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Term “Brand” falls within ambit of section 32(1)(ii) and assessee is eligible for depreciation on same       Second rectification application by either party is maintainable only on issues not decided by Tribunal in any other rectification application filed by either of parties       Second rectification application by either party is maintainable only on issues not decided by Tribunal in any other rectification application filed by either of parties       Time limit for filing ITR-V for assessment year 2009-10 extended - Press Release, dated 1-9-2010       Recognised Provident Fund : 8.5% rate notified under rule 6(b) of Part A of IVth Schedule to the Income-tax Act, 1961 - Supersession of Notification No. S.O. 484(E), dated 30-5-2001 - Notification No. 69/2010, [F.No. 142/14/2010-SO (TPL)], dated 26-8-2010       Transfer pricing study of assessee and ALP of international transactions determined on the basis of such study simply cannot be rejected without any cogent reasons       Section 80-IA of the Income-tax Act, 1961 - Deductions - Profits and gains from industrial infrastructure undertakings, etc, - Notified undertaking - Notification No. 54/2010[F.No.178/30/2009-ITA-I], dated 15-7-2010       Section 10(23C)(vi) of the Income-tax Act, 1961 - Exemptions - University or other educational institutions - Amendment in Notification No. S.O. 852(E), dated 30-5-2007 - Notification No. 53/2010 [F.No.197/15/2010-ITA-I], dated 14-7-2010       Ingredient about a bona fide claim is that assessee should be able to show or prove some intermediate steps in whole process of transaction; if it is not able to give evidence in respect of any step in whole process of transaction then it can be said that explanation furnished by assessee is not bona fide and is nothing but a bald claim for purposes of section 271(1)(c)       Direct Taxes Code, 2010       Highlights of Direct Taxes Code Bill, 2010       Section 10(15)(vii) of the Income-tax Act, 1961 - Exemptions - Interest on bonds issued by local authorities - Notified bonds - Notification No. 52/2010 [F.No.164/1/2010-ITA-I], dated 14-7-2010       Indo-US DTAA: Reimbursable expenditure cannot form part of fee payable for technical services       Direct Taxes Code : Tax Tables       Direct Taxes Code : TDS Tables       The transaction regarding surrender of US-64 units for converting the same into Unit Trust of India 6.75% tax free bonds in terms of the scheme of the Unit Trust of India would not amount to transfer for purpose of section 45       The transaction regarding surrender of US-64 units for converting the same into Unit Trust of India 6.75% tax free bonds in terms of the scheme of the Unit Trust of India would not amount to transfer for purpose of section 45       A mere right of occupancy under leave and licence agreement, without any interest in the premises itself, cannot be considered to be sufficient to attract Explanation 1 of section 32(1)       Merely because assessee has made some legal claim which has not been accepted by A.O. that will not amount to furnishing of inaccurate particulars of income       Section 35(1)(ii) of the Income-tax Act, 1961 - Scientific research expenditure - Approved scientific research associations/institutions - Notification No. 64/2010 [F.No.203/25/2009/ITA-II), dated 28-7-2010       Section 35(1)(ii) of the Income-tax Act, 1961 - Scientific research expenditure - Approved scientific research associations/institutions - Notification No. 63/2010 [F.No.203/133/2009/ITA-II], dated 28-7-2010       Housing project for purpose of section 80-IB(10) does not include construction of commercial establishment carried out by another entity in that area       It is not necessary that for claiming deduction on account of foreign travel expenses, there has to be some business activity of assessee in foreign countries       Senior Citizens Savings Scheme (Amendment) Rules, 2010 - Amendment in rule 8 - Notification No. G.S.R. 639(E), dated 28-7-2010       FM Tabled Direct Taxes Code Bill, 2010 in Parliament       Section 144C of the Income-tax Act, 1961 - Reference to dispute resolution panel - Constitution of Dispute Resolution Panel (DRP-II, Mumbai) comprising of three Commissioners/Directors of Income-tax - Order No. 4/FT&TR-II/2010, dated 26-8-2010       Section 120(1) and (2) of the Income-tax Act, 1961 - Income-tax authorities - Jurisdiction of - Amendment in Notification No. S.O. 732(E), dated 3-7-2001 - Notification No. 65/2010, [F.No.187/28/2005-ITA-I], dated 28-7-2010       Reimbursement of expenses cannot be subject matter of disallowance under section 40(a)(i)       Indo-Singapore DTAA : A mere existence of a PE in India cannot lead to a conclusion that royalties arise in India       Section 206C of the Income-tax Act, 1961 - Collection of tax at source - Profits and gains from business of trading in alcoholic liquor, forest produce, scrap, etc. - Instruction regarding issue of certificate of lower collection of tax at source u/s 206C(9) - Instruction No. 4/2010 [F.No. 275/23/2007-IT(B)], dated 21-7-2010       When assessee makes a provision of interest in its account, in account of creditor, provisions of section 194A would be applicable       For purposes of clause (iv) of Explanation 1 to section 115JB, extent of reduction in respect of deduction available under section 80HHC has to be computed strictly in accordance with provisions of section 80HHC       Whenever assessee incurs expenditure for repair and maintenance of a building taken on lease for carrying on its business activity, it has to be allowed u/s 30(a)(i) provided same does not fall in capital field       Section 120(1) and (2) of the Income-tax Act, 1961 - Income-tax authorities - Jurisdiction of - Amendment in Notification No. S.O. 732(E), dated 3-7-2001 - Notification No. 62/2010 [F.No.187/11/2009-ITA-I/S.O. No. 1843(E)], dated 27-7-2010       Section 80G(2)(c) of the Income-tax Act, 1961 - Deductions - Donations to certain funds, charitable institutions, etc. - Notified sports association or institution - Notification No. 68/2010 [F.No.176/8/2010-ITA.I], dated 5-8-2010       Section 35(1)(ii) of the Income-tax Act, 1961 - Scientific research expenditure - Approved scientific research associations/institutions - Corrigendum to Notification Nos. 57 and 58/2008, dated 30-4-2008 - Notification No. S. O. 1369, dated 19-5-2010       Minor irregularities (non-production of vouchers) cannot be a ground for rejection of renewal of recognition of a charitable trust under section 80G       When gift is not genuine, addition under section 68 is warranted       Provisions of TDS Chapter (Chapter XVII) are relevant only for ascertaining deductibility of tax at source and not for actual deduction and payment for attracting provisions of section 40(a)(ia)       Holding period for purposes of computation of capital gain is relevant only in relation to shares held as investment       Return filing date Extended - Press Release       Section 35AC(1), read with Explanation (b) thereto, of the Income-tax Act, 1961 - Eligible projects or schemes, expenditure on - Notified eligible projects or schemes - Notification No. 57/2010/F.No.V.27015/2/2010-SO (NAT.COM)/S.O. 1649(E), dated 12-7-2010       Section 10(23C)(iv) of the Income-tax Act, 1961 – Exemptions – Charitable or religious trusts/institutions – Notified fund or charitable institution – Amendment in Notification No. S.O. 851(E), dated 30-5-2007 - Notification No. 51/2010 [F.No.197/15/2010-ITA.I], dated 14-7-2010       Section 35(1)(iia) of the Income-tax Act, 1961 - Scientific research expenditure - Approved company - Notification No. S.O. 1029, dated 3-3-2010       Money advanced to subsidiary company cannot be allowed as deduction either u/s 36(2) or u/s 37(1) on writing off the same       Section 35(1)(iia) of the Income-tax Act, 1961 - Scientific research expenditure - Approved company - Notification No. S. O. 1432, dated 22-2-2010       Section 35AC(1), read with Explanation (b) thereto, of the Income-tax Act, 1961 - Eligible projects or schemes, expenditure on - Notified eligible projects or schemes - Amendment in Notification No. S.O. 121(E), dated 12-01-2009 - Notification No. 69/2010[F. No V-27015/2/2010-SO (NAT.COM)]/S.O. No. 1796(E), dated 21-7-2010       Where assessee has filed returns after search and has not disclosed income in original return, Explanation 5 to section 271(1)(c) cannot give immunity to assessee       Routers and switches are to be included in block of ‘Computer’ entitled to depreciation at the rate of 60%       Payment made for renewal of DOT licence should not fall under section 35ABB as it would fall more appropriately u/s 37       Raising a legal claim, even if it is ultimately found to be legally unacceptable, cannot amount to furnishing of inaccurate particulars of income       Section 80C of the Income-tax Act, 1961 – Deductions - In respect of insurance premium, etc., - Notified plan under section 80C(2)(xii) - Notification No. 50/2010 [F.No.178/143/2006-ITA-I], dated 14-7-2010       Section 80-IA of the Income-tax Act, 1961 - Deductions - Profits and gains from industrial infrastructure undertakings, etc. - Notified undertakings - Notification No. 61/2010 [F.NO.178/142/2009-ITA-I], dated 22-7-2010       A computer software when put into a media and sold, it becomes goods like any other audio cassette or painting on canvass or book and amount paid by assessee towards purchase of such computer software from a Singapore company cannot be treated as payment of royalty taxable in India under article 12 of DTAA between India & Singapore       Ingredient about a bona fide claim is that assessee should be able to show or prove some intermediate steps in whole process of transaction; if it is not able to give evidence in respect of any step in whole process of transaction then it can be said that explanation furnished by assessee is not bona fide and is nothing but a bald claim for purposes of section 271(1)(c)       Section 35(1)(ii) of the Income-tax Act, 1961 – Scientific research expenditure – Approved scientific research associations/institutions - Notification No. 60/2010 [F.No.203/1/2010/ITA-II], dated 22-7-2010       Mandatory filing of income-tax returns electronically in Form No. ITR-6 with digital signature by all companies - Press Release No. 402/92/2006–MC (35 of 2010), dated 12-7-2010       Unless a sense of hierarchical discipline is observed, while implementing fiscal legislation, exercise of powers would be rendered arbitrary and subject to whim and caprice of Assessing Officers       Tentative suspicions lurking in mind of a CIT cannot be said to be reasons good enough to exercise revision powers       Just because creditors/share applicants could not be found at address given, it would not give Revenue the right to invoke section 68       Mere disclosing amount of any income or loss without disclosing particulars of income or loss cannot be said to be a full and true disclosure of facts for purpose of determining total income under Income-tax Act       Section 35AC(1), read with Explanation (b) thereto, of the Income-tax Act, 1961 - Eligible projects or schemes, expenditure on - Notified eligible projects or schemes - Amendment in Notification No. S.O. 471(E), dated 26-05-1995 - Notification No. 67/2010[F. No V-27015/2/2010-SO (NAT.COM)]/S.O. No. 1794(E), dated 21-7-2010       Section 35AC(1), read with Explanation (b) thereto, of the Income-tax Act, 1961 - Eligible projects or schemes, expenditure on - Notified eligible projects or schemes - Amendment in Notification No. S.O. 1794(E), dated 23-10-2007 - Notification No. 66/2010[F. No V-27015/2/2010-SO (NAT.COM)]/S.O. No. 1793(E), dated 21-7-2010       Determination of ALP: TNM Method requires comparison of net profit margins and not operating margins of enterprises       When assessee is engaged in business of buying and selling shares, profit or loss on such shares would be profit and loss of such business unless assessee establishes that shares in question were bought as a long term investment       Profit on account of frequent purchase and sale of shares in short period by assessee has to be treated as ‘income from business’       An income, so as to be characterized as ‘derived from’ an undertaking u/s 80-IA, should directly result from it; it should be “generation of profits (operational profits)” of eligible undertaking       A business centre cannot be said to be a ‘house’ for purposes of clause (3) of section 2(ea) of Wealth-tax Act       Income-tax Ombudsman Guidelines 2010       Bad debt: Amount receivable by a share broker from his clients against purchase of shares when not recovered can be allowed as bad debt       Payment for warding off competition in business even to a rival dealer will constitute capital expenditure and to hold them capital expenditure it is not necessary that non-compete fee is paid to create monopoly rights       Section 80-IA of the Income-tax Act, 1961 - Deductions - Profits and gains from industrial infrastructure undertakings, etc. - Notified undertakings - Notification No. 66/2010 [F.No.178/81/2008-ITA-I], dated 28-7-2010       Section 80-IB of the Income-tax Act, 1961 - Deductions - Profits and gains from industrial undertakings other than infrastructure development undertakings - Notified scheme for purposes of section 80-IB(10) - Notification No. 67/2010[F.No.178/37/2006-ITA-I], dated 3-8-2010       Indo-German DTAA: As per new Treaty, income from supervision activity like construction & installation of a project is to be treated as income of PE provided that said activity continues for a period exceeding six months as per article 5(2)(i) of DTAA       When an assessee-company exploits its property to earn income in form of rent, rental income received by assessee is chargeable to tax under head “income from house property” and not under head “profits and gains of business”       Where the damages paid to the assessee was directly and intimately linked with the procurement of a capital asset, compensation paid for the delay in procurement of capital asset amounted to sterilization of the capital asset of the assessee as supplier had failed to supply the plant within time as stipulated in the agreement and the amount received by the assessee towards compensation for sterilization of the profit earning source, was a capital receipt       Unless and until gift is connected with profession or avocation, it cannot be taxed       A notified area so created by State Government under section 16 of Gujarat Industrial Development Act, 1962 would be a Municipality and, therefore, would be entitled to exemption under section 10(20) of Income-tax Act, 1961       Transport subsidy received by an industrial undertaking under a scheme of Central Government is not eligible for deduction u/s 80-IA       Section 35AC(1), read with Explanation (b) thereto, of the Income-tax Act, 1961 - Eligible projects or schemes, expenditure on - Notified eligible projects or schemes - Notification Nos. 58 to 65, 68 and 70/2010[F. No V-27015/2/2010-SO (NAT.COM)]/S.O. No. 1785(E), dated 21-7-2010
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 On this historic Day of 25th of January, the Income-tax Appellate Tribunal was constituted in 1941. It complets sixty years and celebrates its Diamond Jubilee today The Income Tax Appellate Tribunal, (ITAT) is one of the oldest temple of justice in our country. It is said that the older the temple, the greater is its sanctity and reverence. On this solemn occasion ITAT rededicates itself to the lofty ideals which inspired its creation, namely, "Sulabh Nyay & Satwar Nyay" ~ which means easy and quick justice. It has adopted the following criteria for the working of the Tribunal.

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