ITR'S TRIBUNAL TAX REPORTS (ITR (TRIB))
Volume 13 : Part 2 (Issue dated : 9-1-2012)
SUBJECT INDEX TO CASES REPORTED IN THIS PART
Amortisation of preliminary expenses --Expenditure on issue of preference shares--Purchased oil rig not put to use in relevant previous year--Assessee cannot claim amortisation under section 35D--Income-tax Act, 1961, s. 35D-- Deputy CIT v. Aban Offshore Ltd. (Chennai) . . . 180
Appeal to Appellate Tribunal --Powers of Tribunal--Power to consider new ground --Assessee cannot be denied its right arising from facts on record for determining tax liability--Matter remanded-- Aditya Birla Nuvo Ltd. v. Asst. CIT (Mumbai) . . . 128
Assessment --Best judgment assessment--Assessee not given sufficient opportunity by Assessing Officer and Commissioner (Appeals)--Matter remanded--Income-tax Act, 1961, s. 144 -- Pilot Cabs and Tours v. ITO (Chennai) . . . 123
Business expenditure --Disallowance--Club membership fees to be allowed--Other expenses disallowed under entertainment expenses--Assessing Officer to delete addition after verification--Income-tax Act, 1961, s. 37-- Aditya Birla Nuvo Ltd. v. Asst. CIT (Mumbai) . . . 128
----Disallowance--Payments in cash exceeding specified limit--Assessee failing to establish that payments under exceptional situations--To be disallowed--Income-tax Act, 1961, s. 40A(3)--Income-tax Rules, 1962, r. 6DD-- Aditya Birla Nuvo Ltd. v. Asst. CIT (Mumbai) . . . 128
----Disallowance--Travelling expenses of foreign citizens--To be considered for computing disallowance under rule 6D--Expenses disallowed--Income-tax Rules, 1962, r. 6D-- Aditya Birla Nuvo Ltd. v. Asst. CIT (Mumbai) . . . 128
----Entertainment expenditure--Disallowance of 25 per cent.--Proper--Gifts and presentation of articles in excess of Rs. 1,000 per article--Allowable--Income-tax Act, 1961, s. 37-- Aditya Birla Nuvo Ltd. v. Asst. CIT (Mumbai) . . . 128
----Expenditure on sales promotion relating to business--Allowable--Income-tax Act, 1961, s. 37 -- Jayantilal Jivanlal Soni (HUF) v. ITO (Ahmedabad) . . . 215
----Expenses incurred on guest house, sales and press conference--Deductible--Premium on redemption of non-convertible debentures issued during assessment year 1988-89--Expenditure on school for children of employees--Deductible--Income-tax Act, 1961, s. 37 -- Aditya Birla Nuvo Ltd. v. Asst. CIT (Mumbai) . . . 128
----Stationery expenses--Assessee furnishing details regarding payment of stationery--Expenditure allowable--Income-tax Act, 1961-- Jayantilal Jivanlal Soni (HUF) v. ITO (Ahmedabad) . . . 215
----Travelling expenses of employees--Computation--Expenses on each trip or in year together to be taken into account--Income-tax Rules, 1962, r. 6D-- Aditya Birla Nuvo Ltd. v. Asst. CIT (Mumbai) . . . 128
Business income or income from house property --Purchase of building for business purposes--Rent received to generate additional income--To be computed as income from house property--Income-tax Act, 1961 -- Deputy CIT v. Aban Offshore Ltd. (Chennai) . . . 180
Capital or revenue expenditure --Construction of access road to new plant--Is capital expenditure--Income-tax Act, 1961 -- Aditya Birla Nuvo Ltd. v. Asst. CIT (Mumbai) . . . 128
Deduction of tax at source --Payment to non-resident--Computation--Assessee computing under section 44BB and deducting tax at specified rate from charges paid to non-resident--Proper--Income-tax Act, 1961, s. 44BB -- Frontier Offshore Exploration India Ltd. v. Deputy CIT (Chennai) . . . 168
----Payments made to catering contractors--Assessee entering into contract with another person for carrying out part of work undertaken--Amounts to sub-contract--Deduction of tax at one per cent.--Proper--Income-tax Act, 1961 -- Deputy CIT v. Aban Offshore Ltd. (Chennai) . . . 180
----Payments to non-resident for services rendered in connection with prospecting and extracting or production of mineral oils in India--Deduction of tax at 4 per cent. considering services rendered by non-resident entities--Proper--Income-tax Act, 1961, s. 44BB-- Deputy CIT v. Aban Offshore Ltd. (Chennai) . . . 180
Depreciation --Windmills--Allowed in earlier years--To be allowed in current year --Income-tax Act, 1961-- Deputy CIT v. Aban Offshore Ltd. (Chennai) . . . 180
Income --Closing stock--Unutilised Modvat credit--To be deleted-- Aditya Birla Nuvo Ltd. v. Asst. CIT (Mumbai) . . . 128
----Computation--Dividend income--Disallowance of expenditure relating to exempt income--Failure to verify whether expenditure incurred directly or indirectly prior to applicability of rule 8D--Matter remanded--Income-tax Act, 1961, s. 14A--Income-tax Rules, 1962, r. 8D-- Deputy CIT v. Aban Offshore Ltd. (Chennai) . . . 180
Income-tax survey --Valuation of stock--Addition on excess stock--Finding that stocks in survey records less than in books of account--Contention that material available at time of survey not considered--Matter remanded--Income-tax Act, 1961, s. 133A-- Jayantilal Jivanlal Soni (HUF) v . ITO (Ahmedabad) . . . 215
Interest --Return--Levy of interest under sections 234A and 234B--Interest charged from due date of filing return to date of return without giving credit to tax paid--Interest to be charged on assessed tax after reducing amount of tax paid--Interest under section 234B mandatory--Income-tax Act, 1961, ss. 234A, 234B-- Sachin Jain v. Deputy CIT (Delhi) . . . 161
Interest on borrowed capital --Loans for new project--New unit integral part of same business--Interest deductible--Income-tax Act, 1961 , s. 36(1)(iii) -- Aditya Birla Nuvo Ltd. v. Asst. CIT (Mumbai) . . . 128
Loss --Short-term capital loss--Sale of units of mutual funds--Assessee failing to produce details--Disallowance justified--Income-tax Act, 1961 , s. 94(7) -- Deputy CIT v. Aban Offshore Ltd. (Chennai) . . . 180
Undisclosed income --Addition on basis of a paper seized from third party--Seized paper not containing details of payment--Addition to be deleted--Income-tax Act, 1961 -- Saif Ali Khan Mansurali v. Asst. CIT (Mumbai) . . . 204
SECTIONWISE INDEX TO CASES REPORTED IN THIS PART
S. 14A -- Income--Computation--Dividend income--Disallowance of expenditure relating to exempt income--Failure to verify whether expenditure incurred directly or indirectly prior to applicability of rule 8D--Matter remanded-- Deputy CIT v. Aban Offshore Ltd. (Chennai) . . . 180
S. 35D -- Amortisation of preliminary expenses--Expenditure on issue of preference shares--Purchased oil rig not put to use in relevant previous year--Assessee cannot claim amortisation under section 35D-- Deputy CIT v. Aban Offshore Ltd. (Chennai) . . . 180
S. 36(1)(iii) -- Interest on borrowed capital--Loans for new project--New unit integral part of same business--Interest deductible-- Aditya Birla Nuvo Ltd. v. Asst. CIT (Mumbai) . . . 128
S. 37 -- Business expenditure--Disallowance--Club membership fees to be allowed--Other expenses disallowed under entertainment expenses--Assessing Officer to delete addition after verification-- Aditya Birla Nuvo Ltd. v. Asst. CIT (Mumbai) . . . 128
---- Business expenditure--Entertainment expenditure--Disallowance of 25 per cent. --Proper--Gifts and presentation of articles in excess of Rs. 1,000 per article--Allowable -- Aditya Birla Nuvo Ltd. v. Asst. CIT (Mumbai) . . . 128
---- Business expenditure--Expenditure on sales promotion relating to business--Allowable-- Jayantilal Jivanlal Soni (HUF) v. ITO (Ahmedabad) . . . 215
---- Business expenditure--Expenses incurred on guest house, sales and press conference--Deductible--Premium on redemption of non-convertible debentures issued during assessment year 1988-89--Expenditure on school for children of employees--Deductible-- Aditya Birla Nuvo Ltd. v. Asst. CIT (Mumbai) . . . 128
S. 40A(3) -- Business expenditure--Disallowance--Payments in cash exceeding specified limit--Assessee failing to establish that payments under exceptional situations--To be disallowed--Income-tax Rules, 1962, r. 6DD-- Aditya Birla Nuvo Ltd. v. Asst. CIT (Mumbai) . . . 128
S. 44BB -- Deduction of tax at source--Payment to non-resident--Computation--Assessee computing under section 44BB and deducting tax at specified rate from charges paid to non-resident--Proper-- Frontier Offshore Exploration India Ltd. v. Deputy CIT (Chennai) . . . 168
----Deduction of tax at source--Payments to non-resident for services rendered in connection with prospecting and extracting or production of mineral oils in India--Deduction of tax at 4 per cent. considering services rendered by non-resident entities--Proper-- Deputy CIT v. Aban Offshore Ltd. (Chennai) . . . 180
S. 94(7) -- Loss--Short-term capital loss--Sale of units of mutual funds--Assessee failing to produce details--Disallowance justified-- Deputy CIT v. Aban Offshore Ltd. (Chennai) . . . 180
S. 133A -- Income-tax survey--Valuation of stock--Addition on excess stock--Finding that stocks in survey records less than in books of account--Contention that material available at time of survey not considered--Matter remanded-- Jayantilal Jivanlal Soni (HUF) v. ITO (Ahmedabad) . . . 215
S. 144 -- Assessment--Best judgment assessment--Assessee not given sufficient opportunity by Assessing Officer and Commissioner (Appeals)--Matter remanded-- Pilot Cabs and Tours v. ITO (Chennai) . . . 123
S. 234A -- Interest--Return--Levy of interest under sections 234A and 234B--Interest charged from due date of filing return to date of return without giving credit to tax paid--Interest to be charged on assessed tax after reducing amount of tax paid--Interest under section 234B mandatory-- Sachin Jain v. Deputy CIT (Delhi) . . . 161
S. 234B -- Interest--Return--Levy of interest under sections 234A and 234B--Interest charged from due date of filing return to date of return without giving credit to tax paid--Interest to be charged on assessed tax after reducing amount of tax paid--Interest under section 234B mandatory-- Sachin Jain v. Deputy CIT (Delhi) . . . 161
R. 6D --Business expenditure--Disallowance--Travelling expenses of foreign citizens --To be considered for computing disallowance under rule 6D--Expenses disallowed-- Aditya Birla Nuvo Ltd. v. Asst. CIT (Mumbai) . . . 128
----Business expenditure--Travelling expenses of employees--Computation--Expenses on each trip or in year together to be taken into account-- Aditya Birla Nuvo Ltd. v. Asst. CIT (Mumbai) . . . 128
R. 8D --Income--Computation--Dividend income--Disallowance of expenditure relating to exempt income--Failure to verify whether expenditure incurred directly or indirectly prior to applicability of rule 8D--Matter remanded-- Deputy CIT v. Aban Offshore Ltd. (Chennai) . . . 180
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