INCOME TAX REPORTS (ITR)--PRINT AND ONLINE EDITION
ITR Volume 369 : Part 3 (Issue dated : 15-12-2014)
SUBJECT INDEX TO CASES REPORTED IN THIS PART
Appeal to Appellate Tribunal --Rectification of mistakes--Failure to deduct tax at source--Amendment allowing benefit where payee has paid tax on receipts effective from 1-4-2013--Tribunal relying on decision of jurisdictional High Court rejecting application for rectification--Assessee to pursue remedy by filing appeal before High Court--Writ petition not maintainable--Income-tax Act, 1961, ss. 254(2), 260A-- Thomas John Muthoot v. Asst. CIT (Ker) . . . 525
Assessment --Additional tax--Rectification of mistakes--Appeal--Deletion of disallowance on appeal--Assessing Officer can delete additional tax in rectification proceedings--Income-tax Act, 1961, ss. 143, 154, 250, 254-- CIT v. Redico Khaitan Ltd. (All) . . . 424
Business --Income from house property--Business income or income from house property--Rent from letting out buildings with amenities in software technology park--Assessable as business income--Income-tax Act, 1961, ss. 22, 28-- CIT v. Information Technology Park Ltd. (Karn) . . . 460
Capital gains --Long-term capital gains--Full value of consideration--Distress sale--Assessee objecting to value adopted by stamp valuation authority--Assessing Officer instead of referring valuation to Valuation Officer estimating capital gains tax confirmed by Tribunal--Specific claim that Assessing Officer should have referred matter to Valuation Officer for valuation of capital asset in terms of section 50C(2)--Mere assertion by assessee suffice for attraction of section 50C(2)--Assessing Officer directed to work out capital gains by adopting market value under section 50C(2)--Income-tax Act, 1961, s. 50C(1), (2)--Appadurai Vijayaraghavan v. Joint CIT (OSD) (Mad) . . . 486
----Long-term capital gains--Full value of consideration--Distress sale--Specific objection for adopting market value--Authorities instead of referring valuation to District Valuation Officer adopting guideline value relating to property sold--Assessing Officer directed for working out capital gains--Income-tax Act, 1961, s. 50C-- S. Muthuraja v. CIT (Mad) . . . 483
----Sale of agricultural lands--Classification of lands in revenue records as agricultural lands--Adangal and letter of tahsildar satisfying other conditions of section 2(14)--Adjacent lands divided into plots for sale not a reason that lands sold by assessee were for purposes of development of plots--Record showing lands are agricultural lands classified as dry lands for which kist has been paid--Entitled to exemption--Income-tax Act, 1961, s. 2(14)-- Mrs. Sakunthala Vedachalam v. Asst. CIT (Mad) . . . 558
Charitable purposes --Charitable trust--Cricket Association--Registration--First application not traceable--Defective second application not cured despite opportunities--Condonation of delay--Not a matter of right--Failure to provide satisfactory explanation--Tribunal justified in declining plea--Another application with retrospective effect--Commissioner could not grant registration with retrospective effect since rejection of defective application for registration with retrospective effect attaining finality--Income-tax Act, 1961, s. 12A-- Kerala Cricket Association v. Addl. CIT (Ker) . . . 528
----Charitable trust--Education society--Registration--Assessee collecting capitation fee for admission in addition to regular fees--Assessee not carrying on any charitable activities entitling it for registration--Income-tax Act, 1961, s. 12AA-- Travancore Education Society v.CIT (Ker) . . . 534
----Charitable trust--Registration--Employees’ pension fund trust--Pensionary benefit to employees of GCDA from corpus created out of contributions made by employees of GCDA--Activity not general public utility--Not entitled to registration--Income-tax Act, 1961, ss. 2(15), 12AA-- GCDA Employees’ Pension Fund Trust v. CIT (Ker) . . . 532
Deduction of tax at source --Transmission transaction charges to Gas Authority of India for supplying gas--GAIL not only showing transaction as sale in its relevant records but paying due tax thereon--Contract for supply of gas was for sale of goods and not works contract or contract for rendering technical services--Transaction outside purview of sections 194C and 194J--No liability for tax deduction at source--Income-tax Act, 1961, ss. 194C, 194J--CIT (TDS) v. Samtel Glass Ltd. (Raj) . . . 392
Depreciation --Enhanced depreciation--Notification confining benefit of enhanced depreciation for year 2009-10 to only such commercial vehicles as have been purchased and put to use during period 1-4-2009 to 30-9-2009--Assessee, an advocate, purchasing a car outside the period for accelerated depreciation--Accelerated depreciation conferred taking into account the policy decision of Union Government to stimulate country’s economy--Not discriminatory--Not violative of fundamental rights--Constitution of India, art. 14--Income-tax Act, 1961, s. 32-- R. Surendran v. Union of India (Ker) . . . 536
----Exercising of option--Returns filed under section 139(1) and exercised option in form prescribed therein--No separate letter or request or intimation with regard to exercise of option required--Option once exercised will continue to subsequent years--Income-tax Rules, 1962, r. 5(1A)--Income-tax Act, 1961, ss. 32, 139(1)-- CIT v. Kikani Exports P. Ltd. (No. 2 )(Mad) . . . 500
----Higher rate of depreciation--Plant--Neither includes “building†nor includes “road†--†Road†is a “building†and not a “plant†--Toll road is a capital asset and not an implement or a tool used by assessee for his business--Would not qualify as a “plant†--Not entitled to a higher rate of depreciation--Income-tax Rules, 1962, Appex. I--Income-tax Act, 1961, s. 32(1)-- Moradabad Toll Road Co. Ltd. v. Asst. CIT (Delhi) . . . 403
----Investment allowance--Carry forward and set off--Unabsorbed depreciation against capital gains--Allowable but restricted to two-thirds of such allowance--Matter remanded to Assessing Officer to recompute unabsorbed depreciation--Income-tax Act, 1961, s. 34A--CIT v. Madras Forging and Allied Industries (CBE) Ltd. (In liquidation) (Mad) . . . 552
Double taxation avoidance --Non-resident--Income deemed to accrue or arise in India--Royalty--Danish company supplying equipment and information regarding installation of such equipment--Consideration received not royalty--Not assessable in India--Income-tax Act, 1961, s. 9(1)(vi)--Double Taxation Avoidance Agreement between India and Denmark--Director of Income-tax (International Taxation) v. Haldor Topsoe (Bom) . . . 453
Exemption --Development of computer software--Conditions precedent--Customs bonding not a condition precedent--Assessee fulfilling conditions laid down in section 10A--Entitled to exemption--Income-tax Act, 1961, s. 10A-- CIT v. Caritor (India) P. Ltd. (Karn) . . . 463
Export --Special deduction under section 80HHC--Computation of turnover for purposes of section 80HHC--Service charges must be included--Income-tax Act, 1961, s. 80HHC-- CIT v.Nahar Spinning Mills Ltd. (P&H) . . . 467
Housing projects --Special deduction under section 80-IB(10)--Conditions precedent--Not necessary that developer should own the land--Income-tax Act, 1961, s. 80-IB -- CIT v.Shital Corporation (Guj) . . . 476
Income from undisclosed sources --Amounts claimed to be gifts from foreign residents--No relationship between assessee and donors--No occasion for gift--Addition of amounts as undisclosed income of assessee--Justified--Income-tax Act, 1961-- CIT v. Sandeep Goyal(P&H) . . . 471
Interest-tax --Interest on debentures--Notional interest--Not chargeable interest--Interest-tax Act, 1974, s. 2(7)-- CIT v. Golden Investments Ltd. (Mad) . . . 544
International transactions --Transfer pricing--Arm’s length price--Assessee issuing equity shares to its non-resident associated enterprises--Income of assessee would not include income on account of adjustment for short receipt of price for issued additional share capital--Transfer pricing provisions not applicable--Income-tax Act, 1961, s. 92CA(3)-- Shell India Markets P. Ltd. v. Asst. CIT (LTU) (Bom) . . . 516
----Transfer pricing--Arm’s length price--Issue of shares at premium by assessee to its non-resident holding company--Does not give rise to income in an international transaction--Capital receipts arising out of capital account transaction--Transfer pricing provisions not applicable--Income-tax Act, 1961, s. 92CA(3)-- Vodafone India Services P. Ltd. v. Union of India (Bom) . . . 511
Interpretation of taxing statutes --Literal interpretation-- CIT v. Shital Corporation (Guj) . . . 476
Reassessment --Limitation--Exclusion from limitation--Finding or direction by appellate or revisional authority, etc.--Appellate order that an amount was not assessable in a particular assessment year but was assessable in an earlier year--Order constitutes finding or direction--Consequent order not barred by limitation--Income-tax Act, 1961, ss. 150, 153--CIT v. PP Engineering Work (Delhi) . . . 433
----Notice after four years--Condition precedent--Satisfaction of Commissioner or Chief Commissioner--No sanction or permission of Commissioner obtained--Reassessment not valid--Income-tax Act, 1961, ss. 148, 151(1)-- Reliable Finhold Ltd. v. Union of India (All) . . . 419
----Validity--Reassessment based on retrospective amendment of provision--Reassessment accepted by assessee--Subsequently retrospective amendment held invalid in an appeal filed by another assessee--Consequent appeal against reassessment after five years--Reassessment not rendered invalid--Income-tax Act, 1961, ss. 80HHC, 147, 148-- CIT v.Kultar Exports (Delhi) . . . 440
Rectification of mistakes --Mistake apparent from record--Export--Special deduction--Intimation to assessee--Claim debatable or doubtful--Disallowance part of claim not on basis of settled principles--No notice issued under sub-section (2) of section 143--Rectification pursuant to direction by Commissioner (Appeals)--Appellate authorities right in deleting disallowance--Income-tax Act, 1961, ss. 80HHC, 139, 154-- CIT v. Mekins Agro-Products Ltd. (T & AP) . . . 495
Search and seizure --Block assessment--Undisclosed income--Assessment of third person--Condition precedent--Recording of satisfaction that undisclosed income belonged to third person--Limitation--Satisfaction must be recorded within two year time period stipulated in section 158BE(1)--Income-tax Act, 1961, ss. 158BD, 158BE-- Raghav Bahl v. CIT (Delhi) . . . 447
Sikkim --Charge of tax--Application of Act--Extension of Income-tax Act, 1961, to State of Sikkim with effect from 1-4-1990--Effect--Repeal of Sikkim State Tax Manual by necessary implication--Assessments made under Sikkim Tax Manual for assessment years 1997-98 to 2005-06 not valid--State directed to refund amount--Constitution of India, art. 371F(n)--Sikkim State Income-tax Manual, 1948, cl. 4(i)--Income-tax Act, 1961-- Sikkim Manipal University v.State of Sikkim (Sikkim) . . . 567
Unexplained investment --No evidence regarding investment--Addition of amounts--Not justified--Income-tax Act, 1961-- CIT v. Gian Gupta (Delhi) . . . 428
SECTIONWISE INDEX TO CASES REPORTED IN THIS PART
Art. 14 --Depreciation--Enhanced depreciation--Notification confining benefit of enhanced depreciation for year 2009-10 to only such commercial vehicles as have been purchased and put to use during period 1-4-2009 to 30-9-2009--Assessee, an advocate, purchasing a car outside the period for accelerated depreciation--Accelerated depreciation conferred taking into account the policy decision of Union Government to stimulate country’s economy--Not discriminatory--Not violative of fundamental rights-- R. Surendran v. Union of India (Ker) . . . 536
Art. 371F(n) --Sikkim--Charge of tax--Application of Act--Extension of Income-tax Act, 1961, to State of Sikkim with effect from 1-4-1990--Effect--Repeal of Sikkim State Tax Manual by necessary implication--Assessments made under Sikkim Tax Manual for assessment years 1997-98 to 2005-06 not valid--State directed to refund amount-- Sikkim Manipal University v.State of Sikkim (Sikkim) . . . 567
S. 2(14) --Capital gains--Sale of agricultural lands--Classification of lands in revenue records as agricultural lands--Adangal and letter of tahsildar satisfying other conditions of section 2(14)--Adjacent lands divided into plots for sale not a reason that lands sold by assessee were for purposes of development of plots--Record showing lands are agricultural lands classified as dry lands for which kist has been paid--Entitled to exemption-- Mrs. Sakunthala Vedachalam v. Asst. CIT (Mad) . . . 558
S. 2(15) --Charitable purposes--Charitable trust--Registration--Employees’ pension fund trust--Pensionary benefit to employees of GCDA from corpus created out of contributions made by employees of GCDA--Activity not general public utility--Not entitled to registration--GCDA Employees’ Pension Fund Trust v. CIT (Ker) . . . 532
S. 9(1)(vi) --Double taxation avoidance--Non-resident--Income deemed to accrue or arise in India--Royalty--Danish company supplying equipment and information regarding installation of such equipment--Consideration received not royalty--Not assessable in India-- Director of Income-tax (International Taxation) v. Haldor Topsoe (Bom) . . . 453
S. 10A --Exemption--Development of computer software--Conditions precedent--Customs bonding not a condition precedent--Assessee fulfilling conditions laid down in section 10A--Entitled to exemption-- CIT v. Caritor (India) P. Ltd. (Karn) . . . 463
S. 12A --Charitable purposes--Charitable trust--Cricket Association--Registration--First application not traceable--Defective second application not cured despite opportunities--Condonation of delay--Not a matter of right--Failure to provide satisfactory explanation--Tribunal justified in declining plea--Another application with retrospective effect--Commissioner could not grant registration with retrospective effect since rejection of defective application for registration with retrospective effect attaining finality-- Kerala Cricket Association v. Addl. CIT (Ker) . . . 528
S. 12AA --Charitable purposes--Charitable trust--Education society--Registration--Assessee collecting capitation fee for admission in addition to regular fees--Assessee not carrying on any charitable activities entitling it for registration-- Travancore Education Society v. CIT(Ker) . . . 534
----Charitable purposes--Charitable trust--Registration--Employees’ pension fund trust--Pensionary benefit to employees of GCDA from corpus created out of contributions made by employees of GCDA--Activity not general public utility--Not entitled to registration-- GCDA Employees’ Pension Fund Trust v. CIT (Ker) . . . 532
S. 22 --Business--Income from house property--Business income or income from house property--Rent from letting out buildings with amenities in software technology park--Assessable as business income-- CIT v. Information Technology Park Ltd. (Karn) . . . 460
S. 28 --Business--Income from house property--Business income or income from house property--Rent from letting out buildings with amenities in software technology park--Assessable as business income-- CIT v. Information Technology Park Ltd. (Karn) . . . 460
S. 32 --Depreciation--Enhanced depreciation--Notification confining benefit of enhanced depreciation for year 2009-10 to only such commercial vehicles as have been purchased and put to use during period 1-4-2009 to 30-9-2009--Assessee, an advocate, purchasing a car outside the period for accelerated depreciation--Accelerated depreciation conferred taking into account the policy decision of Union Government to stimulate country’s economy--Not discriminatory--Not violative of fundamental rights-- R. Surendran v. Union of India (Ker) . . . 536
----Depreciation--Exercising of option--Returns filed under section 139(1) and exercised option in form prescribed therein--No separate letter or request or intimation with regard to exercise of option required--Option once exercised will continue to subsequent years-- CITv. Kikani Exports P. Ltd. (No. 2 ) (Mad) . . . 500
S. 32(1) --Depreciation--Higher rate of depreciation--Plant--Neither includes “building†nor includes “road†--†Road†is a “building†and not a “plant†--Toll road is a capital asset and not an implement or a tool used by assessee for his business--Would not qualify as a “plant†--Not entitled to a higher rate of depreciation-- Moradabad Toll Road Co. Ltd. v. Asst. CIT (Delhi) . . . 403
S. 34A --Depreciation--Investment allowance--Carry forward and set off--Unabsorbed depreciation against capital gains--Allowable but restricted to two-thirds of such allowance--Matter remanded to Assessing Officer to recompute unabsorbed depreciation-- CIT v.Madras Forging and Allied Industries (CBE) Ltd. (In liquidation) (Mad) . . . 552
S. 50C --Capital gains--Long-term capital gains--Full value of consideration--Distress sale--Specific objection for adopting market value--Authorities instead of referring valuation to District Valuation Officer adopting guideline value relating to property sold--Assessing Officer directed for working out capital gains-- S. Muthuraja v. CIT (Mad) . . . 483
S. 50C(1), (2) --Capital gains--Long-term capital gains--Full value of consideration--Distress sale--Assessee objecting to value adopted by stamp valuation authority--Assessing Officer instead of referring valuation to Valuation Officer estimating capital gains tax confirmed by Tribunal--Specific claim that Assessing Officer should have referred matter to Valuation Officer for valuation of capital asset in terms of section 50C(2)--Mere assertion by assessee suffice for attraction of section 50C(2)--Assessing Officer directed to work out capital gains by adopting market value under section 50C(2)-- Appadurai Vijayaraghavan v. Joint CIT (OSD) (Mad) . . . 486
S. 80HHC --Export--Special deduction under section 80HHC--Computation of turnover for purposes of section 80HHC--Service charges must be included-- CIT v. Nahar Spinning Mills Ltd. (P&H) . . . 467
----Reassessment--Validity--Reassessment based on retrospective amendment of provision--Reassessment accepted by assessee--Subsequently retrospective amendment held invalid in an appeal filed by another assessee--Consequent appeal against reassessment after five years--Reassessment not rendered invalid-- CIT v. Kultar Exports (Delhi) . . . 440
----Rectification of mistakes--Mistake apparent from record--Export--Special deduction--Intimation to assessee--Claim debatable or doubtful--Disallowance part of claim not on basis of settled principles--No notice issued under sub-section (2) of section 143--Rectification pursuant to direction by Commissioner (Appeals)--Appellate authorities right in deleting disallowance-- CIT v. Mekins Agro-Products Ltd. (T & AP) . . . 495
S. 80-IB --Housing projects--Special deduction under section 80-IB(10)--Conditions precedent--Not necessary that developer should own the land-- CIT v. Shital Corporation(Guj) . . . 476
S. 92CA(3) --International transactions--Transfer pricing--Arm’s length price--Assessee issuing equity shares to its non-resident associated enterprises--Income of assessee would not include income on account of adjustment for short receipt of price for issued additional share capital--Transfer pricing provisions not applicable-- Shell India Markets P. Ltd. v. Asst. CIT (LTU) (Bom) . . . 516
----International transactions--Transfer pricing--Arm’s length price--Issue of shares at premium by assessee to its non-resident holding company--Does not give rise to income in an international transaction--Capital receipts arising out of capital account transaction--Transfer pricing provisions not applicable-- Vodafone India Services P. Ltd. v. Union of India (Bom) . . . 511
S. 139 --Rectification of mistakes--Mistake apparent from record--Export--Special deduction--Intimation to assessee--Claim debatable or doubtful--Disallowance part of claim not on basis of settled principles--No notice issued under sub-section (2) of section 143--Rectification pursuant to direction by Commissioner (Appeals)--Appellate authorities right in deleting disallowance-- CIT v. Mekins Agro-Products Ltd. (T & AP) . . . 495
S. 139(1) --Depreciation--Exercising of option--Returns filed under section 139(1) and exercised option in form prescribed therein--No separate letter or request or intimation with regard to exercise of option required--Option once exercised will continue to subsequent years-- CIT v. Kikani Exports P. Ltd. (No. 2 ) (Mad) . . . 500
S. 143 --Assessment--Additional tax--Rectification of mistakes--Appeal--Deletion of disallowance on appeal--Assessing Officer can delete additional tax in rectification proceedings-- CIT v. Redico Khaitan Ltd. (All) . . . 424
S. 147 --Reassessment--Validity--Reassessment based on retrospective amendment of provision--Reassessment accepted by assessee--Subsequently retrospective amendment held invalid in an appeal filed by another assessee--Consequent appeal against reassessment after five years--Reassessment not rendered invalid-- CIT v. Kultar Exports(Delhi) . . . 440
S. 148 --Reassessment--Notice after four years--Condition precedent--Satisfaction of Commissioner or Chief Commissioner--No sanction or permission of Commissioner obtained--Reassessment not valid-- Reliable Finhold Ltd. v. Union of India (All) . . . 419
----Reassessment--Validity--Reassessment based on retrospective amendment of provision--Reassessment accepted by assessee--Subsequently retrospective amendment held invalid in an appeal filed by another assessee--Consequent appeal against reassessment after five years--Reassessment not rendered invalid-- CIT v. Kultar Exports (Delhi) . . . 440
S. 150 --Reassessment--Limitation--Exclusion from limitation--Finding or direction by appellate or revisional authority, etc.--Appellate order that an amount was not assessable in a particular assessment year but was assessable in an earlier year--Order constitutes finding or direction--Consequent order not barred by limitation-- CIT v. PP Engineering Work (Delhi) . . . 433
S. 151(1) --Reassessment--Notice after four years--Condition precedent--Satisfaction of Commissioner or Chief Commissioner--No sanction or permission of Commissioner obtained--Reassessment not valid-- Reliable Finhold Ltd. v. Union of India (All) . . . 419
S. 153 --Reassessment--Limitation--Exclusion from limitation--Finding or direction by appellate or revisional authority, etc.--Appellate order that an amount was not assessable in a particular assessment year but was assessable in an earlier year--Order constitutes finding or direction--Consequent order not barred by limitation-- CIT v. PP Engineering Work (Delhi) . . . 433
S. 154 --Assessment--Additional tax--Rectification of mistakes--Appeal--Deletion of disallowance on appeal--Assessing Officer can delete additional tax in rectification proceedings-- CIT v. Redico Khaitan Ltd. (All) . . . 424
----Rectification of mistakes--Mistake apparent from record--Export--Special deduction--Intimation to assessee--Claim debatable or doubtful--Disallowance part of claim not on basis of settled principles--No notice issued under sub-section (2) of section 143--Rectification pursuant to direction by Commissioner (Appeals)--Appellate authorities right in deleting disallowance-- CIT v. Mekins Agro-Products Ltd. (T & AP) . . . 495
S. 158BD --Search and seizure--Block assessment--Undisclosed income--Assessment of third person--Condition precedent--Recording of satisfaction that undisclosed income belonged to third person--Limitation--Satisfaction must be recorded within two year time period stipulated in section 158BE(1)-- Raghav Bahl v. CIT (Delhi) . . . 447
S. 158BE --Search and seizure--Block assessment--Undisclosed income--Assessment of third person--Condition precedent--Recording of satisfaction that undisclosed income belonged to third person--Limitation--Satisfaction must be recorded within two year time period stipulated in section 158BE(1)-- Raghav Bahl v. CIT (Delhi) . . . 447
S. 194C --Deduction of tax at source--Transmission transaction charges to Gas Authority of India for supplying gas--GAIL not only showing transaction as sale in its relevant records but paying due tax thereon--Contract for supply of gas was for sale of goods and not works contract or contract for rendering technical services--Transaction outside purview of sections 194C and 194J--No liability for tax deduction at source-- CIT (TDS) v. Samtel Glass Ltd. (Raj) . . . 392
S. 194J --Deduction of tax at source--Transmission transaction charges to Gas Authority of India for supplying gas--GAIL not only showing transaction as sale in its relevant records but paying due tax thereon--Contract for supply of gas was for sale of goods and not works contract or contract for rendering technical services--Transaction outside purview of sections 194C and 194J--No liability for tax deduction at source-- CIT (TDS) v. Samtel Glass Ltd. (Raj) . . . 392
S. 250 --Assessment--Additional tax--Rectification of mistakes--Appeal--Deletion of disallowance on appeal--Assessing Officer can delete additional tax in rectification proceedings-- CIT v. Redico Khaitan Ltd. (All) . . . 424
S. 254 --Assessment--Additional tax--Rectification of mistakes--Appeal--Deletion of disallowance on appeal--Assessing Officer can delete additional tax in rectification proceedings-- CIT v. Redico Khaitan Ltd. (All) . . . 424
S. 254(2) --Appeal to Appellate Tribunal--Rectification of mistakes--Failure to deduct tax at source--Amendment allowing benefit where payee has paid tax on receipts effective from 1-4-2013--Tribunal relying on decision of jurisdictional High Court rejecting application for rectification--Assessee to pursue remedy by filing appeal before High Court--Writ petition not maintainable-- Thomas John Muthoot v. Asst. CIT (Ker) . . . 525
S. 260A --Appeal to Appellate Tribunal--Rectification of mistakes--Failure to deduct tax at source--Amendment allowing benefit where payee has paid tax on receipts effective from 1-4-2013--Tribunal relying on decision of jurisdictional High Court rejecting application for rectification--Assessee to pursue remedy by filing appeal before High Court--Writ petition not maintainable-- Thomas John Muthoot v. Asst. CIT (Ker) . . . 525
S. 2(7) --Interest-tax--Interest on debentures--Notional interest--Not chargeable interest-- CITv. Golden Investments Ltd. (Mad) . . . 544
R. 5(1A) --Depreciation--Exercising of option--Returns filed under section 139(1) and exercised option in form prescribed therein--No separate letter or request or intimation with regard to exercise of option required--Option once exercised will continue to subsequent years-- CIT v. Kikani Exports P. Ltd. (No. 2 ) (Mad) . . . 500
Appex. I --Depreciation--Higher rate of depreciation--Plant--Neither includes “building†nor includes “road†--†Road†is a “building†and not a “plant†--Toll road is a capital asset and not an implement or a tool used by assessee for his business--Would not qualify as a “plant†--Not entitled to a higher rate of depreciation-- Moradabad Toll Road Co. Ltd. v. Asst. CIT (Delhi) . . . 403
Sikkim State Income-tax Manual, 1948 :
Cl. 4(i) --Sikkim--Charge of tax--Application of Act--Extension of Income-tax Act, 1961, to State of Sikkim with effect from 1-4-1990--Effect--Repeal of Sikkim State Tax Manual by necessary implication--Assessments made under Sikkim Tax Manual for assessment years 1997-98 to 2005-06 not valid--State directed to refund amount-- Sikkim Manipal University v.State of Sikkim (Sikkim) . . . 567
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