Volume 338 : Part 4 (Issue dated 7-11-2011)
SUBJECT INDEX TO CASES REPORTED IN THIS PART
HIGH COURTS
Advance tax :- --Interest--Company--Book
profits--Interest under sections 234B and 234C to be paid on failure to pay
advance tax in respect of tax payable under section 115JA/115JB--Income-tax
Act, 1961, ss. 115JA, 115JB, 234B, 234C-- CIT v. Steel Steips Leasing
Ltd. (P&H) . . . 455
Bad debts :- --Non-banking financial
company--Amount advanced in ordinary course of business--To be
allowed--Income-tax Act, 1961, s. 36(1)(vii), (2)-- All Grow Finance and
Investment P. Ltd. v. CIT (Delhi) . . . 496
Business
expenditure :- --Interest on
borrowed capital--Assessee investing borrowed funds in equity capital of subsidiary
company--Expenditure incurred for business purposes--To be allowed--Income-tax
Act, 1961, s. 36(1)(iii)-- CIT v. Tulip Star Hotels Ltd . (Delhi)
. . . 482
Export :- --Special deduction--Export--Meaning
of--Supply of food and beverages to foreign airlines leaving India--Articles
escorted by Customs Officer--RBI certifying that amount received deemed to be
convertible foreign exchange--Assessee entitled to special deduction under
section 80HHC--Income-tax Act, 1961, s. 80HHC-- EIH Ltd . v. CIT
(Cal) . . . 503
Income from
other sources :- --Business
income--Income from letting out factory--No proof that assessee only let it out
temporarily and intended to resume its business--Income to be treated as income
from other sources--Income-tax Act, 1961-- CIT v. Venkateswara Agro
Chemicals and Minerals P. Ltd. (Mad) . . . 428
Income-tax :- --General principles--Decision
regarding fundamental nature of transactions continuing for a number of
years--Change in view for a particular year without adequate reason--Not
justified-- CIT v. Escorts Ltd . (Delhi) . . . 435
Refund :- --Interest on refund--Date from which
interest becomes due--Effect of section 244A and Circular No. 549, dated
31-10-1989--Excess amount paid on self-assessment--Excess to be refunded with
interest from date of payment of such tax till date of refund--Income-tax Act,
1961, s. 244A--Circular No. 549, dated 31-10-1989-- CIT v. Vijaya
Bank (Karn) . . . 489
Revision :- --Transactions of purchase and sale
of units for many years--Transactions considered to be genuine in prior and
subsequent assessment years--Revision proceedings on ground that transactions
pertaining to relevant assessment year were speculative--Not
permissible--Income-tax Act, 1961, s. 263-- CIT v. Escorts Ltd .(Delhi) . . . 435
Search and
seizure :- --Block
assessment--Undisclosed income--Effect of Remittances of Foreign Exchange and
Investment in Foreign Exchange Bonds (Immunities and Exemptions) Act,
1991--Bonds entitled to immunity from enquiry--Receipt of bonds as gifts--Value
of bonds not assessable as undisclosed income--Income-tax Act, 1961, s.
158BC--Remittances of Foreign Exchange and Investment in Foreign Exchange Bonds
(Immunities and Exemptions) Act, 1991-- CIT v. Smt. Usha Omer (All) . . . 448
:- ----Validity--Condition
precedent for search--Information giving rise to belief that income would not
be disclosed--Inquiries and material showing documents would not be
produced--Search valid--Notice under sections 131(1A) and 133(6) subsequent to
search would not invalidate search--Allegation that search proceedings were
mala fide--Burden of proof on assessee to prove allegation--Income-tax Act,
1961, ss. 131, 132, 133-- Neesa Leisure Ltd . v. Union of India
through Secretary (Guj) . . .
460
Unexplained
investment :- --Investment in
properties--No evidence of understatement of consideration--Addition to income
based solely on report of District Valuation Officer--Not valid--Income-tax
Act, 1961, s. 69B-- CIT v. Puneet Sabharwal (Delhi) . . . 485
S. 36(1)(iii) :- --Business
expenditure--Interest on borrowed capital--Assessee investing borrowed
funds in equity capital of subsidiary company--Expenditure incurred for
business purposes--To be allowed-- CIT v. Tulip Star Hotels Ltd .(Delhi) . . . 482
S.
36(1)(vii) :- --Bad
debts--Non-banking financial company--Amount advanced in ordinary course of
business--To be allowed-- All Grow Finance and Investment P. Ltd. v. CIT
(Delhi) . . . 496
S. 36(2) :- --Bad debts--Non-banking financial
company--Amount advanced in ordinary course of business--To be allowed-- All
Grow Finance and Investment P. Ltd. v. CIT (Delhi) . . . 496
S. 69B :- --Unexplained investment--Investment
in properties--No evidence of understatement of consideration--Addition to
income based solely on report of District Valuation Officer--Not valid-- CIT
v. Puneet Sabharwal (Delhi) . . . 485
S. 80HHC :- --Export--Special
deduction--Export--Meaning of--Supply of food and beverages to foreign airlines
leaving India--Articles escorted by Customs Officer--RBI certifying that amount
received deemed to be convertible foreign exchange--Assessee entitled to
special deduction under section 80HHC-- EIH Ltd . v. CIT (Cal) . . . 503
S. 115JA :- --Advance
tax--Interest--Company--Book profits--Interest under sections 234B and 234C to
be paid on failure to pay advance tax in respect of tax payable under section
115JA/115JB-- CIT v. Steel Steips Leasing Ltd. (P&H) . . .
455
S. 115JB :- --Advance
tax--Interest--Company--Book profits--Interest under sections 234B and 234C to
be paid on failure to pay advance tax in respect of tax payable under section
115JA/115JB-- CIT v. Steel Steips Leasing Ltd. (P&H) . . .
455
S. 131 :- --Search and
seizure--Validity--Condition precedent for search--Information giving rise to
belief that income would not be disclosed--Inquiries and material showing
documents would not be produced--Search valid--Notice under sections 131(1A)
and 133(6) subsequent to search would not invalidate search--Allegation that
search proceedings were mala fide--Burden of proof on assessee to prove
allegation-- Neesa Leisure Ltd . v. Union of India through Secretary
(Guj) . . . 460
S. 132 :- --Search and
seizure--Validity--Condition precedent for search--Information giving rise to
belief that income would not be disclosed--Inquiries and material showing
documents would not be produced--Search valid--Notice under sections 131(1A)
and 133(6) subsequent to search would not invalidate search--Allegation that
search proceedings were mala fide--Burden of proof on assessee to prove
allegation-- Neesa Leisure Ltd . v. Union of India through Secretary (Guj)
. . . 460
S. 133 :- --Search and
seizure--Validity--Condition precedent for search--Information giving rise to
belief that income would not be disclosed--Inquiries and material showing
documents would not be produced--Search valid--Notice under sections 131(1A)
and 133(6) subsequent to search would not invalidate search--Allegation that
search proceedings were mala fide--Burden of proof on assessee to prove
allegation-- Neesa Leisure Ltd . v. Union of India through Secretary
(Guj) . . . 460
S. 158BC :- --Search and seizure--Block
assessment--Undisclosed income--Effect of Remittances of Foreign Exchange and
Investment in Foreign Exchange Bonds (Immunities and Exemptions) Act,
1991--Bonds entitled to immunity from enquiry--Receipt of bonds as gifts--Value
of bonds not assessable as undisclosed income--Remittances of Foreign Exchange
and Investment in Foreign Exchange Bonds (Immunities and Exemptions) Act,
1991-- CIT v. Smt. Usha Omer (All) . . . 448
S. 234B :- --Advance
tax--Interest--Company--Book profits--Interest under sections 234B and 234C to
be paid on failure to pay advance tax in respect of tax payable under section
115JA/115JB-- CIT v. Steel Steips Leasing Ltd. (P&H) . . .
455
S. 234C :- --Advance
tax--Interest--Company--Book profits--Interest under sections 234B and 234C to
be paid on failure to pay advance tax in respect of tax payable under section
115JA/115JB-- CIT v. Steel Steips Leasing Ltd. (P&H) . . .
455
S. 244A :- --Refund--Interest on refund--Date
from which interest becomes due--Effect of section 244A and Circular No. 549,
dated 31-10-1989--Excess amount paid on self-assessment--Excess to be refunded
with interest from date of payment of such tax till date of refund--Circular
No. 549, dated 31-10-1989-- CIT v. Vijaya Bank (Karn) . . . 489
S. 263 :- --Revision--Transactions of purchase
and sale of units for many years--Transactions considered to be genuine in
prior and subsequent assessment years--Revision proceedings on ground that
transactions pertaining to relevant assessment year were speculative--Not
permissible-- CIT v. Escorts Ltd . (Delhi) . . . 435
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