ITR’S TRIBUNAL TAX REPORTS (ITR (TRIB)) -- PRINT AND ONLINE EDITION
SUBJECT INDEX TO CASES REPORTED
Export --Exemption under section 10B --Failure by assessee to furnish details before Commissioner (Appeals)--Matter remanded for fresh assessment after providing opportunity to assessee--Income-tax Act, 1961 , s. 10B -- Jabs International P. Ltd. v. Deputy CIT (Mumbai) . . . 47
Penalty --International transactions--Failure to furnish information or documentation required by sub-section (3) of section 92D --No default in submitting documents and information within prescribed time--Provisions of section 271G not attracted--Penalty cannot be imposed--Income-tax Act, 1961 , ss. 92D(3) , 271G -- Deputy CIT v. Leroy Somer & Controls (India) P. Ltd. (Delhi) . . . 29
Return --Revised return--Revised computation of income claiming exemption on dividends filed after expiration of time for filing revised return--No tax to be recovered without authority of law--Remand of matter for consideration of assessee’s contention on merits--Income-tax Act, 1961 , s. 139(5) -- Sam Global Securities Ltd. v. ITO (Delhi) . . . 40
PRINT EDITION
Volume 29 : Part 5 (Issue dated : 3-2-2014)
SUBJECT INDEX TO CASES REPORTED
Business expenditure --Accrued or contingent liability--Security expenses--Provision for--Accrued liability and allowable--Income-tax Act, 1961-- Electronics Corporation of India Ltd. v. Assistant CIT (Hyderabad) . . . 637
----Disallowance--Excessive or unreasonable payments--Agents incentive--Failure by Assessing Officer to prove agents related parties--Failure to establish payments excessive or unreasonable--Failure to prove applicability of provisions of section 40A(2)(a) to payments made as agents incentive--No case for making disallowance--Income-tax Act, 1961, s. 40A(2)(a), (b)-- ITO v. Anson Financial Holidays (Cochin) . . . 620
----Disallowance--Excessive or unreasonable payments--No doubt about genuineness of salary payment--No finding that salaries paid to related persons--Deficiencies in vouchers not proved--Estimated disallowance of 5 per cent. sufficient to cover possible deficiencies--Income-tax Act, 1961, ss. 40(a)(ia), 40A(2)(b)-- ITO v. Anson Financial Holidays (Cochin) . . . 620
----Provision for wages pursuant to charter of demands by employees for wage revision--Salaries enhanced with effect from earlier date under agreement settled in following year--Liability accrued and crystallised in earlier year and deduction allowable--Income-tax Act, 1961-- Electronics Corporation of India Ltd. v. Assistant CIT (Hyderabad) . . . 637
Capital gains --Computation--Sale of property--Objection against adoption of stamp duty valuation--Direction to Assessing Officer to refer valuation of property to Valuation Cell of Department--Matter remanded--Income-tax Act, 1961, s. 50C-- Mansukhlal Ghelabhai Doshi v. Assistant CIT (Rajkot) . . . 628
----Computation--Sale of shares--Short-term capital gains--Bifurcation of transactions into two categories based on holding for thirty days or more--Gains where holding period less than 30 days treated as business income and where holding period more than 30 days treated as short-term capital gains--No such classification on basis of holding for 30 days provided in Act--Income-tax Act, 1961-- Assistant CIT v. Hitesh S Bhagat (Mumbai) . . . 660
Deduction of tax at source --Rent--Definition--Any arrangement including agency services agreement--Section 194C applicable--Payment towards management fees--Not professional or technical services under section 194J-- Commissioner (Appeals) not clear whether payments professional or technical services--Order set aside--Income-tax Act, 1961, ss. 194C, 194J-- Apar Industries Ltd. v. Assistant CIT (Mumbai) . . . 652
Income from undisclosed sources --Income-tax survey--Records revealing value of stock on date of survey not taken correctly--Assessee's trading records for immediate two preceding assessment years accepted by Department--By implication opening stock taken by assessee to be treated as accepted--No incriminating document or paper showing unrecorded purchases or unrecorded expense or sales--No corroborative evidence to substantiate undisclosed income--Stock increased by tampering with inventory-sheet--Reports of handwriting experts not considered--Selective use of evidence by Assessing Officer--Survey proceedings videographed but copy not supplied to assessee nor used by Department--Presumption against Department--Assessee not to suffer for mistakes committed by survey team--On facts, income from undisclosed sources re-estimated-- Unique Art Age v. Assistant CIT (Jaipur) . . . 547
Income-tax --Income--General principles--Res judicata--Capital gains or business income--Purchase and sale of shares--Short-term capital gains--Acceptance of claim for earlier year would not operate res judicata or estoppel for following year when facts not identical--Profits assessable as business income--Income-tax Act, 1961, s. 111A-- Assistant CIT v. Hitesh S Bhagat (Mumbai) . . . 660
Income-tax survey --Statement recorded on oath--Assessee has right to retract--Admission made in statement recorded on oath during survey not to be relied on as basis for making additions--Income-tax Act, 1961, s. 133A-- Unique Art Age v. Assistant CIT (Jaipur) . . . 547
Penalty --Concealment of income--Statement recorded during search and seizure operations--Surrender undisclosed income from unrecorded receipts and wrong claims to deduction--Disclosure in return and payment of tax thereon--Conditions laid down in Explanation 5 to section 271(1)(c) satisfied--Penalty cannot be levied--Income-tax Act, 1961, ss. 132(4), 271(1)(c)-- Kalpana Nursing Home P. Ltd. v. Assistant CIT (OSD) (Jodhpur) . . . 633
Scientific research expenditure --Weighted deduction--Appropriate authority to decide on quantum of weighted deduction is Department of Scientific and Industrial Research--Figure cannot be disturbed by Tribunal--Income-tax Act, 1961, s. 35(2AB)-- Electronics Corporation of India Ltd. v. Assistant CIT (Hyderabad) . . . 637
SECTIONWISE INDEX TO CASES REPORTED IN THIS PART
S. 35(2AB) --Scientific research expenditure--Weighted deduction--Appropriate authority to decide on quantum of weighted deduction is Department of Scientific and Industrial Research--Figure cannot be disturbed by Tribunal-- Electronics Corporation of India Ltd. v. Assistant CIT (Hyderabad) . . . 637
S. 40(a)(ia) --Business expenditure--Disallowance--Excessive or unreasonable payments--No doubt about genuineness of salary payment--No finding that salaries paid to related persons--Deficiencies in vouchers not proved--Estimated disallowance of 5 per cent. sufficient to cover possible deficiencies-- ITO v. Anson Financial Holidays (Cochin) . . . 620
S. 40A(2)(a) --Business expenditure--Disallowance--Excessive or unreasonable payments--Agents incentive--Failure by Assessing Officer to prove agents related parties--Failure to establish payments excessive or unreasonable--Failure to prove applicability of provisions of section 40A(2)(a) to payments made as agents incentive--No case for making disallowance-- ITO v. Anson Financial Holidays (Cochin) . . . 620
S. 40A(2)(b) --Business expenditure--Disallowance--Excessive or unreasonable payments--Agents incentive--Failure by Assessing Officer to prove agents related parties--Failure to establish payments excessive or unreasonable--Failure to prove applicability of provisions of section 40A(2)(a) to payments made as agents incentive--No case for making disallowance-- ITO v. Anson Financial Holidays (Cochin) . . . 620
----Business expenditure--Disallowance--Excessive or unreasonable payments--No doubt about genuineness of salary payment--No finding that salaries paid to related persons--Deficiencies in vouchers not proved--Estimated disallowance of 5 per cent. sufficient to cover possible deficiencies-- ITO v. Anson Financial Holidays (Cochin) . . . 620
S. 50C --Capital gains--Computation--Sale of property--Objection against adoption of stamp duty valuation--Direction to Assessing Officer to refer valuation of property to Valuation Cell of Department--Matter remanded-- Mansukhlal Ghelabhai Doshi v. Assistant CIT (Rajkot) . . . 628
S. 111A --Income-tax--Income--General principles--Res judicata--Capital gains or business income--Purchase and sale of shares--Short-term capital gains--Acceptance of claim for earlier year would not operate res judicata or estoppel for following year when facts not identical--Profits assessable as business income-- Assistant CIT v. Hitesh S Bhagat (Mumbai) . . . 660
S. 132(4) --Penalty--Concealment of income--Statement recorded during search and seizure operations--Surrender undisclosed income from unrecorded receipts and wrong claims to deduction--Disclosure in return and payment of tax thereon--Conditions laid down in Explanation 5 to section 271(1)(c) satisfied--Penalty cannot be levied-- Kalpana Nursing Home P. Ltd. v. Assistant CIT (OSD) (Jodhpur) . . . 633
S. 133A --Income-tax survey--Statement recorded on oath--Assessee has right to retract--Admission made in statement recorded on oath during survey not to be relied on as basis for making additions-- Unique Art Age v. Assistant CIT (Jaipur) . . . 547
S. 194C --Deduction of tax at source--Rent--Definition--Any arrangement including agency services agreement--Section 194C applicable--Payment towards management fees--Not professional or technical services under section 194J--Commissioner (Appeals) not clear whether payments professional or technical services--Order set aside-- Apar Industries Ltd. v. Assistant CIT (Mumbai) . . . 652
S. 194J --Deduction of tax at source--Rent--Definition--Any arrangement including agency services agreement--Section 194C applicable--Payment towards management fees--Not professional or technical services under section 194J--Commissioner (Appeals) not clear whether payments professional or technical services--Order set aside-- Apar Industries Ltd. v. Assistant CIT (Mumbai) . . . 652
S. 271(1)(c) --Penalty--Concealment of income--Statement recorded during search and seizure operations--Surrender undisclosed income from unrecorded receipts and wrong claims to deduction--Disclosure in return and payment of tax thereon--Conditions laid down in Explanation 5 to section 271(1)(c) satisfied--Penalty cannot be levied-- Kalpana Nursing Home P. Ltd. v. Assistant CIT (OSD) (Jodhpur) . . . 633
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