ITR'S TRIBUNAL TAX REPORTS (ITR (Trib)) HIGHLIGHTS
ISSUE DATED 8-3-2010 Volume 2 : Part 1 REPORTS <?ui=2&view=bsp&ver=1qygpcgurkovy#12727cafc8246600_1018623> STATUTES JOURNAL NEWS BRIEFS REPORTS *F* Business expenditure : Deduction under section 36(1)(viia) to be computed at the rate of 5 % of total income before making any deduction under section 36(1)(viia) and Chap. VI-A : *Tourism Finance Corp. of India Ltd. v. Jt. CIT (Delhi) p.1** * *F* Receipts on account of dividends and profits on sale of investment are not income from long-term finance : Not allowable : *Tourism Finance Corp. of India Ltd. v. Jt. CIT (Delhi) p.1 * *F* Bad debts : Deduction to be allowed after reducing credit balance : *Tourism Finance Corp. of India Ltd. v. Jt. CIT (Delhi) p.1 * *F* Collection of corpus donations essential for pursuing charitable activities, delay to be condoned and registration to be granted from date of inception :* Kadayanallur Cholia Brahmana Mahajana Trust v. ITO (Chennai) p.14 * *F* Payments made by assessee under SEBI Regularisation Scheme, 2002, cannot for purpose of disallowance under *Expln.* be treated as penalty under section 37 : *Kaira Can Co. Ltd. v. DCIT (Mumbai) p. 20 * *F* Expenses incurred for utilising services of sister concern for all its operational activities not shown as excessive : Allowable : *Asst. CIT v. KIN Ship Services (I) P. Ltd. (Coch) p. 29* *F* Payments made to non-resident companies towards charter hire charges for transporting merchandise from foreign port to another foreign port, allowable : *Asst. CIT v. KIN Ship Services (I) P. Ltd. (Coch) p. 29* *F* Expenses on speed money paid to dock labour, inherent to nature of business carried on by assessee, allowable under section 37 : *Asst. CIT v. KIN Ship Services (I) P. Ltd. (Coch) p. 29* *F* Where element of proft not involved, TDS not required : *Cairn Energy India Pty. Ltd. v. Asst. CIT (Chennai) p. 38* *F* Section 40(a)(i) could not be invoked where the income to be computed under section 42, assessee entitled to deduction in respect of payment made to its parent company : *Cairn Energy India Pty. Ltd. v. Asst. CIT (Chennai) p. 38* *F* Where entire amount declared by assessee as income, addition as capitation fees not justified : *SSRD Somany Sikshan Sansthan v. Asst. CIT (Delhi) p. 55 * *F* Commissioner (Appeals) deleting addition based on statement of eleven employees stating receipt of full salary as debited by assessee in its books, proper : *SSRD Somany Sikshan Sansthan v. Asst. CIT (Delhi) p. 55 * *F* Losses of unit of assessee not eligible under section 10A not to be set off against profits of eligible undertaking : *Scientific Atlanta India Technology P. Ltd. v. Asst. CIT (Chennai) [SB] p.66* -- Me on net : > >>>>>>>>>>>>>>>>>>>>> http://rajkumaratthenet.blogspot.com/ Virus Warning: Although the I have taken reasonable precautions to ensure no viruses are present in his email, sender (I) cannot accept responsibility for any loss or damage arising from the use of this email or attachment." -- You received this message because you are subscribed to the Google Groups "Skorydov MyTaxAssistant Member Group" group. To post to this group, send email to [email protected]. To unsubscribe from this group, send email to [email protected]. For more options, visit this group at http://groups.google.com/group/skorydovmytaxassistant?hl=en.
