In the High Courts: Part A

• 1. Section 2(28A) and 40 (a)(i) - Business expenditure – TDS – Disallowance u/s. 40(a)(i)...
• 2 Section 68 - Cash credit (Shares, allotment of) – Where assessee allotted shares to a company in settlement of pre-existing liability of assessee ...
• 3 Section 32 - Depreciation – Additional depreciation – Condition precedent – Manufacture of article – Assessee need not be principally engaged in ma...
• 4 Section 32 - Depreciation – Rate of depreciation – Computer – Printer part of computer – entitled to depreciation at 60%...

Past Issues

President's Messege

As I sit to write this communication on the 2nd October, the Nation celebrates the birth anniversaries of two great leaders - Mahatma Gandhi and Lal Bahadur Shastri. Born in 1869, Mahatma Gandhi steered the country into independence with his weapons of "truth" and "nonviolence".

Tribunal News : PART A

• 1 Section 56(2)(viia) – Provisions of section 56(2)(viia) are attracted only in case of “shares of any other company”...
• 2 Section 11 & 13(1)(d) – It is only the income from such investment or deposit which has been made in violation of section 11(5), that is liable to ...
• 3 Section 271(1)(c) –Where satisfaction of AO while initiating penalty proceedings u/s. 271(1)(c) is with regard to alleged concealment of income by ...
• 4 Section 23(1)(a) – Provisions of section 23(1)(a) cannot be applied to a property constructed by the assessee, construction whereof was completed i...

Tribunal News : PART C

• 1 Article 5(2)(g) of India-Cyprus DTAA – auxiliary and preparatory activity undertaken prior to awarding of the contract cannot be reckoned for compu...
• 2 Section 92B(2) of the Act – TP provisions cannot impute notional income. Existence of a prior agreement with AE of the Taxpayer is a pre-requisite ...
• 3 Article 11(3) of India-Mauritius DTAA – clarification issued by CBDT; Circular No. 789; Tax Residency Certificate can be the basis for determining...
• 4 Article 12 & Article 14 of India-Germany DTAA – Article 14 applies to payments made for obtaining scientific services from a non-resident individua...

Tribunal News : PART B

• 1 Section 206C – Assessee defaulted in collection of tax at source for which AO took action after seven years – When no limitation is provided in th...
• 2 Sections 2(47) and 54 – Condition regarding purchase of new property within one year of transfer of old property – Date of agreement to sale was c...