INCOME TAX REPORTS (ITR)--PRINT AND ONLINE EDITION
SUBJECT INDEX TO CASES REPORTED
Appeal to High Court --Deduction--Disallowance of expenditure relating to income not includible in total income--Remand by Tribunal to Assessing Officer to work out disallowance in light of Godrej and Boyce Mfg. Co. Ltd. [2010] 328 ITR 81 (Bom)--No substantial question of law--Income-tax Act, 1961, s. 14A--Income-tax Rules, 1962, r. 8D-- CIT v. Suashish Diamonds Ltd. (Bom) . . . 544
Business expenditure --Disallowance--Payments subject to deduction of tax at source--Advertisement expenditure--Assessee acting as sub-agent for advertising agencies to which it transferred advertisements from clients--Payments received from clients after deduction of tax by clients made over to agencies--Assessee not required to deduct tax at source--Payment allowable--Income-tax Act, 1961, ss. 40(a)(ia), 194C-- CIT v. Honest Publicity (Guj) . . . 547
----Employer’s contribution towards superannuation fund--Tribunal holding not allowable under section 36(1)(iv)--Can be allowed under section 37--Matter remanded to determine whether incurred exclusively for purpose of business--Proper--Income-tax Act, 1961, ss. 36(1)(iv), 37-- CIT v. Suashish Diamonds Ltd. (Bom) . . . 544
Income from house property or income from other sources --Finding that letting of plant, machinery or furniture and premises constituted single, composite and inseparable letting--Finding that intention of parties was to have single inseparable letting evidenced by composite lease deed for which consolidated lease rent fixed--Income assessable as “Income from other sources†--Income-tax Act, 1961, ss. 22, 56-- Garg Dyeing and Processing Industries v. Asst. CIT (Delhi) . . . 550
ITR Volume 359 : Part 2 (Issue dated : 9-12-2013)
SUBJECT INDEX TO CASES REPORTED IN THIS PART
Appeal to Appellate Tribunal --Duty of Tribunal--Duty to record reasons for order--Matter remanded--Income-tax Act, 1961-- ATM Forgings v. CIT (P&H) . . . 314
Assessment --Unexplained investment--Reference to Valuation Officer--Scope of section 142A--Rejection of accounts--Condition precedent for reference to Valuation Officer--No defect detailed in books of account--Reference to Valuation Officer not valid--Difference between cost of construction disclosed by assessee and estimate by Valuation Officer--Not assessable as unexplained investment--Income-tax Act, 1961, ss. 69, 142A-- Goodluck Automobiles Pvt. Ltd. v. Asst. CIT (Guj) . . . 306
Capital gains --Conversion of shares from stock-in-trade to investments--Difference between sale price of shares and market value of shares as on date of conversion--Assessable as capital gains--Income-tax Act, 1961-- CIT v. Yatish Trading Co. Pvt. Ltd. (Bom) . . . 320
----Long-term capital gains--Rate of tax--Non-resident--Transfer of listed shares--Lower rate of ten per cent.--Disqualification for lower rate where assessee takes benefit of indexation under second proviso to section 48--Assessee availing of benefit of first proviso to section 48--Entitled to benefit of lower rate of tax at 10 per cent.--Income-tax Act, 1961, ss. 48, 112(1)-- Cairn UK Holdings Ltd. v. DIT (Delhi) . . . 268
Exemption --Export--New industrial undertaking manufacturing articles for export--Undertaking obtaining approval from Government--Exemption granted for assessment year 1994-95--No change in facts--Exemption available for assessment years 1995-96, 1993-94, 1996-97 and 1997-98--Income-tax Act, 1961, s. 10B-- CIT v. Relco P. Ltd. (Mad) . . . 291
Interpretation of taxing statutes --When purposive construction adopted and when literal construction applied-- Cairn UK Holdings Ltd. v. DIT (Delhi) . . . 268
Investment allowance --Foreign exchange--Increase in liability due to fluctuation in rate of foreign exchange--Law applicable--Amendment to section 43A w.e.f. 1-4-2003--Amendment not retrospective--Machinery purchased in assessment year 1987-88--Increase in liability due to fluctuation in rate of foreign currency--Investment allowance to be granted on enhanced cost in assessment year 1993-94--Income-tax Act, 1961, ss. 32A, 43A-- CIT v. Punjab Anand Industries (P&H) . . . 300
Precedent --Effect of decision of Supreme Court in Kranti Associates P. Ltd. v. Masood Ahmed Khan [2010] 9 SCC 496-- ATM Forgings v. CIT (P&H) . . . 314
Recovery of tax --Reduction of period for payment of tax--Condition precedent--Reason to believe grant of full period would be detrimental to Revenue and prior permission of Joint Commissioner--End of financial year approaching--Not a ground for reduction of period--Provisional attachment to extent of Rs. 36.54 crores--No basis for forming reason to believe that grant of period of thirty days would be detrimental to Revenue--Order of reduction of period--Not valid--Income-tax Act, 1961, s. 220-- Firoz Tin Factory v. Asst. CIT (Bom) . . . 296
SECTIONWISE INDEX TO CASES REPORTED IN THIS PART
S. 10B --Exemption--Export--New industrial undertaking manufacturing articles for export--Undertaking obtaining approval from Government--Exemption granted for assessment year 1994-95--No change in facts--Exemption available for assessment years 1995-96, 1993-94, 1996-97 and 1997-98-- CIT v. Relco P. Ltd. (Mad) . . . 291
S. 32A --Investment allowance--Foreign exchange--Increase in liability due to fluctuation in rate of foreign exchange--Law applicable--Amendment to section 43A w.e.f. 1-4-2003--Amendment not retrospective--Machinery purchased in assessment year 1987-88--Increase in liability due to fluctuation in rate of foreign currency--Investment allowance to be granted on enhanced cost in assessment year 1993-94-- CIT v. Punjab Anand Industries (P&H) . . . 300
S. 43A --Investment allowance--Foreign exchange--Increase in liability due to fluctuation in rate of foreign exchange--Law applicable--Amendment to section 43A w.e.f. 1-4-2003--Amendment not retrospective--Machinery purchased in assessment year 1987-88--Increase in liability due to fluctuation in rate of foreign currency--Investment allowance to be granted on enhanced cost in assessment year 1993-94-- CIT v. Punjab Anand Industries (P&H) . . . 300
S. 48 --Capital gains--Long-term capital gains--Rate of tax--Non-resident--Transfer of listed shares--Lower rate of ten per cent.--Disqualification for lower rate where assessee takes benefit of indexation under second proviso to section 48--Assessee availing of benefit of first proviso to section 48--Entitled to benefit of lower rate of tax at 10 per cent.-- Cairn UK Holdings Ltd. v. DIT (Delhi) . . . 268
S. 69 --Assessment--Unexplained investment--Reference to Valuation Officer--Scope of section 142A--Rejection of accounts--Condition precedent for reference to Valuation Officer--No defect detailed in books of account--Reference to Valuation Officer not valid--Difference between cost of construction disclosed by assessee and estimate by Valuation Officer--Not assessable as unexplained investment-- Goodluck Automobiles Pvt. Ltd. v. Assistant CIT (Guj) . . . 306
S. 112(1) --Capital gains--Long-term capital gains--Rate of tax--Non-resident--Transfer of listed shares--Lower rate of ten per cent.--Disqualification for lower rate where assessee takes benefit of indexation under second proviso to section 48--Assessee availing of benefit of first proviso to section 48--Entitled to benefit of lower rate of tax at 10 per cent.-- Cairn UK Holdings Ltd. v. DIT (Delhi) . . . 268
S. 142A --Assessment--Unexplained investment--Reference to Valuation Officer--Scope of section 142A--Rejection of accounts--Condition precedent for reference to Valuation Officer--No defect detailed in books of account--Reference to Valuation Officer not valid--Difference between cost of construction disclosed by assessee and estimate by Valuation Officer--Not assessable as unexplained investment-- Goodluck Automobiles Pvt. Ltd. v. Asst. CIT (Guj) . . . 306
S. 220 --Recovery of tax--Reduction of period for payment of tax--Condition precedent--Reason to believe grant of full period would be detrimental to Revenue and prior permission of Joint Commissioner--End of financial year approaching--Not a ground for reduction of period--Provisional attachment to extent of Rs. 36.54 crores--No basis for forming reason to believe that grant of period of thirty days would be detrimental to Revenue--Order of reduction of period--Not valid-- Firoz Tin Factory v. Asst. CIT (Bom) . . . 296
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