ITR'S TRIBUNAL TAX REPORTS (ITR (TRIB))
Volume 11 : Part 3 (Issue dated : 12-09-2011)
SUBJECT INDEX TO CASES REPORTED IN THIS PART
Appeal to Appellate Tribunal --Block assessment--Additional ground challenging validity of assessment--Facts or material in support of additional grounds not brought on record--Assessee filing return for block period without any objection--Additional ground rejected--Income-tax Act, 1961-- Bhagwandas Punjabi (Decd.) v. Asst. CIT (Ahmedabad) . . . 216
Assessment --Agricultural income or income from other sources--Department accepting income as agricultural in earlier years--Income to be treated as agricultural after disallowance on fair estimate--Income-tax Act, 1961-- ITO v. C. J. Rathod (Indl.) (Ahmedabad) . . . 252
-- --Status--Hindu undivided family or individual--Status of Hindu undivided family accepted by Assessing Officer after due inquiry and documentary evidence--Remand by Tribunal on other issues--Status cannot be disturbed--Income-tax Act, 1961-- ITO v. C. J. Rathod (Indl.) (Ahmedabad) . . . 252
Business expenditure --Expenditure on keyman insurance for two working directors--Directors qualified and rendering services to assessee-company--Amount received on maturity offered for taxation--Expenditure deductible--Income-tax Act, 1961, s. 37--CBDT Circular No. 762, dated 18-2-1998-- ITO v. Radha Raj Ispat P. Ltd. (Delhi) . . . 243
Capital gains --Computation--Reference to Valuation Officer--When permissible--Sale consideration higher than value adopted by stamp valuation authority--Assessing Officer not permitted to refer to Departmental Valuation Officer--Addition to be deleted --Income-tax Act, 1961, ss. 48, 50C, 55A-- ITO v. Chandrakant R. Patel (Ahmedabad) . . . 317
Capital or revenue expenditure --Assessee rendering software services to clients--Amount paid for technical advisory services--No advantage of enduring nature--Amount deductible as revenue expenditure--Income-tax Act, 1961, s. 37-- Deputy CIT v. Lifetree Cyberworks P. Ltd. (Delhi) . . . 294
Charitable purposes --Charitable trust--Registration--Trust running educational institutions--No finding that excess funds or surplus used or diverted for purpose other than educational needs--Commissioner citing irrelevant reasons for refusing registration--Assessee entitled to registration--Income-tax Act, 1961, s. 12AA-- Vidhya Sikshaa Educational and Charitable Trust v. CIT (Chennai) . . . 236
Exemption --Export--Computer software--Software developed under control and supervision of assessee utilising infrastructure and equipment provided by another company on payment of charges--Receipt of sale proceeds in India in convertible foreign exchange within prescribed period--Assessee entitled to exemption--Income-tax Act, 1961, s. 10B--Circular No. 694, dated November 23, 1994-- ITO v. Techdrive (India) P. Ltd. (Delhi) . . . 298
Income-tax proceedings --Authorised representative--Definition--Need not be a registered income-tax practitioner--Income-tax Act, 1961, s. 288(2)-- Vidhya Sikshaa Educational and Charitable Trust v. CIT (Chennai) . . . 236
Interest --Advances and loans by assessee--No agreement to charge interest--Assessee not charging any interest--Notional interest cannot be added--Income-tax Act, 1961-- ITO v. C. J. Rathod (Indl.) (Ahmedabad) . . . 252
Reassessment --Reference to Valuation Officer made during assessment but report received after completion of assessment--Reassessment based on report of District Valuation Officer--Reassessment valid--Income-tax Act, 1961, ss. 143, 147-- Shagun Buildwell Ltd. v. Deputy CIT (Delhi) . . . 273
----Valuation of property--Reference to District Valuation Officer--No material to prove market rate of property lower than rate adopted by District Valuation Officer--Value of property estimated by District Valuation Officer proper--Income-tax Act, 1961, ss. 147, 142A-- Shagun Buildwell Ltd. v. Deputy CIT (Delhi) . . . 273
Rectification of mistakes --Section 234D introduced in statute with effect from 1-6-2003 not retrospective--Not applicable to earlier assessment years--Order charging interest under section 234D--Can be rectified--Income-tax Act, 1961, ss. 154, 234D-- Ashok Leyland Finance Ltd. v. Asst. CIT (Chennai) . . . 287
Search and seizure --Block assessment--Undisclosed income--Investment in property--Valuation Officer's report cannot be treated as evidence--Undisclosed income to be determined at amount mentioned in sale deed--Income-tax Act, 1961, ss. 132A, 158BB, 158BD-- Bhagwandas Punjabi (Decd.) v. Asst. CIT (Ahmedabad) . . . 216
Unexplained investment --Investment in immovable and movable property, loans and advances--Capital available with assessee for advancing amount--Addition to be deleted--Income-tax Act, 1961-- ITO v. C. J. Rathod (Indl.) (Ahmedabad) . . . 252
----Reference to District Valuation Officer--Estimation of value of property--Value of property not fully disclosed by assessee--Assessing Officer justified in making reference under section 142A--Income-tax Act, 1961, ss. 69, 69B, 142A-- Shagun Buildwell Ltd. v. Deputy CIT (Delhi) . . . 273
SECTIONWISE INDEX TO CASES REPORTED IN THIS PART
S. 10B --Exemption--Export--Computer software--Software developed under control and supervision of assessee utilising infrastructure and equipment provided by another company on payment of charges--Receipt of sale proceeds in India in convertible foreign exchange within prescribed period--Assessee entitled to exemption--Circular No. 694, dated November 23, 1994-- ITO v. Techdrive (India) P. Ltd. (Delhi) . . . 298
S. 12AA --Charitable purposes--Charitable trust--Registration--Trust running educational institutions--No finding that excess funds or surplus used or diverted for purpose other than educational needs--Commissioner citing irrelevant reasons for refusing registration--Assessee entitled to registration-- Vidhya Sikshaa Educational and Charitable Trust v. CIT (Chennai) . . . 236
S. 37 --Business expenditure--Expenditure on keyman insurance for two working directors--Directors qualified and rendering services to assessee-company--Amount received on maturity offered for taxation--Expenditure deductible--CBDT Circular No. 762, dated 18-2-1998-- ITO v. Radha Raj Ispat P. Ltd. (Delhi) . . . 243
----Capital or revenue expenditure--Assessee rendering software services to clients --Amount paid for technical advisory services--No advantage of enduring nature--Amount deductible as revenue expenditure-- Deputy CIT v. Lifetree Cyberworks P. Ltd. (Delhi) . . . 294
S. 48 --Capital gains--Computation--Reference to Valuation Officer--When permissible--Sale consideration higher than value adopted by stamp valuation authority--Assessing Officer not permitted to refer to Departmental Valuation Officer--Addition to be deleted-- ITO v. Chandrakant R. Patel (Ahmedabad) . . . 317
S. 50C --Capital gains--Computation--Reference to Valuation Officer--When permissible--Sale consideration higher than value adopted by stamp valuation authority--Assessing Officer not permitted to refer to Departmental Valuation Officer--Addition to be deleted-- ITO v. Chandrakant R. Patel (Ahmedabad) . . . 317
S. 55A --Capital gains--Computation--Reference to Valuation Officer--When permissible--Sale consideration higher than value adopted by stamp valuation authority--Assessing Officer not permitted to refer to Departmental Valuation Officer--Addition to be deleted-- ITO v. Chandrakant R. Patel (Ahmedabad) . . . 317
S. 69 --Unexplained investment--Reference to District Valuation Officer--Estimation of value of property--Value of property not fully disclosed by assessee--Assessing Officer justified in making reference under section 142A-- Shagun Buildwell Ltd. v. Deputy CIT (Delhi) . . . 273
S. 69B --Unexplained investment--Reference to District Valuation Officer--Estimation of value of property--Value of property not fully disclosed by assessee--Assessing Officer justified in making reference under section 142A-- Shagun Buildwell Ltd. v. Deputy CIT (Delhi) . . . 273
S. 132A --Search and seizure--Block assessment--Undisclosed income--Investment in property--Valuation Officer's report cannot be treated as evidence--Undisclosed income to be determined at amount mentioned in sale deed-- Bhagwandas Punjabi (Decd.) v. Asst. CIT (Ahmedabad) . . . 216
S. 142A --Reassessment--Valuation of property--Reference to District Valuation Officer--No material to prove market rate of property lower than rate adopted by District Valuation Officer--Value of property estimated by District Valuation Officer proper-- Shagun Buildwell Ltd. v. Deputy CIT (Delhi) . . . 273
----Unexplained investment--Reference to District Valuation Officer--Estimation of value of property--Value of property not fully disclosed by assessee--Assessing Officer justified in making reference under section 142A-- Shagun Buildwell Ltd. v. Deputy CIT (Delhi) . . . 273
S. 143 --Reassessment--Reference to Valuation Officer made during assessment but report received after completion of assessment--Reassessment based on report of District Valuation Officer--Reassessment valid-- Shagun Buildwell Ltd. v. Deputy CIT (Delhi) . . . 273
S. 147 --Reassessment--Reference to Valuation Officer made during assessment but report received after completion of assessment--Reassessment based on report of District Valuation Officer--Reassessment valid-- Shagun Buildwell Ltd. v. Deputy CIT (Delhi) . . . 273
----Reassessment--Valuation of property--Reference to District Valuation Officer--No material to prove market rate of property lower than rate adopted by District Valuation Officer--Value of property estimated by District Valuation Officer proper-- Shagun Buildwell Ltd. v. Deputy CIT (Delhi) . . . 273
S. 154 --Rectification of mistakes--Section 234D introduced in statute with effect from 1-6-2003 not retrospective--Not applicable to earlier assessment years--Order charging interest under section 234D--Can be rectified-- Ashok Leyland Finance Ltd. v. Asst. CIT (Chennai) . . . 287
S. 158BB --Search and seizure--Block assessment--Undisclosed income--Investment in property--Valuation Officer's report cannot be treated as evidence--Undisclosed income to be determined at amount mentioned in sale deed-- Bhagwandas Punjabi (Decd.) v. Asst. CIT (Ahmedabad) . . . 216
S. 158BD --Search and seizure--Block assessment--Undisclosed income--Investment in property--Valuation Officer's report cannot be treated as evidence--Undisclosed income to be determined at amount mentioned in sale deed-- Bhagwandas Punjabi (Decd.) v. Asst. CIT (Ahmedabad) . . . 216
S. 234D --Rectification of mistakes--Section 234D introduced in statute with effect from 1-6-2003 not retrospective--Not applicable to earlier assessment years--Order charging interest under section 234D--Can be rectified-- Ashok Leyland Finance Ltd. v. Asst. CIT (Chennai) . . . 287
S. 288(2) --Income-tax proceedings--Authorised representative--Definition--Need not be a registered income-tax practitioner-- Vidhya Sikshaa Educational and Charitable Trust v. CIT (Chennai) . . . 236
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