INCOME TAX REPORTS (ITR) HIGHLIGHTS
F Assessee having turnover of over Rs. 10 crores : Not to be denied benefit of exclusion of smaller figure from "profits of business" under Explanation (ba) of section 80HHC : Topman Exports v. CIT p. 49
F Claim on basis of footnote in return that part of sum not taxable as merely transferred to capital reserve : Dismissal of appeal justified where no material to support claim : Karnataka Instrade Corporation Ltd. v. Asst. CIT (Karn) p. 1
F Notice after four years based on subsequent amendment of law with retrospective effect not a case of income escaping assessment for failure on part of assessee to disclose truly and fully all material facts : Doshion Ltd. v. ITO (Guj) p. 6
F Business expenditure : Disallowance on ground actual payment before due date not established with evidence : Matter remanded : CIT v. Digital Globalsoft Ltd. (Karn) p. 11
F Books retained for more than five years : Damages ordered to be paid along with return of books : CIT v. Subha and Prabha Builders Ltd. (Karn) p. 14
F Partnership deed providing that working partners would be paid monthly salary in accordance with Income-tax Act : Amount paid as salaries deductible : Durga Dass Devki Nandan v. ITO (HP) p. 17
F Dependent personal services : Portion of assessee's salary received and retained in India : Payment not taxed in both Contracting States : Not eligible for exemption : CIT v. Ravi Rajagopal (Mad) p. 22
F Reassessment proceedings on ground that income had to be computed under section 44 : Mere change of opinion : General Insurance Corporation of India v. Deputy CIT (Bom) p. 27
F Purchase of residential house in joint names of assessee and his wife : Assessee entitled to exemption under section 54F : CIT v. Ravinder Kumar Arora (Delhi) p. 38
F Imposition of penalty no valid where Assessing Officer and CIT (A) failing to consider documents produced by assessee in penalty proceedings : CIT v. Tedco Granite Ltd. (Delhi) p. 44
F Income from house property : Allowance for self-occupation allowable to HUF : CIT v. Hariprasad Bhojnagarwala (Guj) [FB] p. 69
F Failure by AO to examine reasons for inordinate jump in price of shares within 13 months : not a case of erroneous order but of failure to apply mind : Revision justified : CIT v. Jawahar Bhattachargee (Gauhati) p. 74
F Report of the Standing Committee on Finance on the Direct Taxes Code Bill, 2010 p. 305
F Admissibility of payment of ransom for release of kidnapped director (T. N. Pandey, Retd. Chairman, CBDT) 24
F No TDS on payment for purchase of goods/services through credit card transactions (S. K. Tyagi, Advocate) 1
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