Case Laws on Income-Tax Act, 1961 - February 2012

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This page features select case laws / judgements / rulings released in the month of February 2012 on Income-Tax Act, 1961.

  • February 2012: Where revenue get authorisation for searching assessee's premises on 9-11-1995, block assessment order passed on 31-12-1996 i.e., after expiry of period of one year as prescribed by section 158BE, was barred by limitation - [2012] 18 LNIN 26 (Karnataka)
  • February 2012: For claiming deduction under section 80-IB, audit report in Form 10CCB can be filed before assessment is completed, if same has not been filed along with return of income - [2012] 18 LNIN 25 (Madras)
  • February 2012: Madras: Issue relating to applicability of section 2(22)(e) - Matter remanded to Commissioner for disposal afresh - [2012] 18 LNIN 23
  • February 2012: In name of rectification, Settlement Commission cannot review its own order - [2012] 18 LNIN 19 (Madras)
  • February 2012: Merely because identity of creditor is disclosed burden of assessee to explain money in his hands would not stand discharged if AO is satisfied that donor has no creditworthiness - [2012] 18 LNIN 18 (Jharkhand)
  • February 2012: Transfer Pricing : Transfer pricing provision has not provided for any cut off date up-to which only the information available in public domain has to be taken into consideration by the TPO, while making the transfer pricing adjustments and arriving at arm's length price - [2012] 18 LNIN 32 (Bangalore - Tribunal)
  • February 2012: Where a housing society & developer entered into a development agreement whereunder old building was demolished and new multi-storeyed building was built, compensation paid to assessee-member in addition to allotment of flat & displacement compensation was a capital receipt - [2012] 18 LNIN 31 (Mumbai - Tribunal)
  • February 2012: Where under Portfolio Management Scheme, there was frequent trading of huge quantity of shares to maximize profit, profits arising from sale/purchase of shares would be business profit - [2012] 18 LNIN 20 (Delhi - Tribunal)
  • February 2012: Decision of Third Member of Tribunal is not a final order as contemplated by section 254(1) and, therefore, an application under section 254(2) would not lie against his decision - [2012] 18 LNIN 16 (Mumbai - Tribunal)(TM)
  • February 2012: Industrial Park Scheme, 2002 was valid and in operation till 31-3-2006 and not thereafter - [2012] 18 LNIN 14 (Delhi)
  • February 2012: Where AO while processing return under section 143(1)(a), allowed assessee's claim of deduction under section 80-IA, reassessment could for disallowing aforesaid claim on ground that income had not been derived from industrial undertaking was justified - [2012] 18 LNIN 12 (Delhi)
  • February 2012: Expenditure incurred on public taxis/metered taxis would not come within purview of section 37(3A), read with sub-section (3B) and Explanation thereto - [2012] 18 LNIN 11 (Delhi)
  • February 2012: Fumigation charges, disinfestations charges and supervisory charges would be eligible for exemption under section 10(29) - [2012] 18 LNIN 10 (Karnataka)
  • February 2012: Where assessee failed to prove genuineness of transactions relating to share application money received by it, amount so received was rightly added to its taxable income as cash credits - [2012] 18 LNIN 9 (Delhi)
  • February 2012: Finance charges received in case of lease transactions are not liable to interest tax - [2012] 18 LNIN 6 (Karnataka)
  • February 2012: In case of lack of co-operation on part of assessee, Assessing Officer can drop block assessment proceedings and pass an order of best judgment assessment under section 144 - [2012] 18 LNIN 5 (Patna)
  • February 2012: In case of share transactions magnitude, frequency and ratio of sales to purchases on total holdings were relevant factors to decide, whether assessee had not purchased shares as an investment, but with intention to trade in such scrips - [2012] 18 LNIN 3 (Andhra Pradesh)
  • February 2012: For purpose of computing income under Act, assessee is to adopt mercantile system on basis of which returns are filed under Companies Act, 1956 - [2012] 18 LNIN 1 (Madras)
  • February 2012: The activities undertaken by the assessee of seismic survey, processing of 3D seismic data and submission of its report in desired media as also providing services of personnel will clearly fall under the definition of 'fee for technical services' covered in first limb of Explanation 2 to section 9(1)(vii) - [2012] 18 LNIN 13 (Delhi - Tribunal)
  • February 2012: Tax paid by employer on salary income of employee is exempt under section 10(10CC) - [2012] 18 LNIN 4 (Delhi - Tribunal)
  • February 2012: FBT is payable even if no tax is payable by an employer - [2012] 18 LNIN 2 (Kolkata - Tribunal)
  • February 2012: In case of complete disclosure of facts relating to expenses incurred to earn exempt income, reopening of assessment after expiry of four years was not justified - [2012] 17 LNIN 270 (Delhi)
  • February 2012: Revisional order passed on account of incorrect computation of deduction under section 80-IA, matter remanded - [2012] 17 LNIN 269 (Delhi)
  • February 2012: While computing relief under section 10A, expenditure incurred by assessee has to be excluded from its total turnover also, if same is reduced from export turnover - [2012] 17 LNIN 267 (Karnataka)
  • February 2012: Where assessee, engaged in export of cigarette as well as leather goods, claimed deduction under section 80HHC and there was loss in either of two business, said loss had to be taken into account for computing deduction under section 80HHC - [2012] 17 LNIN 266 (Madras)
  • February 2012: Deduction of expenses where assessee-company claimed business promotion expenses in respect of gifts items distributed by it whereas bills relating to gifts were in name of directors of company - [2012] 17 LNIN 265 (Delhi)
  • February 2012: Where Commissioner (Appeals) as well as Tribunal having accepted assessee's explanation regarding certain purchases, deleted addition made by Assessing Officer under section 69C, no substantial question of law arose from said order of Tribunal - [2012] 17 LNIN 264 (Rajasthan)
  • February 2012: While computing relief under section 10A, expenditure incurred by assessee has to be excluded from total turnover if same is reduced from export turnover - [2012] 17 LNIN 263 (Karnataka)
  • February 2012: Where Tribunal relying upon order passed in assessee's own case relating to earlier assessment years, refused to refer matter to High Court, said order of Tribunal was justified and it did not require any interference - [2012] 17 LNIN 262 (Rajasthan)
  • February 2012: Assessee-society formed with objects to propagate non-violence and tenets of truth as preached by Tirthankar Bhagwants, was entitled to registration under section 12AA - [2012] 17 LNIN 261 (Madras)
  • February 2012: Tax was to be deducted at source under section 194A where due to losses no interest was paid by assessee to its creditor but credit entry was made as if interest was paid to creditors - [2012] 17 LNIN 260 (Karnataka)
  • February 2012: Assessee, engaged in manufacture and selling of additives on commission basis not entitled to deduction under section 80-IB in respect of service income and commission - [2012] 17 LNIN 259 (Madras)
  • February 2012: Where assessee furnished a performance guarantee to get a contract awarded in its favour and to procure said guarantee, it had kept amount in fixed deposit, interest received on said deposit was to be treated as business income against which project expenses could be set off - [2012] 17 LNIN 257 (Delhi)
  • February 2012: Where generation of scrap had direct link with manufacturing process carried out by assessee, income arising from sale of scrap was also eligible for deduction under section 80-IC - [2012] 17 LNIN 253 (Punjab and Haryana)
  • February 2012: Profit from purchase and sale of shares and mutual funds held by assessee as investment, would be short term capital gain and not business income - [2012] 17 LNIN 271 (Mumbai - Tribunal)
  • February 2012: Charitable Institution's application dated 27-12-2010 seeking renewal of approval under section 80G could not be rejected by Director (Exemptions), unless approval was specifically withdrawn - [2012] 17 LNIN 258 (Delhi - Tribunal)
  • February 2012: Additional depreciation : Process carried out by assessee on raw grounded blades purchased from market and made same ready to use in commercial market amounts to manufacture - [2012] 17 LNIN 256 (Kolkata - Tribunal)
  • February 2012: Where though assessee was not selling rubber and plastic goods to others but it was using plastic moulds in its factory, assessee was entitled to depreciation @ 40% on plastic moulds - [2012] 17 LNIN 255 (Mumbai - Tribunal)
  • February 2012: Where assessee's windmills claimed deduction under section 80-IA, profits of windmills to be calculated on basis of price at which Electricity Board supplied electricity to industrial undertaking and not on basis of price at which assessee supplied electricity to Electricity Board - [2012] 17 LNIN 254 (Chennai - Tribunal)
  • February 2012: While computing relief under section 10A, expenditure incurred by assessee has to be excluded from its total turnover also, if same is reduced from export turnover - [2012] 17 LNIN 250 (Karnataka)
  • February 2012: Matter remanded where Tribunal allowed deductions under section 80HHC by following decision of Special Bench which has been overruled - [2012] 17 LNIN 249 (Delhi)
  • February 2012: Where Assessing Officer had allowed claim of exemption of assessee-general insurance company under section 10(15)/(33), reopening of assessment on ground that assessee's profits had to be calculated in accordance with section 44 was not justified - [2012] 17 LNIN 247 (Bombay)
  • February 2012: Where in terms of objects of trust school was run by assessee-trust, Commissioner could not refuse registration on ground that main purpose of creation of trust was to save and protect property of authors of trust from various enactments such as Urban Land Ceiling Act, Wealth-tax Act, Income-tax Act, etc. - [2012] 17 LNIN 242 (Karnataka)
  • February 2012: Bar as provided under section 80-IA(3) is to be considered only for first year of claim for deduction under section 80-IA - [2012] 17 LNIN 241 (Delhi)
  • February 2012: Exemption under section 11 available to Assessee-Board, created under Bihar Agricultural Produce Markets Act, 1960, for regulation of buying and selling of agricultural produce - [2012] 17 LNIN 238 (Patna)
  • February 2012: While framing block assessment AO is required to issue notice under section 143(2) within stipulated time - [2012] 17 LNIN 248 (Indore - Tribunal)
  • February 2012: Contributions received by assessee-school from students towards benevolent fund and development fund was its income where assessee had not created any benevolent fund account and there was no condition stipulated in alleged donation made by parents that it would be towards corpus donation - [2012] 17 LNIN 243 (Delhi - Tribunal)
  • February 2012: Interest in case of public financial institution, etc., is to be added as income only when it is credited or actually received - [2012] 17 LNIN 239 (Ahmedabad - Tribunal)
  • February 2012: Penalty to be imposed within six months from end of month of Tribunal's order - [2012] 18 LNIN 239 (DELHI)
  • February 2012: Where an assessee wants to avail deduction under section 80-IB, he has to necessarily furnish return of income before due date specified in section 139(1) - [2012] 18 LNIN 234 (ASR. - ITAT)
  • February 2012: Deductions under sections 80HH and 80-I have to be granted after first granting deduction under section 35(2) from gross total income - [2012] 18 LNIN 228 (KER.)
  • February 2012: Failure of assessee to file return for block period showing undisclosed income in response to notice issued under section 158BD, was a sufficient ground to levy penalty under section 158BFA - [2012] 18 LNIN 227 (AHD. - ITAT)
  • February 2012: Applicability of section 45(4) where assessee-firm by making a book entry allowed its partners to withdraw individual properties contributed by them and, thereafter, firm was converted into joint stock company - [2012] 18 LNIN 226 (KAR.)
  • February 2012: An assessee is liable for interest under sections 234B and 234C on assessed income - [2012] 18 LNIN 224 (HYD. - ITAT)
  • February 2012: For purpose section 10(23C), annual receipt is to be considered without excluding contribution towards corpus of trust - [2012] 18 LNIN 223 (JP. - ITAT)
  • February 2012: For purpose of granting registration under section 12AA, a single non-operative clause of commercial nature could not obliterate whole range of charitable activities undertaken by assessee-society - [2012] 18 LNIN 222 (CHD. - ITAT)
  • February 2012: Assessee's claim for deduction under section 80-IB without filing audit report along with return of income, could not be allowed - [2012] 18 LNIN 221 (AHD. - ITAT)
  • February 2012: Where assessee-company was assessed under section 143(3), section 147 (first proviso) cannot be invoked merely by reason of a retrospective amendment to section 115JB - [2012] 18 LNIN 218 (Delhi)
  • February 2012: Where share application money entry racket is unearthed, burden of proof under section 68 not discharged by merely submitting documentary evidence - [2012] 18 LNIN 217 (Delhi)
  • February 2012: As and when leased assets are installed at place of lessee, it could be presumed for purpose of depreciation that they had been used by lessee - [2012] 18 LNIN 197 (Madras)
  • February 2012: Order of assessment passed under section 175 without recording prima facie satisfaction that assessee was likely to transfer property to avoid tax and without issuing notice under section 174(4), is unsustainable - [2012] 18 LNIN 196 (Kerala)
  • February 2012: No penalty leviable under section 271C for bona fide omission in not deducting tax at source - [2012] 18 LNIN 203 (Cochin - Tribunal)
  • February 2012: No disallowance of interest under section 36(1)(iii) is warranted in a case where assessee has sufficient interest-free funds in form of capital and reserves against interest-free advances made - [2012] 18 LNIN 195 (Rajkot - Tribunal)
  • February 2012: *February 2012: Payments received by owner of copyright in software from distributor for sale of software product to end-users is 'royalty' within meaning of section 9(1)(vi) - [2012] 18 LNIN 172 (AAR, New Delhi)
  • February 2012: Project completion method can be followed where account books are available - [2012] 18 LNIN 184 (Karnataka)
  • February 2012: For purpose of calculating benefit under section 80HHC, total export turnover and total turnover of assessee from all businesses are required to be taken note of, apart from profit from all businesses - [2012] 18 LNIN 183 (Calcutta)
  • February 2012: Where interest received and interest paid by assessee had a commonality about their nature and character, revenue could not treat them differently for taxation purpose - [2012] 18 LNIN 182 (Delhi)
  • February 2012: Assessment order passed without issuing a notice under section 16(2) or notice as contemplated in proviso to section 16(5), is violative of principles of natural justice - [2012] 18 LNIN 181 (Karnataka)
  • February 2012: Where delay in making refund was attributable to revenue, it was liable to pay interest on belated refund - [2012] 18 LNIN 180 (Rajasthan)
  • February 2012: Where tax effect in revenue's appeal was less than monetary limits specified by CBDT, matter was to be remanded back with a direction to revenue to show that it involved a substanti al question of law which would arise repeatedly in similar cases - [2012] 18 LNIN 178 (Madhya Pradesh)
  • February 2012: Where assessee was a co-owner of property occupied by firm in which he was a partner, he could not avail exemption under section 22 - [2012] 18 LNIN 177 (Calcutta)
  • February 2012: In appellate proceedings, Commissioner has jurisdiction to correct order of Assessing Officer not only with regard to matter raised by assessee in appeal but also with regard to any other matter which has been considered by Assessing Officer and determined in course of assessment - [2012] 18 LNIN 176 (Delhi)
  • February 2012: Non-payment of tax within prescribed time period on account of fact that money was kept in fixed deposits, amounted to default on part of assessee and, thus, he was not entitled to waiver of interest under section 220(2A) - [2012] 18 LNIN 175 (Kerala)
  • February 2012: Expenditure incurred by Airport Authority towards removal of illegal encroachments in and around security area of airports and towards rehabilitation of encroachers would be allowed as revenue expenditure - [2012] 18 LNIN 174 (Delhi)(FB)
  • February 2012: Contribution received by assessee-trust towards corpus fund even if misused could not be treated as income for purpose of levying tax - [2012] 18 LNIN 173 (Karnataka)
  • February 2012: Payment received by assessee from resellers on sale of shrink wrap software not 'Royalty' liable for taxation in India as per Article 12(3) of Indo-US DTAA - [2012] 18 LNIN 189 (Mumbai - Tribunal)
  • February 2012: Non-compete consideration paid to persons associated with transferor company taxable under section 28(va) and not as capital gains - [2012] 18 LNIN 188 (Hyderabad - Tribunal) (SB)
  • February 2012: Even existence of a computer server amounts to existence of a PE in a computer jurisdiction within meaning of India-France DTAA - [2012] 18 LNIN 171 (AAR, New Delhi)
  • February 2012: Corporate membership fee paid by assessee to acquire membership of a club is a revenue expense - [2012] 18 LNIN 169 (Karnataka)
  • February 2012: Where assessee, despite various opportunities being given, failed to prove genuineness of transactions relating to receipt of share application money from shareholders, an amount in question was to be added under section 68 - [2012] 18 LNIN 166 (Delhi)
  • February 2012: Amount received by a Swedish company from an Indian company on account of transfer of right to use know-how for a specified period amounted to 'royalty' and, thus, liable to tax in India - [2012] 18 LNIN 159 (Bombay)
  • February 2012: Where agreement for construction of hostel building, agreement for lease of hostel building and agreement for provision of facilities in hostel building during lease period were part of one composite arrangement for provision of hostel facilities by assessee to lessee, entire income under three agreements was to be assessed as business income - [2012] 18 LNIN 158 (Cochin - Tribunal)
  • February 2012: In view of amended provision of section 10B benefit of tax holiday to a 100 per cent export oriented undertaking is extended from 5 years to 10 consecutive years and said period should be counted from date of commencement of production - [2012] 18 LNIN 151 (Karnataka)
  • February 2012: Levy of penalty under section 271(1)(c) merely on basis of disallowance of expenses under section 40(a)(i) not justified - [2012] 18 LNIN 144 (Delhi)
  • February 2012: If a company's GTI computed before applying section 73(1) consists mainly of specified income [see Explanation to section 73], it is exempt from section 73(1) - [2012] 18 LNIN 142 (Bombay)
  • February 2012: Reopening of assessment on basis of audit objection without independent application of mind by Assessing Officer is bad in law - [2012] 18 LNIN 153 (Bangalore - Tribunal)
  • February 2012: Mere fact that land in question is agricultural land cannot be a ground to claim exemption under section 2(14) if said land is situated within local limits of Municipal Corporation - [2012] 18 LNIN 152 (Hyderabad - Tribunal)
  • February 2012: For invoking section 194-I, required condition is that asset, for use of which payment is made by assessee, should have some element of control by assessee - [2012] 18 LNIN 150 (Mumbai - Tribunal)
  • February 2012: Legal fiction created by section 50C is limited to purposes of section 48 alone and does not displace legal fiction created by sections 69, 69A and 69B - [2012] 18 LNIN 149 (Chandigarh - Tribunal)
  • February 2012: Where comparables considered by assessee were not disputed and, moreover, even if after excluding loss making comparables, ALP adopted by assessee would be within (+) or (-) 5 per cent range as contemplated by proviso to section 92C, no adjustment in ALP was called for - [2012] 18 LNIN 148 (Mumbai - Tribunal)
  • February 2012: Reopening of assessment as an issue was justified where Tribunal had decided same issue against assessee in earlier years but said decision of Tribunal was not brought to notice of Assessing Officer and it also escaped notice of Assessing Officer - [2012] 18 LNIN 147 (Delhi - Tribunal)
  • February 2012: As per provisions of section 14A, actual earning of income is not sine qua non for deciding deduction of expenditure laid out or expended wholly or exclusively for purpose of earning such income - [2012] 18 LNIN 146 (Delhi - Tribunal)
  • February 2012: Liability to pay fringe benefit tax arises as soon as assessee-employer undertakes an obligation in said respect and, in such a case, date of actual discharge of liability is wholly irrelevant - [2012] 18 LNIN 145 (Cochin - Tribunal)
  • February 2012: Where amount in question was advanced to assessee in pursuance of memorandum of agreement for developing plots of land belonging to assessee into commercial building, such advance could not be treated as deemed dividend - [2012] 18 LNIN 143 (Delhi - Tribunal)
  • February 2012: *February 2012: Defective notices/summons protected by section 292B if no prejudice/confusion caused to assessee - [2012] 18 LNIN 138 (Delhi)
  • February 2012: If any quantum of rent/interest not includible in the profits of business under section 28, 90% thereof cannot be deducted as per Explanation (baa) to Section 80HHC - [2012] 18 LNIN 137 (SC)
  • February 2012: Section 254(2) has been enacted not only to safeguard interest of revenue but also to enable Tribunal to rectify error apparent on face of record - [2012] 18 LNIN 135 (Madras)
  • February 2012: Without considering explanation furnished by petitioner-society in regard to expenditure incurred, denial of registration under section 10(23C)(iv) on ground that there were abnormal fluctuation in expenditure incurred was not justified - [2012] 18 LNIN 133 (Delhi)
  • February 2012: Amount received by assessee-shareholder from a company as a result of trading transaction could not be regarded as deemed dividend merely because it had been shown as 'unsecured loan' in assessee's books of account - [2012] 18 LNIN 132 (Delhi)
  • February 2012: Interest paid by Housing Board to its allottees on amount deposited by them on account of delayed allotment of flats is not interest within meaning of section 2(28A) - [2012] 18 LNIN 129 (Himachal Pradesh)
  • February 2012: Assessee would be allowed depreciation on factory building owned by it though registration of title of said building in its name was pending - [2012] 18 LNIN 134 (Delhi - Tribunal)
  • February 2012: Deduction under section 10BA was allowed where assessee was found to have fulfilled conditions of clauses (a), (b), (c) and (d) of section 10BA(2) - [2012] 18 LNIN 130 (Jaipur - Tribunal)
  • February 2012: Reimbursement of incentive bonus and conveyance allowance to Development Officer of LIC is not taxable - [2012] 18 LNIN 128 (Delhi - Tribunal)
  • February 2012: Transfer pricing : Levy of penalty under section 271AA not justified by just forming a general opinion that assessee has not maintained documents as required under rule 10D - [2012] 18 LNIN 127 (Chennai - Tribunal)
  • February 2012: Shortness of Tribunal's order, by itself, does not negate fact of disposal of issue involved rendering order into a mistake to be rectified under section 254(2) - [2012] 18 LNIN 126 (Agra - Tribunal)(TM)
  • February 2012: A notice issued under section 148 within prescribed period of limitation under section 149, even though served thereafter, gives a valid jurisdiction to Assessing Officer to make reassessment - [2012] 18 LNIN 125 (Agra - Tribunal)(TM)
  • February 2012: Penalty paid for infraction of traffic rules is not deductible - [2012] 18 LNIN 124 (Visakhapatnam - Tribunal)
  • February 2012: *February 2012: DEPB taxable at face value in year of receipt and profit on transfer taxable in year of transfer - [2012] 18 LNIN 120 (SC)
  • February 2012: AO not to disregard assessee's method of accounting based on ICAI's Guidance Notes - [2012] 18 LNIN 119 (Delhi)
  • February 2012: With retrospective effect from 1-6-1994, Additional Director has authority to issue/sign authorization for search and seizure operation - [2012] 18 LNIN 111 (Allahabad)
  • February 2012: While disposing of assessee's application for registration under section 12AA, an opportunity was to be granted to it to get amendment in trust deed declared valid by a competent civil court - [2012] 18 LNIN 110 (Kerala)
  • February 2012: It would be open for revenue to issue notice under section 147/148 even if notice under section 143(2) was never issued or for that matter even if assessment under section 143(3) had taken place - [2012] 18 LNIN 107 (Himachal Pradesh)
  • February 2012: Services of production and generation of live television signal rendered by a non-resident company, is technical services liable to tax in India as 'fee for technical services' - [2012] 18 LNIN 105 (Delhi - Tribunal)
  • February 2012: Depreciation is allowable on assets acquired by assessee-Charitable trust by application of income of trust Notional expenditure cannot be treated as application of income within meaning of section 11 - [2012] 18 LNIN 104 (Delhi - Tribunal)
  • February 2012: Words used in Rule 34(5) of ITAT Rules postulate that time period prescribed under said rule is not final but is flexible depending upon nature and circumstances - [2012] 18 LNIN 103 (Mumbai - Tribunal)
  • February 2012: Rent received by sub-tenant itself cannot be taken as fair market rent as contemplated in section 23(1)(a) - [2012] 18 LNIN 102 (Mumbai - Tribunal)
  • February 2012: *February 2012: Keyman insurance policy premium allowable as business expenses - [2012] 18 LNIN 98 (Delhi)
  • February 2012: There is no prohibition on shifting of business with lock, stock and barrel in order to get benefit of exemption under section 10A - [2012] 18 LNIN 97 (Calcutta)
  • February 2012: Provisions of section 32 of Sick Industrial Companies (Special Provisions) Act, 1985, have overriding effect over provisions of section 43B of Income-tax Act, 1961 - [2012] 18 LNIN 90 (Madras)
  • February 2012: Income from license of property would be treated as income from other sources and not as income from house property - [2012] 18 LNIN 87 (Karnataka)
  • February 2012: Non-followance of ITAT's order by AO results in Contempt of Court - [2012] 18 LNIN 101 (Visakhapatnam - Tribunal)
  • February 2012: Alternative claim for rebate under section 88E was allowable where under misconception of law, assessee had claimed deduction for STT paid as business expenditure which was later on found to be not allowable under section 40(a)(ib) - [2012] 18 LNIN 96 (Kolkata - Tribunal)
  • February 2012: Word 'individual' used in clause (b) of proviso to section 56(2)(vi) includes only bride or bridegroom - [2012] 18 LNIN 91 (Chandigarh - Tribunal)
  • February 2012: Amount received by a non-resident company for making appropriate suggestion for improvement of infrastructural facilities in order to enable Indian company to undertake repair works of submarines, amounted to 'fee for technical services' under section 9(1)(vii) - [2012] 18 LNIN 89 (Visakhapatnam - Tribunal)
  • February 2012: Assessment order without signature of Assessing Officer is invalid - [2012] 18 LNIN 88 (Mumbai - Tribunal)
  • February 2012: Where it was apparent from records that assessee had converted its existing industrial undertaking set up in domestic tarrif area into STP unit, deduction under section 10A could not be granted to it - [2012] 18 LNIN 86 (Delhi - Tribunal)
  • February 2012: Where price paid by assessee for purchase of goods from its associated enterprise was found to be higher than price paid by unrelated parties for purchase of similar goods, AO was justified in making ALP adjustment of differential amount - [2012] 18 LNIN 85 (Delhi - Tribunal)
  • February 2012: In case of bona fide dispute as to existence of assessee's PE in India, recovery of demand against assessee was to be stayed - [2012] 18 LNIN 84 (Delhi - Tribunal)
  • February 2012: *February 2012: Deduction under section 37(1) can be allowed in respect of expenditure which is actually incurred or laid out in present and not an expenditure which is a future contingent expenditure which way arise or may not - [2012] 18 LNIN 80 (Karnataka)
  • February 2012: Legally erroneous opinion of Assessing Officer while making assessment cannot be ground for initiation of reassessment proceedings - [2012] 18 LNIN 79 (Delhi)
  • February 2012: Grant of exemption under section 10A to STP unit where assessee had claimed income in question as long-term capital gain but Assessing Officer treated same as business income - [2012] 18 LNIN 76 (Karnataka)
  • February 2012: Validity of reassessment where AO had received information from investigation wing regarding a bogus claim of long-term capital gains - [2012] 18 LNIN 83 (Delhi - Tribunal)
  • February 2012: Amendment in RBI's Circular No. 91, dated 1-4-2003 by Master Circular No. 9/2009-10, dated 1-7-2009, is only lifting restriction of time period of granting extension and it does not mean that very condition of granting has been done away as prescribed under sub-section (3) to section 10A - [2012] 18 LNIN 82 (Mumbai - Tribunal)
  • February 2012: Repairing expenditure carried out on a rental building is revenue in nature - [2012] 18 LNIN 74 (Rajkot - Tribunal)
  • February 2012: Where issue of taxability of interest accrued on share capital contribution of Central Government in hands of assessee was highly debatable and assessee having declared all material facts relevant thereto, penalty under section 271(1)(c) could not be levied for non-disclosure of interest - [2012] 18 LNIN 73 (Ahmedabad - Tribunal)
  • February 2012: *February 2012: Basic human rights and dignity of an individual cannot be ignored if search & seizure operations continue for days together - [2012] 18 LNIN 70 (Patna)
  • February 2012: Where Assessing Officer in terms of directions of first appellate authority passed a fresh assessment order on 31-3-1999 and all facts recorded in said order were very much on record ever since original assessment order came into existence on 21-2-1997, Commissioner's order passed under section 263 on 20-2-2001 was barred by limitation - [2012] 18 LNIN 68 (Karnataka)
  • February 2012: Non-maintenance of separate accounts regarding STP unit and other unit cannot be ground to deny exemption under section 10A when assessee is otherwise entitled to exemption - [2012] 18 LNIN 57 (Karnataka)
  • February 2012: Transfer Pricing : When functions, assets and risks are same in more than one activity, then these can be clubbed for determining ALP whereas, if FAR analysis indicates diversion in two activities then bench-marking should be done on separate basis - [2012] 18 LNIN 60 (Mumbai - Tribunal)
  • February 2012: Receipt of higher number of shares because of revaluation cannot be treated as consideration or benefit received other than by way of allotment of shares for attracting proviso (c) to section 47(xiv) - [2012] 18 LNIN 59 (Mumbai - Tribunal)
  • February 2012: Levy of penalty justified in case of making patently false claim - [2012] 18 LNIN 58 (Delhi - Tribunal)
  • February 2012: AAR, New Delhi: Payment made by applicant to a British company for availing general business support services (BSS) under a Cost Contribution Agreement (CCA) is fees for technical services - [2012] 18 LNIN 46
  • February 2012: AAR, New Delhi: Amount received by a foreign company from Indian company for offshore supplies in terms of a contract not liable to tax in India, even if said foreign company has PE in India - [2012] 18 LNIN 45
  • February 2012: AAR, New Delhi: Offshore supply of equipments is not taxable in India - [2012] 18 LNIN 44
  • February 2012: When jurisdictional preconditions are missing, assessee can question reopening of assessment in appellate proceedings also - [2012] 18 LNIN 29 (Delhi)
  • February 2012: On failure of assessee to prove that expenditure incurred on foreign travel of wife of Chairman was for business purpose, its claim for deduction in respect of said expenses was to be rejected - [2012] 18 LNIN 28 (Madras)

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