ITR'S TRIBUNAL TAX REPORTS (ITR (TRIB))
Volume 23 : Part 5 (Issue dated : 13-5-2013)
SUBJECT INDEX TO CASES REPORTED IN THIS PART
Appeal to Appellate Tribunal --Powers of Tribunal--No power to decide validity of provisions of Act-- IHG IT Services (India) Pvt. Ltd. v. ITO [SB] (Delhi) . . . 608
----Rectification of mistakes--International transactions--Arm’s length price--Determination--Tribunal rejecting plea of difference in rates of depreciation between assessee and comparable company and selection of comparable company--Mistake apparent from record--Assumption of quantification of risk--Not mistake apparent from record--Income-tax Act, 1961, s. 254(2)-- Deloitte Consulting India P. Ltd. v. Deputy CIT (Hyderabad) . . . 627
Business expenditure --Disallowance--Failure to deduct tax at source on payment--Finding by Assessing Officer that payment falling under professional services--Assessee liable to deduct tax at source on payment--Disallowance justified--Income-tax Act, 1961, s. 40(a)(ia)-- Assistant CIT v. Karvy Computershare P. Ltd. (Hyderabad) . . . 599
Capital or revenue expenditure --Expenditure on shifting of plant and machinery from one unit to another--Expenditure not creating any enduring benefit to assessee--Allowable as revenue expenditure--Income-tax Act, 1961-- Assistant CIT v. Praga Tools Ltd. (Hyderabad) . . . 622
Charitable purpose --Definition--Amendment w. e. f. 1-4-2009--Law applicable--Registration--Cancellation of registration--Assessee engaged in trading and business activities earning more than Rs. 10 lakhs in each year--Cancellation of registration valid--Income-tax Act, 1961, ss. 2(15), 12A-- Entertainment Society of Goa v. CIT (Panaji) . . . 635
Company --Book profits--Sick company--Net worth exceeding accumulated losses for first time in assessment year--Profits excluded under clause (vii) to Explanation 1 of section 115JB(2)--Income-tax Act, 1961, s. 115JB(2)(vii), Expln. 1 -- Assistant CIT v. Praga Tools Ltd. (Hyderabad) . . . 622
International transactions --Arm’s length price--Amendment of section 92C(2) by Finance Act, 2012--Effect--Benefit of tolerance margin available only when variation between arm’s length price determined under section 92C(1) and price at which transaction actually undertaken within specified margin--Income-tax Act, 1961, s. 92C(2) (as amended by Finance Act, 2012 w. r. e. f. April 1, 2002)-- IHG IT Services (India) Pvt. Ltd. v. ITO [SB] (Delhi) . . . 608
----Transfer pricing--Arm’s length price--Determination--Selection of comparables --Companies not engaged in similar business--To be excluded from list of comparables --Income-tax Act, 1961-- H and M Hennes and Mauritz India P. Ltd. v. Deputy CIT (Delhi) . . . 614
Interpretation of taxing statutes --Deeming fiction--To be construed strictly-- Deputy CIT v. Purti Sakhar Karkhana (Nagpur) . . . 667
Penalty --Concealment of income or furnishing inaccurate particulars--General principles--Income-tax Act, 1961, ss. 153A, 271(1)(c)-- Deputy CIT v. Purti Sakhar Karkhana (Nagpur) . . . 667
----Concealment of income--Satisfaction of Assessing Officer--Deeming provision that direction for levy of penalty shall constitute such satisfaction--Not applicable where no addition or disallowance made in assessment--Satisfaction must be recorded with specific charge--Income-tax Act, 1961, s. 271(1B)-- Deputy CIT v. Purti Sakhar Karkhana (Nagpur) . . . 667
Precedent --Supreme Court--Effect of decisions in Dharamendra Textile Processors and K. P. Madhusudhanan -- Deputy CIT v. Purti Sakhar Karkhana (Nagpur) . . . 667
Search and seizure --Special procedure for assessment--Complete code--Penalty--Concealment of income or furnishing inaccurate particulars of income--To be determined with reference to return filed in response to section 153A not to return filed under section 139--No material recovered during search showing concealment of income--Nil return filed in response to notice under section 153A showing reduced capital work-in-progress--Returns accepted and no demand created--Penalty not leviable--Income-tax Act, 1961, ss. 153A, 271(1)(c)-- Deputy CIT v. Purti Sakhar Karkhana (Nagpur) . . . 667
Words and phrases --†Carrying on of any activity in the nature of trade, commerce or business†--Meaning of-- Entertainment Society of Goa v. CIT (Panaji) . . . 635
SECTIONWISE INDEX TO CASES REPORTED IN THIS PART
S. 2(15) --Charitable purpose--Definition--Amendment w.e.f. 1-4-2009--Law applicable--Registration--Cancellation of registration--Assessee engaged in trading and business activities earning more than Rs. 10 lakhs in each year--Cancellation of registration valid-- Entertainment Society of Goa v. CIT (Panaji) . . . 635
S. 12A --Charitable purpose--Definition--Amendment w.e.f. 1-4-2009--Law applicable--Registration--Cancellation of registration--Assessee engaged in trading and business activities earning more than Rs. 10 lakhs in each year--Cancellation of registration valid-- Entertainment Society of Goa v. CIT (Panaji) . . . 635
S. 40(a)(ia) --Business expenditure--Disallowance--Failure to deduct tax at source on payment--Finding by Assessing Officer that payment falling under professional services--Assessee liable to deduct tax at source on payment--Disallowance justified-- Assistant CIT v. Karvy Computershare P. Ltd. (Hyderabad) . . . 599
S. 92C(2) (as amended by Finance Act, 2012 w. r.e.f. April 1, 2002) --International transactions--Arm’s length price--Amendment of section 92C(2) by Finance Act, 2012--Effect--Benefit of tolerance margin available only when variation between arm’s length price determined under section 92C(1) and price at which transaction actually undertaken within specified margin-- IHG IT Services (India) Pvt. Ltd. v. ITO [SB] (Delhi) . . . 608
S. 115JB(2)(vii), Expln. 1 --Company--Book profits--Sick company--Net worth exceeding accumulated losses for first time in assessment year--Profits excluded under clause (vii) to Explanation 1 of section 115JB(2)-- Assistant CIT v. Praga Tools Ltd. (Hyderabad) . . . 622
S. 153A --Penalty--Concealment of income or furnishing inaccurate particulars--General principles-- Deputy CIT v. Purti Sakhar Karkhana (Nagpur) . . . 667
----Search and seizure--Special procedure for assessment--Complete code--Penalty--Concealment of income or furnishing inaccurate particulars of income--To be determined with reference to return filed in response to section 153A not to return filed under section 139--No material recovered during search showing concealment of income--Nil return filed in response to notice under section 153A showing reduced capital work-in-progress--Returns accepted and no demand created--Penalty not leviable-- Deputy CIT v. Purti Sakhar Karkhana (Nagpur) . . . 667
S. 254(2) --Appeal to Appellate Tribunal--Rectification of mistakes--International transactions--Arm’s length price--Determination--Tribunal rejecting plea of difference in rates of depreciation between assessee and comparable company and selection of comparable company--Mistake apparent from record--Assumption of quantification of risk--Not mistake apparent from record-- Deloitte Consulting India P. Ltd. v. Deputy CIT (Hyderabad) . . . 627
S. 271(1)(c) --Penalty--Concealment of income or furnishing inaccurate particulars--General principles-- Deputy CIT v. Purti Sakhar Karkhana (Nagpur) . . . 667
----Search and seizure--Special procedure for assessment--Complete code--Penalty --Concealment of income or furnishing inaccurate particulars of income--To be determined with reference to return filed in response to section 153A not to return filed under section 139--No material recovered during search showing concealment of income--Nil return filed in response to notice under section 153A showing reduced capital work-in-progress--Returns accepted and no demand created--Penalty not leviable-- Deputy CIT v. Purti Sakhar Karkhana (Nagpur) . . . 667
S. 271(1B) --Penalty--Concealment of income--Satisfaction of Assessing Officer--Deeming provision that direction for levy of penalty shall constitute such satisfaction--Not applicable where no addition or disallowance made in assessment--Satisfaction must be recorded with specific charge-- Deputy CIT v. Purti Sakhar Karkhana (Nagpur) . . . 667
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