ITR'S TRIBUNAL TAX REPORTS (ITR (TRIB))
Volume 16 : Part 2 (Issue dated : 4-6-2012)
SUBJECT INDEX TO CASES REPORTED IN THIS PART
International transaction --Transfer pricing--Determination of arm's length price--Royalty payment and trade mark registration--Disallowance of usance interest expenses--Expenditure on staff welfare--Matter remanded--Income-tax Act, 1961, s. 92C-- LG Polymers India P. Ltd. v. Addl. CIT (Visakhapatnam) . . . 240
Non-resident --Technical services--Presumptive tax--Turnkey power projects--Assessee making claim under section 44BBB through revised return--Status and validity of claim in original return not considered--Matter remanded--Income-tax Act, 1961, s. 44BBB-- Asst. Director of Income-tax v. Litostroj (Chennai) . . . 200
Penalty --Concealment of income--Disallowance of expenditure and revision of special deduction claimed under section 80HHC--Consequent penalty--Expenditure subsequently allowed by appellate authority--Revision of special deduction under section 80HHC based on material on record--No concealment of income--Penalty cannot be levied--Income-tax Act, 1961, ss. 80HHC, 271(1)(c)-- Chemfilt v. Asst. CIT (Ahmedabad) . . . 211
----Concealment of income--Satisfaction of Assessing Officer--Assessment order rejecting assessee's explanation and stating penalty proceedings initiated separately--Satisfaction that assessee furnished inaccurate particulars of income discernible--Claim to exemption on capital gains arising from sale of shares--Income surrendered in scrutiny proceedings with explanation that mistake made by accountant--No material in support thereof--Explanation not bona fide--Levy of penalty justified--Income-tax Act, 1961, ss. 10(38), 271(1)(c)-- Deputy CIT v. Lekh Raj Lalwani (Delhi) . . . 230
----International transactions--Failure to maintain information and documents--All details and documents furnished during assessment proceedings--Assessing Officer accepting that price was at arm's length--Assessment and order of penalty not specifying failure under section 92D read with rule 10D--Levy of penalty--Not valid--Income-tax Act, 1961, ss. 92D, 271AA--Income-tax Rules, 1962, r. 10D-- Asst. CIT v. Smith and Newphew Healthcare P. Ltd. (Mumbai) . . . 253
Reassessment --Notice--Reason to believe that income escaped assessment--Reassessment on mere assumptions and surmises--Not valid--Income-tax Act, 1961, ss. 147, 148-- ITO v. Bidbhanjan Investment and Trading and Co. P. Ltd. (Mumbai) . . . 220
Revision --Commissioner--Condition precedent--No finding that assessment order erroneous and prejudicial to interests of Revenue--Commissioner cannot assume jurisdiction--Income-tax Act, 1961, s. 263-- Development Construction and Allied Services (India) P. Ltd. v. ITO (Mumbai) . . . 215
Shipping --Assessment on tonnage basis--Meaning of qualifying ship--Ship used for transporting coal from one Indian port to another--Qualifying ship--Assessee entitled to benefit of tonnage tax scheme--Income-tax Act, 1961, s. 115VD-- Asst. CIT v. West Asia Maritime Ltd. (Chennai) . . . 175
SECTIONWISE INDEX TO CASES REPORTED IN THIS PART
S. 10(38) --Penalty--Concealment of income--Satisfaction of Assessing Officer--Assessment order rejecting assessee's explanation and stating penalty proceedings initiated separately--Satisfaction that assessee furnished inaccurate particulars of income discernible--Claim to exemption on capital gains arising from sale of shares--Income surrendered in scrutiny proceedings with explanation that mistake made by accountant--No material in support thereof--Explanation not bona fide--Levy of penalty justified-- Deputy CIT v. Lekh Raj Lalwani (Delhi) . . . 230
S. 44BBB --Non-resident--Technical services--Presumptive tax--Turnkey power projects--Assessee making claim under section 44BBB through revised return--Status and validity of claim in original return not considered--Matter remanded-- Asst. Director of Income-tax v. Litostroj (Chennai) . . . 200
S. 80HHC --Penalty--Concealment of income--Disallowance of expenditure and revision of special deduction claimed under section 80HHC--Consequent penalty--Expenditure subsequently allowed by appellate authority--Revision of special deduction under section 80HHC based on material on record--No concealment of income--Penalty cannot be levied-- Chemfilt v. Asst. CIT (Ahmedabad) . . . 211
S. 92C --International transaction--Transfer pricing--Determination of arm's length price--Royalty payment and trade mark registration--Disallowance of usance interest expenses--Expenditure on staff welfare--Matter remanded-- LG Polymers India P. Ltd. v. Addl. CIT (Visakhapatnam) . . . 240
S. 92D --Penalty--International transactions--Failure to maintain information and documents--All details and documents furnished during assessment proceedings--Assessing Officer accepting that price was at arm's length--Assessment and order of penalty not specifying failure under section 92D read with rule 10D--Levy of penalty--Not valid-- Asst. CIT v. Smith and Newphew Healthcare P. Ltd. (Mumbai) . . . 253
S. 115VD --Shipping--Assessment on tonnage basis--Meaning of qualifying ship--Ship used for transporting coal from one Indian port to another--Qualifying ship--Assessee entitled to benefit of tonnage tax scheme-- Asst. CIT v. West Asia Maritime Ltd. (Chennai) . . . 175
S. 147 --Reassessment--Notice--Reason to believe that income escaped assessment--Reassessment on mere assumptions and surmises--Not valid-- ITO v. Bidbhanjan Investment and Trading and Co. P. Ltd. (Mumbai) . . . 220
S. 148 --Reassessment--Notice--Reason to believe that income escaped assessment--Reassessment on mere assumptions and surmises--Not valid-- ITO v. Bidbhanjan Investment and Trading and Co. P. Ltd. (Mumbai) . . . 220
S. 263 --Revision--Commissioner--Condition precedent--No finding that assessment order erroneous and prejudicial to interests of Revenue--Commissioner cannot assume jurisdiction-- Development Construction and Allied Services (India) P. Ltd. v. ITO (Mumbai) . . . 215
S. 271(1)(c) --Penalty--Concealment of income--Disallowance of expenditure and revision of special deduction claimed under section 80HHC--Consequent penalty--Expenditure subsequently allowed by appellate authority--Revision of special deduction under section 80HHC based on material on record--No concealment of income--Penalty cannot be levied-- Chemfilt v. Asst. CIT (Ahmedabad) . . . 211
----Penalty--Concealment of income--Satisfaction of Assessing Officer--Assessment order rejecting assessee's explanation and stating penalty proceedings initiated separately--Satisfaction that assessee furnished inaccurate particulars of income discernible--Claim to exemption on capital gains arising from sale of shares--Income surrendered in scrutiny proceedings with explanation that mistake made by accountant--No material in support thereof--Explanation not bona fide--Levy of penalty justified-- Deputy CIT v. Lekh Raj Lalwani (Delhi) . . . 230
S. 271AA --Penalty--International transactions--Failure to maintain information and documents--All details and documents furnished during assessment proceedings--Assessing Officer accepting that price was at arm's length--Assessment and order of penalty not specifying failure under section 92D read with rule 10D--Levy of penalty--Not valid-- Asst. CIT v. Smith and Newphew Healthcare P. Ltd. (Mumbai) . . . 253
R. 10D --Penalty--International transactions--Failure to maintain information and documents--All details and documents furnished during assessment proceedings--Assessing Officer accepting that price was at arm's length--Assessment and order of penalty not specifying failure under section 92D read with rule 10D--Levy of penalty--Not valid-- Asst. CIT v. Smith and Newphew Healthcare P. Ltd. (Mumbai) . . . 253
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