Vol

VOL. 1 | PART 15 | FEBRUARY 11, 2008

n Section 36(1)(xii) of Income-tax Act, 1961 - Deductions - Any expenditure (not being in the nature of capital expenditure) incurred by a corporation or a body corporate - Notification No. 21/2008, dated 5-2-2008

n Deductions from publication of books - Merely because a printer or publisher of a book is registered with Registrar of newspaper and book published by him contain certain advertisement, he cannot be said to be publishers of newspaper - Tata Infomedia Ltd. v. Assistant Commissioner of Income-tax [IT APPEAL NOS. 7323, 7341 (MUM) OF 2002, AND 4898 (MUM) OF 2003]

n Appellate Tribunal - Mere use of expression 'fraud' in application filed under section 254(2) by assessee does not take case of assessee outside purview of section 254(2) - Ajit Kumar Pitaliya v. Income-tax Officer [IT APPEAL NO. 179 OF 2007

n Income from House Property - Mere letting out property and earning income from it should be assessed only under head 'Income from house property' - A.R. Complex v. Income-tax Officer [Tax Case (Appeal) Nos. 75 and 176 of 2004]

n Charitable Trust - Bonus shares received by a trust cannot be said to be funds invested by trust for purposes of section 13(4) - Commissioner of Income-tax v. Narinder Mohan Foundation [Income-tax Reference Nos. 271 and 381 of 1984]

- It is not possible to read section 13(3) as bringing within fold of term prohibited persons, an HUF, which is a taxable entity by itself - Commissioner of Income-tax v. Narinder Mohan Foundation [Income-tax Reference Nos. 271 and 381 of 1984]

- Even if property of trust is being held for benefit of yet to be born person, it cannot be said that requirement of section 13(2)(h), read with section 13(3), is not met - Commissioner of Income-tax v. Narinder Mohan Foundation [Income-tax Reference Nos. 271 and 381 of 1984]

- Death of a spouse would not result in ceasing of legal capacity of that spouse - Commissioner of Income-tax v. Narinder Mohan Foundation [Income-tax Reference Nos. 271 and 381 of 1984]

n Insurance Regulatory and Development Authority (Obligations of Insurance to Rural or Social Sectors) (Third Amendment) Regulations, 2008 - Notification F. No. IRDA/REG/1/42/2008, dated 3-1-2008

n Section 29B of the Industries (Development and Regulation) Act, 1951 - Power to exempt in special cases - Notification No. S.O. 246(E), dated 5-2-2008

n Jodhpur ITAT on section 143 of Income-tax Act, 1961 - Dr. Ashok Uppal v. Income-tax Officer [IT Appeal No. 763 (Jd.) of 2005]

n Pune ITAT on sections 35AB and 263 of Income-tax Act, 1961 - Mercedes Benz India Ltd., v. Joint Commissioner of Income-tax [IT APPEAL NO. 1337 (PUNE) OF 2000 AND 203 (PUNE) OF 2001]

n Mumbai ITAT on sections 14A and 50 of Income-tax Act, 1961 - Narotamdas Bhau v. Assistant Commissioner of Income-tax [IT Appeal No. 5029 (Mum) of 2006]

n Kerela High Court on section 119 of Income-tax Act¸ 1961 - Pala Marketing Co-operative Society Ltd. v. Union of India [WP (C) NO. 21977 OF 2007(N)]

n Madras High Court on section 31 of Recovery of Debts due to Banks and Financial Institutions Act, 1993 - D.C. Mangalraj v. Indian Bank [A. No. 438 of 2006 in C. S. No. 566 of 1993]

n Chennai CESTAT on section 67 of Finance Act, 1994 - BPL Mobile Cellular Ltd. v. Commissioner of Central Excise [In Appeal Nos. 80 and 131/2007/Mas.]

n Bangalore ITAT on section 68 of Finance Act, 1994 - Evergreen Suppliers v. Commissioner of Central Excise [APPEAL NO. ST/23 of 2007]

n Mumbai CESTAT on section 86 of Finance Act, 1994 - Gokhatak Enterprises Ltd. v Commissioner of Central Excise and Customs [Appeal No. ST/97/07]

n Chennai CESTAT on section 67 of Finance Act, 1994 - M. M. Colour Labs v. Commissioner of Central Excise [Appeal No. S/34 of 2007]

n Mumbai CESTAT on section 65 of Finance Act, 1994 - Maersk India Pvt. Ltd. v. CST [IN APPEAL NO. 63/2007]

n Bangalore ITAT on section 65 of Finance Act, 1994 - Molex (India) Ltd. v. Commissioner of Central Excise [APPEAL NO. ST/87/2005]

<NEWS>

n Budget '08: Consumer durables sector hopes for tax rationalisation

n CBDT chairman in Mauritius to plug tax avoidance loopholes

n Foreign firms' capital asset sale may fall in tax net

n Government should reduce corporate tax

n Revised IT Act draft more stringent

n Demat of TDS certificates may be deferred again

n Budget watch: Dividend tax rate may come down to 12.5%

n Tax board throws the short-selling ball back in Sebi's court

n Oriental Bank to open representative office in Dubai in 6 months

n Regulator wants equal tax benefit for NPS

n Pension seeks PF tax status

n Vol. 167, Part 1, for the week of Feb. 9 - Feb. 15, 2008