INCOME TAX REPORTS (ITR)--PRINT AND ONLINE EDITION
New Return Forms
ITR-3, ITR-4, ITR-5, ITR-6
and ITR-7
ITR Volume 366 : Part 3 (Issue dated : 25-8-2014)
SUBJECT INDEX TO CASES REPORTED IN THIS PART
Appeal to High Court --Substantial question of law--Search and seizure--Block assessment--Undisclosed income--Excess stock of silver--Investment in excess stock of gold jewellery--Tribunal restricting additions based on material--Pure questions of fact--Income-tax Act, 1961, ss. 158BC, 260A-- CIT v. Mangal and Mangal (Mad) . . . 478
Assessment --Special audit--Condition precedent--Ledger account not containing narration--Whether charging of interest revenue neutral ascertainable only after all entries examined by special auditor--Failure to file details of expenditure in projects in special economic zone and other projects--Number of transactions between assessee and related parties--Condition as to nature and complexity of accounts satisfied--Direction for special audit warranted--Income-tax Act, 1961, s. 142(2A)-- DLF Ltd. v. Addl. CIT (Delhi) . . . 390
Business expenditure --Assessee entering into agreement to purchase furnace oil--Import without licence prohibited by law--Assessee transferring contractual liability to sister concern--Purchase of furnace oil and sale from sister concern in contravention of law--Amount paid as commission to sister concern--Not deductible--Income-tax Act, 1961, s. 37--Overseas Trading and Shipping Co. P. Ltd. v. Asst. CIT (Guj) . . . 311
----Capital or revenue expenditure--Company jointly promoted by two companies--New company formed on bifurcation of business of such company--Amount paid for getting domestic customer data base--Amount paid for getting trained personnel--Revenue expenditure--Income-tax Act, 1961, s. 37-- CIT v. IBM Global Services India P. Ltd. (Karn) . . . 293
----Deduction only on actual payment--Disallowance--Contribution towards provident fund--Effect of sections 36 and 43B--Contribution of employer and employee made on or before due date for furnishing returns under section 139(1)--Entitled to deduction--Income-tax Act, 1961, ss. 2(24)(x), 36(1)(va), 43B-- Essae Teraoka P. Ltd. v. Deputy CIT (Karn) . . . 408
----Disallowance--Provision for gratuity--Effect of insertion of section 40A(7) w. e. f. 1-4-1973--Trust deed executed in December 1975 and granted approval in December 1975--Claim based on actuarial valuation--Assessee entitled to deduction of provision in assessment year 1973-74--Income-tax Act, 1961, s. 40A(7)-- CIT v. Maharaja Shree Umaid Mills Ltd. (Raj) . . . 341
----Sales promotion--Amount paid for sending a large consignment of mangoes to a person abroad--Claim that it was for purposes of business promotion--No evidence to support claim--Amount not deductible--Income-tax Act, 1961, s. 37-- Overseas Trading and Shipping Co. P. Ltd. v. Asst. CIT (Guj) . . . 311
Business loss --Loss on fluctuation in rate of foreign exchange--Deductible--Income-tax Act, 1961-- CIT v. IBM Global Services India P. Ltd. (Karn) . . . 293
Capital gains --Computation of capital gains--Capital asset having market value but cost of acquisition of which could not be ascertained--Cost to be taken at fair market value on statutorily specified date or at option of assessee market value on date of acquisition--Income-tax Act, 1961, ss. 45, 55-- Thakur Dwara Shri Krishanji Maharaj Handiyaya, Barnalav. CIT (P&H) . . . 381
----Exemption under sections 54 and 54F--Condition that on date of transfer assessee should not be in possession of residential house--†Residential house†includes shared possession of a residential house--Co-owner not entitled to exemption--Income-tax Act, 1961, ss. 54, 54F-- CIT v. M. J. Siwani (Karn) . . . 356
Cash credit --Unexplained cash credits--Two-thirds of creditors unconfirmed--Books of account audited under section 44AB--Nothing to suggest in audit report that closing stock was on estimate basis and that sales suppressions introduced in names of sundry creditors--Unconfirmed sundry creditors treated as unexplained cash credit--Justified--Income-tax Act, 1961, s. 68-- R. C. Auto Centre (S. I.) v. ITO (Mad) . . . 305
Exemption --Educational institution--Application under section 10(23C)(vi) rejected on ground trust deed did not provide for distribution of funds on dissolution--Future contingency--Defect in trust deed rectified--Rejection of application not justified--Income-tax Act, 1961, s. 10(23C)-- St. Kabir Educational Society v. CBDT (P&H) . . . 378
----Infrastructure facility--Bank--Condition precedent--Pre-condition of notification in Official Gazette--Not applicable to bonds purchased by assessee during financial year 1997-98--Income-tax Act, 1961, s. 10(23G)-- CIT v. Lord Krishna Bank Ltd. (Bom) . . . 416
----Special allowance to meet expenses of office--Life Insurance Corporation of India--Conveyance and additional conveyance allowance for Development Officers fixed by formula--Exempt from tax--Income-tax Act, 1961, s. 10(14)-- CIT v. Madan Gopal Bansal(Raj) . . . 319
Reassessment --Notice--Condition precedent--Reason to believe income had escaped assessment--Reason must be based on relevant material--Notice for verifying evidence--Rejection of objection without speaking order--Notice and reassessment not valid--Income-tax Act, 1961, ss. 147, 148-- Mukesh Modi v. Deputy CIT (Raj) . . . 418
----Notice--Objections--Order passed on objections is part of process of determination--Not an order deciding disputes between parties--New contentions can be raised before Assessing Officer--Writ petition challenging order passed on objections not maintainable--Income-tax Act, 1961, ss. 147, 148-- Joint CIT v. Kalanithi Maran (Mad) . . . 453
Recovery of tax --Stay of recovery proceedings--Claim for exemption not proved--Recovery proceedings could not be stayed--Interim stay of fifty per cent. of tax during pendency of appeal--Income-tax Act, 1961-- Kanav Khanna v. CIT (P&H) . . . 386
Revision --Powers of Commissioner--Conditions precedent for exercise of powers--Order erroneous and prejudicial to Revenue--Satisfaction of Commissioner essential--Assessment order under section 143(3)--Assessing Officer having jurisdiction while issuing notice under section 143(3)--Subsequent loss of jurisdiction due to Departmental circular--Order of assessment not invalid--Revision of such order not justified--Income-tax Act, 1961, ss. 143, 263-- CIT v. Kailash Chand Methi (Raj) . . . 333
Search and seizure --Block assessment--Undisclosed income--Agricultural income--Agricultural income assessed in prior years--Amount of agricultural income not includible in undisclosed income--Income-tax Act, 1961-- CIT v. M. J. Siwani (Karn) . . . 356
----Block assessment--Undisclosed income--Amount shown as credit in the name of third person--Amount not disclosed in return--Amount assessable--Income-tax Act, 1961-- CIT v.M. J. Siwani (Karn) . . . 356
----Block assessment--Undisclosed income--Income shown in returns filed under section 139(1) or section 139(4) cannot be included--Income-tax Act, 1961, Ch. XIV-B-- CIT v. M. J. Siwani (Karn) . . . 356
----Jewellery discovered during search--Effect of CBDT Instruction--Jewellery within prescribed limits--Addition of value of part of jewellery as undisclosed income--Not justified--Instruction No. 1916 dated 11-5-1994--Income-tax Act, 1961-- CIT v. Satya Narain Patni(Raj) . . . 325
Valuation of stock --Land under litigation--Value to be determined with reference to purchase price and market value--Income-tax Act, 1961-- CIT v. M. J. Siwani (Karn) . . . 356
Writ --Existence of alternate remedy--Not an absolute bar on issue of writ--Constitution of India, art. 226-- Mukesh Modi v. Deputy CIT (Raj) . . . 418
----High Court--Reassessment--Alternative remedy--Challenge to order passed on objections of assessee--Writ petition not maintainable--Constitution of India, art. 226-- Joint CIT v.Kalanithi Maran (Mad) . . . 453
SECTIONWISE INDEX TO CASES REPORTED IN THIS PART
Art. 226 --Writ--Existence of alternate remedy--Not an absolute bar on issue of writ--Mukesh Modi v. Deputy CIT (Raj) . . . 418
----Writ--High Court--Reassessment--Alternative remedy--Challenge to order passed on objections of assessee--Writ petition not maintainable-- Joint CIT v. Kalanithi Maran (Mad) . . . 453
S. 2(24)(x) --Business expenditure--Deduction only on actual payment--Disallowance--Contribution towards provident fund--Effect of sections 36 and 43B--Contribution of employer and employee made on or before due date for furnishing returns under section 139(1)--Entitled to deduction-- Essae Teraoka P. Ltd. v. Deputy CIT (Karn) . . . 408
S. 10(14) --Exemption--Special allowance to meet expenses of office--Life Insurance Corporation of India--Conveyance and additional conveyance allowance for Development Officers fixed by formula--Exempt from tax-- CIT v. Madan Gopal Bansal (Raj) . . . 319
S. 10(23C) --Exemption--Educational institution--Application under section 10(23C)(vi) rejected on ground trust deed did not provide for distribution of funds on dissolution--Future contingency--Defect in trust deed rectified--Rejection of application not justified-- St. Kabir Educational Society v. CBDT (P&H) . . . 378
S. 10(23G) --Exemption--Infrastructure facility--Bank--Condition precedent--Pre-condition of notification in Official Gazette--Not applicable to bonds purchased by assessee during financial year 1997-98-- CIT v. Lord Krishna Bank Ltd. (Bom) . . . 416
S. 36(1)(va) --Business expenditure--Deduction only on actual payment--Disallowance--Contribution towards provident fund--Effect of sections 36 and 43B--Contribution of employer and employee made on or before due date for furnishing returns under section 139(1)--Entitled to deduction-- Essae Teraoka P. Ltd. v. Deputy CIT (Karn) . . . 408
S. 37 --Business expenditure--Assessee entering into agreement to purchase furnace oil--Import without licence prohibited by law--Assessee transferring contractual liability to sister concern--Purchase of furnace oil and sale from sister concern in contravention of law--Amount paid as commission to sister concern--Not deductible-- Overseas Trading and Shipping Co. P. Ltd. v. Asst. CIT (Guj) . . . 311
----Business expenditure--Capital or revenue expenditure--Company jointly promoted by two companies--New company formed on bifurcation of business of such company--Amount paid for getting domestic customer data base--Amount paid for getting trained personnel--Revenue expenditure-- CIT v. IBM Global Services India P. Ltd. (Karn) . . . 293
----Business expenditure--Sales promotion--Amount paid for sending a large consignment of mangoes to a person abroad--Claim that it was for purposes of business promotion--No evidence to support claim--Amount not deductible-- Overseas Trading and Shipping Co. P. Ltd. v. Asst. CIT (Guj) . . . 311
S. 40A(7) --Business expenditure--Disallowance--Provision for gratuity--Effect of insertion of section 40A(7) w. e. f. 1-4-1973--Trust deed executed in December 1975 and granted approval in December 1975--Claim based on actuarial valuation--Assessee entitled to deduction of provision in assessment year 1973-74-- CIT v. Maharaja Shree Umaid Mills Ltd. (Raj) . . . 341
S. 43B --Business expenditure--Deduction only on actual payment--Disallowance--Contribution towards provident fund--Effect of sections 36 and 43B--Contribution of employer and employee made on or before due date for furnishing returns under section 139(1)--Entitled to deduction-- Essae Teraoka P. Ltd. v. Deputy CIT (Karn) . . . 408
S. 45 --Capital gains--Computation of capital gains--Capital asset having market value but cost of acquisition of which could not be ascertained--Cost to be taken at fair market value on statutorily specified date or at option of assessee market value on date of acquisition--Thakur Dwara Shri Krishanji Maharaj Handiyaya, Barnala v. CIT (P&H) . . . 381
S. 54 --Capital gains--Exemption under sections 54 and 54F--Condition that on date of transfer assessee should not be in possession of residential house--†Residential house†includes shared possession of a residential house--Co-owner not entitled to exemption-- CITv. M. J. Siwani (Karn) . . . 356
S. 54F --Capital gains--Exemption under sections 54 and 54F--Condition that on date of transfer assessee should not be in possession of residential house--†Residential house†includes shared possession of a residential house--Co-owner not entitled to exemption-- CITv. M. J. Siwani (Karn) . . . 356
S. 55 --Capital gains--Computation of capital gains--Capital asset having market value but cost of acquisition of which could not be ascertained--Cost to be taken at fair market value on statutorily specified date or at option of assessee market value on date of acquisition--Thakur Dwara Shri Krishanji Maharaj Handiyaya, Barnala v. CIT (P&H) . . . 381
S. 68 --Cash credit--Unexplained cash credits--Two-thirds of creditors unconfirmed--Books of account audited under section 44AB--Nothing to suggest in audit report that closing stock was on estimate basis and that sales suppressions introduced in names of sundry creditors--Unconfirmed sundry creditors treated as unexplained cash credit--Justified-- R. C. Auto Centre (S. I.) v. ITO (Mad) . . . 305
S. 142(2A) --Assessment--Special audit--Condition precedent--Ledger account not containing narration--Whether charging of interest revenue neutral ascertainable only after all entries examined by special auditor--Failure to file details of expenditure in projects in special economic zone and other projects--Number of transactions between assessee and related parties--Condition as to nature and complexity of accounts satisfied--Direction for special audit warranted-- DLF Ltd. v. Addl. CIT (Delhi) . . . 390
S. 143 --Revision--Powers of Commissioner--Conditions precedent for exercise of powers--Order erroneous and prejudicial to Revenue--Satisfaction of Commissioner essential--Assessment order under section 143(3)--Assessing Officer having jurisdiction while issuing notice under section 143(3)--Subsequent loss of jurisdiction due to Departmental circular--Order of assessment not invalid--Revision of such order not justified-- CIT v. Kailash Chand Methi (Raj) . . . 333
S. 147 --Reassessment--Notice--Condition precedent--Reason to believe income had escaped assessment--Reason must be based on relevant material--Notice for verifying evidence--Rejection of objection without speaking order--Notice and reassessment not valid-- Mukesh Modi v. Deputy CIT (Raj) . . . 418
----Reassessment--Notice--Objections--Order passed on objections is part of process of determination--Not an order deciding disputes between parties--New contentions can be raised before Assessing Officer--Writ petition challenging order passed on objections not maintainable-- Joint CIT v. Kalanithi Maran (Mad) . . . 453
S. 148 --Reassessment--Notice--Condition precedent--Reason to believe income had escaped assessment--Reason must be based on relevant material--Notice for verifying evidence--Rejection of objection without speaking order--Notice and reassessment not valid-- Mukesh Modi v. Deputy CIT (Raj) . . . 418
----Reassessment--Notice--Objections--Order passed on objections is part of process of determination--Not an order deciding disputes between parties--New contentions can be raised before Assessing Officer--Writ petition challenging order passed on objections not maintainable-- Joint CIT v. Kalanithi Maran (Mad) . . . 453
Ch. XIV-B --Search and seizure--Block assessment--Undisclosed income--Income shown in returns filed under section 139(1) or section 139(4) cannot be included-- CIT v. M. J. Siwani(Karn) . . . 356
S. 158BC --Appeal to High Court--Substantial question of law--Search and seizure--Block assessment--Undisclosed income--Excess stock of silver--Investment in excess stock of gold jewellery--Tribunal restricting additions based on material--Pure questions of fact-- CITv. Mangal and Mangal (Mad) . . . 478
S. 260A --Appeal to High Court--Substantial question of law--Search and seizure--Block assessment--Undisclosed income--Excess stock of silver--Investment in excess stock of gold jewellery--Tribunal restricting additions based on material--Pure questions of fact-- CITv. Mangal and Mangal (Mad) . . . 478
S. 263 --Revision--Powers of Commissioner--Conditions precedent for exercise of powers--Order erroneous and prejudicial to Revenue--Satisfaction of Commissioner essential--Assessment order under section 143(3)--Assessing Officer having jurisdiction while issuing notice under section 143(3)--Subsequent loss of jurisdiction due to Departmental circular--Order of assessment not invalid--Revision of such order not justified-- CIT v. Kailash Chand Methi (Raj) . . . 333
No comments:
Post a Comment