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Tuesday, February 7, 2012

ITR (TRIB) VOL 13 PART 6


 

ITR'S TRIBUNAL TAX REPORTS (ITR (TRIB))

Volume 13 : Part 6 (Issue dated : 6-2-2012)

SUBJECT INDEX TO CASES REPORTED IN THIS PART

 

Business expenditure --Disallowance--Cash payments exceeding prescribed limit--Payments to Airports Authority of India in accordance with directions of Authority--Payments falling under exceptions specified in rule 6DD(k)--Not to be disallowed--Income-tax Act, 1961, s. 40A(3)--Income-tax Rules, 1962, r. 6DD(k)-- SRC Aviation P. Ltd. v. Deputy CIT (Delhi) . . . 600

----Disallowance--Excessive and unreasonable payments--Payment to directors--No proof that payments not excessive or unreasonable--Matter remanded--Income-tax Act, 1961, s. 40A(2)(b)-- SRC Aviation P. Ltd. v. Deputy CIT (Delhi) . . . 600

Deduction --Disallowance of expenditure in relation to exempted incomes--Prohibition on reopening of completed assessments for purpose of making disallowance--Does not apply to summary assessments under section 143(1)--Income-tax Act, 1961, s. 14A, prov.-- Asst. CIT v. Tube Investments of India Ltd. (Chennai) . . . 619

Depreciation --Car purchased in name of director and used for company--Depreciation allowed in previous year--To be allowed for subsequent year--Income-tax Act, 1961, s. 32-- ITO v. Electro Ferro Alloys Ltd. (Ahmedabad) . . . 594

----Claim to 100 per cent. depreciation on certain items--Expenses either relating to spare parts or repairs and allowable in any case as revenue expenditure--Income-tax Act, 1961-- Asst. CIT v. Tube Investments of India Ltd. (Chennai) . . . 619

Income --Dividend--Computation--Disallowance under section 14A--Law applicable--Rule 8D applicable from assessment year 2008-09--Disallowance based on consideration of facts and circumstances of case--Matter remanded--Income-tax Act, 1961, s. 14A--Income-tax Rules, 1962, r. 8D-- SRC Aviation P. Ltd. v. Deputy CIT (Delhi) . . . 600

Industrial undertaking --Special deduction under section 80-IA--Computation--Special deduction not claimed and depreciation and loss set off against other income in earlier year--Set-off not to be carried forward and notionally set off against profits in year in which special deduction is claimed--Income-tax Act, 1961, ss. 80AB, 80-IA-- Anil H. Lad v. Deputy CIT (Bangalore) . . . 581

----Special deduction under section 80-IB--Interest received from various parties and miscellaneous income received from sale of non-excisable waste material--Matter remanded--Income-tax Act, 1961, s. 80-IB-- ITO v. Electro Ferro Alloys Ltd. (Ahmedabad) . . . 594

----Special deduction under section 80-IB--Profits of business--Excise income, insurance claim received for shortage of material--Assessee entitled to deduction--Income-tax Act, 1961, s. 80-IB-- ITO v. Electro Ferro Alloys Ltd. (Ahmedabad) . . . 594

Precedent --Decision of High Court to be followed and not that of Special Bench of Tribunal-- Anil H. Lad v. Deputy CIT (Bangalore) . . . 581

Reassessment --Income escaping assessment--"Reason to believe"--That Commissioner (Appeals) has held in favour of assessee for earlier years on same point--Will not take away jurisdiction of Assessing Officer to issue notice for subsequent year--Especially when appellate order taken on appeal by Department--Income-tax Act, 1961, ss. 147, 148-- Asst. CIT v. Tube Investments of India Ltd. (Chennai) . . . 619

Refund --Interest on excess refund--Provision not retrospective--Income-tax Act, 1961, s. 234D-- Asst. CIT v. Tube Investments of India Ltd. (Chennai) . . . 619

Revision --Commissioner--Depreciation--Rate of depreciation--Aircraft--Assessment order set aside on ground that aircraft owned by assessee not aeroplane--Finding that aircraft owned by assessee entitled to depreciation at 40 per cent.--Order of revision not valid--Income-tax Act, 1961, s. 263--Income-tax Rules, 1962-- SRC Aviation P. Ltd. v. Deputy CIT (Delhi) . . . 600

Search and seizure --Block assessment--Undisclosed income--Cash seized during search--No explanation regarding its source--Amount includible in block assessment--Income-tax Act, 1961-- Anil H. Lad v. Deputy CIT (Bangalore) . . . 581

Words and phrases --"Aeroplane"--Meaning of-- SRC Aviation P. Ltd. v. Deputy CIT (Delhi) . . . 600

 

SECTIONWISE INDEX TO CASES REPORTED IN THIS PART

Income-tax Act, 1961 :

S. 14A --Income--Dividend--Computation--Disallowance under section 14A--Law applicable--Rule 8D applicable from assessment year 2008-09--Disallowance based on consideration of facts and circumstances of case--Matter remanded-- SRC Aviation P. Ltd. v. Deputy CIT (Delhi) . . . 600

S. 14A, prov --Deduction--Disallowance of expenditure in relation to exempted incomes--Prohibition on reopening of completed assessments for purpose of making disallowance--Does not apply to summary assessments under section 143(1)-- Asst. CIT v. Tube Investments of India Ltd. (Chennai) . . . 619

S. 32 --Depreciation--Car purchased in name of director and used for company--Depreciation allowed in previous year--To be allowed for subsequent year-- ITO v. Electro Ferro Alloys Ltd. (Ahmedabad) . . . 594

S. 40A(2)(b) --Business expenditure--Disallowance--Excessive and unreasonable payments--Payment to directors--No proof that payments not excessive or unreasonable--Matter remanded-- SRC Aviation P. Ltd. v. Deputy CIT (Delhi) . . . 600

S. 40A(3) --Business expenditure--Disallowance--Cash payments exceeding prescribed limit--Payments to Airports Authority of India in accordance with directions of Authority--Payments falling under exceptions specified in rule 6DD(k)--Not to be disallowed-- SRC Aviation P. Ltd. v. Deputy CIT (Delhi) . . . 600

S. 80AB --Industrial undertaking--Special deduction under section 80-IA--Computation--Special deduction not claimed and depreciation and loss set off against other income in earlier year--Set-off not to be carried forward and notionally set off against profits in year in which special deduction is claimed-- Anil H. Lad v. Deputy CIT (Bangalore) . . . 581

S. 80-IA --Industrial undertaking--Special deduction under section 80-IA--Computation--Special deduction not claimed and depreciation and loss set off against other income in earlier year--Set-off not to be carried forward and notionally set off against profits in year in which special deduction is claimed-- Anil H. Lad v. Deputy CIT (Bangalore) . . . 581

S. 80-IB --Industrial undertaking--Special deduction under section 80-IB--Interest received from various parties and miscellaneous income received from sale of non-excisable waste material--Matter remanded-- ITO v. Electro Ferro Alloys Ltd. (Ahmedabad) . . . 594

----Industrial undertaking--Special deduction under section 80-IB--Profits of business--Excise income, insurance claim received for shortage of material--Assessee entitled to deduction-- ITO v. Electro Ferro Alloys Ltd. (Ahmedabad) . . . 594

S. 147 --Reassessment--Income escaping assessment--"Reason to believe"--That Commissioner (Appeals) has held in favour of assessee for earlier years on same point--Will not take away jurisdiction of Assessing Officer to issue notice for subsequent year--Especially when appellate order taken on appeal by Department-- Asst. CIT v. Tube Investments of India Ltd. (Chennai) . . . 619

S. 148 --Reassessment--Income escaping assessment--"Reason to believe"--That Commissioner (Appeals) has held in favour of assessee for earlier years on same point--Will not take away jurisdiction of Assessing Officer to issue notice for subsequent year--Especially when appellate order taken on appeal by Department-- Asst. CIT v. Tube Investments of India Ltd. (Chennai) . . . 619

S. 234D --Refund--Interest on excess refund--Provision not retrospective-- Asst. CIT v. Tube Investments of India Ltd. (Chennai) . . . 619

S. 263 --Revision--Commissioner--Depreciation--Rate of depreciation--Aircraft--Assessment order set aside on ground that aircraft owned by assessee not aeroplane--Finding that aircraft owned by assessee entitled to depreciation at 40 per cent--Order of revision not valid-- SRC Aviation P. Ltd. v. Deputy CIT (Delhi) . . . 600

Income-tax Rules, 1962 :

R. 6DD(k) --Business expenditure--Disallowance--Cash payments exceeding prescribed limit--Payments to Airports Authority of India in accordance with directions of Authority--Payments falling under exceptions specified in rule 6DD(k)--Not to be disallowed-- SRC Aviation P. Ltd. v. Deputy CIT (Delhi) . . . 600

R. 8D --Income--Dividend--Computation--Disallowance under section 14A--Law applicable--Rule 8D applicable from assessment year 2008-09--Disallowance based on consideration of facts and circumstances of case--Matter remanded-- SRC Aviation P. Ltd. v. Deputy CIT (Delhi) . . . 600

 



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