ITR'S TRIBUNAL TAX REPORTS (ITR (TRIB))--PRINT AND ONLINE EDITION
SUBJECT INDEX TO CASES REPORTED
International transactions --Arm's length price--Determination--Segregation of divisions of assessee--Corresponding adjustment in profit level indicator of comparables to be done--Adjustment on account of arm's length price to be done in accordance with Chapter X of Act--Exclusion of reimbursement of advertisement expenditure for determining profit level indicator not proper--Allocation of unallocated expenses and income to industrial sales division--Industrial sales division independent division--Part of head office expenditure cannot be allocated to ISD--Profit level indicator of assessee higher than that of comparables--Transaction at arm's length price--Addition cannot be made--Income-tax Rules, 1962, r. 10B(2)-- Panasonic Consumer India P. Ltd. v. Asst. CIT (Delhi) . . . 212
----Arm's length price--Determination--Uncontrolled transaction--Only current year's data to be used for computation of arm's length price--Income-tax Act, 1961-- Panasonic Consumer India P. Ltd. v. Asst. CIT (Delhi) . . . 212
Penalty --Concealment of income or furnishing of inaccurate particulars--Deletion of addition on basis of which penalty imposed--Penalty to be deleted--Income-tax Act, 1961, s. 271(1)(c)-- Panasonic Consumer India P. Ltd. v. Asst. CIT (Delhi) . . . 212
Volume 38 : Part 3 (Issue dated : 9-3-2015)
SUBJECT INDEX TO CASES REPORTED
Business expenditure --Disallowance--Payments in cash exceeding specified limit--Assessee making payment for purchase of land on Sunday--Exceptional circumstances--Covered under rule 6DD(j)--Disallowance not proper--Income-tax Act, 1961, s. 40A(3)--Income-tax Rules, 1962, r. 6DD(j)-- Hi Tech Land Developers and Builders v. Addl. CIT(Chandigarh) . . . 355
----Expenditure incurred on professional services--Services availed of for smooth running of business--Wholly and exclusively for business purposes--Expenditure allowable--Income-tax Act, 1961-- Dilli Karigari Ltd. v. Deputy CIT (Delhi) . . . 379
----Interest on borrowed capital--Assessee diverting interest bearing funds to sister concern--Disallowance of proportionate interest proper--Income-tax Act, 1961, s. 36(1)(iii)--Hi Tech Land Developers and Builders v. Addl. CIT (Chandigarh) . . . 355
----Interest--Assessee receiving loan from its debtor--Assessee would receive money even after adjusting loan amount--Allowing expenditure would cause indirect benefit and diversion of income--Expenditure not allowable--Income-tax Act, 1961-- Dilli Karigari Ltd. v. Deputy CIT (Delhi) . . . 379
----Rent--Whether expenditure on rent incurred wholly and exclusively for purpose of its business--Matter remanded--Income-tax Act, 1961-- Dilli Karigari Ltd. v. Deputy CIT (Delhi) . . . 379
Charitable purpose --Educational institution--Exemption--Assessee-society coaching students appearing for civil services examination--Activity education within meaning of section 2(15)--Activity without profit motive--Department allowing exemption in preceding and subsequent assessment years--Assessee eligible for exemption under section 10(23C)(iiiad)--Income-tax Act, 1961, ss. 2(15), 10(23C)(iiiad), 12A-- Asst. DIT (Exemptions) v. Hyderabad Study Circle (Hyd) . . . 293
----Registration--Cancellation of registration--Association to promote game of cricket--Receipts by way of sponsorship, advertisement, sale of tickets--Intrinsically linked with activity of organising matches and tournaments for promotion of cricket--Failure by DIT to record satisfaction that activities of association not genuine or activities not carried on in accordance with objects of association--Order cancelling registration to be quashed--Income-tax Act, 1961, ss. 2(15), 12A, 12AA(3)-- Delhi and District Cricket Association v. DIT (Exemptions) (Delhi) . . . 326
Export --Exemption--Foreign exchange gain excluded from export turnover--To be also excluded from total turnover--Income-tax Act, 1961, s. 10A-- NTT Data India Enterprise Application Services P. Ltd. v. Asst. CIT (Hyd) . . . 362
International transactions --Arm's length price--Claim for risk adjustment at 0.85 per cent--Allowable--Income-tax Act, 1961-- DE Shaw India Software P. Ltd. v. Asst. CIT (Hyd) . . . 276
----Arm's length price--Determination--Software development services--Transactional net margin method--Selection of comparables--Functionally dissimilar companies to be excluded--Income-tax Act, 1961-- DE Shaw India Software P. Ltd. v. Asst. CIT (Hyd) . . . 276
----Transfer pricing--Arm's length price--Determination--Transactional net margin method--Software development services--Selection of comparables--Functionally different companies to be excluded--Working capital adjustment--Requiring verification by Transfer Pricing Officer--Matter remanded--Income-tax Act, 1961, s. 92CA-- NTT Data India Enterprise Application Services P. Ltd. v. Asst. CIT (Hyd) . . . 362
Revision --Commissioner--Erroneous and prejudicial to revenue--Grant of depreciation at higher rate of 15 per cent. on furniture against applicable rate of 10 per cent. not proper--Failure by Assessing Officer to verify exact items of hospital equipment on which higher depreciation at 40 per cent. allowable--Failure by Assessing Officer to obtain confirmation before accepting claim of assessee for unsecured loans--Order of Assessing Officer erroneous and prejudicial to revenue in these respects--Revision proper--Registration under section 12A granted to assessee and brought to notice of Commissioner during revision proceedings--Revision with regard to corpus receipts to be set aside--Income-tax Act, 1961, ss. 153A, 263-- Prathima Educational Society v. Deputy CIT (Hyd) . . . 306
Search and seizure --Block assessment--Undisclosed income--Computation--Investments in gold and silver articles declared in Voluntary Disclosure of Income Scheme--Value of gold and silver not includible in undisclosed income--Income-tax Act, 1961-- Asst. CIT v. Kandasamy Sah (Chennai) . . . 392
----Block assessment--Undisclosed income--Depreciation--Valuation of vehicles--Where value taken at cost, depreciation to be allowed separately--Where value taken at written down value--Depreciation deemed to be allowed--Income-tax Act, 1961-- Asst. CIT v. Kandasamy Sah (Chennai) . . . 392
----Block assessment--Undisclosed income--Liability towards sundry creditors--Failure by Assessing Officer to produce material on record to disprove claim of assessee--Assessment not justified--Income-tax Act, 1961-- Asst. CIT v. Kandasamy Sah (Chennai) . . . 392
----Block assessment--Undisclosed income--Purchase of assets disclosed in declaration under Voluntary Disclosure Scheme--No evidence found in course of search of new information--No addition permissible--Income-tax Act, 1961, ss. 132, 158BC-- Asst. CIT v. Kandasamy Sah (Chennai) . . . 392
----Block assessment--Undisclosed income--Valuation of stock--Mistake pointed out by assessee in valuation cannot be ignored--No other material to contradict stock valuation shown by assessee--Addition to be deleted--Income-tax Act, 1961-- Asst. CIT v. Kandasamy Sah (Chennai) . . . 392
SECTIONWISE INDEX TO CASES REPORTED IN THIS PART
S. 2(15) --Charitable purpose--Educational institution--Exemption--Assessee-society coaching students appearing for civil services examination--Activity education within meaning of section 2(15)--Activity without profit motive--Department allowing exemption in preceding and subsequent assessment years--Assessee eligible for exemption under section 10(23C)(iiiad)-- Asst. DIT (Exemptions) v. Hyderabad Study Circle (Hyd) . . . 293
----Charitable purpose--Registration--Cancellation of registration--Association to promote game of cricket--Receipts by way of sponsorship, advertisement, sale of tickets--Intrinsically linked with activity of organising matches and tournaments for promotion of cricket--Failure by DIT to record satisfaction that activities of association not genuine or activities not carried on in accordance with objects of association--Order cancelling registration to be quashed--Delhi and District Cricket Association v. DIT (Exemptions) (Delhi) . . . 326
S. 10(23C)(iiiad) --Charitable purpose--Educational institution--Exemption--Assessee-society coaching students appearing for civil services examination--Activity education within meaning of section 2(15)--Activity without profit motive--Department allowing exemption in preceding and subsequent assessment years--Assessee eligible for exemption under section 10(23C)(iiiad)-- Asst. DIT (Exemptions) v. Hyderabad Study Circle (Hyd) . . . 293
S. 10A --Export--Exemption--Foreign exchange gain excluded from export turnover--To be also excluded from total turnover-- NTT Data India Enterprise Application Services P. Ltd. v. Asst. CIT (Hyd) . . . 362
S. 12A --Charitable purpose--Educational institution--Exemption--Assessee-society coaching students appearing for civil services examination--Activity education within meaning of section 2(15)--Activity without profit motive--Department allowing exemption in preceding and subsequent assessment years--Assessee eligible for exemption under section 10(23C)(iiiad)-- Asst. DIT (Exemptions) v. Hyderabad Study Circle (Hyd) . . . 293
----Charitable purpose--Registration--Cancellation of registration--Association to promote game of cricket--Receipts by way of sponsorship, advertisement, sale of tickets--Intrinsically linked with activity of organising matches and tournaments for promotion of cricket--Failure by DIT to record satisfaction that activities of association not genuine or activities not carried on in accordance with objects of association--Order cancelling registration to be quashed--Delhi and District Cricket Association v. DIT (Exemptions) (Delhi) . . . 326
S. 12AA(3) --Charitable purpose--Registration--Cancellation of registration--Association to promote game of cricket--Receipts by way of sponsorship, advertisement, sale of tickets--Intrinsically linked with activity of organising matches and tournaments for promotion of cricket--Failure by DIT to record satisfaction that activities of association not genuine or activities not carried on in accordance with objects of association--Order cancelling registration to be quashed-- Delhi and District Cricket Association v. DIT (Exemptions)(Delhi) . . . 326
S. 36(1)(iii) --Business expenditure--Interest on borrowed capital--Assessee diverting interest bearing funds to sister concern--Disallowance of proportionate interest proper-- Hi Tech Land Developers and Builders v. Addl. CIT (Chandigarh) . . . 355
S. 40A(3) --Business expenditure--Disallowance--Payments in cash exceeding specified limit--Assessee making payment for purchase of land on Sunday--Exceptional circumstances--Covered under rule 6DD(j)--Disallowance not proper-- Hi Tech Land Developers and Builders v. Addl. CIT (Chandigarh) . . . 355
S. 92CA --International transactions--Transfer pricing--Arm's length price--Determination--Transactional net margin method--Software development services--Selection of comparables--Functionally different companies to be excluded--Working capital adjustment--Requiring verification by Transfer Pricing Officer--Matter remanded-- NTT Data India Enterprise Application Services P. Ltd. v. Asst. CIT (Hyd) . . . 362
S. 132 --Search and seizure--Block assessment--Undisclosed income--Purchase of assets disclosed in declaration under Voluntary Disclosure Scheme--No evidence found in course of search of new information--No addition permissible-- Asst. CIT v. Kandasamy Sah (Chennai) . . . 392
S. 153A --Revision--Commissioner--Erroneous and prejudicial to revenue--Grant of depreciation at higher rate of 15 per cent. on furniture against applicable rate of 10 per cent. not proper--Failure by Assessing Officer to verify exact items of hospital equipment on which higher depreciation at 40 per cent. allowable--Failure by Assessing Officer to obtain confirmation before accepting claim of assessee for unsecured loans--Order of Assessing Officer erroneous and prejudicial to revenue in these respects--Revision proper--Registration under section 12A granted to assessee and brought to notice of Commissioner during revision proceedings--Revision with regard to corpus receipts to be set aside-- Prathima Educational Society v. Deputy CIT (Hyd) . . . 306
S. 158BC --Search and seizure--Block assessment--Undisclosed income--Purchase of assets disclosed in declaration under Voluntary Disclosure Scheme--No evidence found in course of search of new information--No addition permissible-- Asst. CIT v. Kandasamy Sah(Chennai) . . . 392
S. 263 --Revision--Commissioner--Erroneous and prejudicial to revenue--Grant of depreciation at higher rate of 15 per cent. on furniture against applicable rate of 10 per cent. not proper--Failure by Assessing Officer to verify exact items of hospital equipment on which higher depreciation at 40 per cent. allowable--Failure by Assessing Officer to obtain confirmation before accepting claim of assessee for unsecured loans--Order of Assessing Officer erroneous and prejudicial to revenue in these respects--Revision proper--Registration under section 12A granted to assessee and brought to notice of Commissioner during revision proceedings--Revision with regard to corpus receipts to be set aside-- Prathima Educational Society v. Deputy CIT (Hyd) . . . 306
R. 6DD(j)-- Business expenditure--Disallowance--Payments in cash exceeding specified limit--Assessee making payment for purchase of land on Sunday--Exceptional circumstances--Covered under rule 6DD(j)--Disallowance not proper-- Hi Tech Land Developers and Builders v. Addl. CIT (Chandigarh) . . . 355
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