Best judgment assessment --Rejection of accounts and
assessment under section 144--Disallowance of expenses under section 40(a)(ia)
on ground of non-deduction of tax at source--Not justified--Income-tax Act,
1961, ss. 40(a)(ia), 144-- ITO v. Sahadev Pradhan
(Cuttack) . . . 180
Business income --Income from other
sources--Interest on income-tax refund--Is income from other sources, not
business income--Income-tax Act, 1961, ss. 28, 56-- Kotak Mahindra Capital
Co. Ltd. v. Assistant CIT [SB] (Mumbai) . . . 213
Capital gains --Computation--Effect of section
50C--Assessee booking flat--Amount paid for booking returned subsequently--Section
50C not applicable--Income-tax Act, 1961, ss. 45, 50C-- ITO v. Yasin
Moosa Godil (Ahmedabad) . . . 253
----Loss--Carry forward and set
off--Change of law--Amendment with effect from April 1, 2003 restricting
set-off of long-term capital loss only against long-term capital gains and not
against short-term capital gains--Applicable only to long-term capital loss
incurred in assessment year 2003-04 and subsequent years--Set-off of long-term
capital loss brought forward from periods prior to assessment year 2003-04
governed by provisions as they stood prior to amendment--Assessee entitled to
set off brought forward long-term capital loss relating to assessment year
2001-02 against short-term capital gains of assessment year 2003-04--Income-tax
Act, 1961, s. 74 (as amended by Finance Act, 2002)-- Kotak Mahindra Capital
Co. Ltd. v. Assistant CIT [SB] (Mumbai) . . . 213
Charitable purpose --Donation for charitable
purpose--Approval of institution--If objects charitable no right to deny
approval--Registration under section 12A is sufficient proof--Assessee entitled
to renewal of exemption certificate--Income-tax Act, 1961, ss. 12A,
80G(5)(vi)-- Bengal Hosiery Manufacturers’ Association v. Director
of Income-tax (Exemption) (Kolkata) . . . 205
----Donation for charitable
purposes--Registration of trust under section 80G--Clause in trust deed
empowering trustees to invest in business--Other clauses making it clear that
all powers subject to limitations and restrictions under Income-tax Act--Clause
cannot be read in isolation--Trust granted registration under sections 10(23C)
and 12A--Trust entitled to registration under section 80G--Income-tax Act,
1961, ss. 10(23C), 12A, 80G-- NSHM Academy v. CIT
(Kolkata) . . . 244
Company --Book profits--Minimum
alternate tax--Interest--Section 115JB not applicable--Net profit already
computed under Companies Act--Addition to book profit not proper--Income-tax
Act, 1961, s. 115JB-- Joint CIT v. Shreyans Industries Ltd.
(Chandigarh) . . . 169
----Book profits--Provision for
gratuity--To be excluded from calculation of book profits--Income-tax Act,
1961, s. 115JB-- Joint CIT v. Shreyans Industries Ltd.
(Chandigarh) . . . 169
Depreciation --Goodwill--Amalgamation of
wholly owned subsidiary with assessee-company--Subsidiary company earning
income by lease of property--Primary asset transferred was land--No proof of
transfer of goodwill--Depreciation not allowable on goodwill--Income-tax Act,
1961, s. 32-- Deputy CIT v. Toyo Engineering India Ltd. (Mumbai)
. . . 159
Export --Special deduction--Profit on
transfer of DEPB licence--Duty of Assessing Officer to grant opportunity of
hearing to assessee--Matter remanded--Income-tax Act, 1961, s. 80HHC-- Jacob
Export House v. Assistant CIT (Chandigarh) . . . 175
Interpretation of taxing statutes --Strict
construction--Construction according to rules of grammar-- Kotak Mahindra
Capital Co. Ltd. v. Assistant CIT [SB] (Mumbai) . . . 213
Non-resident --Business loss--Set off--No
permanent establishment in India--Assessee choosing to be governed by
Income-tax Act and not by Double Taxation Avoidance Agreement--Assessing
Officer cannot impose Double Taxation Avoidance Agreement--Assessee entitled to
set off loss under “Profits and gains of business or profession†against
“Income from other sources†--Income-tax Act, 1961, ss. 71, 90(2)--
Prudential Assurance Co. Ltd. v. Assistant Director of Income-tax
(Mumbai) . . . 186
Reassessment --Notice issued after four
years--No case of failure to disclose material facts--Reassessment on change of
opinion--To be quashed--Income-tax Act, 1961, ss. 143(3), 147, 148--
Prudential Assurance Co. Ltd. v. Assistant Director of Income-tax
(Mumbai) . . . 186
Refund --Interest--Interest on excess
refund--Provision inserted with effect from June 1, 2003--Explanation that
interest leviable for assessment years prior to that date if proceedings
completed thereafter--Assessee liable to pay interest--Income-tax Act, 1961, s.
234D-- Kotak Mahindra Capital Co. Ltd. v. Assistant CIT
[SB] (Mumbai) . . . 213
S. 10(23C) --Charitable purposes--Donation
for charitable purposes--Registration of trust under section 80G--Clause in
trust deed empowering trustees to invest in business--Other clauses making it
clear that all powers subject to limitations and restrictions under Income-tax
Act--Clause cannot be read in isolation--Trust granted registration under
sections 10(23C) and 12A--Trust entitled to registration under section 80G--
NSHM Academy v. CIT (Kolkata) . . . 244
S. 12A --Charitable purpose--Donation
for charitable purpose--Approval of institution--If objects charitable no right
to deny approval--Registration under section 12A is sufficient proof--Assessee
entitled to renewal of exemption certificate-- Bengal Hosiery
Manufacturers’ Association v. Director of Income-tax
(Exemption) (Kolkata) . . . 205
----Charitable purposes--Donation
for charitable purposes--Registration of trust under section 80G--Clause in
trust deed empowering trustees to invest in business--Other clauses making it
clear that all powers subject to limitations and restrictions under Income-tax
Act--Clause cannot be read in isolation--Trust granted registration under
sections 10(23C) and 12A--Trust entitled to registration under section 80G--
NSHM Academy v. CIT (Kolkata) . . . 244
S. 28 --Business income--Income from
other sources--Interest on income-tax refund--Is income from other sources, not
business income-- Kotak Mahindra Capital Co. Ltd. v. Assistant
CIT [SB] (Mumbai) . . . 213
S. 32
--Depreciation--Goodwill--Amalgamation of wholly owned subsidiary with
assessee-company--Subsidiary company earning income by lease of
property--Primary asset transferred was land--No proof of transfer of
goodwill--Depreciation not allowable on goodwill-- Deputy CIT v. Toyo
Engineering India Ltd. (Mumbai) . . . 159
S. 40(a)(ia) --Best judgment
assessment--Rejection of accounts and assessment under section
144--Disallowance of expenses under section 40(a)(ia) on ground of
non-deduction of tax at source--Not justified-- ITO v. Sahadev
Pradhan (Cuttack) . . . 180
S. 45 --Capital
gains--Computation--Effect of section 50C--Assessee booking flat--Amount paid
for booking returned subsequently--Section 50C not applicable-- ITO v.
Yasin Moosa Godil (Ahmedabad) . . . 253
S. 50C --Capital
gains--Computation--Effect of section 50C--Assessee booking flat--Amount paid
for booking returned subsequently--Section 50C not applicable-- ITO v.
Yasin Moosa Godil (Ahmedabad) . . . 253
S. 56 --Business income--Income from
other sources--Interest on income-tax refund--Is income from other sources, not
business income-- Kotak Mahindra Capital Co. Ltd. v. Assistant
CIT [SB] (Mumbai) . . . 213
S. 71 --Non-resident--Business
loss--Set off--No permanent establishment in India--Assessee choosing to be
governed by Income-tax Act and not by Double Taxation Avoidance
Agreement--Assessing Officer cannot impose Double Taxation Avoidance
Agreement--Assessee entitled to set off loss under “Profits and gains of
business or profession†against “Income from other sources†--
Prudential Assurance Co. Ltd. v. Assistant Director of Income-tax
(Mumbai) . . . 186
S. 74 (as amended by Finance Act,
2002) --Capital gains--Loss--Carry forward and set off--Change of
law--Amendment with effect from April 1, 2003 restricting set-off of long-term
capital loss only against long-term capital gains and not against short-term
capital gains--Applicable only to long-term capital loss incurred in assessment
year 2003-04 and subsequent years--Set-off of long-term capital loss brought
forward from periods prior to assessment year 2003-04 governed by provisions as
they stood prior to amendment--Assessee entitled to set off brought forward
long-term capital loss relating to assessment year 2001-02 against short-term
capital gains of assessment year 2003-04-- Kotak Mahindra Capital Co. Ltd.
v. Assistant CIT [SB] (Mumbai) . . . 213
S. 80G --Charitable purposes--Donation
for charitable purposes--Registration of trust under section 80G--Clause in
trust deed empowering trustees to invest in business--Other clauses making it
clear that all powers subject to limitations and restrictions under Income-tax
Act--Clause cannot be read in isolation--Trust granted registration under
sections 10(23C) and 12A--Trust entitled to registration under section 80G--
NSHM Academy v. CIT (Kolkata) . . . 244
S. 80G(5)(vi) --Charitable purpose--Donation
for charitable purpose--Approval of institution--If objects charitable no right
to deny approval--Registration under section 12A is sufficient proof--Assessee
entitled to renewal of exemption certificate-- Bengal Hosiery
Manufacturers’ Association v. Director of Income-tax
(Exemption) (Kolkata) . . . 205
S. 80HHC --Export--Special
deduction--Profit on transfer of DEPB licence--Duty of Assessing Officer to
grant opportunity of hearing to assessee--Matter remanded-- Jacob Export
House v. Assistant CIT (Chandigarh) . . . 175
S. 90(2) --Non-resident--Business
loss--Set off--No permanent establishment in India--Assessee choosing to be
governed by Income-tax Act and not by Double Taxation Avoidance
Agreement--Assessing Officer cannot impose Double Taxation Avoidance
Agreement--Assessee entitled to set off loss under “Profits and gains of
business or profession†against “Income from other sources†--
Prudential Assurance Co. Ltd. v. Assistant Director of Income-tax
(Mumbai) . . . 186
S. 115JB --Company--Book profits--Minimum
alternate tax--Interest--Section 115JB not applicable--Net profit already computed
under Companies Act--Addition to book profit not proper-- Joint CIT v.
Shreyans Industries Ltd. (Chandigarh) . . . 169
----Company--Book
profits--Provision for gratuity--To be excluded from calculation of book
profits-- Joint CIT v. Shreyans Industries Ltd.
(Chandigarh) . . . 169
S. 143(3) --Reassessment--Notice issued
after four years--No case of failure to disclose material facts--Reassessment
on change of opinion--To be quashed-- Prudential Assurance Co. Ltd. v.
Assistant Director of Income-tax (Mumbai) . . . 186
S. 144 --Best judgment
assessment--Rejection of accounts and assessment under section
144--Disallowance of expenses under section 40(a)(ia) on ground of
non-deduction of tax at source--Not justified-- ITO v. Sahadev
Pradhan (Cuttack) . . . 180
S. 147 --Reassessment--Notice issued
after four years--No case of failure to disclose material facts--Reassessment
on change of opinion--To be quashed-- Prudential Assurance Co. Ltd. v.
Assistant Director of Income-tax (Mumbai) . . . 186
S. 148 --Reassessment--Notice issued
after four years--No case of failure to disclose material facts--Reassessment
on change of opinion--To be quashed-- Prudential Assurance Co. Ltd. v.
Assistant Director of Income-tax (Mumbai) . . . 186
S. 234D --Refund--Interest--Interest on
excess refund--Provision inserted with effect from June 1, 2003--Explanation
that interest leviable for assessment years prior to that date if proceedings
completed thereafter--Assessee liable to pay interest-- Kotak Mahindra
Capital Co. Ltd. v. Assistant CIT [SB] (Mumbai) . . . 213
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