INCOME TAX REPORTS
(ITR)--PRINT AND ONLINE EDITION
Business
expenditure
--Deduction only on actual payment--Year in which expenditure is
allowable--Effect of section 43B--Mercantile system of accounting--Liability
incurred and amount actually paid in accounting year--Amount legally due in
following year--Amount deductible--Income-tax Act, 1961, s. 43B-- Paharpur
Cooling Towers Ltd. v. CIT (Cal) . . . 177
----Disallowance--Deduction
only on actual payment--Tax, cess or duty actually not paid in year of
account--Amounts deposited by assessee in Central excise personal ledger
account in terms of Central Excise Rules to cover duty liability against
clearances of goods--Assessee bound by Rules to keep account in respect of each
excisable product--Amount remaining outstanding in personal ledger account at
end of year--Part of duty liability--Not disallowable--Income-tax Act, 1961, s.
43B-- CIT v . Maruti Suzuki India Ltd . (Delhi) . . . 187
----Disallowance--Provision
for warranties--No disallowance could be made--Income-tax Act, 1961, s. 37--
CIT v . Maruti Suzuki India Ltd . (Delhi) . . . 187
Refund --Interest on
excess refund received by assessee--Law applicable--Effect of insertion of
Explanation 2 to section 234D--Refund granted prior to 1-6-2003 but proceedings
for assessment completed after 1-6-2003--Interest payable by
assessee--Income-tax Act, 1961, s. 234D-- CIT v . Indian Oil
Corporation Ltd .
(Bom) . . . 198
(Bom) . . . 198
Appeal
to High Court
--Competency of appeal--Effect of section 268A--Tax effect less than monetary
limit prescribed by CBDT--Conflicting stands by assessee before Assessing
Officer and Tribunal--Appeal not maintainable--Income-tax Act, 1961, ss. 260A,
268A-- CIT v . Jugal Kishore Mahanta (Gauhati) . . . 432
----Powers
of High Court--Power to frame additional question of law--High Court has power
to frame additional question of law during hearing--Income-tax Act, 1961, s.
260A-- CIT v . Indo Gulf Fertilizers Ltd. (All) . . . 437
Business
expenditure
--Disallowance--Excessive or unreasonable payments--Tribunal finding assessee
did purchases at prevailing market rates and seller incurred certain expenditure
in engaging personnel in office and other operations--Section 40A(2) had no
application--Income-tax Act, 1961, s. 40A(2)-- CIT v . Vijay
M. Mistry Construction Ltd . (Guj) . . . 498
----Excess
provision under heads “consultancy charges and professional fees†--Allowable--Income-tax
Act, 1961, s. 37-- CIT v . Armour Consultants P. Ltd .
(Mad) . . . 418
(Mad) . . . 418
----Scientific
research--Assessee requesting two companies to make payments on its behalf in
view of shortage of funds--Revenue not disputing fact or disproving by
them--Companies obtaining receipts in their name but claiming no
deduction--Assessee paying amounts subsequently to those two
companies--Assessee cannot be denied deduction--Income-tax Act, 1961, s.
35(1)(ii)-- CIT v . Armour Consultants P. Ltd.
(Mad) . . . 418
(Mad) . . . 418
Capital
gains
--Capital asset--Cost of acquisition--Capital asset acquired by assessee under
gift--Indexed cost of acquisition--To be with reference to year in which
previous owner acquired asset and not year in which assessee acquired asset--Income-tax
Act, 1961, ss. 2(42A), Expln. 1(i)(b), 48-- CIT v . Manjula J.
Shah (Bom) . . . 474
----Capital
asset--Exclusion--Agricultural land--Meaning of--Effect of section
2(14)(b)--Land within specified distance from local limit of municipality--Not
agricultural land--Gains on transfer of land--Capital gains tax
leviable--Income-tax Act, 1961, ss. 2(14)(b), 45--General Clauses Act, 1897, s.
3(31)-- CIT v. Smt. Rani Tara Devi
(P&H) . . . 457
(P&H) . . . 457
Capital
or revenue expenditure --Expenses towards designing and lay
out, temporary partition and construction for making leased business premises
functional--Revenue expenditure--Income-tax Act, 1961-- CIT v. Armour
Consultants P. Ltd .
(Mad) . . . 418
(Mad) . . . 418
Charitable
purpose
--Charitable trust--Registration--Test of genuineness of activity not a ground
for refusal of registration--Genuineness of objects to be tested--Registration
not to be rejected on ground trust has not yet commenced charitable or
religious activity--Commissioner satisfied with objects of trust for subsequent
year--Refusal of registration for preceding year not justified--Exemption from
application of income received by way of donation--To be decided when return is
filed--Income-tax Act, 1961, s. 12AA-- Hardayal Charitable and Educational
Trust v. CIT (All) . . . 534
Deduction
of tax at source --Commission--Scope of section 194H--Difference
between sale and agency--Sale of stamp paper to licensed vendors under U. P.
Stamp Rules, 1942--Sale--Tax not deductible at source on discount on such
sales--Income-tax Act, 1961, s. 194H-- Chief Treasury Officer v. Union
of India (All) . . . 484
Housing
project
--Special deduction--Computation--
Income
from undisclosed sources --Assessee proving purchase and
existence of crane--No claim of cost of crane in return and no debit in profit
and loss account--No addition could be made in respect of purchase price--No
material to show crane not in existence--Depreciation not
disallowable--Income-tax Act, 1961-- CIT v . Vijay M. Mistry
Construction Ltd. (Guj) . . . 498
----Disallowance
on account of inflated purchases--Question of fact--Tribunal enhancing
disallowance to twenty-five per cent. of cash withdrawals--No
interference--Income-tax Act, 1961-- CIT v. Vijay M. Mistry
Construction Ltd . (Guj) . . . 498
Interpretation
of taxing statutes --Principle of ejusdem generis-- CIT v
. Smt. Rani Tara Devi (P&H) . . . 457
Offences
and prosecution --Deduction of tax at source--Company--Failure to
deposit tax deducted at source to credit of Central Government--Dismissal of
complaint for failure by Income-tax Officer to produce documents before trial
court within reasonable time--Documents in judicial custody in some other
case--Prosecution case to be decided on the merits--No prejudice caused to
accused if original complaint restored--Direction to restore
complaint--Income-tax Act, 1961, ss. 276B, 278B-- P. Jayanandan, Income-tax
Officer v . Sri Ramakrishna Steel Industries Ltd . (Mad) . .
. 528
Search
and seizure
--Block assessment--Powers of Assessing Officer and Appellate
Tribunal--Assessing Officer or Tribunal cannot consider validity of
search--Income-tax Act, 1961, s. 158BC-- CIT v. Dr. A. K. Bansal
(Individual) (All) . . . 513
Words
and phrases
--Meaning of “deemed†and “satisfied†-- CIT v. Indo
Gulf Fertilizers Ltd . (All) . . . 437
S.
3(31)
--Capital gains--Capital asset--Exclusion--Agricultural land--Meaning
of--Effect of section 2(14)(b)--Land within specified distance from local limit
of municipality--Not agricultural land--Gains on transfer of land--Capital
gains tax leviable-- CIT v. Smt. Rani Tara Devi (P&H)
. . . 457
S.
2(14)(b)
--Capital gains--Capital asset--Exclusion--Agricultural land--Meaning
of--Effect of section 2(14)(b)--Land within specified distance from local limit
of municipality--Not agricultural land--Gains on transfer of land--Capital
gains tax leviable-- CIT v. Smt. Rani Tara Devi (P&H)
. . . 457
S.
2(42A), Expln. 1(i)(b) --Capital gains--Capital asset--Cost of
acquisition--Capital asset acquired by assessee under gift--Indexed cost of
acquisition--To be with reference to year in which previous owner acquired
asset and not year in which assessee acquired asset-- CIT v . Manjula
J. Shah (Bom) . . . 474
S.
12AA
--Charitable purpose--Charitable trust--Registration--Test of genuineness of
activity not a ground for refusal of registration--Genuineness of objects to be
tested--Registration not to be rejected on ground trust has not yet commenced
charitable or religious activity--Commissioner satisfied with objects of trust
for subsequent year--Refusal of registration for preceding year not
justified--Exemption from application of income received by way of donation--To
be decided when return is filed-- Hardayal Charitable and Educational Trust
v. CIT (All) . . . 534
S.
35(1)(ii)
--Business expenditure--Scientific research--Assessee requesting two companies
to make payments on its behalf in view of shortage of funds--Revenue not
disputing fact or disproving by them--Companies obtaining receipts in their
name but claiming no deduction--Assessee paying amounts subsequently to those
two companies--Assessee cannot be denied deduction-- CIT v . Armour
Consultants P. Ltd.
(Mad) . . . 418
(Mad) . . . 418
S.
37
--Business expenditure--Excess provision under heads “consultancy charges and
professional fees†--Allowable-- CIT v . Armour Consultants
P. Ltd .
(Mad) . . . 418
(Mad) . . . 418
S.
40A(2)
--Business expenditure--Disallowance--
(Guj) . . . 498
(Guj) . . . 498
S.
45
--Capital gains--Capital asset--Exclusion--Agricultural land--Meaning
of--Effect of section 2(14)(b)--Land within specified distance from local limit
of municipality--Not agricultural land--Gains on transfer of land--Capital
gains tax leviable-- CIT v. Smt. Rani Tara Devi (P&H)
. . . 457
S.
48
--Capital gains--Capital asset--Cost of acquisition--Capital asset acquired by
assessee under gift--Indexed cost of acquisition--To be with reference to year
in which previous owner acquired asset and not year in which assessee acquired
asset-- CIT v . Manjula J. Shah (Bom) . . . 474
S.
80-IB(10)
--Housing project--Special deduction--Computation--
S.
158BC
--Search and seizure--Block assessment--Powers of Assessing Officer and
Appellate Tribunal--Assessing Officer or Tribunal cannot consider validity of
search-- CIT v. Dr. A. K. Bansal (Individual) (All) . . . 513
S.
194H
--Deduction of tax at source--Commission--Scope of section 194H--Difference
between sale and agency--Sale of stamp paper to licensed vendors under U. P.
Stamp Rules, 1942--Sale--Tax not deductible at source on discount on such
sales-- Chief Treasury Officer v. Union of India (All) . . . 484
S.
260A
--Appeal to High Court--Competency of appeal--Effect of section 268A--Tax
effect less than monetary limit prescribed by CBDT--Conflicting stands by
assessee before Assessing Officer and Tribunal--Appeal not maintainable--
CIT v . Jugal Kishore Mahanta (Gauhati) . . . 432
----Appeal
to High Court--Powers of High Court--Power to frame additional question of
law--High Court has power to frame additional question of law during hearing--
CIT v . Indo Gulf Fertilizers Ltd. (All) . . . 437
S.
268A
--Appeal to High Court--Competency of appeal--Effect of section 268A--Tax
effect less than monetary limit prescribed by CBDT--Conflicting stands by
assessee before Assessing Officer and Tribunal--Appeal not maintainable--
CIT v . Jugal Kishore Mahanta (Gauhati) . . . 432
S.
276B
--Offences and prosecution--Deduction of tax at source--Company--Failure to
deposit tax deducted at source to credit of Central Government--Dismissal of
complaint for failure by Income-tax Officer to produce documents before trial
court within reasonable time--Documents in judicial custody in some other
case--Prosecution case to be decided on the merits--No prejudice caused to
accused if original complaint restored--Direction to restore complaint-- P.
Jayanandan, Income-tax Officer v . Sri Ramakrishna Steel
Industries Ltd . (Mad) . . . 528
S.
278B
--Offences and prosecution--Deduction of tax at source--Company--Failure to
deposit tax deducted at source to credit of Central Government--Dismissal of
complaint for failure by Income-tax Officer to produce documents before trial
court within reasonable time--Documents in judicial custody in some other
case--Prosecution case to be decided on the merits--No prejudice caused to
accused if original complaint restored--Direction to restore complaint-- P.
Jayanandan, Income-tax Officer v . Sri Ramakrishna Steel
Industries Ltd . (Mad) . . . 528
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