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Saturday, March 19, 2016

ITR (TRIB) Volume 46 : Part 5 (Issue dated : 21-3-2016)

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> ITR'S TRIBUNAL TAX REPORTS (ITR (TRIB))--PRINT AND ONLINE EDITION
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> ONLINE EDITION
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> SUBJECT INDEX TO CASES REPORTED
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> Capital gains --Transfer--Loss--Cancellation of shares under capital reduction scheme--No transfer--Provisions of section 45 not applicable--Notional loss not allowable--Income-tax Act, 1961, ss. 2(47), 45-- Deputy CIT v. Daikin Industries Ltd.
> (Delhi) . . . 248
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> Charitable purpose --Exemption--Trust providing micro finance to self help groups by raising loans from commercial banks--Micro finance in a commercial manner to earn profit--Not a charitable activity but a business activity--Not entitled to exemption--Income-tax Act, 1961, s. 2(15)-- ITO v. Kalanjiam Development Financial Services
> (Chennai) . . . 226
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> Deduction of tax at source --Fee for defaults in furnishing statements--Not permissible in course of processing of statement under section 200A--Income-tax Act, 1961, ss. 200A, 234E-- Dhanlaxmi Developers v. Deputy CIT (Ahd) . . . 253
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> Reassessment --Validity of reassessment--Assessee wrongly claiming capital loss on account of cancellation of shares--Reason to believe income had escaped assessment--Assessing Officer rightly invoking powers under section 147--Reassessment valid--Income-tax Act, 1961, s. 147-- Deputy CIT v. Daikin Industries Ltd. (Delhi) . . . 248
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> PRINT EDITION
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> Volume 46 : Part 5 (Issue dated : 21-3-2016)
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> SUBJECT INDEX TO CASES REPORTED IN THIS PART
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> Bad debt --Bank--Advances written off by urban branches--Difference between amount written off and credit balance in provisions for bad and doubtful debt account--Deductible--Income-tax Act, 1961, s. 36(1)(vii)-- Allahabad Bank v. Asst. CIT
> (Kolkata) . . . 678
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> Business expenditure --Co-operative bank--Expenditure on various welfare funds--Statutory obligation--Allowable--Income-tax Act, 1961, s. 37-- Karnataka State Co-operative Apex Bank Ltd. v. Deputy CIT (Bang) . . . 728
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> ----Financial corporation--Inclusive definition--Banking company is a financial corporation--Special reserve created by institution providing long-term finance--Deduction restricted to amount transferred to special reserve subject to limit of prescribed percentage of profits derived from providing long-term finance--Income-tax Act, 1961, s. 36(1)(viia), (viii)--Allahabad Bank v. Asst. CIT (Kolkata) . . . 678
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> Charitable purpose --Application of income to charitable objects--Depreciation--Depreciation not allowable on same asset where cost of fixed asset allowed as application of income--Income-tax Act, 1961-- Information Systems Audit and Control Association v. Deputy DIT (Exemptions) (Chennai) . . . 665
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> ----Exemption--Coaching of students for particular examinations not amounting to imparting education--Assessee not entitled to exemption--Income-tax Act, 1961, ss. 2(15), 11--Information Systems Audit and Control Association v. Deputy DIT (Exemptions) (Chennai) . . . 665
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> Company --Book profits--Computation--Disallowance of amount under section 14A--Includible while computing book profit--Income-tax Act, 1961, ss. 14A, 115JB(2)-- Deputy CIT v. Viraj Profiles Ltd. (Mumbai) . . . 626
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> Dividend --Deemed dividend--Loan or advance by non-banking financial companies--Excluded from deeming provision--Not taxable--Income-tax Act, 1961, s. 2(22)(e)-- Deputy CIT v. Sindhu Holdings Ltd. (Delhi) . . . 771
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> Interpretation of taxing statutes --Deeming provision--Literal interpretation-- Deputy CIT v. Sindhu Holdings Ltd. (Delhi) . . . 771
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> Non-resident --Permanent establishment--Liaison office in India--Liaison office performing auxiliary services--No core business activity carried on and no authority to sign and execute contracts--Not a permanent establishment--No jurisdiction in Assessing Officer to adjudicate whether assessee violated conditions stipulated by Reserve Bank of India--No violation of conditions laid down by Reserve Bank of India--Non-resident not assessable in India--Income-tax Act, 1961-- Kawasaki Heavy Industries Ltd. v. Asst. CIT (Delhi) . . . 739
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> Reassessment --Scope of--Issue concluded in original assessment proceedings cannot be reagitated during course of reassessment proceedings--Income-tax Act, 1961, s. 148--Karnataka State Co-operative Apex Bank Ltd. v. Deputy CIT
> (Bang) . . . 728
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> Royalty --Non-resident--No permanent establishment--Supply of embedded software on hardware supplied to assessee's customers--Software not having any independent existence--Software merely facilitating functioning of equipment and integral part of equipment--Consideration for supply of software--Not royalty--Income-tax Act, 1961, s. 9(1)(vi)-- Galatea Ltd. v. Deputy CIT (International Taxation)
> (Mumbai) . . . 690
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> Search and seizure --Assessment in search cases--Assessment pursuant to first search concluded prior to second search--Claim to deduction of interest paid on borrowings against interest earned on advances examined and allowed--No incriminating material found during course of second search--No addition could be made with respect to claim of deduction of interest payable on borrowings against interest earned on advances on same facts--Income-tax Act, 1961, s. 153A-- Deputy CIT v. Himanshu B. Kanakia (Mumbai) . . . 756
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> SECTIONWISE INDEX TO CASES REPORTED IN THIS PART
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> Income-tax Act, 1961
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> S. 2(15) --Charitable purposes--Exemption--Coaching of students for particular examinations not amounting to imparting education--Assessee not entitled to exemption-- Information Systems Audit and Control Association v. Deputy DIT (Exemptions) (Chennai) . . . 665
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> S. 2(22)(e) --Dividend--Deemed dividend--Loan or advance by non-banking financial companies--Excluded from deeming provision--Not taxable-- Deputy CIT v. Sindhu Holdings Ltd. (Delhi) . . . 771
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> S. 9(1)(vi) --Royalty--Non-resident--No permanent establishment--Supply of embedded software on hardware supplied to assessee's customers--Software not having any independent existence--Software merely facilitating functioning of equipment and integral part of equipment--Consideration for supply of software--Not royalty-- Galatea Ltd. v. Deputy CIT (International Taxation) (Mumbai) . . . 690
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> S. 11 --Charitable purposes--Exemption--Coaching of students for particular examinations not amounting to imparting education--Assessee not entitled to exemption-- Information Systems Audit and Control Association v. Deputy DIT (Exemptions) (Chennai) . . . 665
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> S. 14A --Company--Book profits--Computation--Disallowance of amount under section 14A--Includible while computing book profit-- Deputy CIT v. Viraj Profiles Ltd. (Mumbai) . . . 626
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> S. 36(1)(vii) --Bad debt--Bank--Advances written off by urban branches--Difference between amount written off and credit balance in provisions for bad and doubtful debt account--Deductible-- Allahabad Bank v. Asst. CIT (Kolkata) . . . 678
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> S. 36(1)(viia) --Business expenditure--Financial corporation--Inclusive definition--Banking company is a financial corporation--Special reserve created by institution providing long-term finance--Deduction restricted to amount transferred to special reserve subject to limit of prescribed percentage of profits derived from providing long-term finance-- Allahabad Bank v. Asst. CIT (Kolkata) . . . 678
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> S. 36(1)(viii) --Business expenditure--Financial corporation--Inclusive definition--Banking company is a financial corporation--Special reserve created by institution providing long-term finance--Deduction restricted to amount transferred to special reserve subject to limit of prescribed percentage of profits derived from providing long-term finance-- Allahabad Bank v. Asst. CIT (Kolkata) . . . 678
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> S. 37 --Business expenditure--Co-operative bank--Expenditure on various welfare funds--Statutory obligation--Allowable-- Karnataka State Co-operative Apex Bank Ltd. v. Deputy CIT(Bang) . . . 728
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> S. 115JB(2) --Company--Book profits--Computation--Disallowance of amount under section 14A--Includible while computing book profit-- Deputy CIT v. Viraj Profiles Ltd. (Mumbai) . . . 626
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> S. 148 --Reassessment--Scope of--Issue concluded in original assessment proceedings cannot be reagitated during course of reassessment proceedings-- Karnataka State Co-operative Apex Bank Ltd. v. Deputy CIT (Bang) . . . 728
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> S. 153A --Search and seizure--Assessment in search cases--Assessment pursuant to first search concluded prior to second search--Claim to deduction of interest paid on borrowings against interest earned on advances examined and allowed--No incriminating material found during course of second search--No addition could be made with respect to claim of deduction of interest payable on borrowings against interest earned on advances on same facts-- Deputy CIT v. Himanshu B. Kanakia
> (Mumbai) . . . 756
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