"The only way to get rid of a temptation is to yield to it."
- Oscar Wilde
"The only way to get rid of a temptation is to yield to it."
- Oscar Wilde
Sr. No. |
ISSUE |
NAME |
ITA No |
QUESTION PENDING |
1. |
Whether the assessee had a PE in India |
DHL Operations B. V. Netherlands |
ITA No. 5568 & 5569/Mum/1995 |
“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?” |
2. |
Whether notional income can be taken into account for computing annual value |
Tivoli Investment & |
ITA 2808 & 2809/Mum/96 |
“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? |
3. |
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? |
4. |
Depreciation on Financial lease transactions. |
M/s Indusind Bank Ltd., Mumbai |
ITA Nos. 6566/Mum/2002 |
Whether, on the facts and in the circumstances of the case and in law, the agreement in question could be called “financial lease agreement”?
Whether, on the facts and in the circumstances the lessor is entitled to depreciation on assets leased by it in the event of the transaction being held as a financial lease in the light of the judgment of the Hon’ble Supreme Court in the case of Asian Brown Boveries Ltd. reported in 54 Taxman 512(SC)? |
5. |
Remission of liability whether business income. |
M/s Sulzer India Ltd. |
ITA Nos. 2871/Mum/2007 |
“Whether in the facts and circumstances of the case, the remission of deferred sales tax liability is chargeable to tax as business income of the assessee u/s 41(1) being remission of trading liability or the same is exempt from tax as capital receipt being remission of loan liability.” |
6. |
Whether Tribunal has power to extend stay beyond 365 days after 1.10.2008? |
Tata Communication Ltd |
SA No. 196 to 198/M/09, ITA 1106/M/08 A.Y. 2000-01. ITA 1107/M/08 A.Y. 2001-02. ITA 1108/08 A.Y. 2002-03 ITA 1387/M/08. A. Y. 2000-01. ITA 1836/M/08, A. Y. 2001-02 & 2002-03, ITA 4218/M/05. A. Y. 2000-01 & 2001-02. ITA 4220, 4221/M/05. A. Y. 2000-01 & 2001-02, ITA 6981/M/05, A.Y.2002-03,ITA 7071/M/05, A.Y. 2002-03 ITA 7205/M/04 A.Y. 1998-99, ITA 3062/M/03A.Y. 1998-99, ITA 3438/M/03 A.Y. 1998-99 |
"Whether in the facts and circumstance of the case where the delay in the disposal of the relevant appeals is not attributable to the assessee, the Tribunal can extend the stay already granted beyond the period of 365 days even after 01.10.2008 or it has power to grant/ extend such stay as a result of amendment made by the finance Act. 2008 by substituting third proviso to section 254(2A) w.e.f. 01.10.2008?" |
7. |
Taxability & Deduction of amounts paid to / received by Head Office of foreign bank from its branches |
Sumitomo Mitsui Banking Corporation |
ITA No. 5402/M/06 and ITA No. 5458/M/06 |
In Assessee's appeal (i.e. ITA No. 5402/M/06):
"Whether or not, on the facts and in the circumstances of the case, the CIT(A) was justified in holding that interest payable by the Indian PE of the foreign bank, to its head office and other overseas branches, is not deductible in computing its total income.
In Revenue's appeal (i.e. ITA No. 5458/M/06):
"Whether or not, on the facts and in the circumstances of the case and in law, the learned CIT (A) erred in holding interest income earned by the Indian PE of a foreign bank, from its head office and branch offices abroad, cannot be taken into account for the purpose of computing its income liable to be taxed in India" |
8. |
Deduction u/s 10A |
Tandon Information Solutions P. Ltd. |
ITA No. |
Whether or not, on the facts and in the circumstance, deduction u/s 10A is to be allowed without setting of brought forward losses of earlier year? |
| 9. | Disallowance of non compete fees. |
M/s Tecumsch India p. Ltd., New Delhi |
ITA No. 3759/Del/2003 |
“That on the facts and circumstances of the case and in law the Commissioner of Income-Tax(Appeals) – IXI, New Delhi(hereinafter referred to as CIT(A) erred in upholding disallowance of Rs.2,65,00,000/- being the non-compete fee paid to M/s Whirlpool of India Ltd.
That on the facts and circumstances of the case and in law in upholding disallowance of Rs.2,65,00,000/- paid to M/s Whirlpool of India Ltd., CIT(A) erred in holding that by entering into non-competition agreement appellant acquired benefit of enduring nature and, as such, the expenditure was capital expenditure.
That on the facts and circumstances of the case and in law, the CIT(A) erred in upholding the addition of Rs.39,90,120/- being the fee paid to Registrar of Companies.
That on the facts and circumstances of the case in law, the CIT(A) erred in upholding disallowance of Rs.20,00,000/- being professional fee paid to the Architect.
That without prejudice and in alternative, CIT(A) erred in not allowing benefit of depreciation though the fee paid to Architect was in connection with acquisition of Capital asset.” |
10. |
Depreciation on intangible assets |
M/s C.L.C. & Sons Pvt. Ltd. |
ITA No. 1976/Del/2006 |
“Whether, on the facts and circumstances of the case, assessee is entitled to claim depreciation on the value of all intangible assets falling in the category of “any other business or commercial rights”, without coherence of such rights with the distinct genusis/ catogary if intangible assets like know-how, patents, copyrights, trade marks, licences and franchises as defined U/S 32(1)(II) of the I.T.Act.” |
11.
|
Claim of interest on damages |
M/s National |
ITA No. 1999 & 2000/Del/2008 |
“Whether on the facts and circumstances of the case, where claim of damages and interest thereon is deputed by the assessee in the court of law, deduction can be allowed for the interest claimed on such damages while computing business income.” |
12. |
Whether blending and processing of tea is Manufacturer/ producer for Section 10A/10B |
M/s Madhu Jayanti |
ITA Nos. |
“Whether on the facts and in the circumstances of the case , the assesses, who are in the business of blending & processing of tea and export thereof can be said to be “Manufacturer/Producer” of the tea for the purpose of Section 10A/10B of the I.T.Act, 1961?” |
13. |
Capital or revenue |
M/s T. K. International Ltd., Bhubaneshwar |
ITA No. 76 / CTK / 2007 |
Whether under the facts and circumstances of the case, the Ld. CIT(A) has erred in law as well as on facts by deleting the addition of Rs.6,28,73,380/- made by the A.O. on account of treatment of the time share receipts as entirely revenue receipts. |
14. |
Carried forward loss set off against long term capital gain. |
M/s Nandi Steels Ltd. |
ITA No. 546/Bang/2008 |
Whether the learned CIT(A) erred in law and on facts that the appellant is not entitled to set off carry forward business loss of Rs.39,99,652/- against the long term capital gain arising on sale of land used for the purpose of business.
Whether the authorities below ought to have appreciated that there is no cessation of business and the appellant is entitled to set off the carry forward business loss. |
15. |
Whether amount collected be treated as interest. |
M/s Bharat Overseas Bank Ltd., Chennai |
Int. T. A. 101 & 161/Mds/ 2003 |
‘Whether the amount collected from the borrowers to meet the interest tax liability could be taxed as interest under the Interest Tax Act, 1974? |
16. |
Export turnover |
M/s Zylog Systems Limited in |
ITA Nos. |
Whether the expenses incurred in foreign currency on computer software development onsite at the client’s place outside India is to be excluded from Export turnover?” |
17. |
Limitation for completion of block assessment u/s 158BE |
M/s Shree Ram Lime Products Ltd., Jodhpur |
ITA No.27/Ju/06 |
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’ |
18. |
Nature of Excise duty refund – Revenue / Capital Receipt? |
Sh. Vinod Kumar Jain, Prop. M/s V,K,Metal Works, Jammu M/s Balaji Rosin Industries, Jammu |
ITA No. 65(ASR)/2010 ITA No. 68(ASR)/2010 |
Whether in the facts and circumstances of the case, the excise duty refund set off is a capital receipt or revenue receipt.
If the excise duty refund/set off is held to be revenue receipt, whether the said amount is to be included in the business profits for the purpose of deduction u/s 80IB of the Income-tax Act. |
19. |
International Taxation – |
Instrumentarian Corporation Ltd. |
ITA Nos. |
Whether, on the facts and in the circumstances of the case, no arm’s length rate of interest was required to be charged on the loan granted by the non-resident assessee-company to its wholly owned subsidiary Indian company M/s Datex Ohmeda (Indian) Pvt. Ltd. (Datex)?
Whether, in the given facts and circumstances of the case, CBDT Circular No. 14 of 2001 [252 ITR (St.) 104] and Taxation Ruling TR 2007/1 issued by Australian Taxation Office are relevant in the context of Transfer Pricing Regulations of India, in particular to the case of the assessee?
Whether, setting off of loss with future profits and not assessing the interest income in the hands of the assessee on arm’s length price will cause real loss to the Govt. exchequer? |
20. |
Deduction u/s 80IB on income earned from “job work” |
Shri. Rajesh Kr. Drolia, HUF |
ITA No. 1305/Kol//2008 |
Whether Ld. CIT(A) erred in law as well as in fact in allowing deduction u/s. 80 IB to the assessee on the income earned from “job work” which comprises of repairs and maintenance?
Whether Ld. CIT(A) erred in law as well as in fact in treating the income from repairing and maintenance at par with the income from manufacturing for the purpose of Sec. 80 IB? |
21. |
Applicability of sec.50C to depreciable capital assets. |
M/s United Marine Academy |
ITA No. 968/Mum/2007 A.Y.2003-04 |
On a proper interpretation of section 48, 50 and 50C of the Income Tax Act, 1961, was the Assessing Officer right in law in applying section 50C to capital assets covered by section 50 (depreciable assets) and in computing the capital gains on the sale of depreciable assets by adopting the Stamp Duty valuation? |
22. |
Validity of order passed while interpretation of sec. 255(4) |
M/s Tulip Hotels Pvt. Ltd. |
ITA Nos. 6490 & 6491/Mum/2008 |
Whether on a proper interpretation of sub-section (4) of section 255 of the Income Tax Act, the order proposed by the learned AM while giving effect to the opinion of the majority consequent to the opinion expressed by the learned Third Member, can be said to be a valid or lawful order passed in accordance with the said provision? |