S. 119: Central Board of Direct Taxes-Circular-Double taxation relief-Tax credit claim for salary earned Bangladesh-Form filed belatedly-Term genuine hardship to be interpreted liberally-Matter remanded. [S.90, 119(2)(b), 143(1), Form No.67, R. 128, Art. 226]

S. 119: Central Board of Direct Taxes-Circular-Charitable purpose: Delay of 687 days in filing audit report in Form No. 10B-Oversight by Chartered Accountant-Considering the nature of work done by the assessee, the delay in filing the audit report was condoned-Cost imposed of Rs.10,000. [S.11, 119(b) Form 10B, Art. 226]

S. 119: Central Board of Direct Taxes-Circular-Charitable purpose: Delay of 687 days in filing audit report in Form No. 10B-Oversight by Chartered Accountant-Considering the nature of work done by the assessee, the delay in filing the audit report was condoned-SLP of revenue dismissed. [S.11, 119(b) Form 10B, Art. 226]

S. 115BAA: Tax on income of certain domestic companies. Concessional tax regime -Delay in filing Form 10IC-Order of rejection set aside-Department directed to keep portal open to enable assessee to upload Form 10-IC and directed the assessee to file Form 10-IC within four weeks and the Department to deal with the claim of the assessee under section 115BAA on merits and in accordance with law. [S.119(2)(b), Art. 226]

S. 90: Double taxation relief-Tax-Double taxation relief-Dividend distribution tax (DDT) levied under section 115-O held to be a ‘tax’ on dividend income of shareholders, though collected from distributing company for administrative convenience-Beneficial DTAA rate overrides domestic levy under section 115-O-Levy of DDT in excess of 10% held contrary to India-UK DTAA-Interpretation-Board for Advance Rulings-Gross tax rate in appropriate manner-DTAA-India-UK [S. 2(22), S. 2(24),2(43), S.4, S.90(2), S.115-O, 245Q, 245R, 245W, Art. 1, 2, 11].

S. 80IA: Industrial undertakings-Infrastructure development-Developer-Contractor-Works contract-Engaged in activity of construction of two projects and it had borne and undertaken all development risks, geological risks and investment risks; assessee was a developer of projects and not merely a works contractor and, thus, would be eligible for deduction under section 80-IA(4)-Order of Tribunal affirmed.-Interpretation of taxing statutes-Provision should be read rationally -[S.80IA(4), 260A]

S. 68: Cash credits-Unsecured loan-Source of source need not be proved-Order of Tribunal deleting the addition was affirmed. [S.260A]

S. 55: Capital gains-Cost of improvement-Cost of acquisition-Income-Capital or revenue receipt-Compensation from transfer of self-generated trademarks, goodwill, marketing rights and know-how before insertion of the category ‘trademark or brand name’ in section 55(2)(a) effective from 01-04-2002, is to be treated as capital receipt, not revenue receipt. [S.2(14), 2(22B), 2(24(iv), 2(24)(iv), 45, 48, 55(2)]

S. 45: Capital gains-Business income-Land held as an investment-Profit on sale of land held by assessee should be considered as capital gains and not business profits-Circular No. 4 of 2007 dated June 15, 2007 ([2007] 291 ITR (St.) 384) is also applicable to land. [S. 2(14), 4, 28(i), 260A]

S. 44C: Non-residents-Head office expenditure-Expenditure on opening offshore branches of bank-money brought to India in foreign currency as per RBI circular-AO treated the expense as office expenses-Held, income from said transaction already taxed in India-Revenue Appeal dismissed. [S. 36(1)(iv), 40A(9), 40A(10), (260A R. 87, 88]