Vol

VOL. 1 | PART 23 | March 4, 2008

n Section 35(2AB)(1) of the Income-tax Act, 1961 - Expenditure on Scientific research - Notified article or thing - Notification No. S.O. 404(E), dated 28-2-2008

n Section 35(2AB)(1) of the Income-tax Act, 1961 - Expenditure on scientific research - Notified article or thing - Notification No. SO. 403(E), dated 28-2-2008

n Foreign companies, income by way of royalty or fees for technical services - In order to seek benefit of exemption under section 10(6A), both conditions mentioned in sub-clauses (a) and (b) of section 10(6A) - Assistant Director of Income-tax /Joint Director of Income-tax v. Kaiser Aluminium Technical Services Inc. [INCOME-TAX APPEAL Nos. 2231 (MUM.) OF 2002 AND 3137 (MUM.) OF 2003]

n Co-operative Housing Society - Where assessee, a co-operative housing society, received transfer fees from both transferors and transferees on account of transfer of its flats it would be entitled to deduction to extent of transfer fees received from transferors in view of principle of mutuality - Maker Tower A&B Co-op. HSG. Society Ltd. v. Income-tax Officer [IT Appeal Nos. 1488 and 1489 (Mum.) of 2004]

n Speculation Losses - Explanation to section 73 would not be applicable in such case where principal business of company is that of granting of loans and advances - Punjab Lease Financing Ltd. v. Income-tax Officer [IT Appeal Nos. 3414 (Ahd.) of 2004 and 1939 (Ahd.) of 2006]

n Depreciation - Expression 'any other business or commercial rights of similar nature' appearing in clause (ii) of section 32(1) would include such rights which can be used as a tool to carry on business - Skyline Caters (P.) Ltd. v. Income-tax Officer [IT Appeal No. 2965 (Mum.) of 2007]

n Section 637 of the Companies Act, 1956 - Power of Central Government or Tribunal to accord approval, subject to conditions and to prescribe fees on application - Notification No. G.S.R. 113(E), dated 28-2-2008

n Competition Commission of India (Term of the Selection Committee and the Manner of Selection of Panel of Names) Rules, 2008 - Notification No. G.S.R. 111(E), dated 27-2-2008

n Safeguards to address the concerns of the investors on transfer of securities in dematerialized mode - Circular No. SEBI/MRD/DEP/CIR- 3/2008, dated 28-2-2008

n New Scheme Report - Circular No. SEBI/IMD/CIR NO. 13/118899/08, dated 29-2-2008

n Rajasthan High Court on section 37(1) of Income-tax Act 1961 - Commissioner of Income-tax v. Dr. A.M. Singhvi [IT Appeal No. 16 of 2004]

n Punjab & Haryana High Court on section 148 of Income-tax Act, 1961 - Commissioner of Income-tax v. Laxmi Narain [IT NO. 205 to 207 of 2004]

n Bombay High Court on section 256 of Income-tax Act, 1961 - Commissioner of Income-tax v. Ratnasi Deoji Patel (HUF) [IT Application Nos. 81, 84, 85 and 87 of 1994]

n Allahabad High Court on section 48 of Income-tax Act, 1961 - Commissioner of Income-tax v. Sharad Sharma [IT Reference No. 176 of 1993]

n Punjab & Haryana High Court on section 143 of Income-tax Act, 1961 - Dabwali Transport Co. v. Commissioner of Income-tax [IT Appeal Nos. 175 and 176 of 2007]

n Delhi High Court on section 32A of Income-tax Act, 1961- Commissioner of Income-tax v. Electronics Consortium (P.) Ltd. [IT Reference No. 327 of 1998]

n Madras High Court on section 37(1) of Income-tax Act, 1961 - Commissioner of Income tax v. Fenner (India) Ltd. [T.C.(A) No. 2712 of 2006]

n Madras High Court on sections 148 and section 149 of Income-tax Act, 1961 - Fisher Xomox Sanmar Ltd v. Assistant Commissioner of Income-tax [W.P. No. 16331 of 2003]

n Punjab & Haryana High Court on section 153 of Income-tax Act, 1961 - Commissioner of Income-tax v. Guru Nanak Mercantile Co. [IT Reference No. 221 OF 1995]

n Delhi ITAT on section 28(i) of Income-tax Act, 1961 - Income-tax Officer v. Skipper Properties (P.) Ltd. [IT Appeal No. 1432 (Delhi) of 2004]

n Delhi High Court on section 37(1) of Income-tax Act, 1961 - Roger Enterprise (P.) Ltd. v. Commissioner of Income-tax [IT Reference No. 202 of 1985]

n Madras High Court on sections 32 and 37(1) of Income-tax Act, 1961 - Commissioner of Income-tax v. Southern Petrochemical Industries Corporation Ltd. [T.C. (A) NOS. 74 AND 75 OF 2003]

n Delhi ITAT on section 28(i) of Income-tax Act, 1961 - Joint Commissioner of Income-tax v. Trident Projects Ltd [IT Appeal No. 2123 (DELHI) OF 2003]

n Mumbai SAT on regulation 4 of SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 2003 - Bellary Steel & Alloys Ltd. v. Securities & Exchange Board of India [And Appeal No. 156 of 2007]

n Calcutta High Court on section 433 of Companies Act, 1956 - Bliss Graphics (P.) Ltd. v. Multi Layers Plastics [Company Petition No. 3 of 2004]

n Madras High Court on section 456 of Companies Act 1956 - Official Liquidator, R.P.S. Benefit Fund Ltd. v. Mrs. K. Tamilselvi [Company Application No. 166 of 2003]

n Ahmedabad CESTAT on section 73 of Finance Act, 1994 - Commissioner of Central Excise v. Gujarat Borisil Ltd. [ST Appeal No. 101 of 2007]

n Mumbai CESTAT on section 76 of Finance Act, 1994 - M.L. Yarns (India) (P) Ltd. v. Commissioner of Central Excise & Customs [Appeal No. ST/125/2006]

n Kolkata CESTAT on section 65 of Finance Act, 1994 - City Gold Metal (P) Ltd. v. Commissioner of Central Excise & Service Tax [In Appeal No. ST/50 OF 2007]