Gift tax , Income of shipping companies , Exemption under s 11

---------- Forwarded message ----------
From: CA Saiprasad Bagrecha <saiprasadbagrecha@gmail.com>
Date: Wed, Sep 14, 2011 at 4:29 PM
Subject: {jalgaoncas} Gift tax , Income of shipping companies , Exemption under s 11
To:

Dear All,

 

Please find enclosed text on above topics.

 

 

http://www.indiantaxhome.com/2011/09/gift-tax_14.html

 

Once, in the income-tax proceedings, it is accepted that the transactions are genuine and bona fide, the additions made in the proceedings under the Gift Tax Act on the ground that the transaction was a colourable device cannot be accepted, as held by MumHC in CGT v Ajay Bajaj — In favour of: The assessee.

 

 

http://www.indiantaxhome.com/2011/09/income-of-shipping-companies_14.html

 

 

Tonnage income from the business of operating qualifying ships — Receipts emanating from the activities, which do not have a direct and necessary nexus with the shipping/dredging activities of the assessee-company, cannot be exempted under the tonnage tax scheme, as held by VisakhapatnamTrib in Dredging Corpn of India Ltd v ACIT — In favour of: The revenue (partly).

 

 

http://www.indiantaxhome.com/2011/09/exemption-under-s-11.html

 

 

The generation of surplus out of the fees collected would not indicate a profit motive and the activity of the assessee cannot be said to be tainted with an element of commerciality to disentitle the trust from claiming the exemption under s 11, as held by CuttackTrib in ITO v Human Resource Development and Management Trust (ASBM Trust) — In favour of: The assessee.

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CA Saiprasad P. Bagrecha