Volume 354 Part 1 (Issue dated 27-5-2013)
SUBJECT INDEX TO CASES REPORTED IN THIS PART
Appeal to High Court --Substantial question of law--Export--Special deduction--RBI permitting hedging of future realisation or payments--Whether gain on forward currency contract includible in profits for deduction--Substantial question of law--High Court to consider--Income-tax Act, 1961, ss. 80HHC, 260A-- CIT v . Mitsu Pvt. Ltd .
. . . 89
Deduction of tax at source --Motor accident--Compensation on account of death--Quantification--Victim a salaried person--Presumption that employer paid salary after deduction of tax at source--Notional sum not to be deducted for income-tax--Income-tax Act, 1961, s. 192-- Vimal Kanwar v. Kishore Dan . . . 95
Appeal to Appellate Tribunal --Appeal from revision by Commissioner--Tribunal cannot affirm order on grounds other than those mentioned by Commissioner--Commissioner finding Assessing Officer applied his mind but came to an erroneous conclusion--Tribunal finding assessment order passed without any application of mind on part of Assessing Officer--Not permissible--Income-tax Act, 1961, ss. 254, 263--Spectra Shares and Scrips Pvt. Ltd. v . CIT (AP) . . . 35
----Finding of Tribunal--Procedure--Tribunal concurring with view of Commissioner (Appeals)--Tribunal need not repeat reasoning of Commissioner (Appeals)--Income-tax Act, 1961-- CIT v . Global Vantedge P. Ltd . (Delhi) . . . 21
Appeal to High Court --Competency of appeal--Subject-matter less than ten lakhs of rupees in value--Appeal not maintainable--Income-tax Act, 1961, s. 260A-- CIT (International Taxation) v . Igate Global Solutions Ltd . (Karn) . . . 1
Bad debt --Assessee taking all assets and liabilities of two web portals from its holding company as going concerns--Effect--Debts due to holding company--Assessee entitled to write off--Bad debt allowable--Income-tax Act, 1961-- CIT v . Times Business Solution Ltd. (Delhi) . . . 25
Business expenditure --Disallowance--Excess or unreasonable payments--Whether a particular expenditure or loan was excessive and unreasonable--Question of fact--Concurrent finding that no disallowance can be made on ground of excess or unreasonable payments--Finding of fact--Income-tax Act, 1961, s. 40A(2)(b)(i)-- CIT v. Shiv Kumar (Delhi) . . . 19
Capital or revenue expenditure --Software expenses--Revenue expenditure--Income-tax Act, 1961-- CIT v . Technovate E Solutions P. Ltd. (Delhi) . . . 110
Donation to charitable institution --Special deduction under section 80G--Approval of institution for purposes of section 80G--Law applicable--Effect of amendment of section 80G and CBDT Circular Nos. 5 and 7 of 2010--Circulars granting perpetuity of approval--Approval cannot be withdrawn without having notice to institution--Income-tax Act, 1961, s. 80G--Circular Nos. 5 of 2010, dated 3-6-2010 and 7 of 2010 dated 27-10-2010-- CIT v . Shri Vishav Namdhari Sangat(P&H) . . . 33
Exemption --Export--Depreciation--100 per cent. export oriented industrial undertaking--Computation of exemption under section 10B--Unabsorbed depreciation of other undertakings cannot be set off against profits of such undertaking--Income-tax Act, 1961, s. 10B-- CITv . Cheslind Textiles Ltd . (Karn) . . . 29
----Software technology parks--Approval by a director of Software Technology Parks of India--Valid approval from a specified authority--Approval by Inter-Ministerial Standing Committee not necessary--Directors of Software Technology Parks functioning under delegated authority of Inter-Ministerial Standing Committee--Income-tax Act, 1961, s. 10A-- CIT v . Technovate E Solutions P. Ltd . (Delhi) . . . 110
Housing project --Special deduction--Ownership of a property not a mandatory condition--Transportation charges--Disallowance on ground tax not deducted at source--Disallowance would not disquality deduction--Income-tax Act, 1961, ss. 40(a)(ia), 80-IB(10)-- ITO v . Keval Construction (Guj) . . . 13
Income or capital --Waiver of loan for purposes of relocation of business--Capital receipt--Income-tax Act, 1961-- CIT v. Softworks Computers P. Ltd.
(Bom) . . . 16
Penalty --Concealment of income or furnishing inaccurate particulars of income--Subsidy from State Government disclosed and claimed to be capital receipt--Subsidy whether capital or revenue receipt--Debatable question--No furnishing of inaccurate particulars--Penalty could not be imposed--Income-tax Act, 1961, s. 271(1)(c)-- CIT v.Gurdaspur Co-operative Sugar Mills Ltd. (P&H) . . . 27
----Loan in cash exceeding specified limit--Firm--Partner--Loan to partner by firm--Firm and partner are not two different entities--Finding that transaction was genuine--Penalty could not be imposed--Income-tax Act, 1961, ss. 269SS, 271D-- CIT v. V. Sivakumar (Mad) . . . 9
Precedent --Effect of Supreme Court decision in CIT v . K. Y. Pilliah and Sons [1967] 63 ITR 411 (SC)-- CIT v . Global Vantedge P. Ltd . (Delhi) . . . 21
Recovery of tax --Stay of demand--Adjustment of refund--Disallowance of broken period interest and amortisation of premium--Commissioner (Appeals) holding in favour of assessee in earlier year on same issue--Assessee not in default--Income from mutual funds--Assessee producing confirmations from mutual funds--Appeal filed before Tribunal against decision of Commissioner (Appeals)--Not ground for adjustment of refund--Income-tax Act, 1961-- HDFC Bank Ltd . v .Asst. CIT (Bom) . . . 77
Revision --Commissioner--Assessee, an investment company, availing of services of brokers for purposes of investment in shares--Sole instance cannot be taken to conclude nature of activity of assessee--Revision on that ground not valid--Income-tax Act, 1961, s. 263--Spectra Shares and Scrips Pvt. Ltd . v. CIT (AP) . . . 35
----Conditions precedent--Commissioner--Powers--Assessee, an investment company, carrying on business in shares for purposes of deriving dividend income--Assessing Officer accepting assessee as an investment company being with explanation and data submitted by it and taxing income under head “Capital gains†--Order of Assessing Officer not containing reasons for accepting assessee an investment company--Revision on ground Assessing Officer did not make an elaborate discussion not justified--Income-tax Act, 1961, s. 263--Spectra Shares and Scrips Pvt. Ltd. v . CIT (AP) . . . 35
Search and seizure --Retention of seized cash or asset--Cash or value of assets in excess of liability of assessee--Refund of cash--Interest payable--Delay in refund--Assessee entitled to interest from date of completion of assessment under section 153A to date of actual refund--Income-tax Act, 1961, ss. 132B, 153A-- S. K. Jain v. CIT
(Delhi) . . . 84
Unexplained investment --Assessee acquiring assets by slump price--Addition on account of purchase--Commissioner (Appeals) and Tribunal holding that opening entries in books of assessee after slump purchase--No addition can be made--Income-tax Act, 1961, s. 69-- CITv. Aradhana Drinks and Beverages Pvt. Ltd.
(Delhi) . . . 4
SECTIONWISE INDEX TO CASES REPORTED IN THIS PART
S. 10A --Exemption--Software technology parks--Approval by a director of Software Technology Parks of India--Valid approval from a specified authority--Approval by Inter-Ministerial Standing Committee not necessary--Directors of Software Technology Parks functioning under delegated authority of Inter-Ministerial Standing Committee-- CIT v . Technovate E Solutions P. Ltd . (Delhi) . . . 110
S. 10B --Exemption--Export--Depreciation--100 per cent. export oriented industrial undertaking--Computation of exemption under section 10B--Unabsorbed depreciation of other undertakings cannot be set off against profits of such undertaking-- CIT v . Cheslind Textiles Ltd . (Karn) . . . 29
S. 40(a)(ia) --Housing project--Special deduction--Ownership of a property not a mandatory condition--Transportation charges--Disallowance on ground tax not deducted at source--Disallowance would not disquality deduction-- ITO v . Keval Construction (Guj) . . . 13
S. 40A(2)(b)(i) --Business expenditure--Disallowance--Excess or unreasonable payments--Whether a particular expenditure or loan was excessive and unreasonable--Question of fact--Concurrent finding that no disallowance can be made on ground of excess or unreasonable payments--Finding of fact-- CIT v . Shiv Kumar (Delhi) . . . 19
S. 69 --Unexplained investment--Assessee acquiring assets by slump price--Addition on account of purchase--Commissioner (Appeals) and Tribunal holding that opening entries in books of assessee after slump purchase--No addition can be made-- CIT v. Aradhana Drinks and Beverages Pvt. Ltd. (Delhi) . . . 4
S. 80G --Donation to charitable institution--Special deduction under section 80G--Approval of institution for purposes of section 80G--Law applicable--Effect of amendment of section 80G and CBDT Circular Nos. 5 and 7 of 2010--Circulars granting perpetuity of approval--Approval cannot be withdrawn without having notice to institution--Circular Nos. 5 of 2010, dated 3-6-2010 and 7 of 2010 dated 27-10-2010-- CIT v . Shri Vishav Namdhari Sangat (P&H) . . . 33
S. 80HHC --Appeal to High Court--Substantial question of law--Export--Special deduction--RBI permitting hedging of future realisation or payments--Whether gain on forward currency contract includible in profits for deduction--Substantial question of law--High Court to consider-- CIT v . Mitsu Pvt. Ltd . (SC) . . . 89
S. 80-IB(10) --Housing project--Special deduction--Ownership of a property not a mandatory condition--Transportation charges--Disallowance on ground tax not deducted at source--Disallowance would not disquality deduction-- ITO v . Keval Construction (Guj) . . . 13
S. 132B --Search and seizure--Retention of seized cash or asset--Cash or value of assets in excess of liability of assessee--Refund of cash--Interest payable--Delay in refund--Assessee entitled to interest from date of completion of assessment under section 153A to date of actual refund-- S. K. Jain v. CIT (Delhi) . . . 84
S. 153A --Search and seizure--Retention of seized cash or asset--Cash or value of assets in excess of liability of assessee--Refund of cash--Interest payable--Delay in refund--Assessee entitled to interest from date of completion of assessment under section 153A to date of actual refund-- S. K. Jain v. CIT (Delhi) . . . 84
S. 192 --Deduction of tax at source--Motor accident--Compensation on account of death--Quantification--Victim a salaried person--Presumption that employer paid salary after deduction of tax at source--Notional sum not to be deducted for income-tax-- Vimal Kanwar v. Kishore Dan (SC) . . . 95
S. 254 --Appeal to Appellate Tribunal--Appeal from revision by Commissioner--Tribunal cannot affirm order on grounds other than those mentioned by Commissioner--Commissioner finding Assessing Officer applied his mind but came to an erroneous conclusion--Tribunal finding assessment order passed without any application of mind on part of Assessing Officer--Not permissible-- Spectra Shares and Scrips Pvt. Ltd. v . CIT (AP) . . . 35
S. 260A --Appeal to High Court--Competency of appeal--Subject-matter less than ten lakhs of rupees in value--Appeal not maintainable-- CIT (International Taxation) v . Igate Global Solutions Ltd . (Karn) . . . 1
----Appeal to High Court--Substantial question of law--Export--Special deduction--RBI permitting hedging of future realisation or payments--Whether gain on forward currency contract includible in profits for deduction--Substantial question of law--High Court to consider-- CIT v. Mitsu Pvt. Ltd . (SC) . . . 89
S. 263 --Appeal to Appellate Tribunal--Appeal from revision by Commissioner--Tribunal cannot affirm order on grounds other than those mentioned by Commissioner--Commissioner finding Assessing Officer applied his mind but came to an erroneous conclusion--Tribunal finding assessment order passed without any application of mind on part of Assessing Officer--Not permissible-- Spectra Shares and Scrips Pvt. Ltd. v . CIT (AP) . . . 35
----Revision--Commissioner--Assessee, an investment company, availing of services of brokers for purposes of investment in shares--Sole instance cannot be taken to conclude nature of activity of assessee--Revision on that ground not valid-- Spectra Shares and Scrips Pvt. Ltd .v. CIT (AP) . . . 35
----Revision--Conditions precedent--Commissioner--Powers--Assessee, an investment company, carrying on business in shares for purposes of deriving dividend income--Assessing Officer accepting assessee as an investment company being with explanation and data submitted by it and taxing income under head “Capital gains†--Order of Assessing Officer not containing reasons for accepting assessee an investment company--Revision on ground Assessing Officer did not make an elaborate discussion not justified-- Spectra Shares and Scrips Pvt. Ltd. v. CIT (AP) . . . 35
S. 269SS --Penalty--Loan in cash exceeding specified limit--Firm--Partner--Loan to partner by firm--Firm and partner are not two different entities--Finding that transaction was genuine--Penalty could not be imposed-- CIT v. V. Sivakumar
(Mad) . . . 9
S. 271(1)(c) --Penalty--Concealment of income or furnishing inaccurate particulars of income--Subsidy from State Government disclosed and claimed to be capital receipt--Subsidy whether capital or revenue receipt--Debatable question--No furnishing of inaccurate particulars--Penalty could not be imposed-- CIT v. Gurdaspur Co-operative Sugar Mills Ltd. (P&H) . . . 27
S. 271D --Penalty--Loan in cash exceeding specified limit--Firm--Partner--Loan to partner by firm--Firm and partner are not two different entities--Finding that transaction was genuine--Penalty could not be imposed-- CIT v. V. Sivakumar (Mad) . . . 9
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