WISHING YOU ALL
A VERY HAPPY
CA DAY
Dear Fellow Indians,
Government of India put a condition that 25 CRORES of people support is needed to implement 'LOKPAL-BILL'
For this we just have to GIVE A MISSED call (Free) to the following number from your Mobile -
''022 61550789'' (Authentic number given by none other than Kiran Bedi)
After giving a missed call to this no. You'll receive a thanks msg.
Forward this to as many as possible to make India corruption free!!
Let's do a bit from our side to save our India from these corrupt politicians !!
Let's be a part of this movement to punish those corrupt people...
COST INFLATION INDEX FOR FINANCIAL YEAR 2011-12
NOTIFICATION NO. 35/2011 [F. NO. 142/5/2011-TPL], DATED 23-6-2011
In exercise of the powers conferred by clause (v) of the Explanation to section 48 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), Central Board of Direct Taxes number S.O. 709(E), dated the 20th August, 1998, namely :—
In the said notification in the Table, after serial number 30 and the entries relating thereto, the following serial number and entries shall be inserted, namely :—
|
| "31 | 2011-12 | 785" |
INCOME TAX REPORTS (ITR)
Volume 335 : Part 1 (Issue dated 4-7-2011)
SUBJECT INDEX TO CASES REPORTED IN THIS PART
International transactions --Computation of arm's length price--Reference to Transfer Pricing Officer--High Court not to make observations on merits--Income-tax Act, 1961, s. 92CA-- Maruti Suzuki India Ltd. v. Addl. CIT . . . 121
Appeal to Commissioner (Appeals) --Powers of Commissioner (Appeals)--Additional evidence tendered before Commissioner (Appeals)--Matter need not be remanded--Income-tax Rules, 1962, r. 46A-- CIT v. Jind Co-operative Sugar Mills Ltd . (P&H) . . . 43
Assessment --Only prima facie adjustment permissible under section 143(1)(a)(ii)--Income-tax Act, 1961, s. 143(1)(a)(ii)-- Tata Yodogawa Ltd . v. CIT (Jharkhand) . . . 53
Business expenditure --Expenditure on advertisement and publicity--Revenue expenditure--To be allowed--Income-tax Act, 1961, s. 37-- CIT v. Citi Financial Consumer Fin. Ltd . (Delhi) . . . 29
----Expenditure on know-how--Meanings of "consideration" and "lump sum" in section 35AB--Collaboration agreement specifying that taxes should be paid by assessee--Taxes entitled to deduction under section 35AB--Income-tax Act, 1961, s. 35AB-- Tata Yodogawa Ltd. v. CIT (Jharkhand) . . . 53
----Expenditure on leasehold property improvements--Commissioner (Appeals) on verification of records holding expenditure revenue in nature--Tribunal upholding this order--Finding of fact--Income-tax Act, 1961, s. 37-- CIT v. Citi Financial Consumer Fin. Ltd. (Delhi) . . . 29
----Hire-purchase--Expenditure on account of stamping fee, direct selling expenditure and commission payment--Is revenue expenditure--To be allowed--Income-tax Act, 1961, s. 37-- CIT v. Citi Financial Consumer Fin. Ltd . (Delhi) . . . 29
----Tea--Composite income from manufacture and sale of tea--Cess on green tea leaves payable under Assam Agricultural Income-tax Act--Deductible--Income-tax Rules, 1962, r. 8-- Hindustan Lever Ltd . v. CIT (Cal) . . . 108
Capital gains --Agricultural land--Compulsory acquisition--Land on date of purchase and on acquisition agricultural land--Intention to use land for industrial purpose or not carrying agricultural activities do not change nature and character of land--Capital receipt not liable to tax--Income-tax Act, 1961, s. 2(14)(iii)-- Hindustan Industrial Resources Ltd . v. Asst. CIT (Delhi) . . . 77
----Long-term capital gains--Assessee obtaining lease of land and starting construction of building after three years--Sale of incomplete building--Capital gains from sale of leasehold right and building to be bifurcated--Gains attributable to sale of leasehold rights were long-term capital gains--Income-tax Act, 1961, ss. 2(14), 45-- CIT v. Hindustan Hotels Ltd. (Bom) . . . 60
----Sale of shade trees standing on coffee estate--Sale proceeds thereof--Assessee conceding proceeds as capital gains for previous assessment year--Cannot take contrary stand--Assessable as capital gains--Income-tax Act, 1961, s. 45-- C. Hanumantha Rao (Deceased) v. CIT (Mad) . . . 17
Cash credit --No satisfactory explanation regarding credit--Addition to total income of assessee--Justified--Income-tax Act, 1961, s. 68-- Dayal Singh and Sons v. CIT (P&H) . . . 90
Deduction of tax at source --Interest--Definition--Assessee exporting goods--Bills of exchange discounted abroad--Discounting charges would not constitute interest--Tax not deductible at source on discounting charges--Income-tax Act, 1961, ss. 2(28A), 37, 40(a)(i), 194A-- CIT v. Cargill Global Trading P. Ltd. (Delhi) . . . 94
----Rent for hire of machinery--Law applicable--Amendment of section 194-I to include rent for hire of machinery w. e. f. 1-6-2007--Hire charges for millers and rollers for laying roads--No liability to deduct tax at source in accounting year relevant to assessment year 2005-06--Operation of machinery by owner of machinery--Not a case of composite contract for labour and hire of machinery--Income-tax Act, 1961, ss. 40(a)(ia), 194-I-- CIT v. D. Rathinam (Mad) . . . 101
Firm --Registration--Legality of firm--Liquor business--Abkari licence in name of one of partners--Business in liquor by firm with permission of Excise Commissioner--Firm entitled to registration--Income-tax Act, 1961, s. 185-- CIT v. Hotel New Indraprastha (Ker) . . . 87
Income from other sources --Deductions--Assessee exporting jewellery--Borrowed funds converted into fixed deposits--Assessee benefiting from Government scheme--Interest on fixed deposits assessed as income from other sources--Interest on borrowed capital--Intimate connection between receipt and payment of interest--Deductible--Income-tax Act, 1961, s. 57-- CIT v. Taj International Jewellers (Delhi) . . . 144
----Fixed deposit placed with bank as performance guarantee as condition for being awarded contract work--Interest on fixed deposits not assessable as income from other sources--Income-tax Act, 1961-- CIT v. Jaypee DSC Ventures Ltd. (Delhi) . . . 132
Income from undisclosed sources --Sugar industry--Additions on account of low yield and difference in sale rates of sugar and molasses, excessive claims for deduction, non-charging of interest--Findings that additions were not justified--Findings of fact--Income-tax Act, 1961-- CIT v. Jind Co-operative Sugar Mills Ltd . (P&H) . . . 43
Industrial undertaking --Special deduction under section 80-I --Interest--Interest from fixed deposits--Not derived from business--Not entitled to deduction--Income-tax Act, 1961, s. 80-I-- CIT v. Tribalogy India Ltd. (Mad) . . . 12
Penalty --Concealment of income--Revised return showing higher income filed after detection of concealed income--Imposition of penalty--Proper--No question of law--Income-tax Act, 1961, s. 271(1)(c)-- Prempal Gandhi v. CIT (P&H) . . . 23
Property --Business--Income from property or business income--General principles--Company formed with object of manufacturing and selling food articles--Property taken on lease and let out for a period--Income assessable as income from property--Income-tax Act, 1961, ss. 22, 28-- Sheetal Khurana Foods (P.) Ltd . v. ITAT (P&H) . . . 1
Revision --Condition precedent--Order erroneous and prejudicial to Revenue--Difference between lack of inquiry and inadequate inquiry by Assessing Officer--Finding by Tribunal that Assessing Officer had made inquiry and that Commissioner was not able to point out any error in his order--Order of revision not valid--Income-tax Act, 1961, s. 263-- CIT v. Anil Kumar Sharma (Delhi) . . . 83
----Order allowing deduction--Revision at instance of Assessing Officer citing judgment of Gauhati High Court--Order of jurisdictional High Court allowing deduction--Revision to withdraw deduction--Not valid--Income-tax Act, 1961, s. 263-- Hindustan Lever Ltd . v. CIT (Cal) . . . 108
Scientific research expenditure --Weighted deduction--Conditions precedent--Certificate from DSIR--Date of certificate not important--Income-tax Act, 1961, s. 35(2AB)-- CIT v. Sandan Vikas (India) Ltd . (Delhi) . . . 117
Search and seizure --Validity--Authorisation for search--Law applicable--Effect of amendment of section 132 by Finance (No. 2) Act, 2009 with retrospective effect from 1-6-1994--Additional Director of Income-tax had jurisdiction to authorise search in 2003--Fact that Form 45 did not include Director of Income-tax--Not relevant--Evidence that there was reason to believe that income had not been disclosed--Search valid--Witnesses requested by assessee present during search--Plea that witnesses were not from the locality could not be raised--Income-tax Rules, 1962, r. 112--Income-tax Act, 1961, s. 132(1)-- Smt. Vijay Dhir v. Director of Income-tax (All) . . . 112
Tour operator --Special deduction--Shopping commission received from Indian shop owners in Indian currency on purchases made by tourists from Indian shops--Not eligible for deduction under section 80HHD--Income-tax Act, 1961, s. 80HHD-- CIT v. Le Passage to India Tour and Travels P. Ltd. (Delhi) . . . 69
Undisclosed income --Additional evidence--Failure to produce evidence before Assessing Officer--Commissioner (Appeals) on basis of additional evidence holding donations and loans duly applied for objective of assessee trust--Matter remanded to Assessing Officer to verify documents--Income-tax Act, 1961, s. 68-- Director of Income-tax v. Modern Charitable Foundation (Delhi) . . . 105
Words and phrases --"Interest", meaning of-- CIT v. Cargill Global Trading P. Ltd. (Delhi) . . . 94
Deduction of tax at source --Income-tax Act, 1961, s. 195-- R. R. Donnelley India Outsource P. Ltd. , In re . . . 122
Non-resident --Data processing services--Services involving routine data entry, application sorting, document handling and data capturing service not involving use of sophisticated technology--Services rendered non-managerial, technical or consultancy service--Fees based on invoice from non-resident--Not "fees for technical services"--Not taxable in India--Agreement for the Avoidance of Double Taxation between India and the U. K., art. 13(5)-- R. R. Donnelley India Outsource P. Ltd. , In re . . . 122
Words and phrases --"Fees for technical services"--Meaning of-- R. R. Donnelley India Outsource P. Ltd. , In re . . . 122
SECTIONWISE INDEX TO CASES REPORTED IN THIS PART
Agreement for the Avoidance of Double Taxation between India and the U. K. :
Art. 13(5) -- Non-resident--Data processing services--Services involving routine data entry, application sorting, document handling and data capturing service not involving use of sophisticated technology--Services rendered non-managerial, technical or consultancy service--Fees based on invoice from non-resident--Not "fees for technical services"--Not taxable in Indi a-- R. R. Donnelley India Outsource P. Ltd., In re (AAR) . . . 122
S. 2(14 )--Capital gains--Long-term capital gains--Assessee obtaining lease of land and starting construction of building after three years--Sale of incomplete building--Capital gains from sale of leasehold right and building to be bifurcated--Gains attributable to sale of leasehold rights were long-term capital gains-- CIT v. Hindustan Hotels Ltd. (Bom) . . . 60
S. 2(14)(iii) --Capital gains--Agricultural land--Compulsory acquisition--Land on date of purchase and on acquisition agricultural land--Intention to use land for industrial purpose or not carrying agricultural activities do not change nature and character of land--Capital receipt not liable to tax-- Hindustan Industrial Resources Ltd . v. Asst. CIT (Delhi) . . . 77
S. 2(28A) --Deduction of tax at source--Interest--Definition--Assessee exporting goods--Bills of exchange discounted abroad--Discounting charges would not constitute interest--Tax not deductible at source on discounting charges-- CIT v. Cargill Global Trading P. Ltd. (Delhi) . . . 94
S. 22 --Property--Business--Income from property or business income--General principles--Company formed with object of manufacturing and selling food articles--Property taken on lease and let out for a period--Income assessable as income from property-- Sheetal Khurana Foods (P.) Ltd . v. ITAT (P&H) . . . 1
S. 28 --Property--Business--Income from property or business income--General principles--Company formed with object of manufacturing and selling food articles--Property taken on lease and let out for a period--Income assessable as income from property-- Sheetal Khurana Foods (P.) Ltd . v. ITAT (P&H) . . . 1
S. 35(2AB) --Scientific research expenditure--Weighted deduction--Conditions precedent--Certificate from DSIR--Date of certificate not important-- CIT v. Sandan Vikas (India) Ltd . (Delhi) . . . 117
S. 35AB --Business expenditure--Expenditure on know-how--Meanings of "consideration" and "lump sum" in section 35AB--Collaboration agreement specifying that taxes should be paid by assessee--Taxes entitled to deduction under section 35AB-- Tata Yodogawa Ltd. v. CIT (Jharkhand) . . . 53
S. 37 --Business expenditure--Expenditure on advertisement and publicity--Revenue expenditure--To be allowed-- CIT v. Citi Financial Consumer Fin. Ltd . (Delhi) . . . 29
----Business expenditure--Expenditure on leasehold property improvements--Commissioner (Appeals) on verification of records holding expenditure revenue in nature--Tribunal upholding this order--Finding of fact-- CIT v. Citi Financial Consumer Fin. Ltd. (Delhi) . . . 29
----Business expenditure--Hire-purchase--Expenditure on account of stamping fee, direct selling expenditure and commission payment--Is revenue expenditure--To be allowed-- CIT v. Citi Financial Consumer Fin. Ltd . (Delhi) . . . 29
----Deduction of tax at source--Interest--Definition--Assessee exporting goods--Bills of exchange discounted abroad--Discounting charges would not constitute interest--Tax not deductible at source on discounting charges-- CIT v. Cargill Global Trading P. Ltd. (Delhi) . . . 94
S. 40(a)(i) --Deduction of tax at source--Interest--Definition--Assessee exporting goods--Bills of exchange discounted abroad--Discounting charges would not constitute interest--Tax not deductible at source on discounting charges-- CIT v. Cargill Global Trading P. Ltd. (Delhi) . . . 94
S. 40(a)(ia) --Deduction of tax at source--Rent for hire of machinery--Law applicable--Amendment of section 194-I to include rent for hire of machinery w. e. f. 1-6-2007 --Hire charges for millers and rollers for laying roads--No liability to deduct tax at source in accounting year relevant to assessment year 2005-06--Operation of machinery by owner of machinery--Not a case of composite contract for labour and hire of machinery-- CIT v. D. Rathinam (Mad) . . . 101
S. 45 --Capital gains--Long-term capital gains--Assessee obtaining lease of land and starting construction of building after three years--Sale of incomplete building--Capital gains from sale of leasehold right and building to be bifurcated--Gains attributable to sale of leasehold rights were long-term capital gains-- CIT v. Hindustan Hotels Ltd. (Bom) . . . 60
----Capital gains--Sale of shade trees standing on coffee estate--Sale proceeds thereof--Assessee conceding proceeds as capital gains for previous assessment year--Cannot take contrary stand--Assessable as capital gains-- C. Hanumantha Rao (Deceased) v. CIT (Mad) . . . 17
S. 57 --Income from other sources--Deductions--Assessee exporting jewellery--Borrowed funds converted into fixed deposits--Assessee benefiting from Government scheme--Interest on fixed deposits assessed as income from other sources--Interest on borrowed capital--Intimate connection between receipt and payment of interest--Deductible-- CIT v. Taj International Jewellers (Delhi) . . . 144
S. 68 --Cash credit--No satisfactory explanation regarding credit--Addition to total income of assessee--Justified-- Dayal Singh and Sons v. CIT (P&H) . . . 90
----Undisclosed income--Additional evidence----Failure to produce evidence before Assessing Officer--Commissioner (Appeals) on basis of additional evidence holding donations and loans duly applied for objective of assessee trust--Matter remanded to Assessing Officer to verify documents-- Director of Income-tax v. Modern Charitable Foundation (Delhi) . . . 105
S. 80HHD --Tour operator--Special deduction--Shopping commission received from Indian shop owners in Indian currency on purchases made by tourists from Indian shops--Not eligible for deduction under section 80HHD-- CIT v. Le Passage to India Tour and Travels P. Ltd. (Delhi) . . . 69
S. 80-I --Industrial undertaking--Special deduction under section 80-I --Interest--Interest from fixed deposits--Not derived from business--Not entitled to deduction-- CIT v. Tribalogy India Ltd. (Mad) . . . 12
S. 92CA --International transactions--Computation of arm's length price--Reference to Transfer Pricing Officer--High Court not to make observations on merits-- Maruti Suzuki India Ltd. v. Addl. CIT (SC) . . . 121
S. 132(1) --Search and seizure--Validity--Authorisation for search--Law applicable--Effect of amendment of section 132 by Finance (No. 2) Act, 2009 with retrospective effect from 1-6-1994--Additional Director of Income-tax had jurisdiction to authorise search in 2003--Fact that Form 45 did not include Director of Income-tax--Not relevant--Evidence that there was reason to believe that income had not been disclosed--Search valid--Witnesses requested by assessee present during search--Plea that wi nesses were not from the locality could not be raised-- Smt. Vijay Dhir v. Director of Income-tax (All) . . . 112
S. 143(1)(a)(ii) --Assessment--Only prima facie adjustment permissible under section 143(1)(a)(ii)-- Tata Yodogawa Ltd . v. CIT (Jharkhand) . . . 53
S. 185 --Firm--Registration--Legality of firm--Liquor business--Abkari licence in name of one of partners--Business in liquor by firm with permission of Excise Commissioner--Firm entitled to registration-- CIT v. Hotel New Indraprastha (Ker) . . . 87
S. 194A --Deduction of tax at source--Interest--Definition--Assessee exporting goods--Bills of exchange discounted abroad--Discounting charges would not constitute interest--Tax not deductible at source on discounting charges-- CIT v. Cargill Global Trading P. Ltd. (Delhi) . . . 94
S. 194-I --Deduction of tax at source--Rent for hire of machinery--Law applicable--Amendment of section 194-I to include rent for hire of machinery w. e. f. 1-6-2007--Hire charges for millers and rollers for laying roads--No liability to deduct tax at source in accounting year relevant to assessment year 2005-06--Operation of machinery by owner of machinery--Not a case of composite contract for labour and hire of machinery-- CIT v. D. Rathinam (Mad) . . . 101
S. 195 --Deduction of tax at source--R. R. Donnelley India Outsource P. Ltd. , In re (AAR) . . . 122
S. 263 --Revision--Order allowing deduction--Revision at instance of Assessing Officer citing judgment of Gauhati High Court--Order of jurisdictional High Court allowing deduction--Revision to withdraw deduction--Not valid-- Hindustan Lever Ltd . v. CIT (Cal) . . . 108
----Revision--Condition precedent--Order erroneous and prejudicial to Revenue--Difference between lack of inquiry and inadequate inquiry by Assessing Officer--Finding by Tribunal that Assessing Officer had made inquiry and that Commissioner was not able to point out any error in his order--Order of revision not valid-- CIT v. Anil Kumar Sharma (Delhi) . . . 83
S. 271(1)(c) --Penalty--Concealment of income--Revised return showing higher income filed after detection of concealed income--Imposition of penalty--Proper--No question of law-- Prempal Gandhi v. CIT (P&H) . . . 23
r. 8 --Business expenditure--Tea--Composite income from manufacture and sale of tea--Cess on green tea leaves payable under Assam Agricultural Income-tax Act--Deductible-- Hindustan Lever Ltd . v. CIT (Cal) . . . 108
r. 46A --Appeal to Commissioner (Appeals)--Powers of Commissioner (Appeals)--Additional evidence tendered before Commissioner (Appeals)--Matter need not be remanded-- CIT v. Jind Co-operative Sugar Mills Ltd . (P&H) . . . 43
r. 112 --Search and seizure--Validity--Authorisation for search--Law applicable--Effect of amendment of section 132 by Finance (No. 2) Act, 2009 with retrospective effect from 1-6-1994--Additional Director of Income-tax had jurisdiction to authorise search in 2003--Fact that Form 45 did not include Director of Income-tax--Not relevant--Evidence that there was reason to believe that income had not been disclosed--Search valid--Witnesses requested by assessee present during search--Plea that witnesses were not from the locality could not be raised-- Smt. Vijay Dhir v. Director of Income-tax (All) . . . 112
ITR'S TRIBUNAL TAX REPORTS (ITR (TRIB))
Volume 10 : Part 1 (Issue dated : 04-07-2011)
SUBJECT INDEX TO CASES REPORTED IN THIS PART
Appeal to Commissioner (Appeals) --Condonation of delay--Penalty--Assessee passing through difficulties in managing her affairs after death of her husband--Reasonable cause--Commissioner (Appeals) directed to condone delay and decide appeal on merits--Income-tax Act, 1961, s. 271(1)(c)-- Smt. Seema De Sarkar v. ITO (Kolkata) . . . 78
Block assessment --Notice--Assessment of third person under section 158BD--Satisfaction regarding undisclosed income of third person--Has to be recorded prior to completion of assessment of person searched under section 158BC--Income-tax Act, 1961, s. 158BD-- Jayant S. Jain (HUF) v. Deputy CIT (Mumbai) . . . 68
Cash credits --Condition precedent for treatment as income of assessee--Existence of books of account--Bank pass book, profit and loss account and balance-sheet would not constitute books of account--Amounts claimed to be gifts--Assessee not maintaining books of account--Amounts received by account payee cheques--Copies of income-tax returns of donors furnished--No notice to donors--No evidence that gifts were not genuine--Addition of gifts under section 68--Not valid--Income-tax Act, 1961, s. 68-- Smt. Madhu Raitani v. Asst. CIT (Gauhati) . . . 91
Income --Accrual--Sale of land--Earnest money received for transfer of land--Transaction not taking place in year--Earnest money received not be treated as income in year under consideration--Income-tax Act, 1961-- CIT Deputy v. Shiv Sai Developers (Mumbai) . . . 80
Interest on borrowed capital --Whether assessee holding shares only for controlling shares--Matter remanded--No case for disallowance under section 14A considered in earlier round of proceedings--Provisions of section 14A cannot be invoked in remand--Income-tax Act, 1961, s. 36(1)(iii)-- Questar Investments Ltd. v. Asst. CIT (Mumbai) . . . 73
Reassessment --Validity--Double taxation avoidance--No rule that assessee should pay tax in at least one jurisdiction to be eligible for relief--Assessee having permanent establishment in Malaysia--Income earned in Malaysia taxable there under provisions of Double Taxation Avoidance Agreement between India and Malaysia--No tax actually levied because amount had not been brought into Malaysia--Amount not taxable in India--Reassessment proceedings to tax amount in India--Not valid--Income-tax Act, 1961, s. 147--Double Taxation Avoidance Agreement between India and Malaysia, art. 5 -- Sivagami Holdings P. Ltd. v. Asst. CIT (Chennai) . . . 48
Search and seizure --Block assessment--Undisclosed income--General principles--Transactions recorded in account books can be subject-matter of additions in block assessment--Post-search enquiries can be conducted to determine undisclosed income --Provisions of sections 68, 69, 69A, 69B and 69C applicable--Assessee stock broker--Client mismatch in transactions recorded in books--No evidence that transactions were genuine--Income embedded in transactions includible in block assessment--Brokerage deductible--Income-tax Act, 1961, ss. 68, 69, 69A, 69B, 69C, 158B(b), 158BB-- Triumph Securities Ltd. v. Deputy CIT [SB] (Mumbai) . . . 1
SECTIONWISE INDEX TO CASES REPORTED IN THIS PART
Double Taxation Avoidance Agreement between India and Malaysia :
Art. 5 --Reassessment--Validity--Double taxation avoidance--No rule that assessee should pay tax in at least one jurisdiction to be eligible for relief--Assessee having permanent establishment in Malaysia--Income earned in Malaysia taxable there under provisions of Double Taxation Avoidance Agreement between India and Malaysia--No tax actually levied because amount had not been brought into Malaysia--Amount not taxable in India--Reassessment proceedings to tax amount in India--Not valid-- Sivagami Holdings P. Ltd. v. Asst. CIT (Chennai) . . . 48
S. 36(1)(iii) --Interest on borrowed capital--Whether assessee holding shares only for controlling shares--Matter remanded--No case for disallowance under section 14A considered in earlier round of proceedings--Provisions of section 14A cannot be invoked in remand-- Questar Investments Ltd. v. Asst. CIT (Mumbai) . . . 73
S. 68 --Cash credits--Condition precedent for treatment as income of assessee--Existence of books of account--Bank pass book, profit and loss account and balance-sheet would not constitute books of account--Amounts claimed to be gifts--Assessee not maintaining books of account--Amounts received by account payee cheques--Copies of income-tax returns of donors furnished--No notice to donors--No evidence that gifts were not genuine--Addition of gifts under section 68--Not valid-- Smt. Madhu Raitani v. Asst. CI T (Gauhati) . . . 91
----Search and seizure--Block assessment--Undisclosed income--General principles--Transactions recorded in account books can be subject-matter of additions in block assessment--Post-search enquiries can be conducted to determine undisclosed income --Provisions of sections 68, 69, 69A, 69B and 69C applicable--Assessee stock broker--Client mismatch in transactions recorded in books--No evidence that transactions were genuine--Income embedded in transactions includible in block assessment--Brokerage deductible-- Triumph Securities Ltd. v. Deputy CIT [SB] (Mumbai) . . . 1
S. 69 --Search and seizure--Block assessment--Undisclosed income--General principles--Transactions recorded in account books can be subject-matter of additions in block assessment--Post-search enquiries can be conducted to determine undisclosed income--Provisions of sections 68, 69, 69A, 69B and 69C applicable--Assessee stock broker--Client mismatch in transactions recorded in books--No evidence that transactions were genuine--Income embedded in transactions includible in block assessment--Brokerage deductible-- Triumph Securities Ltd. v. Deputy CIT [SB] (Mumbai) . . . 1
S. 69A --Search and seizure--Block assessment--Undisclosed income--General principles--Transactions recorded in account books can be subject-matter of additions in block assessment--Post-search enquiries can be conducted to determine undisclosed income--Provisions of sections 68, 69, 69A, 69B and 69C applicable--Assessee stock broker--Client mis-match in transactions recorded in books--No evidence that transactions were genuine--Income embedded in transactions includible in block assessment--Brokerage deductible-- Triumph Securities Ltd. v. Deputy CIT [SB] (Mumbai) . . . 1
S. 69B --Search and seizure--Block assessment--Undisclosed income--General principles--Transactions recorded in account books can be subject-matter of additions in block assessment--Post-search enquiries can be conducted to determine undisclosed income--Provisions of sections 68, 69, 69A, 69B and 69C applicable--Assessee stock broker--Client mismatch in transactions recorded in books--No evidence that transactions were genuine--Income embedded in transactions includible in block assessment--Brokerage deductible-- Triumph Securities Ltd. v. Deputy CIT [SB] (Mumbai) . . . 1
S. 69C --Search and seizure--Block assessment--Undisclosed income--General principles--Transactions recorded in account books can be subject-matter of additions in block assessment--Post-search enquiries can be conducted to determine undisclosed income--Provisions of sections 68, 69, 69A, 69B and 69C applicable--Assessee stock broker--Client mismatch in transactions recorded in books--No evidence that transactions were genuine--Income embedded in transactions includible in block assessment--Brokerage deductible-- Triumph Securities Ltd. v. Deputy CIT [SB] (Mumbai) . . . 1
S. 147 --Reassessment--Validity--Double taxation avoidance--No rule that assessee should pay tax in at least one jurisdiction to be eligible for relief--Assessee having permanent establishment in Malaysia--Income earned in Malaysia taxable there under provisions of Double Taxation Avoidance Agreement between India and Malaysia--No tax actually levied because amount had not been brought into Malaysia--Amount not taxable in India--Reassessment proceedings to tax amount in India--Not valid-- Sivagami Holdings P. Ltd. v. Asst. CIT (Chennai) . . . 48
S. 158B(b) --Search and seizure--Block assessment--Undisclosed income--General principles--Transactions recorded in account books can be subject-matter of additions in block assessment--Post-search enquiries can be conducted to determine undisclosed income--Provisions of sections 68, 69, 69A, 69B and 69C applicable--Assessee stock broker--Client mismatch in transactions recorded in books--No evidence that transactions were genuine--Income embedded in transactions includible in block assessment--Brokerage deductible-- Triumph Securities Ltd. v. Deputy CIT [SB] (Mumbai) . . . 1
S. 158BB --Search and seizure--Block assessment--Undisclosed income--General principles--Transactions recorded in account books can be subject-matter of additions in block assessment--Post-search enquiries can be conducted to determine undisclosed income--Provisions of sections 68, 69, 69A, 69B and 69C applicable--Assessee stock broker--Client mismatch in transactions recorded in books--No evidence that transactions were genuine--Income embedded in transactions includible in block assessment--Brokerage deductible-- Triumph Securities Ltd. v. Deputy CIT [SB] (Mumbai) . . . 1
S. 158BD --Block assessment--Notice--Assessment of third person under section 158BD--Satisfaction regarding undisclosed income of third person--Has to be recorded prior to completion of assessment of person searched under section 158BC-- Jayant S. Jain (HUF) v. Deputy CIT (Mumbai) . . . 68
S. 271(1)(c) --Appeal to Commissioner (Appeals)--Condonation of delay--Penalty--Assessee passing through difficulties in managing her affairs after death of her husband--Reasonable cause--Commissioner (Appeals) directed to condone delay and decide appeal on merits--Smt. Seema De Sarkar v. ITO (Kolkata) . . . 78
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