S. 50C : Capital gains-Full value of consideration-Stamp valuation-Acquiring right in land under purchase agreement-Sale to third party-Provision of section 50C is not applicable-Whether loss is allowable as business loss or capital loss-Matter remanded. [S. 2(47), 28(i), 45]
S. 45 : Capital gains-Non-Resident-Gains from transfer taxable only in Singapore-DTAA-India-Singapore. [S. 90, Art. 13(4)]
S. 44 : Insurance business-Non obstante clauses-Justified in filing revised return-Provisions override other provisions of Act-Direction given by the CIT(A) which was affirmed by the Tribunal is held to be proper.
S. 37(1) : Business expenditure-Capital or revenue-Public issue-Capital expenditure.
S.14A : Disallowance of expenditure-Exempt income-Interest income more than interest expenditure-Deletion of disallowance is held to be justified. [R. 8D]
S. 12AA : Procedure for registration-Trust or institution-Failure to furnish date of registration-Instrument of amendment of Bye-Laws with effect from 14-6-2009 submitted subsequently-Rectification and amendments made to the bye-laws of the society would only operate prospectively-Registration could not be granted with retrospective effect.
S. 12A : Registration-Trust or institution-Order of Tribunal directing to grant registration is up held with the observation that department at liberty to cancel registration if conditions violated.
S. 9(1)(vi) : Income deemed to accrue or arise in India-Royalty-Publishing Information on science in electronic format-Web based information-E-Books, E-Journals, Articles-Not royalty-Indian subscribers not liable to deduct tax at source-DTAA-India-Netherlands. [S. 28(i), 90, 195, Art. 7(12)(4)]
S. 9(1)(vi) : Income deemed to accrue or arise in India-Royalty-Fees-Non-Resident-Providing management support services-Not royalty-Payment received are not business income DTAA-India-UK [S. 9(1)(i),.90, 195, Art. 5, 13 (4)]
S. 9(1)(i) : Income deemed to accrue or arise in India-Returns filed after filing of application would not make application infructuous-Returns filed after filing of application would not make application infructuous-Business connection-Sale complete outside India therefore no income accrued or deemed to accrue in India-Fixed place of business is held to be permanent establishment-Composite contract on turnkey basis for setting up butene-1 Plant-Services taxable in India-Design services inextricably connected with setting up of plant-Profits of permanent establishment to be taxed in India as business Income-DTAA-India-France. [S. 245RR, Art. 7 (1), 13(4)]