Direct Tax Laws Oct 12

Assessment cannot be reopened merely on basis of objections of revenue audit party - [2011] 15 taxmann 170 (Gujarat)

Claim of exemption u/s 10(38) from capital gains tax in respect of capital assets, which were converted into stock-in-trade, could not be allowed merely because on the date of sale of such stock-in-trade, assessee was required to pay STT on them - [2011] 15 taxmann 176 (New Delhi - Trib.)

Any consideration for live broadcasting cannot be considered as royalty for transfer of copyright so as to fall within domain of Explanation 2 to section 9(1)(vi).Mere sale of goods by a non-resident in India on principal to principal basis does not establish any business connection of non-resident with India - [2011] 15 taxmann 175 (Mumbai - Trib.)

Additional depreciation : When assessee had claimed depreciation with reference to only one unit, one should not examine additional enhanced capacity with reference to whole of business; one should consider increase in capacity of an undertaking in which additional machinery was installed - [2011] 15 taxmann 172 (Mumbai - Trib.)

Services provided by security personnel under a contract with agency would fall within ambit of section 194C and not under section 194J - [2011] 15 taxmann 163 (Pune - Trib.)