INCOME TAX REPORTS (ITR)
Volume 327 : Part 3 (Issue dated 4-10-2010)
Deduction of tax at source --Mere remittance to non-resident--Duty to deduct tax at source--Does not arise unless remittance contains wholly or partly taxable income--Income-tax Act, 1961, s. 195-- GE India Technology Centre P. Ltd. v. CIT . . . 456
Depreciation --Membership card of Bombay stock exchange--Is an "intangible asset"--Depreciation can be claimed thereon--Bombay Stock Exchange Rules, rr. 5, 6, 7, 9, 11, 15, 16A--Bombay Stock Exchange Bye-laws, bye-law 400--Income-tax Act, 1961, ss. 2(14), 32(1)(ii)-- Techno Shares and Stocks Ltd. v. CIT . . . 323
Accounting --Closing stock--Valuation--Excise duty--Liability only at time of removal of goods--Not includible in valuation of closing stock of finished goods at end of accounting period--Income-tax Act, 1961, ss 43B, 145, 145A--Central Excise Act, 1944, ss. 3, 4-- Asst. CIT v. Narmada Chematur Petrochemicals Ltd. (Guj) . . . 369
----Making or absence of entry does not determine rights and liabilities-- Asst. CIT v. Narmada Chematur Petrochemicals Ltd. (Guj) . . . 369
Appeal to High Court --Contention not taken before authorities nor raised in grounds of appeal--Cannot be taken for first time in hearing before court--Income-tax Act, 1961, s. 260A-- CIT v. Engineering Innovation Ltd . (HP) . . . 392
Business --Business income--Income from profession--Difference between amount shown in profit and loss account and in return--Difference due to provision for taxation--Addition to professional income--Not justified--Income-tax Act, 1961-- CIT v. A. K. Khosla (Mad) . . . 406
Capital gains or business income --Finding of Tribunal that assessee did not intend to treat shares as business asset, made investment in shares out of own funds, took delivery after payment and held shares for a period--Finding that transaction giving rise to capital gains, not business income--Finding of fact--Income-tax Act, 1961, ss. 28, 45-- CIT v. Rohit Anand (Delhi) . . . 445
Exemption --Educational institution--Approval for purposes of exemption--Condition precedent for exemption--Institution must exist solely for educational purposes and not for profit--Search operations in office of assessee on 12-8-2004 showing discrepancy in accounts, receipt of deposits and payment of interest--Presumption raised under section 132 not rebutted by assessee--Withdrawal of approval for assessment year 2009-10 and show-cause notices for assessment years 2007-08 and 2008-09--Justified--Income-tax Act, 1961, s. 10(23C)(vi)-- Valliammai Society v. Director General of Income-tax (Investigation) (Mad) . . . 337
Income from undisclosed sources --Gift--Genuineness--Donors disowning making gifts and denying acquaintance with assessee--Finding that gifts not genuine--Failure to allow opportunity to cross-examine donors--Makes no difference--Tribunal confirming additions--Proper--Income-tax Act, 1961-- Smt. Kusum Lata Thakral v. CIT (P&H) . . . 424
----Search operations in business premises of assessee revealing discrepancy in stocks--Husband of assessee admitting that he carried on business and that he had suppressed sales--Assessee not rebutting presumption raised--Additions to income based on admission--Valid--Income-tax Act, 1961-- T. Radha v. Asst. CIT (Mad) . . . 401
Interpretation of taxing statutes --Interpretation of particular statute not ordinarily to conflict with that of another statute-- Asst. CIT v. Narmada Chematur Petrochemicals Ltd. (Guj) . . . 369
----Rule against retrospectivity of provision--Effect of Notes on Clauses-- CIT v. A. K. Khosla (Mad) . . . 406
Penalty --Concealment of income--Waiver of penalty--Discretion of Commissioner--Rejection of application for waiver without proper reason--Order of rejection--Not valid--Income-tax Act, 1961, ss. 271(1)(c), 273A-- Shrinath Ceramics v. CIT (MP) . . . 452
Reassessment --Notice--Grounds of reassessment--Law applicable--Effect of amendment of section 147 w.e.f. 1-4-1989--Reason to believe that income had escaped assessment--Sufficient for initiating reassessment proceedings--Meaning of "reason to believe"--Transport subsidies shown in reserve and surplus account and not in profit and loss account in original return--Return processed under section 143(1)(a)--Subsequent reassessment proceedings--Valid--Income-tax Act, 1961, ss. 143, 148-- CIT v. Shiv Shakti Flour Mills P. Ltd. (Gauhati) . . . 430
Rectification of mistake --Assessing Officer passing order of rectification on ground that assessee wrongly debited warranty claims which was an uncertain liability--Debatable issue--Rectification cannot be made--Income-tax Act, 1961, s. 154-- CIT v. Gemi Motors India P. Ltd. (P&H) . . . 443
Review --High Court--Powers of High Court--Power to review not an inherent power--High Court has no power to review under Income-tax Act--Income-tax Act, 1961-- Deepak Kumar Garg v. CIT (MP) . . . 448
Salary --Profits in lieu of salary--Law applicable--Effect of insertion of clause (iii) in section 17(3) with effect from 1-4-2002--Provision not retrospective--Lump sum received after retirement from service as non-compete fee--Not assessable as profits in lieu of salary in assessment year 2001-02--Income-tax Act, 1961, s. 17(3)(iii)-- CIT v. A. K. Khosla (Mad) . . . 406
Scientific research expenditure --Reference to prescribed authority of question whether expenditure constitutes scientific research expenditure--No power in assessing authority to refer--Income-tax Act, 1961, s. 43(4)-- CIT v. Engineering Innovation Ltd. (HP) . . . 392
----Scientific research--Definition--Not restricted to fields of applied or natural science but includes any scientific research which may lead to or facilitate extension of business--Activity of import of machine and indigenizing and improving it to suit Indian market--Is scientific research--Income-tax Act, 1961, ss. 35(1)(i), (iv), 43(4)(iii)-- CIT v. Engineering Innovation Ltd. (HP) . . . 392
Survey --Addition based on documents found during survey without specifying defects in books of account--Assessee reconciling entire material recovered during survey with return filed--Deletion of addition justified--Income-tax Act, 1961, s. 133A-- CIT v. Diplast Plastics Limited (P&H) . . . 399
Valuation of stock --Option of assessee--Limited power of Assessing Officer to change valuation--No evidence that valuation not correct--Valuation could not be changed--Income-tax Act, 1961-- Voltamp Transformers Ltd. v. CIT (Guj) . . . 360
Bye-law 400 --Depreciation--Membership card of Bombay stock exchange--Is an "intangible asset"--Depreciation can be claimed thereon-- Techno Shares and Stocks Ltd. v. CIT (SC) . . . 323
Rr. 5, 6, 7, 9, 11, 15, 16A --Depreciation--Membership card of Bombay stock exchange--Is an "intangible asset"--Depreciation can be claimed thereon-- Techno Shares and Stocks Ltd. v. CIT (SC) . . . 323
Ss. 3, 4 --Accounting--Closing stock--Valuation--Excise duty--Liability only at time of removal of goods--Not includible in valuation of closing stock of finished goods at end of accounting period-- Asst. CIT v. Narmada Chematur Petrochemicals Ltd. (Guj) . . . 369
S. 2(14) --Depreciation--Membership card of Bombay stock exchange--Is an "intangible asset"--Depreciation can be claimed thereon-- Techno Shares and Stocks Ltd. v. CIT (SC) . . . 323
S. 10(23C)(vi) --Exemption--Educational institution--Approval for purposes of exemption--Condition precedent for exemption--Institution must exist solely for educational purposes and not for profit--Search operations in office of assessee on 12-8-2004 showing discrepancy in accounts, receipt of deposits and payment of interest--Presumption raised under section 132 not rebutted by assessee--Withdrawal of approval for assessment year 2009-10 and show-cause notices for assessment years 2007-08 and 2008-09--Justified-- Valliammai Society v. Director General of Income-tax (Investigation) (Mad) . . . 337
S. 17(3)(iii) --Salary--Profits in lieu of salary--Law applicable--Effect of insertion of clause (iii) in section 17(3) with effect from 1-4-2002--Provision not retrospective--Lump sum received after retirement from service as non-compete fee--Not assessable as profits in lieu of salary in assessment year 2001-02-- CIT v. A. K. Khosla (Mad) . . . 406
S. 28 --Capital gains or business income--Finding of Tribunal that assessee did not intend to treat shares as business asset, made investment in shares out of own funds, took delivery after payment and held shares for a period--Finding that transaction giving rise to capital gains, not business income--Finding of fact-- CIT v. Rohit Anand (Delhi) . . . 445
S. 32(1)(ii) --Depreciation--Membership card of Bombay stock exchange--Is an "intangible asset"--Depreciation can be claimed thereon-- Techno Shares and Stocks Ltd. v. CIT (SC) . . . 323
S. 35(1)(i), (iv) --Scientific research expenditure--Scientific research--Definition--Not restricted to fields of applied or natural science but includes any scientific research which may lead to or facilitate extension of business--Activity of import of machine and indigenizing and improving it to suit Indian market--Is scientific research-- CIT v. Engineering Innovation Ltd. (HP) . . . 392
S. 43(4) --Scientific research expenditure--Reference to prescribed authority of question whether expenditure constitutes scientific research expenditure--No power in assessing authority to refer-- CIT v. Engineering Innovation Ltd. (HP) . . . 392
S. 43(4)(iii) --Scientific research expenditure--Scientific research--Definition--Not restricted to fields of applied or natural science but includes any scientific research which may lead to or facilitate extension of business--Activity of import of machine and indigenizing and improving it to suit Indian market--Is scientific research-- CIT v. Engineering Innovation Ltd. (HP) . . . 392
S. 43B --Accounting--Closing stock--Valuation--Excise duty--Liability only at time of removal of goods--Not includible in valuation of closing stock of finished goods at end of accounting period-- Asst. CIT v. Narmada Chematur Petrochemicals Ltd. (Guj) . . . 369
S. 45 --Capital gains or business income--Finding of Tribunal that assessee did not intend to treat shares as business asset, made investment in shares out of own funds, took delivery after payment and held shares for a period--Finding that transaction giving rise to capital gains, not business income--Finding of fact-- CIT v. Rohit Anand (Delhi) . . . 445
S. 133A --Survey--Addition based on documents found during survey without specifying defects in books of account--Assessee reconciling entire material recovered during survey with return filed--Deletion of addition justified-- CIT v. Diplast Plastics Limited (P&H) . . . 399
S. 143 --Reassessment--Notice--Grounds of reassessment--Law applicable--Effect of amendment of section 147 w.e.f. 1-4-1989--Reason to believe that income had escaped assessment--Sufficient for initiating reassessment proceedings--Meaning of "reason to believe"--Transport subsidies shown in reserve and surplus account and not in profit and loss account in original return--Return processed under section 143(1)(a)--Subsequent reassessment proceedings--Valid-- CIT v. Shiv Shakti Flour Mills P. Ltd. (Gauhati) . . . 430
S. 145 --Accounting--Closing stock--Valuation--Excise duty--Liability only at time of removal of goods--Not includible in valuation of closing stock of finished goods at end of accounting period-- Asst. CIT v. Narmada Chematur Petrochemicals Ltd. (Guj) . . . 369
S. 145A --Accounting--Closing stock--Valuation--Excise duty--Liability only at time of removal of goods--Not includible in valuation of closing stock of finished goods at end of accounting period-- Asst. CIT v. Narmada Chematur Petrochemicals Ltd. (Guj) . . . 369
S. 148 --Reassessment--Notice--Grounds of reassessment--Law applicable--Effect of amendment of section 147 w.e.f. 1-4-1989--Reason to believe that income had escaped assessment--Sufficient for initiating reassessment proceedings--Meaning of "reason to believe"--Transport subsidies shown in reserve and surplus account and not in profit and loss account in original return--Return processed under section 143(1)(a)--Subsequent reassessment proceedings--Valid-- CIT v. Shiv Shakti Flour Mills P. Ltd. (Gauhati) . . . 430
S. 154 --Rectification of mistake--Assessing Officer passing order of rectification on ground that assessee wrongly debited warranty claims which was an uncertain liability--Debatable issue--Rectification cannot be made-- CIT v. Gemi Motors India P. Ltd. (P&H) . . . 443
S. 195 --Deduction of tax at source--Mere remittance to non-resident--Duty to deduct tax at source--Does not arise unless remittance contains wholly or partly taxable income-- GE India Technology Centre P. Ltd. v. CIT (SC) . . . 456
S. 260A --Appeal to High Court--Contention not taken before authorities nor raised in grounds of appeal--Cannot be taken for first time in hearing before court-- CIT v. Engineering Innovation Ltd . (HP) . . . 392
S. 271(1)(c) --Penalty--Concealment of income--Waiver of penalty--Discretion of Commissioner--Rejection of application for waiver without proper reason--Order of rejection--Not valid-- Shrinath Ceramics v. CIT (MP) . . . 452
S. 273A --Penalty--Concealment of income--Waiver of penalty--Discretion of Commissioner--Rejection of application for waiver without proper reason--Order of rejection--Not valid-- Shrinath Ceramics v. CIT (MP) . . . 452
Appeal to Appellate Tribunal --Additional grounds--Department not entitled to raise additional grounds contrary to finding of Assessing Officer--Income-tax (Appellate Tribunal) Rules, 1963, r. 11-- ITO v. M. M. Textiles (Mumbai) . . . 547
----Powers of Tribunal--Additional ground that reassessment proceedings initiated to circumvent issue of notice under section 143(2) and absence of fresh material to prove income escaped assessment--Purely legal in nature--Additional ground admitted--Income-tax Act, 1961-- Jagan Lamps Ltd . v . ITO (Delhi) . . . 617
Business expenditure --Disallowance--Interest paid to partners--Excessive and unreasonable payments--Assessing Officer co-relating funds contributed by partners with rate of interest on which money lent by assessee for disallowance under section 40A(2)--Not proper--Income-tax Act, 1961, s. 40A(2)-- ITO v. M. M. Textiles (Mumbai) . . . 547
----Disallowance--Payments in cash exceeding prescribed limit--Purchase of raw material from far-off places--Each cash payment on particular day not exceeding prescribed limit--Identity of payee and genuineness of transaction established--Disallowance not justified--Income-tax Act, 1961, s. 40A(3)-- Habib Agro Industries v. CIT (Addl.) (Bangalore) . . . 531
----Interest--Interest paid to partners--Deductibility primarily to be considered under section 36(1)(iii) and thereafter whether there is any disentitlement under section 40(b)--Can be allowed even if loss incurred under head "Profits and gains of business"--Income-tax Act, 1961, s. 40(b)-- ITO v. M. M. Textiles (Mumbai) . . . 547
Capital gains --Cost of acquisition--Assessee in lawful possession of flat till issue of notice of eviction and statutory tenant after termination of tenancy right--Consideration received on account of transfer of tenancy rights under consent terms with owner--Cost of acquisition of tenancy to be taken at nil--Income-tax Act, 1961, s. 55(2)--Bombay Rents, Hotel and Lodging House Rates Control Act, 1947, ss. 5(11)(b), (bb), 15A-- Prafulchandra R. Shah (Late) v. Asst. CIT (Mumbai) . . . 598
----Exemption--Investment in residential house--Assessee utilising sale proceeds of shares for other purpose and purchasing property from loans taken from bank--Sale proceeds not appropriated wholly for purchase of residential home within specified period--Assessee not entitled to exemption of whole capital gain under section 54F--Corresponding deduction on amount utilised in purchase of residential house allowable--Income-tax Act, 1961, s. 54F-- Milan Sharad Ruparel v. Asst. CIT (Mumbai) . . . 570
----Long-term capital gains--Exemption--Premises taken on licence under agreement for period of two terms of eleven months against interest-free deposits--Not purchase of residential house--Income-tax Act, 1961, s. 54-- Prafulchandra R. Shah (Late) v. Asst. CIT (Mumbai) . . . 598
Depreciation --Unabsorbed depreciation--Carry forward and set off--Unabsorbed depreciation under head "Profits and gains of business or profession" against income under head "Salary"--Cannot be set off against salary income--Income-tax Act, 1961, ss. 32(2), 71(2A), 72-- Chandrakumar v. Asst. CIT (Chennai) . . . 540
Donation for charitable purposes --Special deduction under section 80G--Renewal of approval of charitable trust--Trust for propagation of vedic thought and philosophy--Income of trust not applied for any particular religion--Not a religious trust--Amount bequeathed to trust under will without specific direction that amount would form part of corpus of trust--Amount cannot be treated as income of trust--Sums paid voluntarily by inmates of Ashram to be treated as donations--Trust entitled to approval--Income-tax Act, 1961, ss. 12A, 80G(5)-- Vaidik Bhakti Sadan Asram v. CIT (Delhi) . . . 590
Exemption --Export-oriented undertaking--Change of law with effect from 2001--Income-tax Act, 1961, s. 10B-- Jagan Lamps Ltd. v. ITO (Delhi) . . . 617
----Hundred per cent. export-oriented industrial undertaking--Interest earned on fixed deposits--Whether derived from export undertaking--Assessing Officer to examine nature of interest--Set-off of interest payable on loans against interest on fixed deposits whether allowable--Assessing Officer to examine whether direct nexus between interest paid and earned--Income-tax Act, 1961, s. 10B-- Jagan Lamps Ltd. v. ITO (Delhi) . . . 617
Export --Special deduction under section 80HHC--Computation of export profits--Export proceeds only partly realised--Entire direct and indirect costs deductible from sale proceeds realised in convertible foreign exchange--Income-tax Act, 1961, s. 80HHC(3) (b)-- Mectech International v. Asst. CIT (Delhi) . . . 564
Income from other sources or business income --Rental income derived by assessee from sub-letting premises--Is "income from other sources"--Income-tax Act, 1961, s. 56-- ITO v. M. M. Textiles (Mumbai) . . . 547
Interpretation of taxing statutes --Sections dealing with different aspects regarding set off and carry forward--Require harmonious interpretation-- Chandrakumar v. Asst. CIT (Chennai) . . . 540
----When words used ambivalent--Purposive approach to be adopted-- Dilip K. Sheth v. ITO (Mumbai) . . . 581
Precedent --Effect of Supreme Court's decision in IPCA Laboratory Ltd. v. Deputy CIT [2004] 266 ITR 521-- Mectech International v. Asst. CIT (Delhi) . . . 564
Reassessment --Change of law--Law after 1989--Fresh material whether necessary for reassessment--Whether reassessment permissible within two years where no notice under section 143(2) issued--Income-tax Act, 1961, s. 143(2)-- Jagan Lamps Ltd. v. ITO (Delhi) . . . 617
----Notice--Exemption--Hundred per cent. export-oriented undertaking--Assessing Officer forming belief that interest income assessable as income from other sources--Assessing Officer has jurisdiction to reassess--Income-tax Act, 1961, ss. 143, 147, 148-- Jagan Lamps Ltd. v. ITO (Delhi) . . . 617
Rectification --Assessment--Disallowance of telephone expenses--Rectification order deleting disallowance--Order of Commissioner (Appeals) confirming disallowance infructuous--Addition to be deleted--Income-tax Act, 1961, s. 154-- Dilip K. Sheth v. ITO (Mumbai) . . . 581
Refund --Interest--Minimum alternate tax--Tax deducted at source--Advance tax--Priority in which credit to be given--Minimum alternate tax credit to be given first--Refund due to excess tax deducted at source and advance tax--Interest payable on refund--Income-tax Act, 1961, ss. 115JAA, 244A--Circular No. 763 dated 18-2-1998-- Hyundai Motor India Ltd. v. Deputy CIT (Chennai) . . . 611
Special deduction --Professional income from foreign sources--Author--Legal consultation to foreign clients not amounting to profession of author--Income earned by exercise of profession as chartered accountant--Not entitled to relief--Income-tax Act, 1961, s. 80RR-- Dilip K. Sheth v. ITO (Mumbai) . . . 581
Ss. 5(11)(b), (bb), 15A --Capital gains--Cost of acquisition--Assessee in lawful possession of flat till issue of notice of eviction and statutory tenant after termination of tenancy right--Consideration received on account of transfer of tenancy rights under consent terms with owner--Cost of acquisition of tenancy to be taken at nil-- Prafulchandra R. Shah (Late) v. Asst. CIT (Mumbai) . . . 598
R. 11 --Appeal to Appellate Tribunal--Additional grounds--Department not entitled to raise additional grounds contrary to finding of Assessing Officer-- ITO v. M. M. Textiles (Mumbai) . . . 547
S. 10B --Exemption--Export-oriented undertaking--Change of law with effect from 2001-- Jagan Lamps Ltd. v. ITO (Delhi) . . . 617
----Exemption--Hundred per cent. export-oriented industrial undertaking--Interest earned on fixed deposits--Whether derived from export undertaking--Assessing Officer to examine nature of interest--Set-off of interest payable on loans against interest on fixed deposits whether allowable--Assessing Officer to examine whether direct nexus between interest paid and earned-- Jagan Lamps Ltd. v. ITO (Delhi) . . . 617
S. 12A --Donation for charitable purposes--Special deduction under section 80G--Renewal of approval of charitable trust--Trust for propagation of vedic thought and philosophy--Income of trust not applied for any particular religion--Not a religious trust--Amount bequeathed to trust under will without specific direction that amount would form part of corpus of trust--Amount cannot be treated as income of trust--Sums paid voluntarily by inmates of Ashram to be treated as donations--Trust entitled to approval-- Vaidik Bhakti Sadan Asram v. CIT (Delhi) . . . 590
S. 32(2) --Depreciation--Unabsorbed depreciation--Carry forward and set off--Unabsorbed depreciation under head "Profits and gains of business or profession" against income under head "Salary"--Cannot be set off against salary income-- Chandrakumar v. Asst. CIT (Chennai) . . . 540
S. 40(b) --Business expenditure--Interest--Interest paid to partners--Deductibility primarily to be considered under section 36(1)(iii) and thereafter whether there is any disentitlement under section 40(b)--Can be allowed even if loss incurred under head "Profits and gains of business"-- ITO v. M. M. Textiles (Mumbai) . . . 547
S. 40A(2) --Business expenditure--Disallowance--Interest paid to partners--Excessive and unreasonable payments--Assessing Officer co-relating funds contributed by partners with rate of interest on which money lent by assessee for disallowance under section 40A(2)--Not proper-- ITO v. M. M. Textiles (Mumbai) . . . 547
S. 40A(3) --Business expenditure--Disallowance--Payments in cash exceeding prescribed limit--Purchase of raw material from far-off places--Each cash payment on particular day not exceeding prescribed limit--Identity of payee and genuineness of transaction established--Disallowance not justified-- Habib Agro Industries v. Addl. CIT (Bangalore) . . . 531
S. 54 --Capital gains--Long-term capital gains--Exemption--Premises taken on licence under agreement for period of two terms of eleven months against interest-free deposits--Not purchase of residential house-- Prafulchandra R. Shah (Late) v. Asst. CIT (Mumbai) . . . 598
S. 54F --Capital gains--Exemption--Investment in residential house--Assessee utilising sale proceeds of shares for other purpose and purchasing property from loans taken from bank--Sale proceeds not appropriated wholly for purchase of residential home within specified period--Assessee not entitled to exemption of whole capital gain under section 54F--Corresponding deduction on amount utilised in purchase of residential house allowable-- Milan Sharad Ruparel v. Asst. CIT (Mumbai) . . . 570
S. 55(2) --Capital gains--Cost of acquisition--Assessee in lawful possession of flat till issue of notice of eviction and statutory tenant after termination of tenancy right--Consideration received on account of transfer of tenancy rights under consent terms with owner--Cost of acquisition of tenancy to be taken at nil-- Prafulchandra R. Shah (Late) v. Asst. CIT (Mumbai) . . . 598
S. 56 --Income from other sources or business income--Rental income derived by assessee from sub-letting premises--Is "income from other sources"-- ITO v. M. M. Textiles (Mumbai) . . . 547
S. 71(2A) --Depreciation--Unabsorbed depreciation--Carry forward and set off--Unabsorbed depreciation under head "Profits and gains of business or profession" against income under head "Salary"--Cannot be set off against salary income-- Chandrakumar v. Asst. CIT (Chennai) . . . 540
S. 72 --Depreciation--Unabsorbed depreciation--Carry forward and set off--Unabsorbed depreciation under head "Profits and gains of business or profession" against income under head "Salary"--Cannot be set off against salary income-- Chandrakumar v. Asst. CIT (Chennai) . . . 540
S. 80G(5) --Donation for charitable purposes--Special deduction under section 80G--Renewal of approval of charitable trust--Trust for propagation of vedic thought and philosophy--Income of trust not applied for any particular religion--Not a religious trust--Amount bequeathed to trust under will without specific direction that amount would form part of corpus of trust--Amount cannot be treated as income of trust--Sums paid voluntarily by inmates of Ashram to be treated as donations--Trust entitled to approval-- Vaidik Bhakti Sadan Asram v. CIT (Delhi) . . . 590
S. 80HHC(3)(b) --Export--Special deduction under section 80HHC--Computation of export profits--Export proceeds only partly realised--Entire direct and indirect costs deductible from sale proceeds realised in convertible foreign exchange-- Mectech International v. Asst. CIT (Delhi) . . . 564
S. 80RR --Special deduction--Professional income from foreign sources --Author--Legal consultation to foreign clients not amounting to profession of author--Income earned by exercise of profession as chartered accountant--Not entitled to relief-- Dilip K. Sheth v. ITO (Mumbai) . . . 581
S. 115JAA --Refund--Interest--Minimum alternate tax--Tax deducted at source--Advance tax--Priority in which credit to be given--Minimum alternate tax credit to be given first--Refund due to excess tax deducted at source and advance tax--Interest payable on refund--Circular No. 763 dated 18-2-1998-- Hyundai Motor India Ltd. v. Deputy CIT (Chennai) . . . 611
S. 143 --Reassessment--Notice--Exemption--Hundred per cent. export-oriented undertaking--Assessing Officer forming belief that interest income assessable as income from other sources--Assessing Officer has jurisdiction to reassess-- Jagan Lamps Ltd. v. ITO (Delhi) . . . 617
S. 143(2) --Reassessment--Change of law--Law after 1989--Fresh material whether necessary for reassessment--Whether reassessment permissible within two years where no notice under section 143(2) issued-- Jagan Lamps Ltd. v. ITO (Delhi) . . . 617
S. 147 --Reassessment--Notice--Exemption--Hundred per cent. export-oriented undertaking--Assessing Officer forming belief that interest income assessable as income from other sources--Assessing Officer has jurisdiction to reassess-- Jagan Lamps Ltd. v. ITO (Delhi) . . . 617
S. 148 --Reassessment--Notice--Exemption--Hundred per cent. export-oriented undertaking--Assessing Officer forming belief that interest income assessable as income from other sources--Assessing Officer has jurisdiction to reassess-- Jagan Lamps Ltd. v. ITO (Delhi) . . . 617
S. 154 --Rectification--Assessment--Disallowance of telephone expenses--Rectification order deleting disallowance--Order of Commissioner (Appeals) confirming disallowance infructuous--Addition to be deleted-- Dilip K. Sheth v. ITO (Mumbai) . . . 581
S. 244A --Refund--Interest--Minimum alternate tax--Tax deducted at source--Advance tax--Priority in which credit to be given--Minimum alternate tax credit to be given first--Refund due to excess tax deducted at source and advance tax--Interest payable on refund--Circular No. 763 dated 18-2-1998--Hyundai Motor India Ltd. v. Deputy CIT (Chennai) . . . 611
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