ITR VOL 348 PART 5

 

INCOME TAX REPORTS (ITR)

Volume 348 Part 5 (Issue dated 29-10-2012)

SUBJECT INDEX TO CASES REPORTED IN THIS PART

HIGH COURTS

Deduction of tax at source --Payment to non-resident--Deduction at lower rate--Certificate must be obtained from Board--Interest on short-fall--Automatic--Fact that recipient had incurred losses--Not relevant--Income-tax Act, 1961, ss. 195, 201-- CIT v. Chennai Metropolitan Water Supply and Sewerage Board (Mad) . . . 530

Income --Disallowance of expenditure in earning tax-free income--Investments in shares and bonds--Assessing Officer intending to segregate and compute disallowance--Failure by assessee to produce relevant details and particulars--Matter remanded--Income-tax Act, 1961, s. 14A-- CIT v . Machino Plastic Ltd . (Delhi) . . . 523

Reassessment --Notice after four years--Conditions precedent--Failure to disclose material facts necessary for assessment--Interest received and the charge specifically examined by Assessing Officer before passing original assessment order--No allegation of failure by assessee to disclose true and full facts--Reassessment on ground of audit objection--Not valid--Income-tax Act, 1961, ss. 147, 148-- Rose Serviced Apartments Pvt. Ltd . v. Deputy CIT (Delhi) . . . 452

----Reassessment after four years--Validity--Unexplained credits in original assessment--Audit note that only part of amount referable to such credits assessed--Matter investigated--Reassessment proceedings to assess balance of credits--Valid--Income-tax Act, 1961 ss. 147, 148-- Dalmia P. Ltd . v . CIT (Delhi) . . . 469

----Validity--Change of opinion--Meaning of--Applicability of section 114(e) of Evidence Act--Income-tax Act, 1961, s. 147--Evidence Act, 1872, s. 114-- CIT v . Usha International Ltd . [FB] (Delhi) . . . 485

AUTHORITY FOR ADVANCE RULINGS

Authority for Advance Rulings --Precedent--Authority not barred from expressing opinion different from view expressed in another earlier ruling-- Castleton Investment Ltd. , In re . . . 537

International transactions --Transfer pricing--Provisions applicable although capital gains not chargeable in terms of DTAA--Income-tax Act, 1961, ss. 92 to 92F-- Castleton Investment Ltd ., In re . . . 537

Minimum alternate tax --Foreign company--Provisions applicable--Income-tax Act, 1961, s. 115JB--Castleton Investment Ltd ., In re . . . 537

Non-resident --Investments in shares in 1993 and 1996 and shares held since then--Shares held as capital assets--Sale to another group company at market rate for consideration--No compulsion to sell shares through stock exchange--No avoidance of tax--Capital gains not chargeable to tax in India in terms of DTAA between India and Mauritius--Section 112(1) attracted--No obligation to withhold tax--But non-resident bound to file return--Income-tax Act, 1961, ss. 2(14), 112(1), 139, 195--Double Taxation Avoidance Agreement between India and Mauritius, arts. 5, 13(4)-- Castleton Investment Ltd ., In re . . . 537