ITR'S TRIBUNAL TAX REPORTS (ITR (TRIB))--PRINT AND ONLINE EDITION
SUBJECT INDEX TO CASES REPORTED
Co-operative society --Special deduction--Scope of section 80P--Cottage industry--Huge capital outlay, high turnover and large number of workers not reasons to deny deduction--Income-tax Act, 1961, s. 80P(2)(a)(ii)-- Asst. CIT v. Vengamedu WCS Ltd . (Chennai) . . . 53
International transactions --Arm's length price--Determination--Selection of comparables--Company carrying out work of different nature, having different model of business and registering exceptionally high profits--To be excluded from set of comparables--Income-tax Act, 1961-- Techbooks International P. Ltd. v. Asst. CIT (Delhi) . . . 34
Volume 37 : Part 2 (Issue dated : 12-1-2015)
SUBJECT INDEX TO CASES REPORTED
Accounting --Rejection of accounts--No difference between sales and quantitative details of assessee--Factors pointed out by assessee for not being able to make sales not refuted--Failure by Assessing Officer to point out discrepancy--Failure to establish that assessee charging sale price higher than that in books of account--Income-tax Act, 1961-- Yamaha Motor India P. Ltd. v. Asst. CIT (Delhi) . . . 208
----Rejection of accounts--That assessee had not accounted for additional customs duty paid and short span of time available for verification of books--Not grounds for rejection of accounts--Dispute Resolution Panel allowing submission of books of account--Assessing Officer bound by them--Action of Assessing Officer rejecting books of account of assessee not justified--Income-tax Act, 1961-- Tianjin Tianshi Biological Development Co. Ltd. v. Deputy CIT (Delhi) . . . 260
Assessment --Estimate of income--Additions for suppressed sales--Maximum retail price used by Customs and Excise Department cannot be adopted to estimate sales effected by assessee--Order of Transfer Pricing Officer not making adjustment as price paid by assessee for purchases lower than arm's length price worked out--Assessing Officer duty bound to pass an order in conformity with value determined by Transfer Pricing Officer--Estimation of suppressed sale made by Assessing Officer not justified--Income-tax Act, 1961-- Tianjin Tianshi Biological Development Co. Ltd. v. Deputy CIT (Delhi) . . . 260
Business expenditure --Amortisation of preliminary expenses--Expenditure incurred on stamp duty paid on issue of share certificates to shareholders--Existing unit and no extension of undertaking--Stamp duty paid on shares not enumerated in provision--Expenditure not allowable--Income-tax Act, 1961, s. 35D-- Yamaha Motor India P. Ltd. v. Asst. CIT (Delhi) . . . 208
----Rejection of books of account by Assessing Officer held not valid--Ad hoc disallowance of 10 per cent. of expenditure not sustainable--Income-tax Act, 1961-- Tianjin Tianshi Biological Development Co. Ltd. v. Deputy CIT (Delhi) . . . 260
----Royalty--International transactions--Transfer Pricing Officer deciding royalty payment--Sections 40(a)(i) and 2(22)(e) not applicable--Income-tax Act, 1961-- Yamaha Motor India P. Ltd. v. Asst. CIT (Delhi) . . . 208
Depreciation --Building--Owner of property--No registered sale deed executed in favour of assessee--Assessee in possession of property in his own title--Income-tax Act, 1961, s. 32-- Indian Renewable Energy Development Agency Ltd. v. Joint CIT (Delhi) . . . 250
Exemption --Income of financial institution from investments in infrastructure facility--Exemption can be allowed only if income in nature of "Business income"--Income from interest on deposit, staff loan, Government securities--Whether business income or income from other sources--No proper explanation as to true nature of income--Matter remanded--Income-tax Act, 1961, s. 10(23G)-- Indian Renewable Energy Development Agency Ltd. v. Joint CIT (Delhi) . . . 250
Housing project --Special deduction under section 80-IB(10)--Specification of area of residential unit--Meaning of "built-up area"--Projected terrace (open to sky) to be excluded from built-up area for computation--Conditions fulfilled under section 80-IB(10)--Assessee eligible for deduction--Income-tax Act, 1961, s. 80-IB(10)(c)-- Naresh T. Wadhwani v. Deputy CIT (Pune) . . . 179
International transactions --Transfer pricing--Arm's length price--Determination--Transactional net margin method--Resale price method--Transfer Pricing Officer rejecting resale price method and applying transactional net margin method--Failure by Transfer Pricing Officer to point out error in analysis made by assessee--Most appropriate method best suited to facts and circumstances of case to be applied--Transfer Pricing Officer erred in rejecting resale price method--Income-tax Act, 1961, s. 92C-- Yamaha Motor India P. Ltd. v. Asst. CIT(Delhi) . . . 208
Loss --Unabsorbed depreciation--Carry forward and set-off--No bar on set off of brought forward loss for assessment year 2001-02 against income for assessment year 2006-07--Assessing Officer to allow set off of brought forward losses and unabsorbed depreciation to assessment year 2006-07--Income-tax Act, 1961-- Yamaha Motor India P. Ltd. v. Asst. CIT (Delhi) . . . 208
Search and seizure --Undisclosed income--Income earned in course of development and execution of housing project--To be treated as business income--Assessee eligible for deduction--Income-tax Act, 1961, s. 80-IB(10)-- Naresh T. Wadhwani v. Deputy CIT (Pune) . . . 179
----Undisclosed income--Peak negative balance in cash book--Addition cannot be made to undisclosed income already declared--Income-tax Act, 1961-- Naresh T. Wadhwani v. Deputy CIT (Pune) . . . 179
SECTIONWISE INDEX TO CASES REPORTED IN THIS PART
S. 10(23G) --Exemption--Income of financial institution from investments in infrastructure facility--Exemption can be allowed only if income in nature of "Business income"--Income from interest on deposit, staff loan, Government securities--Whether business income or income from other sources--No proper explanation as to true nature of income--Matter remanded-- Indian Renewable Energy Development Agency Ltd. v. Joint CIT (Delhi) . . . 250
S. 32 --Depreciation--Building--Owner of property--No registered sale deed executed in favour of assessee--Assessee in possession of property in his own title-- Indian Renewable Energy Development Agency Ltd. v. Joint CIT (Delhi) . . . 250
S. 35D --Business expenditure--Amortisation of preliminary expenses--Expenditure incurred on stamp duty paid on issue of share certificates to shareholders--Existing unit and no extension of undertaking--Stamp duty paid on shares not enumerated in provision--Expenditure not allowable-- Yamaha Motor India P. Ltd. v. Asst. CIT (Delhi) . . . 208
S. 80-IB(10) --Search and seizure--Undisclosed income--Income earned in course of development and execution of housing project--To be treated as business income--Assessee eligible for deduction-- Naresh T. Wadhwani v. Deputy CIT (Pune) . . . 179
S. 80-IB(10)(c) --Housing project--Special deduction under section 80-IB(10)--Specification of area of residential unit--Meaning of "built-up area"--Projected terrace (open to sky) to be excluded from built-up area for computation--Conditions fulfilled under section 80-IB(10)--Assessee eligible for deduction-- Naresh T. Wadhwani v. Deputy CIT (Pune) . . . 179
S. 92C --International transactions--Transfer pricing--Arm's length price--Determination--Transactional net margin method--Resale price method--Transfer Pricing Officer rejecting resale price method and applying transactional net margin method--Failure by Transfer Pricing Officer to point out error in analysis made by assessee--Most appropriate method best suited to facts and circumstances of case to be applied--Transfer Pricing Officer erred in rejecting resale price method-- Yamaha Motor India P. Ltd. v. Asst. CIT (Delhi) . . . 208
No comments:
Post a Comment