INCOME TAX REPORTS (ITR)
Volume 323 : Part 1 (Issue dated 3-5-2010)
SUBJECT INDEX TO CASES REPORTED IN THIS PART
Bad debt --Writing off--Law after April 1, 1989 --Mere debit to profit and loss account not sufficient--Simultaneous obliteration of provision from accounts by reduction from "loans and advances" or "debtors" on assets side of balance-sheet--Amounts to writing off for grant of deduction--Disallowance for failure to close individual account of each debtor in account books--Not justified--Provisions apply to banking as well as non-banking assessees--Income-tax Act, 1961 , ss. 36(1)(vii) , 41(4) -- Vijaya Bank v. CIT . . . 166
Business income --Deemed profits--Deduction allowed--Part recovery later of deduction allowed--Income-tax Act, 1961, s. 41(4)-- Vijaya Bank v. CIT . . . 166
Appeal to Appellate Tribunal --Rectification of mistake--High Court--Precedent--Commissioner (Appeals) allowing deduction on basis of order of Tribunal of different jurisdiction--Tribunal disallowing assessee's claim without referring to that order or decision of High Court confirming it--No mistake apparent from record--Decision of High Court of different jurisdiction not binding on Tribunal--Rectification sought on that basis under section 254(2) not valid--Income-tax Act, 1961, ss. 254(2), 260A-- Visvas Promoters (P) Ltd. v. ITAT (Mad) . . . 114
----Rectification of mistakes--Dismissal of application on merits--Another application for rectification--Not maintainable--Income-tax Act, 1961, s. 254-- CIT v. Panchu Arunachalam (Mad) . . . 31
Appeal to High Court --Competency of appeal--Monetary limit laid down by CBDT circular--Composite appeal--Tax in one of the assessment years above monetary limit--Appeal competent--Circular No. 5 of 2008, dated May 15, 2008--Income-tax Act, 1961, s. 260A-- CIT v. Biju Varghese (Ker) . . . 36
----Writ--Alternative remedy--Appeal not maintainable against order of rectification passed by Tribunal under section 254(2)--Writ petition maintainable--Income-tax Act, 1961, ss. 254(2), 260A--Constitution of India, art. 226-- Visvas Promoters (P) Ltd. v. ITAT (Mad) . . . 114
Bad debts --Deduction claimed on basis of debit of provision to profit and loss account--Disallowance on ground that claim only a provision and not written off in books of account--Remand to reconsider matter on basis of facts stated and material furnished by assessee--Proper--Income-tax Act, 1961, s. 36(1)(vii), Expln.-- CIT v. Wipro Infotech Ltd. (Karn) . . . 151
----Writing off of debt--Closing of each individual debtor's account essential--Mere debit entries in profit and loss account and credit entries in bad debt reserve account not sufficient to write off debts--Income-tax Act, 1961, s. 36(1)(vii), Expln.-- CIT v. Vijaya Bank (Karn) . . . 163
Business expenditure --Pre-commencement expenses--Tribunal allowing as revenue expenditure--Low tax effect--No interference--Income-tax Act, 1961, s. 37-- CIT v. INFO Vergix Technologies Limited (Delhi) . . . 52
Capital gains --Transfer--Doctrine of part performance--Agreement between assessee and firm for sale of whole property--Receipt of full consideration and possession handed over--Transfer complete--Subsequent act of assessee in executing power of attorney and sale deeds executed by power holder--Would not alter status of parties to agreement for applicability of doctrine--Income-tax Act, 1961, s. 2(47)(v)--Transfer of Property Act, 1882, s. 53A-- Smt. D. Kasturi v. CIT (Mad) . . . 40
Capital or revenue expenditure --New project expenses--Finding that no capital asset created out of expenditure--Findings of fact--Income-tax Act, 1961-- CIT v. Escorts Auto Components Ltd. (P&H) . . . 11
Charitable purpose --Exemption--Income from letting out of kalyana mandapam on licence--Whether income from business or property income--Matter remanded for reconsideration in light of case law--Income-tax Act, 1961, s. 11(4A) -- Director of Income-tax (Exemptions) v. AVM Charities (Mad) . . . 27
Co-operative society --Co-operative bank--Special deduction under section 80P--Interest on deposits of non-SLR funds--Interest attributable to banking activity--Entitled to special deduction under section 80P--Income-tax Act, 1961, s. 80P(2)(a)(i)-- CIT v. H. P. State Co-operative Bank Ltd. (HP) . . . 1
Deduction of tax at source --Interest--Interest paid on TDRs/STDRs--Interest paid by bank to NRIs on deposits in Indian currency exempt under section 10(15)(iv)(fa)--Not subject to deduction of tax at source--Income-tax Act, 1961, ss. 10(15)(iv)(fa), 195-- CIT v. Manager, State Bank of India (Raj) . . . 93
----Payments to non-resident--Liability to deduct tax at source arises only when sum paid to non-resident is chargeable to tax in India--Mobilization and demobilization costs reimbursed to non-resident--Not taxable in India--No liability for deduction of tax at source--Income-tax Act, 1961, ss. 40(a)(i), 195-- Van Oord ACZ India (P) Ltd. v. CIT (Delhi) . . . 130
----Rent paid to co-sharers--Limit or ceiling applies to each and every owner separately--Payments not liable to deduction of tax at source--Income-tax Act, 1961, s. 194-I-- CIT v. Manager, State Bank of India (Raj) . . . 93
Depreciation --Business expenditure--Closure of business due to riots--Closure for reasons beyond control of assessee--Assessee entitled to depreciation and business expenditure--Income-tax Act, 1961, ss. 32, 37-- CIT v. Blend Well Bottles P. Ltd. (Karn) . . . 18
----Investment allowance--Actual cost--Fluctuations in rate of foreign exchange--Fluctuations to be taken into account--Increase in liability to repay loan taken for purchase of machinery or plant must be taken into account--Income-tax Act, 1961, s. 43A-- Century Enka Ltd. v. Asst. CIT (Cal) . . . 86
----Law applicable--Effect of amendment of section 32 w.e.f. 1-4-1998--Depreciation for "licences"--Meaning of "licence"--Term confined to licence in relation to intellectual property rights--Stock exchange membership card--Licence to trade in stock exchange--Not covered by section 32--Not entitled to depreciation--Income-tax Act, 1961, s. 32(1)(ii)-- CIT v. Techno Shares and Stocks Ltd. (Bom) . . . 69
Exemption --Educational institution--Condition precedent for exemption--Institution should exist solely for purposes of education--Assessee-society not solely for educational purposes--Rejection of exemption--Valid--Income-tax Act, 1961, s. 10(23C)(vi)-- Scientific Educational Advancement Society v. Union of India (P&H) . . . 84
Interpretation of taxing statutes --Importance of words used in provision-- CIT v. H. P. State Co-operative Bank Ltd . (HP) . . . 1
----Principles of nositur a sociis-- CIT v. Techno Shares and Stocks Ltd. (Bom) . . . 69
Reassessment --Limitation--Reassessment after four years--Assessee not maintaining books of account--Not barred by limitation--Matter remanded--Income-tax Act, 1961, s. 147-- CIT v. Mangalam Publications (Ker) . . . 6
----Limitation--Reassessment after four years--Assessee partner in firm--Withdrawals from firm--Firm furnishing balance-sheet to bank disclosing massive credit balance in accounts of partners but not maintaining accounts--Reassessment after four years--Not barred by limitation--Matter remanded--Income-tax Act, 1961, s. 147-- CIT v. Biju Varghese (Ker) . . . 36
----Notice--Intercorporate dividends--Special deduction under section 80M--Deduction not in respect of amount declared or distributed by way of dividend--Reassessment on ground of failure to pay tax under section 115-O--Not permissible--Income-tax Act, 1961, ss. 80M, 115-O, 147, 148-- Godrej Agrovet Ltd. v. Deputy CIT (Bom) . . . 97
----Reason to believe income had escaped assessment--Bad debt--Assessing Officer considering claim and allowing part of claim--Commissioner (Appeals) allowing it fully--Reassessment proceedings within four years to disallow claim--Not valid--Income-tax Act, 1961, ss. 36(1)(vii) 147-- Rallis India Ltd. v. Asst. CIT (Bom) . . . 54
----Reason to believe income had escaped assessment--Law applicable--Computation of book profits of company under section 115JB--Computation in accordance with decision of Supreme Court--Change of law with retrospective effect subsequent to issue of notice under section 148--Reassessment proceedings not valid--Income-tax Act, 1961, ss. 115JB, 147, 148-- Rallis India Ltd . v. Asst. CIT (Bom) . . . 54
Royalty or technical fees received from foreign enterprise --Special deduction--Failure to furnish details of expenses incurred for earning gross income-Deduction cannot be granted--Deduction to be only on net income--Income-tax Act, 1961, ss. 80AB, 80B(5), 80-O-- CIT v. Wipro Infotech Ltd. (Karn) . . . 151
----Special deduction--Use of patent or design outside India--Condition precedent for special deduction under section 80-O--Designs prepared by architect used outside India--Convertible foreign exchange received in India--Assessee entitled to special deduction under section 80-O--Income-tax Act, 1961, s. 80-O-- CIT v. Charles M. Correa (Bom) . . . 174
Search and seizure --Block assessment--Condition precedent--Notice--Service by affixture--Finding that procedure laid down by Code of Civil Procedure for service by affixture not followed--Block assessment proceedings--Not valid--Code of Civil Procedure, 1908, O. V, r. 17--Income-tax Act, 1961, s. 158BD-- CIT v. Naveen Chander (P&H) . . . 49
----Block assessment--Undisclosed income--No proper explanation regarding amount--Addition as undisclosed income--Justified--Income-tax Act, 1961, s. 158BC-- Sudhakar T. Pendse v. ITO (Bom) . . . 22
Voluntary Disclosure of Income Scheme, 1997 --Beneficial scheme--No scope for extension of Scheme beyond period mentioned under Scheme--Finance Act, 1997, ss 65, 67, 68-- Tiruvengadam Investments P. Ltd. v. CIT (Mad) . . . 44
Wealth-tax --Asset--Amount deposited under Compulsory Deposit Scheme--Asset includible in net wealth--Claim for refund of income-tax--Refund not ascertainable--Claim not an asset includible in net wealth--Compulsory Deposit Scheme (Income-tax Payers) Act, 1974, ss. 3, 4, 7, 8--Wealth-tax Act, 1957, s. 2(e)-- Smt. Smitaben N. Ambani v. CWT (Bom) . . . 104
----Valuation of assets--Valuation of self-acquired property--Municipal rateable value with statutory deductions can be adopted--Wealth-tax Rules, 1957, r. 1BB-- Smt. Smitaben N. Ambani v. CWT (Bom) . . . 104
Words and phrases --Meaning of "licence"-- CIT v. Techno Shares and Stocks Ltd. (Bom) . . . 69
Advance ruling --Application for--Authority allowing application--Matter posted for hearing on merits--No objection taken then--Department not entitled to raise objection as to maintainability when matter posted for hearing on merits--Income-tax Act, 1961, s. 245R(2)-- Umicore Finance, In re . . . 25
SECTIONWISE INDEX TO CASES REPORTED IN THIS PART
Code of Civil Procedure, 1908 :
O. V, r. 17 --Search and seizure--Block assessment--Condition precedent--Notice--Service by affixture--Finding that procedure laid down by Code of Civil Procedure for service by affixture not followed--Block assessment proceedings--Not valid-- CIT v. Naveen Chander (P&H) . . . 49
Compulsory Deposit Scheme (Income-tax Payers) Act, 1974 :
Ss. 3, 4, 7, 8 --Wealth-tax--Asset--Amount deposited under Compulsory Deposit Scheme--Asset includible in net wealth--Claim for refund of income-tax--Refund not ascertainable--Claim not an asset includible in net wealth-- Smt. Smitaben N. Ambani v. CWT (Bom) . . . 104
Art. 226 --Appeal to High Court--Writ--Alternative remedy--Appeal not maintainable against order of rectification passed by Tribunal under section 254(2)--Writ petition maintainable-- Visvas Promoters (P) Ltd. v. ITAT
Ss. 65, 67, 68 --Voluntary Disclosure of Income Scheme, 1997--Beneficial scheme--No scope for extension of Scheme beyond period mentioned under Scheme-- Tiruvengadam Investments P. Ltd. v. CIT (Mad) . . . 44
S. 2(47)(v) --Capital gains--Transfer--Doctrine of part performance--Agreement between assessee and firm for sale of whole property--Receipt of full consideration and possession handed over--Transfer complete--Subsequent act of assessee in executing power of attorney and sale deeds executed by power holder--Would not alter status of parties to agreement for applicability of doctrine-- Smt. D. Kasturi v. CIT (Mad) . . . 40
S. 10(15)(iv)(fa) --Deduction of tax at source--Interest--Interest paid on TDRs/STDRs--Interest paid by bank to NRIs on deposits in Indian currency exempt under section 10(15)(iv)(fa)--Not subject to deduction of tax at source-- CIT v. Manager, State Bank of India (Raj) . . . 93
S. 10(23C)(vi) --Exemption--Educational institution--Condition precedent for exemption--Institution should exist solely for purposes of education--Assessee-society not solely for educational purposes--Rejection of exemption--Valid-- Scientific Educational Advancement Society v. Union of India (P&H) . . . 84
S. 11(4A) --Charitable purpose--Exemption--Income from letting out of kalyana mandapam on licence--Whether income from business or property income--Matter remanded for reconsideration in light of case law-- Director of Income-tax (Exemptions) v. AVM Charities (Mad) . . . 27
S. 32 --Depreciation--Business expenditure--Closure of business due to riots--Closure for reasons beyond control of assessee--Assessee entitled to depreciation and business expenditure-- CIT v. Blend Well Bottles P. Ltd. (Karn) . . . 18
S. 32(1)(ii) --Depreciation--Law applicable--Effect of amendment of section 32 w.e.f. 1-4-1998--Depreciation for "licences"--Meaning of "licence"--Term confined to licence in relation to intellectual property rights--Stock exchange membership card--Licence to trade in stock exchange--Not covered by section 32--Not entitled to depreciation-- CIT v. Techno Shares and Stocks Ltd. (Bom) . . . 69
S. 36(1)(vii) --Bad debt--Writing off--Law after April 1, 1989 --Mere debit to profit and loss account not sufficient--Simultaneous obliteration of provision from accounts by reduction from "loans and advances" or "debtors" on assets side of balance-sheet--Amounts to writing off for grant of deduction--Disallowance for failure to close individual account of each debtor in account books--Not justified--Provisions apply to banking as well as non-banking assessees-- Vijaya Bank v. CIT (SC) . . . 166
----Reassessment--Reason to believe income had escaped assessment--Bad debt--Assessing Officer considering claim and allowing part of claim--Commissioner (Appeals) allowing it fully--Reassessment proceedings within four years to disallow claim--Not valid-- Rallis India Ltd. v. Asst. CIT (Bom) . . . 54
S. 36(1)(vii), Expln. --Bad debts--Deduction claimed on basis of debit of provision to profit and loss account--Disallowance on ground that claim only a provision and not written off in books of account--Remand to reconsider matter on basis of facts stated and material furnished by assessee--Proper-- CIT v. Wipro Infotech Ltd. (Karn) . . . 151
----Bad debts--Writing off of debt--Closing of each individual debtor's account essential--Mere debit entries in profit and loss account and credit entries in bad debt reserve account not sufficient to write off debts-- CIT v. Vijaya Bank (Karn) . . . 163
S. 37 --Business expenditure--Pre-commencement expenses--Tribunal allowing as revenue expenditure--Low tax effect--No interference-- CIT v. INFO Vergix Technologies Limited (Delhi) . . . 52
----Depreciation--Business expenditure--Closure of business due to riots--Closure for reasons beyond control of assessee--Assessee entitled to depreciation and business expenditure-- CIT v. Blend Well Bottles P. Ltd. (Karn) . . . 18
S. 40(a)(i) --Deduction of tax at source--Payments to non-resident--Liability to deduct tax at source arises only when sum paid to non-resident is chargeable to tax in India--Mobilization and demobilization costs reimbursed to non-resident--Not taxable in India--No liability for deduction of tax at source-- Van Oord ACZ India (P) Ltd. v. CIT (Delhi) . . . 130
S. 41(4) --Bad debts--Writing off--Law after April 1, 1989 --Mere debit to profit and loss account not sufficient--Simultaneous obliteration of provision from accounts by reduction from "loans and advances" or "debtors" on assets side of balance-sheet--Amounts to writing off for grant of deduction--Disallowance for failure to close individual account of each debtor in account books--Not justified--Provisions apply to banking as well as non-banking assessees-- Vijaya Bank v. CIT (SC) . . . 166
----Business income--Deemed profits--Deduction allowed--Part recovery later of deduction allowed-- Vijaya Bank v. CIT (SC) . . . 166
S. 43A --Depreciation--Investment allowance--Actual cost--Fluctuations in rate of foreign exchange--Fluctuations to be taken into account--Increase in liability to repay loan taken for purchase of machinery or plant must be taken into account-- Century Enka Ltd. v. Asst. CIT (Cal) . . . 86
S. 80AB --Royalty or technical fees received from foreign enterprise--Special deduction--Failure to furnish details of expenses incurred for earning gross income-Deduction cannot be granted--Deduction to be only on net income-- CIT v. Wipro Infotech Ltd. (Karn) . . . 151
S. 80B(5) --Royalty or technical fees received from foreign enterprise--Special deduction--Failure to furnish details of expenses incurred for earning gross income-Deduction cannot be granted--Deduction to be only on net income-- CIT v. Wipro Infotech Ltd. (Karn) . . . 151
S. 80M --Reassessment--Notice--Intercorporate dividends--Special deduction under section 80M--Deduction not in respect of amount declared or distributed by way of dividend--Reassessment on ground of failure to pay tax under section 115-O--Not permissible-- Godrej Agrovet Ltd. v. Deputy CIT (Bom) . . . 97
S. 80-O --Royalty or technical fees received from foreign enterprise--Special deduction--Failure to furnish details of expenses incurred for earning gross income-Deduction cannot be granted--Deduction to be only on net income-- CIT v. Wipro Infotech Ltd. (Karn) . . . 151
----Royalty or technical fees received from foreign enterprise--Special deduction--Use of patent or design outside India--Condition precedent for special deduction under section 80-O--Designs prepared by architect used outside India--Convertible foreign exchange received in India--Assessee entitled to special deduction under section 80-O-- CIT v. Charles M. Correa (Bom) . . . 174
S. 80P(2)(a)(i) --Co-operative society--Co-operative bank--Special deduction under section 80P--Interest on deposits of non-SLR funds--Interest attributable to banking activity--Entitled to special deduction under section 80P-- CIT v. H. P. State Co-operative Bank Ltd. (HP) . . . 1
S. 115JB --Reassessment--Reason to believe income had escaped assessment--Law applicable--Computation of book profits of company under section 115JB--Computation in accordance with decision of Supreme Court--Change of law with retrospective effect subsequent to issue of notice under section 148--Reassessment proceedings not valid-- Rallis India Ltd . v. Asst. CIT (Bom) . . . 54
S. 115-O --Reassessment--Notice--Intercorporate dividends--Special deduction under section 80M--Deduction not in respect of amount declared or distributed by way of dividend--Reassessment on ground of failure to pay tax under section 115-O--Not permissible-- Godrej Agrovet Ltd. v. Deputy CIT (Bom) . . . 97
S. 147 --Reassessment--Limitation--Reassessment after four years--Assessee not maintaining books of account--Not barred by limitation--Matter remanded-- CIT v. Mangalam Publications (Ker) . . . 6
----Reassessment--Limitation--Reassessment after four years--Assessee partner in firm--Withdrawals from firm--Firm furnishing balance-sheet to bank disclosing massive credit balance in accounts of partners but not maintaining accounts--Reassessment after four years--Not barred by limitation--Matter remanded-- CIT v. Biju Varghese (Ker) . . . 36
----Reassessment--Notice--Intercorporate dividends--Special deduction under section 80M--Deduction not in respect of amount declared or distributed by way of dividend--Reassessment on ground of failure to pay tax under section 115-O--Not permissible-- Godrej Agrovet Ltd. v. Deputy CIT (Bom) . . . 97
----Reassessment--Reason to believe income had escaped assessment--Bad debt--Assessing Officer considering claim and allowing part of claim--Commissioner (Appeals) allowing it fully--Reassessment proceedings within four years to disallow claim--Not valid-- Rallis India Ltd. v. Asst. CIT (Bom) . . . 54
----Reassessment--Reason to believe income had escaped assessment--Law applicable--Computation of book profits of company under section 115JB--Computation in accordance with decision of Supreme Court--Change of law with retrospective effect subsequent to issue of notice under section 148--Reassessment proceedings not valid-- Rallis India Ltd . v. Asst. CIT (Bom) . . . 54
S. 148 --Reassessment--Notice--Intercorporate dividends--Special deduction under section 80M--Deduction not in respect of amount declared or distributed by way of dividend--Reassessment on ground of failure to pay tax under section 115-O--Not permissible-- Godrej Agrovet Ltd. v. Deputy CIT (Bom) . . . 97
----Reassessment--Reason to believe income had escaped assessment--Law applicable--Computation of book profits of company under section 115JB--Computation in accordance with decision of Supreme Court--Change of law with retrospective effect subsequent to issue of notice under section 148--Reassessment proceedings not valid-- Rallis India Ltd . v. Asst. CIT (Bom) . . . 54
S. 158BC --Search and seizure--Block assessment--Undisclosed income--No proper explanation regarding amount--Addition as undisclosed income--Justified-- Sudhakar T. Pendse v. ITO (Bom) . . . 22
S. 158BD --Search and seizure--Block assessment--Condition precedent--Notice--Service by affixture--Finding that procedure laid down by Code of Civil Procedure for service by affixture not followed--Block assessment proceedings--Not valid-- CIT v. Naveen Chander (P&H) . . . 49
S. 194-I --Deduction of tax at source--Rent paid to co-sharers--Limit or ceiling applies to each and every owner separately--Payments not liable to deduction of tax at source-- CIT v. Manager, State Bank of India (Raj) . . . 93
S. 195 --Deduction of tax at source--Interest--Interest paid on TDRs/STDRs--Interest paid by bank to NRIs on deposits in Indian currency exempt under section 10(15)(iv)(fa)--Not subject to deduction of tax at source-- CIT v. Manager, State Bank of India (Raj) . . . 93
----Deduction of tax at source--Payments to non-resident--Liability to deduct tax at source arises only when sum paid to non-resident is chargeable to tax in India--Mobilization and demobilization costs reimbursed to non-resident--Not taxable in India--No liability for deduction of tax at source-- Van Oord ACZ India (P) Ltd. v. CIT (Delhi) . . . 130
S. 245R(2) --Advance ruling--Application for--Authority allowing application--Matter posted for hearing on merits--No objection taken then--Department not entitled to raise objection as to maintainability when matter posted for hearing on merits-- Umicore Finance, In re (AAR) . . . 25
S. 254 --Appeal to Appellate Tribunal--Rectification of mistakes--Dismissal of application on merits--Another application for rectification--Not maintainable-- CIT v. Panchu Arunachalam (Mad) . . . 31
S. 254(2) --Appeal to Appellate Tribunal--Rectification of mistake--High Court--Precedent--Commissioner (Appeals) allowing deduction on basis of order of Tribunal of different jurisdiction--Tribunal disallowing assessee's claim without referring to that order or decision of High Court confirming it--No mistake apparent from record--Decision of High Court of different jurisdiction not binding on Tribunal--Rectification sought on that basis under section 254(2) not valid-- Visvas Promoters (P) Ltd. v. ITAT (Mad) . . . 114
----Appeal to High Court--Writ--Alternative remedy--Appeal not maintainable against order of rectification passed by Tribunal under section 254(2)--Writ petition maintainable-- Visvas Promoters (P) Ltd. v. ITAT (Mad) . . . 114
S. 260A --Appeal to Appellate Tribunal--Rectification of mistake--High Court--Precedent--Commissioner (Appeals) allowing deduction on basis of order of Tribunal of different jurisdiction--Tribunal disallowing assessee's claim without referring to that order or decision of High Court confirming it--No mistake apparent from record--Decision of High Court of different jurisdiction not binding on Tribunal--Rectification sought on that basis under section 254(2) not valid-- Visvas Promoters (P) Ltd. v. ITAT (Mad) . . . 114
----Appeal to High Court--Competency of appeal--Monetary limit laid down by CBDT circular--Composite appeal--Tax in one of the assessment years above monetary limit--Appeal competent--Circular No. 5 of 2008, dated May 15, 2008-- CIT v. Biju Varghese (Ker) . . . 36
----Appeal to High Court--Writ--Alternative remedy--Appeal not maintainable against order of rectification passed by Tribunal under section 254(2)--Writ petition maintainable-- Visvas Promoters (P) Ltd. v. ITAT (Mad) . . . 114
Transfer of Property Act, 1882 :
S. 53A --Capital gains--Transfer--Doctrine of part performance--Agreement between assessee and firm for sale of whole property--Receipt of full consideration and possession handed over--Transfer complete--Subsequent act of assessee in executing power of attorney and sale deeds executed by power holder--Would not alter status of parties to agreement for applicability of doctrine-- Smt. D. Kasturi v. CIT (Mad) . . . 40
S. 2(e) --Wealth-tax--Asset--Amount deposited under Compulsory Deposit Scheme--Asset includible in net wealth--Claim for refund of income-tax--Refund not ascertainable--Claim not an asset includible in net wealth-- Smt. Smitaben N. Ambani v. CWT (Bom) . . . 104
R. 1BB --Wealth-tax--Valuation of assets--Valuation of self-acquired property--Municipal rateable value with statutory deductions can be adopted-- Smt. Smitaben N. Ambani v. CWT (Bom) . . . 104
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