ITR'S TRIBUNAL TAX REPORTS (ITR (TRIB))--PRINT AND ONLINE EDITION
SUBJECT INDEX TO CASES REPORTED
Business income --Remission or cessation of trading liability--Advance written off by creditor of assessee--Advance treated as income of assessee--Income-tax Act, 1961, s. 41(1)-- Genre Exports P. Ltd. v . ITO (Mumbai) . . . 16ü
Income --Accrual--Non-resident--Not ordinarily resident--Assessee receiving stock awards under stock awards scheme of American company--Assessee rendering services partly in India and partly in U. S. A.--Portion of stock awards attributable to services rendered in India alone taxable in India--Matter remanded for decision afresh on taxability of amount received from stock awards--Income-tax Act, 1961, s. 9-- Anil Bhansali v . ITO (Hyd) . . . 20ü
Volume 41 : Part 4 (Issue dated : 3-8-2015)
SUBJECT INDEX TO CASES REPORTED IN THIS PART
Advance tax --Interest under sections 234B and 234C--Consequential and mandatory--Direction to Assessing Officer to recompute interest chargeable after considering order of main issue--Income-tax Act, 1961, ss. 234B, 234C-- Syndicate Rythara Sahakara Bank Ltd. v. ITO (Bang) . . . 476
----Interest--Income subject to deduction of tax at source--Interest cannot be levied under section 234B--Income-tax Act, 1961, s. 234B-- Marriot International Inc. v . Deputy DIT (International Taxation) (Mumbai) . . . 542
Business expenditure --Deduction only on actual payment--Employees’ provident fund and employees’ State insurance contributions--Assessee submitting that payment made before due date for filing returns--Dates of deposits not available on record--Matter remanded for verification--Income-tax Act, 1961-- Hycron Electronics v . ITO
(Chandigarh) . . . 486
----Disallowance--Payments liable to deduction of tax at source--Double Taxation Avoidance Agreement between India and Finland--Agreement between assessee and non-resident for provision of services in India--Group of engineers sent by foreign company for rendering supervisory services--Duration of stay of residents of Finland in India not available on record--Whether pre-requisite condition of article 15 of Double Taxation Avoidance Agreement fulfilled--Matter remanded for verification and to determine disallowance under section 40(a)(i)--Income-tax Act, 1961, s. 40(a)(i)--Double Taxation Avoidance Agreement between India and Finland, art. 15-- Outotec India P. Ltd. v . Asst. CIT (Delhi) . . . 449
Charitable purpose --Charitable trust--Registration--Trust can have both religious and charitable objects--Commissioner not justified in rejecting application for registration under section 12AA--Registration to be granted--Income-tax Act, 1961, s. 12AA-- Gilgal Mission India v . ITO (Chennai) . . . 445
----Computation of income--Claim to depreciation on capital assets--Cost of assets allowed earlier as application of income--Assessee not entitled to depreciation--Income-tax Act, 1961, ss. 11, 32-- ITO v . Kongunadu Arts and Science College Council (Chennai) . . . 473
Co-operative society --Special deduction--Interest income earned from bank on fixed deposits--Part of business income--Entitled to deduction under section 80P(2)(a)(i)--Income-tax Act, 1961, s. 80P(2)(a)(i)-- Syndicate Rythara Sahakara Bank Ltd. v . ITO (Bang) . . . 476
Deduction of tax at source --Processing of statement--Fee for default--Change of law--Assessing Officer not permitted to levy fee while processing statement of tax at source prior to June 1, 2015 but authority to pass order separately levying fee under section 234E--Income-tax Act, 1961, ss. 200A, 234E-- Smt. G. Indhirani v . Deputy CIT
(Chennai) . . . 439
Firm --Assessment--Debit balance in capital account of partners--No provision for charging interest in partnership deed--Overall balance in capital account would be credit balance--Firm disallowing sum to cover possible disallowance of interest expenditure--No further disallowance called for--Income-tax Act, 1961-- Hycron Electronics v . ITO (Chandigarh) . . . 486
Income --Computation of income--Disallowance of expenditure in relation to exempt income--Investment in shares and mutual funds--Rule 8D applicable from assessment year 2008-09--Disallowance proper--Income-tax Act, 1961, s. 14A--Income-tax Rules, 1962, r. 8D-- Hycron Electronics v . ITO (Chandigarh) . . . 486
----Interest--Payments for raw materials and components received after four years--Case of trade advance and not necessary to charge interest--Notional interest cannot be charged--Income-tax Act, 1961-- Hycron Electronics v . ITO
(Chandigarh) . . . 486
Industrial undertaking --Special deduction under section 80-IC--Eligible profits--Offer made by assessee to reduce eligible profits for deduction--Assessee not entitled to challenge--Additions proper--Income-tax Act, 1961, s. 80-IC-- Hycron Electronics v . ITO (Chandigarh) . . . 486
----Special deduction under section 80-IC--Income from foreign exchange fluctuation--Whether directly related to business activity--Details not incorporated in assessment order--Matter remanded for verification--Income-tax Act, 1961, s. 80-IC-- Hycron Electronics v . ITO(Chandigarh) . . . 486
----Special deduction under section 80-IC--Profits of business--Interest on margin money--Not derived from industrial undertaking and no direct nexus with manufacturing activity--Not eligible for deduction--Income-tax Act, 1961, s. 80-IC-- Hycron Electronics v . ITO(Chandigarh) . . . 486
----Special deduction--Assessee starting commercial production from January, 2004 and availing of full deduction at 100 per cent. in earlier five years under section 80-IC--Substantial expansion during financial year 2008-09--Initial assessment year must commence either on commencement of operation or at completion of substantial expansion of existing unit--Assessee entitled to only 25 per cent. deduction from eligible business profits from assessment years 2009-10 to 2013-14--Income-tax Act, 1961, s. 80-IC-- Hycron Electronicsv . ITO (Chandigarh) . . . 486
Non-resident --Royalty--Assessee undertaking marketing of brand name of group--Payment for sales and marketing services rendered to Indian hotels--Separate legal identity of assessee became indefinite--All advertisement programmes carried out to develop existing brand name of group--Income taxable as royalty--Whether receipts to be taxed as royalty in hands of assessee as representative or any other group company--Matter remanded--Income-tax Act, 1961--Double Taxation Avoidance Agreement between India and the U. S. A., art. 12-- Marriot International Inc. v . Deputy DIT (International Taxation) (Mumbai) . . . 542
Penalty --Concealment of income--Notice--Show-cause notice issued under section 274 not specifying grounds on which penalty sought to be imposed--Notice invalid--Penalty to be cancelled--Income-tax Act, 1961, ss. 274, 271(1)(c)-- H. Lakshminarayana v . ITO (Bang) . . . 465
Words and pharses --†Existing†--Meaning of-- Hycron Electronics v . ITO
(Chandigarh) . . . 486
----†Made available†--Meaning of-- Outotec India P. Ltd. v . Asst CIT
(Delhi) . . . 449
SECTIONWISE INDEX TO CASES REPORTED IN THIS PART
Double Taxation Avoidance Agreement between India and Finland
Art. 15 --Business expenditure--Disallowance--Payments liable to deduction of tax at source--Double Taxation Avoidance Agreement between India and Finland--Agreement between assessee and non-resident for provision of services in India--Group of engineers sent by foreign company for rendering supervisory services--Duration of stay of residents of Finland in India not available on record--Whether pre-requisite condition of article 15 of Double Taxation Avoidance Agreement fulfilled--Matter remanded for verification and to determine disallowance under section 40(a)(i)-- Outotec India P. Ltd. v . Asst. CIT (Delhi) . . . 449
Double Taxation Avoidance Agreement between India and the U. S. A.
Art. 12 --Non-resident--Royalty--Assessee undertaking marketing of brand name of group--Payment for sales and marketing services rendered to Indian hotels--Separate legal identity of assessee became indefinite--All advertisement programmes carried out to develop existing brand name of group--Income taxable as royalty--Whether receipts to be taxed as royalty in hands of assessee as representative or any other group company--Matter remanded--Marriot International Inc. v . Deputy DIT (International Taxation) (Mumbai) . . . 542
S. 11 --Charitable purpose--Computation of income--Claim to depreciation on capital assets--Cost of assets allowed earlier as application of income--Assessee not entitled to depreciation-- ITO v . Kongunadu Arts and Science College Council
(Chennai) . . . 473
S. 12AA --Charitable purposes--Charitable trust--Registration--Trust can have both religious and charitable objects--Commissioner not justified in rejecting application for registration under section 12AA--Registration to be granted-- Gilgal Mission India v . ITO (Chennai) . . . 445
S. 14A --Income--Computation of income--Disallowance of expenditure in relation to exempt income--Investment in shares and mutual funds--Rule 8D applicable from assessment year 2008-09--Disallowance proper-- Hycron Electronics v . ITO
(Chandigarh) . . . 486
S. 32 --Charitable purpose--Computation of income--Claim to depreciation on capital assets--Cost of assets allowed earlier as application of income--Assessee not entitled to depreciation-- ITO v . Kongunadu Arts and Science College Council
(Chennai) . . . 473
S. 40(a)(i) --Business expenditure--Disallowance--Payments liable to deduction of tax at source--Double Taxation Avoidance Agreement between India and Finland--Agreement between assessee and non-resident for provision of services in India--Group of engineers sent by foreign company for rendering supervisory services--Duration of stay of residents of Finland in India not available on record--Whether pre-requisite condition of article 15 of Double Taxation Avoidance Agreement fulfilled--Matter remanded for verification and to determine disallowance under section 40(a)(i)-- Outotec India P. Ltd. v . Asst. CIT (Delhi) . . . 449
S. 80-IC --Industrial undertaking--Special deduction under section 80-IC--Eligible profits--Offer made by assessee to reduce eligible profits for deduction--Assessee not entitled to challenge--Additions proper-- Hycron Electronics v . ITO
(Chandigarh) . . . 486
----Industrial undertaking--Special deduction under section 80-IC--Income from foreign exchange fluctuation--Whether directly related to business activity--Details not incorporated in assessment order--Matter remanded for verification-- Hycron Electronics v . ITO(Chandigarh) . . . 486
----Industrial undertaking--Special deduction under section 80-IC--Profits of business--Interest on margin money--Not derived from industrial undertaking and no direct nexus with manufacturing activity--Not eligible for deduction-- Hycron Electronics v . ITO (Chandigarh) . . . 486
----Industrial undertaking--Special deduction--Assessee starting commercial production from January, 2004 and availing of full deduction at 100 per cent. in earlier five years under section 80-IC--Substantial expansion during financial year 2008-09--Initial assessment year must commence either on commencement of operation or at completion of substantial expansion of existing unit--Assessee entitled to only 25 per cent. deduction from eligible business profits from assessment years 2009-10 to 2013-14-- Hycron Electronics v . ITO(Chandigarh) . . . 486
S. 80P(2)(a)(i) --Co-operative society--Special deduction--Interest income earned from bank on fixed deposits--Part of business income--Entitled to deduction under section 80P(2)(a)(i)--Syndicate Rythara Sahakara Bank Ltd. v . ITO
(Bang) . . . 476
S. 200A --Deduction of tax at source--Processing of statement--Fee for default--Change of law--Assessing Officer not permitted to levy fee while processing statement of tax at source prior to June 1, 2015 but authority to pass order separately levying fee under section 234E--Smt. G. Indhirani v . Deputy CIT (Chennai) . . . 439
S. 234B --Advance tax--Interest--Income subject to deduction of tax at source--Interest cannot be levied under section 234B-- Marriot International Inc. v . Deputy DIT (International Taxation) (Mumbai) . . . 542
----Advance tax--Interest under sections 234B and 234C--Consequential and mandatory--Direction to Assessing Officer to recompute interest chargeable after considering order of main issue-- Syndicate Rythara Sahakara Bank Ltd. v . ITO
(Bang) . . . 476
S. 234C --Advance tax--Interest under sections 234B and 234C--Consequential and mandatory--Direction to Assessing Officer to recompute interest chargeable after considering order of main issue-- Syndicate Rythara Sahakara Bank Ltd. v . ITO
(Bang) . . . 476
S. 234E --Deduction of tax at source--Processing of statement--Fee for default--Change of law--Assessing Officer not permitted to levy fee while processing statement of tax at source prior to June 1, 2015 but authority to pass order separately levying fee under section 234E--Smt. G. Indhirani v . Deputy CIT (Chennai) . . . 439
S. 271(1)(c) --Penalty--Concealment of income--Notice--Show-cause notice issued under section 274 not specifying grounds on which penalty sought to be imposed--Notice invalid--Penalty to be cancelled-- H. Lakshminarayana v . ITO
(Bang) . . . 465
S. 274 --Penalty--Concealment of income--Notice--Show-cause notice issued under section 274 not specifying grounds on which penalty sought to be imposed--Notice invalid--Penalty to be cancelled-- H. Lakshminarayana v . ITO
(Bang) . . . 465
R. 8D --Income--Computation of income--Disallowance of expenditure in relation to exempt income--Investment in shares and mutual funds--Rule 8D applicable from assessment year 2008-09--Disallowance proper-- Hycron Electronics v . ITO
(Chandigarh) . . . 486
Posted by: CA RAJU SHAH <shahmars@hotmail.com>
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