ITR'S TRIBUNAL TAX REPORTS (ITR (TRIB))
Volume 14 : Part 5 (Issue dated : 19-3-2012)
SUBJECT INDEX TO CASES REPORTED IN THIS PART
Appeal to Appellate Tribunal --Cross-objections--Delay in filing--Condonation of delay--Factors to be considered--Explanation vague--No facts on record to show bona fide delay--Delay not condoned--Income-tax Act, 1961, s. 253(5)-- Asst. Director of Income-tax v. India ITME Society (Mumbai) . . . 519
Business expenditure --Disallowance--Payment of salary for services rendered--Identity of payee established and his experience, association with business of assessee and service rendered a matter of record--Payee an income-tax payer whose permanent account number available on record of authorities--Disallowance of payment not justified--Income-tax Act, 1961-- Ashok Pan Products P. Ltd. v. Asst. CIT (Lucknow) . . . 505
----Disallowance--Unreasonable and excessive payment--Interest on unsecured loan--Payment of interest at 18 per cent. was neither unreasonable nor excessive--Income-tax Act, 1961-- Ashok Pan Products P. Ltd. v. Asst. CIT (Lucknow) . . . 505
----Prior period expenses--Expenses relating to earlier year--Tax deducted at source and paid in year in question--Deduction allowable in year in question-- Asst. CIT v. Maersk Global Service Center (India) P. Ltd. (Mumbai) . . . 541
Capital or revenue expenditure --Stamp duty charges on registration of lease deed--Is capital expenditure-- Asst. CIT v. Maersk Global Service Center (India) P. Ltd. (Mumbai) . . . 541
Collection of tax at source --Sale of scrap--Manufacture fluorine and refrigerant gases--Scrap not connected with manufacture--Section 206C(6) not attracted--Income-tax Act, 1961, s. 206C(6)-- Navine Fluorine International Ltd. v. Asst. CIT (Ahmedabad) . . . 481
Deduction of tax at source --Commission--Bank guarantee commission--Not "commission" on which tax deductible at source--Income-tax Act, 1961, ss. 194H, 201(1), (1A)-- Kotak Securities Ltd. v. Deputy CIT (Mumbai) . . . 495
Depreciation --Block of assets--Asset becoming part of block of assets and allowed depreciation--Cannot be excluded from block of assets in following year on ground not put to use in that year--Income-tax Act, 1961, s. 32-- Ashok Pan Products P. Ltd. v. Asst. CIT (Lucknow) . . . 505
Exemption --Charitable purpose--Approval of institution subject to separate accounts being maintained for business profits--Society engaged in organising exhibitions--Charging participants for facilities with profit mark-up--Failure to maintain separate accounts--Profits from provision of facilities taxable as business income--Exemption only on accumulations and income from organising exhibitions--Income-tax Act, 1961, s. 10(23C)(iv)-- Asst. Director of Income-tax v. India ITME Society (Mumbai) . . . 519
Income from undisclosed sources --Undisclosed investment--Payment shown made to Central excise authorities--Cost of goods said to be removed without payment of duty recorded in books--Not a case of undisclosed investment--Addition for profit on sales of such goods--Proper--Income-tax Act, 1961-- Ashok Pan Products P. Ltd. v. Asst. CIT (Lucknow) . . . 505
Industrial undertaking --Special deduction under section 80-IA--Computation--If eligible business only source of income of assessee--Loss from initial assessment year to be brought forward and not loss of earlier years, set off against income--Income-tax Act, 1961, s. 80-IA-- Asst. CIT v. Eveready Spinning Mills Ltd. (Chennai) . . . 491
International transactions --Arm's length price--Comparable cases cited by assessee--Transfer Pricing Officer bound to give reasons for rejecting--Failure to do so--Comparable cases presumed acceptable--Appeal--Commissioner (Appeals) not bound to consider whether they were acceptable--Income-tax Act, 1961, ss. 92C, 251(1)(a)-- Asst. CIT v. Maersk Global Service Center (India) P. Ltd. (Mumbai) . . . 541
Interpretation of taxing statutes --Definitions--Inclusive definitions--Noscitur a sociis-- Kotak Securities Ltd. v. Deputy CIT (Mumbai) . . . 495
Reassessment --Notice--Notice within four years--Assessment for subsequent year can form basis for issue of notice for earlier year--Assessment annulled in appeal on ground of delay in issuing notices--Assessment does not survive--Reassessment notice--Valid--Income-tax Act, 1961, ss. 147, 148-- Asst. Director of Income-tax v. India ITME Society (Mumbai) . . . 519
----Reason to believe income has escaped assessment--Need not necessarily be based on new material coming into possession of Assessing Officer--Where return merely processed under section 143(1) no new material necessary--Claim to deduction of stamp duty charges on registration of lease deed--Reassessment to disallow--Proper--Income-tax Act, 1961, ss. 143, 147, 148-- Asst. CIT v. Maersk Global Service Center (India) P. Ltd. (Mumbai) . . . 541
Words and phrases --"Commission"-- Kotak Securities Ltd. v. Deputy CIT (Mumbai) . . . 495
----"Waste and scrap", "which is"-- Navine Fluorine International Ltd. v. Asst. CIT (Ahmedabad) . . . 481
SECTIONWISE INDEX TO CASES REPORTED IN THIS PART
S. 10(23C)(iv) --Exemption--Charitable purpose--Approval of institution subject to separate accounts being maintained for business profits--Society engaged in organising exhibitions--Charging participants for facilities with profit mark-up--Failure to maintain separate accounts--Profits from provision of facilities taxable as business income--Exemption only on accumulations and income from organising exhibitions-- Asst. Director of Income-tax v. India ITME Society (Mumbai) . . . 519
S. 32 --Depreciation--Block of assets--Asset becoming part of block of assets and allowed depreciation--Cannot be excluded from block of assets in following year on ground not put to use in that year-- Ashok Pan Products P. Ltd. v. Asst. CIT (Lucknow) . . . 505
S. 80-IA --Industrial undertaking--Special deduction under section 80-IA--Computation--If eligible business only source of income of assessee--Loss from initial assessment year to be brought forward and not loss of earlier years, set off against income-- Asst. CIT v. Eveready Spinning Mills Ltd. (Chennai) . . . 491
S. 92C --International transactions--Arm's length price--Comparable cases cited by assessee--Transfer Pricing Officer bound to give reasons for rejecting--Failure to do so--Comparable cases presumed acceptable--Appeal--Commissioner (Appeals) not bound to consider whether they were acceptable-- Asst. CIT v. Maersk Global Service Center (India) P. Ltd. (Mumbai) . . . 541
S. 143 --Reassessment--Reason to believe income has escaped assessment--Need not necessarily be based on new material coming into possession of Assessing Officer--Where return merely processed under section 143(1) no new material necessary--Claim to deduction of stamp duty charges on registration of lease deed--Reassessment to disallow--Proper-- Asst. CIT v. Maersk Global Service Center (India) P. Ltd. (Mumbai) . . . 541
S. 147 --Reassessment--Notice--Notice within four years--Assessment for subsequent year can form basis for issue of notice for earlier year--Assessment annulled in appeal on ground of delay in issuing notices--Assessment does not survive--Reassessment notice--Valid-- Asst. Director of Income-tax v. India ITME Society (Mumbai) . . . 519
----Reassessment--Reason to believe income has escaped assessment--Need not necessarily be based on new material coming into possession of Assessing Officer--Where return merely processed under section 143(1) no new material necessary--Claim to deduction of stamp duty charges on registration of lease deed--Reassessment to disallow--Proper-- Asst. CIT v. Maersk Global Service Center (India) P. Ltd. (Mumbai) . . . 541
S. 148 --Reassessment--Notice--Notice within four years--Assessment for subsequent year can form basis for issue of notice for earlier year--Assessment annulled in appeal on ground of delay in issuing notices--Assessment does not survive--Reassessment notice--Valid-- Asst. Director of Income-tax v. India ITME Society (Mumbai) . . . 519
----Reassessment--Reason to believe income has escaped assessment--Need not necessarily be based on new material coming into possession of Assessing Officer--Where return merely processed under section 143(1) no new material necessary--Claim to deduction of stamp duty charges on registration of lease deed--Reassessment to disallow--Proper-- Asst. CIT v. Maersk Global Service Center (India) P. Ltd. (Mumbai) . . . 541
S. 194H --Deduction of tax at source--Commission--Bank guarantee commission--Not "commission" on which tax deductible at source-- Kotak Securities Ltd. v. Deputy CIT (Mumbai) . . . 495
S. 201(1) --Deduction of tax at source--Commission--Bank guarantee commission--Not "commission" on which tax deductible at source-- Kotak Securities Ltd. v. Deputy CIT (Mumbai) . . . 495
S. 201(1A) --Deduction of tax at source--Commission--Bank guarantee commission--Not "commission" on which tax deductible at source-- Kotak Securities Ltd. v. Deputy CIT (Mumbai) . . . 495
S. 206C(6) --Collection of tax at source--Sale of scrap--Manufacture fluorine and refrigerant gases--Scrap not connected with manufacture--Section 206C(6) not attracted -- Navine Fluorine International Ltd. v. Asst. CIT (Ahmedabad) . . . 481
S. 251(1)(a) --International transactions--Arm's length price--Comparable cases cited by assessee--Transfer Pricing Officer bound to give reasons for rejecting--Failure to do so--Comparable cases presumed acceptable--Appeal--Commissioner (Appeals) not bound to consider whether they were acceptable-- Asst. CIT v. Maersk Global Service Center (India) P. Ltd. (Mumbai) . . . 541
S. 253(5)--Appeal to Appellate Tribunal--Cross-objections--Delay in filing--Condonation of delay--Factors to be considered--Explanation vague--No facts on record to show bona fide delay--Delay not condoned-- Asst. Director of Income-tax v. India ITME Society (Mumbai) . . . 519
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