ITR'S TRIBUNAL TAX REPORTS (ITR (TRIB))
Volume 6 : Part 4 (Issue dated : 22-11-2010)
SUBJECT INDEX TO CASES REPORTED IN THIS PART
Business income --Addition on account of difference between account balances of dealer and customer--Explanation of dealer that difference due to non-settlement of bills by customer--Reconciliation of difference in personal accounts not completely administered by dealer during assessment--Profit element alone taxable--Restriction of quantum addition justified--Income-tax Act, 1961-- Deputy CIT v. HVAC Systems P. Ltd. (Bangalore) . . . 346
Company --Book profit--Powers of Assessing Officer--Waiver of loan and interest thereon by Government of India approving capital restructuring plan not disclosed in books of account but disclosed in notes to account--Assessing Officer can consider--Waiver benefits already accrued to assessee to be included in computation of book profit --Income-tax Act, 1961, s. 115JA-- Hindustan Shipyard Ltd. v. Deputy CIT (Visakhapatnam) . . . 407
----Book profit--Provision for bad and doubtful debts, ship repair bills and obsolescence of material classifiable under diminution in value of assets--Cannot be added back--Provision for liquidated damages and leave encashment--Ascertained liabilities--Cannot be added back--Provision for guarantee repairs--Similar to product warranty covered under contingent liability--To be added back--Income-tax Act, 1961, s. 115JA, Expln. (c)-- Hindustan Shipyard Ltd. v. Deputy CIT (Visakhapatnam) . . . 407
Donations to charitable institutions --Special deduction--Approval of institution--Charitable purpose--Assessee providing education to poor and needy against nominal payments--Charitable activity--Registration granted to assessee under section 12A not withdrawn--Renewal of certificate under section 80G to be granted--Income-tax Act, 1961, ss. 2(15), 80G-- Gian Educational Society v. CIT (Delhi) . . . 350
Exemption --Foreign company--Foreign company deriving income from Indian concern under agreement for provision of licence for technology and intellectual property--Assessee fulfilling all conditions prescribed under section 10(6A)--Assessee entitled to exemption--Income-tax Act, 1961, s. 10(6A)-- ITO v. Shell Gas B. V. (Ahmedabad) . . . 353
Interest --Assessee not liable to pay advance tax--Interest not leviable--Income-tax Act, 1961, s. 234B-- Xelo Pty. Ltd. v. Deputy Director of Income-tax (International Taxation) (Mumbai) . . . 391
Non-resident --Taxability in India--Composite contract with Metro Railways for supply of equipment on freight on board basis and provision of services--Consideration for offshore supply of equipment received outside India--Not relatable to rendering of services--No accrual of income in India--Sale to Indian party not sufficient to prove business connection in India --Not liable to pay tax in India--Double Taxation Avoidance Agreement cannot be invoked to create tax liability--Income-tax Act, 1961, ss. 5(2), 9(1)(i)--Circular No. 23, dated 23-7-1969--Instruction No. 1829, dated 21-9-1989--Double Taxation Avoidance Agreement between India and Australia-- Xelo Pty. Ltd. v. Deputy Director of Income-tax (International Taxation) (Mumbai) . . . 391
Return --Interest--Return filed within due date--Interest cannot be charged--Income-tax Act, 1961, s. 234A-- Xelo Pty. Ltd. v. Deputy Director of Income-tax (International Taxation) (Mumbai) . . . 391
Search and seizure --Assessment in search cases--Assessment of any other person--Seized documents not "belonging to assessee"--Assessments not pending on date of search--Original assessments not abated--Assessment under section 153A set aside--Original assessment revived--Income-tax Act, 1961, ss. 153A, 153C-- Meghmani Organics Ltd . v. Deputy CIT (Ahmedabad) . . . 360
----Assessment of third party--No amount of money, bullion, jewellery or other valuable article or thing or books of account or documents seized belonged to assessee--Assessing Officer does not assume jurisdiction for framing assessment under section 153C--Assessments to be cancelled--Income-tax Act, 1961, s. 153C-- Asst. CIT v. Gambhir Silk Mills (Ahmedabad) . . . 376
SECTIONWISE INDEX TO CASES REPORTED IN THIS PART
S. 2(15) --Donations to charitable institutions--Special deduction--Approval of institution--Charitable purpose--Assessee providing education to poor and needy against nominal payments--Charitable activity--Registration granted to assessee under section 12A not withdrawn--Renewal of certificate under section 80G to be granted-- Gian Educational Society v. CIT (Delhi) . . . 350
S. 5(2) --Non-resident--Taxability in India--Composite contract with Metro Railways for supply of equipment on freight on board basis and provision of services--Consideration for offshore supply of equipment received outside India--Not relatable to rendering of services--No accrual of income in India--Sale to Indian party not sufficient to prove business connection in India--Not liable to pay tax in India--Double Taxation Avoidance Agreement cannot be invoked to create tax liability--Circular No. 23, dated 23-7-1969--Instruction No. 1829, dated 21-9-1989--Double Taxation Avoidance Agreement between India and Australia-- Xelo Pty. Ltd. v. Deputy Director of Income-tax (International Taxation) (Mumbai) . . . 391
S. 9(1)(i) --Non-resident--Taxability in India--Composite contract with Metro Railways for supply of equipment on freight on board basis and provision of services--Consideration for offshore supply of equipment received outside India--Not relatable to rendering of services--No accrual of income in India--Sale to Indian party not sufficient to prove business connection in India --Not liable to pay tax in India--Double Taxation Avoidance Agreement cannot be invoked to create tax liability--Circular No. 23, dated 23-7-1969--Instruction No. 1829, dated 21-9-1989--Double Taxation Avoidance Agreement between India and Australia-- Xelo Pty. Ltd. v. Deputy Director of Income-tax (International Taxation) (Mumbai) . . . 391
S. 10(6A) --Exemption--Foreign company--Foreign company deriving income from Indian concern under agreement for provision of licence for technology and intellectual property--Assessee fulfilling all conditions prescribed under section 10(6A)--Assessee entitled to exemption-- ITO v. Shell Gas B. V. (Ahmedabad) . . . 353
S. 80G --Donations to charitable institutions--Special deduction--Approval of institution--Charitable purpose--Assessee providing education to poor and needy against nominal payments--Charitable activity--Registration granted to assessee under section 12A not withdrawn--Renewal of certificate under section 80G to be granted-- Gian Educational Society v. CIT (Delhi) . . . 350
S. 115JA --Company--Book profit--Powers of Assessing Officer--Waiver of loan and interest thereon by Government of India approving capital restructuring plan not disclosed in books of account but disclosed in notes to account--Assessing Officer can consider--Waiver benefits already accrued to assessee to be included in computation of book profit -- Hindustan Shipyard Ltd. v. Deputy CIT (Visakhapatnam) . . . 407
S. 115JA, Expln. (c) --Company--Book profit--Provision for bad and doubtful debts, ship repair bills and obsolescence of material classifiable under diminution in value of assets--Cannot be added back--Provision for liquidated damages and leave encashment--Ascertained liabilities--Cannot be added back--Provision for guarantee repairs--Similar to product warranty covered under contingent liability--To be added back-- Hindustan Shipyard Ltd. v. Deputy CIT (Visakhapatnam) . . . 407
S. 153A --Search and seizure--Assessment in search cases--Assessment of any other person--Seized documents not "belonging to assessee"--Assessments not pending on date of search--Original assessments not abated--Assessment under section 153A set aside--Original assessment revived-- Meghmani Organics Ltd . v. Deputy CIT (Ahmedabad) . . . 360
S. 153C --Search and seizure--Assessment in search cases--Assessment of any other person--Seized documents not "belonging to assessee"--Assessments not pending on date of search--Original assessments not abated--Assessment under section 153A set aside--Original assessment revived-- Meghmani Organics Ltd . v. Deputy CIT (Ahmedabad) . . . 360
----Search and seizure--Assessment of third party--No amount of money, bullion, jewellery or other valuable article or thing or books of account or documents seized belonged to assessee--Assessing Officer does not assume jurisdiction for framing assessment under section 153C--Assessments to be cancelled-- Asst. CIT v. Gambhir Silk Mills (Ahmedabad) . . . 376
S. 234A --Return--Interest--Return filed within due date--Interest cannot be charged-- Xelo Pty. Ltd. v. Deputy Director of Income-tax (International Taxation) (Mumbai) . . . 391
S. 234B --Interest--Assessee not liable to pay advance tax--Interest not leviable-- Xelo Pty. Ltd. v. Deputy Director of Income-tax (International Taxation) (Mumbai) . . . 391
CA RAJU SHAH
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