : Part 6 (Issue dated : 08-08-2011)

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

Volume 10 : Part 6 (Issue dated : 08-08-2011)

SUBJECT INDEX TO CASES REPORTED IN THIS PART

Appeal to Appellate Tribunal --Powers of Tribunal--Power to restore appeal--Strike by lawyers and chartered accountants--Appeals dismissed for want of prosecution--Appeals not considered on merits--Tribunal has power to restore appeals under section 254(2)--Income-tax Act, 1961, s. 254--Income-tax (Appellate Tribunal) Rules, 1963, r. 24-- Nawal Kishore and Sons Jewellers v. Asst. CIT (Lucknow) . . . 659

Cash credits --Genuineness of gifts--Addition to income on ground that credits cannot be explained--Assessee failing to show creditworthiness and genuineness of donors and gifts--Additions justified--Income-tax Act, 1961, s. 68-- Vivek N. Jajodia v. ITO (Mumbai) . . . 581

Company --Book profits--Computation--Power of Assessing Officer to examine--Amount claimed as deduction in first year of assessment as net prior period charges/credits--Assessee not able to substantiate claim--Amount not deductible--Provision for terminal benefits of employees calculated on basis of actuarial valuation--Deductible--Income-tax Act, 1961, s. 115JB-- Eastern Power Distribution Company of A. P. Ltd. v. Asst. CIT (Visakhapatnam) . . . 594

Income --Diversion by overriding title--Retirement benefits payable to retiring partner for a period of five years in terms of partnership deed--Charge on profits of firm--Amounts diverted before receipt by firm--Cannot be included in total income of assessee--Income-tax Act, 1961-- RSM and Co. v. Addl. CIT (Mumbai) . . . 614

Interest on borrowed capital --Advancing to company as interest free loan where assessee is director--No proof that given for commercial expediency of his business--Not allowable--Income-tax Act, 1961, s. 36(1)(iii)-- Vivek N. Jajodia v. ITO (Mumbai) . . . 581

Penalty --Concealment of income--Claim for deduction of bad debt--Claim based on device to mislead Assessing Officer--Full facts regarding claim not furnished in return--Penalty leviable--Income-tax Act, 1961, s. 271(1)(c)-- Asst. CIT v. Kanchenjunga Advertising P. Ltd. (Delhi) . . . 649

Reassessment --Notice--Notice after four years on mere change of opinion--No failure to disclose material facts necessary for assessment--Reassessment proceedings after four years invalid--Failure to record reasons--Reassessment within four years not permissible--Income-tax Act, 1961, ss. 147, 148-- GlaxoSmithKline Pharmaceuticals Ltd. v. ITO (Mumbai) . . . 631

Revision --Powers of Commissioner--Limitation--Issues considered by Assessing Officer--No evidence of error--Commissioner cannot revise order--Issues not subject-matter of reassessment--Order of revision to be reckoned from date of original assessment order--Barred by limitation--Income-tax Act, 1961, s. 263-- D. Arunachalam v. ITO (Chennai) . . . 625

SECTIONWISE INDEX TO CASES REPORTED IN THIS PART

Income-tax Act, 1961 :

S. 36(1)(iii) -- Interest on borrowed capital--Advancing to company as interest free loan where assessee is director--No proof that given for commercial expediency of his business--Not allowable-- Vivek N. Jajodia v. ITO (Mumbai) . . . 581

S. 68 --Cash credits--Genuineness of gifts--Addition to income on ground that credits cannot be explained--Assessee failing to show creditworthiness and genuineness of donors and gifts--Additions justified-- Vivek N. Jajodia v. ITO (Mumbai) . . . 581

S. 115JB -- Company--Book profits--Computation--Power of Assessing Officer to examine--Amount claimed as deduction in first year of assessment as net prior period charges/credits--Assessee not able to substantiate claim--Amount not deductible--Provision for terminal benefits of employees calculated on basis of actuarial valuation--Deductible-- Eastern Power Distribution Company of A. P. Ltd. v. Asst. CIT (Visakhapatnam) . . . 594

S. 147 -- Reassessment--Notice--Notice after four years on mere change of opinion --No failure to disclose material facts necessary for assessment--Reassessment proceedings after four years invalid--Failure to record reasons--Reassessment within four years not permissible-- GlaxoSmithKline Pharmaceuticals Ltd. v. ITO (Mumbai) . . . 631

S. 148 -- Reassessment--Notice--Notice after four years on mere change of opinion --No failure to disclose material facts necessary for assessment--Reassessment proceedings after four years invalid--Failure to record reasons--Reassessment within four years not permissible-- GlaxoSmithKline Pharmaceuticals Ltd. v. ITO (Mumbai) . . . 631

S. 254 -- Appeal to Appellate Tribunal--Powers of Tribunal--Power to restore appeal --Strike by lawyers and chartered accountants--Appeals dismissed for want of prosecution--Appeals not considered on merits--Tribunal has power to restore appeals under section 254(2)-- Nawal Kishore and Sons Jewellers v. Asst. CIT (Lucknow) . . . 659

S. 263 -- Revision--Powers of Commissioner--Limitation--Issues considered by Assessing Officer--No evidence of error--Commissioner cannot revise order--Issues not subject-matter of reassessment--Order of revision to be reckoned from date of original assessment order--Barred by limitation-- D. Arunachalam v. ITO (Chennai) . . . 625

S. 271(1)(c) -- Penalty--Concealment of income--Claim for deduction of bad debt--Claim based on device to mislead Assessing Officer--Full facts regarding claim not furnished in return--Penalty leviable-- Asst. CIT v. Kanchenjunga Advertising P. Ltd. (Delhi) . . . 649

Income-tax (Appellate Tribunal) Rules, 1963 :

R. 24 --Appeal to Appellate Tribunal--Powers of Tribunal--Power to restore appeal --Strike by lawyers and chartered accountants--Appeals dismissed for want of prosecution--Appeals not considered on merits--Tribunal has power to restore appeals under section 254(2)-- Nawal Kishore and Sons Jewellers v. Asst. CIT (Lucknow) . . . 659