Sr. No.

ISSUE

NAME

ITA No.

QUESTION PENDING

1.

Estimation of ALV of property

M/s Mayur International & Development Ltd.

ITA No. 6101/Del/96

‘Whether on the facts and in the circumstances of the case, and having regard to all the earlier order of the Tribunal, the Income – tax authorities were justified in estimating the ALV of the property at Nos. 14 – 16, Aurangzeb Road, New Delhi at Rs.9,32,888/- as against Rs.5,12,932/- declared by the assessee in the return?’

2.

Interest u/s 234D

M/s Ekta
Promotors (P) Ltd., New Delhi.

ITA Nos. 2551 to 2553/Del/2006 A.Y.1998-99 to 2000-2001

“Whether, in the facts and in the circumstances of the case, interest under Section 234 D should be charged from assessment year 2004-2005 or with reference to regular assessment framed after 01.06.2003 irrespective of the assessment years involved or irrespective of the date when refund was granted?”

3.

Sale of jewellery declared under VDIS 1997   Five Member Special Bench

Mr. Tejinder Singh (HUF), Amritsar vs DCIT (Investigation)

ITA  No. 163/ASR/2003

Whether and under what circumstances, consideration claimed to have been received on account of sale of jewellery etc relating to disclosures made under VDIS Scheme 1997, can be considered to be the income of the assessee from undisclosed sources under any of the provisions of the Income-tax Act?

4.

Assessee under Interest Tax Act.

Gujarat Gas Financial Services Ltd., Ahmedabad

Int Tax Appeal No. 36/Ahd/2004 A.Y. 1999 – 2000

‘Whether, on the facts and in the circumstances of the case, the assessee – company is a financial company under the Interest Tax Act, 1974, liable to tax there under on the revenue income earned on its financial transactions?’

5.

Section 132A, section 158BC

Shri. Sonu Verma, prop. M/s Shiva Jewellers

IT (SS) No. 28/ASR/2003 Block Period 01.04.1988 to 30.11.1998

Whether the jurisdiction to complete block assessment u/s 158BC is conferred on the AO by service of a warrant of authorisation u/s 132A by a competent authority or on physical handing over the books of account/documents/assets etc requisitioned to Income Tax Authority concerned?

Sr. No.

ISSUE

NAME

ITA No

QUESTION PENDING

1.

TDS under Section 194C

Shri. Kamrej Vibhag Sahakari Khand Udyog Mandli Ltd

ITA Nos. 3553-3554 /Ahd/2004 & ITA Nos. 2950-2951/Ahd/2006

“(A) Whether on the facts and in the circumstances of the case the applicants are liable to deduct the tax at source under section 194C of the Income-tax Act from the payment made to Mukadams and Transporters by Zone Samiti?

(B) Whether the applicants are liable for deduction of tax under section 194C of the Income-tax Act, 1961 from the payments made as advances to its members farmers for purchase of sugarcane when no expenditure towards cutting, harvesting and transportation is debited in the books of the applicant?

(C) Whether on the facts and in the circumstances of the case the ingredients of section 194 of the Income-tax Act, 1961 are attracted to make the applicants liable to deduct the tax at source from the payments made to Mukadams and Transporters who are memeber farmers of the Zone Samiti and who have no contact with the applicant?"

2.

Whether the assessee had a PE in India

DHL Operations   B. V. Netherlands

ITA No. 5568 & 5569/Mum/1995
& 6448/Mum/1994
A. Y. 1991-92 to
1993-94

“Whether or not, on the facts and in the circumstances of the case and on a proper interpretation of Art. 5.5 and Art. 5.6 of DTA (with Netherlands) and having regard to its activities, it can be said that Airfreight Ltd. was the agent of the assessee so that it can be held that the assessee had a PE in India? And if the answer is in the affirmative, whether or not the income from inbound shipments can be treated as attributable to the PE?”

3.

 Whether notional income can be taken into account for computing annual value

Tivoli Investment &
Trading Co. Ltd.

ITA 2808 & 2809/Mum/96
A.Y. 92–93 & A.Y.93–94

“Whether the CIT(A) was justified in holding that the notional interest of Rs.23,10,000/-calculated at the rate of 15% on interest free deposit of Rs.1,54,00,000/- placed with the assessee by the Citibank N.A. be taken into account in determining annual value under section 23(1)(b), more so  when the deposit of Rs.1,54,00,000/- was invested in income earning assets, which income was separately assessed?

4.

Deduction u/s 80IA

M/s IVRCL Infrastructures & Projects Ltd.

ITA No. 1237/Hyd/04

Whether on the facts and in the circumstances of the case, the Ld. CIT(A) was justified in holding that the assessee is a “Civil Contractor” and not a “developer of an infrastructure facility” in as much as the assessee has failed to show even a Single instance where it operates any of “infrastructural facility”, therefore, the assessee is not entitled to deduction u/s 80-IA of the Income Tax Act.

5.

Whether excess contribution allowable as expenditure.

M/s Rajalakshmi Mills. Coimbatore Ltd.

ITA No. 1074/Mds/87

Contribution to approved Gratuity Fund if more than actuarial valuation is the excess over the actuarial valuation not allowable as expenditure?

6.

Whether amount collected be treated as interest.

M/s Bharat Overseas Bank Ltd., Chennai

Int. T. A. 101 & 161/Mds/ 2003
A.Y. 1999-2000,
A.Y. 2000-2001

‘Whether the amount collected from the borrowers to meet the interest tax liability could be taxed as interest under the Interest Tax Act, 1974?

7.

Section 14A

Daga Capital Management Ltd,

Bench - D, I.T.A. No. 8057/M/03, A.Y. 2001 - 2002.

"Whether in the facts and circumstances of the case, and in law, the provisions of section 14A of the Income Tax Act, 1961, are applicable with respect to the dividend income earned by an assessee, engaged in the business of dealing in shares and securities, on the shares held as stock-in-trade and earning of such dividend is incidental to trading in shares?"

8.

Section 80IA(5)

D/Goldmine Shares & Finance Pvt. Ltd.

ITA No. 4044 to 4049/Ahd/2003 A.Y. 1997 - 1998 to 2002 – 2003

Whether, in view of the provisions of section 80IA(5) of the Income tax Act, 1961 the profit from the eligible business for the purpose of deduction u/s 80IA of the Act has to be computed after deduction of the notional brought forward losses and depreciation of eligible business even though they have been allowed set off against other income in earlier years?

9.

FORWARD CONTRACT LOSS

M/s Bank of Bahrain & Kuwait BSC.

ITA No. 4404 & 1883/M/04 A.Y. 1999–2000 , A.Y. 1998-1999

Whether on the facts and circumstances of the case, can it be said that where a forward contract is entered into by the assessee to sell the foreign currency at an agreed price at a future date  falling beyond the last date accounting period, the loss is incurred to the assessee on account of evaluation of the contract on the last date the accounting period i.e. before the date of maturity of the forward contract?

10.

Deemed Dividend u/s 2(22)(E)

M/s Bhaumik Colour Pvt. Ltd.

ITA 5030/M/04
A.Y. 1997 – 98

a) Whether deemed dividend u/s 2(22)(e) of the Income tax Act, 1961 can be assessed in the hands of a person other than shareholder of the lender?

b) Whether the words “such shareholder” occurring in section 2(22)(e) refer to a shareholder who is both the “registered” shareholder and the “beneficial shareholder”?

11.

Limitation for order u/s 195 r.w.s 201

M/s Mahindra & Mahindra

ITA No. 2606 – 2607/M/2000
ITA No. 2613 -2614/M/2000

Whether on the facts and circumstances and in law an order u/s 195 r.w.s. 201 of the Income tax Act, 1961 is barred by limitation within 4 years from the end of the relevant Financial year in the absence of any express provision in the Act?

12.

Deduction u/s 80IB(10)

 Raviraj Punjabi Associates

Kumar Behray Rathi

Brahma Associates

Dareshwar Promoters & Builders

Tushar Developers

ITA No.164/Pn/07

ITA No.5/Pn/07

ITA No.1417/Pn/06

ITA No.111/Pn/07

ITA No.165/Pn/07

a) Whether deduction u/s 80IB(10) of the Act, as applicable prior to 01-04-2005, is admissible in the case of a “Housing Project” comprising residential housing units and commercial establishments?

b) In case the question no.1 is answered in affirmative, whether considering the facts and circumstances of a particular case, a proportionate deduction should be allowed?

c)  In case the question no.1 and 2 are answered in the affirmative, whether the limit prescribed by clause(d) of section 80IB(10) should operate?

13.

Treatment of Exchange rate difference in relation to export turnover as per section 80HHC

Shri. Prakash L.Shah, Mumbai

ITA No. 6349/Mum/2004
A.Y.2001-02

1. Whether on the facts and circumstances of the case and in law,  the difference on account of fluctuation in exchange rate relating to sale proceeds of exports effected in the earlier year should be treated as export turnover of the year in which such rate difference is received or of the year of export?

2.  If the aforesaid sum is to be treated as export Turnover of the year of export, whether such receipt should also be considered as income of the year of export and consequently, be excluded from the year of receipt?

14.

Amendment via Miscellaneous Application

M/s Paliwal Overseas Ltd.

M.A.No. 28/Del/07
In ITA No. 2373/Del/02
&
M.A.No.
859/Del/07
In ITA No. 5091/98

“Whether the order of the Tribunal requires to be amended under section 254(2) in order to bring the same in conformity with the judgment of the jurisdictional High Court rendered subsequent to the passing of the order?”

15.

Secret Formula or process as per section 9(1)(vi)

M/s New Skies Satallite N.V., New Delhi.

M/s Shin Satellites Public Co. Ltd., New Delhi.

M/s Shin Satellites Public Co. Ltd., New Delhi.

ITA 5385 to 5387/04

ITA 2598 to 2601/04

ITA 4394 to 4397/05

1. Whether on the facts and in the circumstances of the case, the services rendered by the assessee involved in these appeals, through their satellites for telecommunication or broadcasting, amount to ‘secret process’ or only ‘process’?

2.  Whether the term ‘secret’ appearing in the phrase ‘secret’ formula or process’ in Explanation 2 to section 9(1)(vi) and in the relevant the Treaties, will qualify the word ‘process’ also?  If so, whether the services rendered through secret process only will be covered within the meaning of royalty?

3.Whether, on the facts and in the circumstances of the case, the payment received by the assessees from their customers on account of use their satellites for telecommunication and broadcasting amounts to ‘royalty’ and if so, whether the same is liable to tax under section 9 (1)(vi) of the Income Tax Act, 1961 read with relevant provisions of DTAA?

16.

Time-share membership fee receivable upfront at time of enrolment.

M/s Mahindra Holidays and Resorts (India) Ltd., Chennai

ITA Nos.
2412 to 2416/Mds/2006
A.Ys. 1998-99 to 2002-03

“Whether the entire amount of the time-share membership fee receivable  by the assessee upfront at the time of enrolment of a member is the income chargeable to tax in the initial year when there is a contractual  obligation fastened  to the receipt to provide the services in future over the term of the contract?”

17.

Deduction u/s 80IA and Duty Drawback

M/s Texknit Apparels, Tirupur

ITA No. 1120/Mds/2006
A.Y.1997-98

“Whether the duty drawback receipts will qualify for deduction u/s 80IA for the assessment year 1997-98?”

18.

Deduction for pre-paid lease rent

M/s FAG Bearings India Ltd

ITA Nos.
517/Ahd/2003 & 3749/Ahd/2003
A.Ys. 1999-2000 & 2000-01

“Whether  the Assessee is entitled to get the deduction of the pre-paid lease rent for which the liability has arisen during the previous year relevant to the concerned Assessment Year?”

19.

Limitation for completion of block assessment u/s 158BE

M/s Shree Ram Lime Products Ltd., Jodhpur

ITA No.27/Ju/06
C.O.No.37/Ju/06
(A/o ITA No. 27/JDPR/06)  Block A.Y. 1997-98 to   2003-04

“Whether on the facts and in the circumstances of the case the period of limitation for completion of the block assessment as per sec. 158BE read with Explanation 2 is to be reckoned from the end of the month in which ‘last Panchanama on the conclusion of search is drawn on the assessee’ or ‘last Panchnama of the last authorization even when it is not last Panchanama drawn on the assessee and one or more valid panchanamas are drawn on the assessee thereafter in execution of any former authorization’.”

20.

Interest expense u/s 36(1)(iii)

M/s Ashima Syntex Ltd.

ITA Nos. 2001 & 2002/Ahd/2001
A.Y.1997-98 &     1998-99

Allowability u/s 36(1)(iii) of interest on borrowed capital used by the assessee for acquiring plant and machinery and incurring capital expenditure in a case where the assessee is already in existence of business and acquisition of capital equipments was for extension/expansion of such existing business.