Issues referred to Special Bench of ITAT
1. Whether or not, it can be said that Airfreight Ltd. was the agent of the assessee so that it can be held that the assessee had a PE in India?
2. Whether the CIT(A) was justified in holding that the notional interest of Rs.23,10,000 /-calculated at the rate of 15% on interest free deposit of Rs.1,54,00,000/- placed with the assessee by the Citibank N.A. be taken into account in determining annual value under section 23(1)(b), more so when the deposit of Rs.1,54,00,000 /- was invested in income earning assets, which income was separately assessed?
3. Whether can it be said that where a forward contract is entered into by the assessee to sell the foreign currency at an agreed price at a future date falling beyond the last date of the accounting period, the loss is incurred to the assessee on account of evaluation of the contract on the last date of the accounting period i.e. before the date of maturity of the forward contract?
4. Whether an order u/s 195 r.w.s. 201 of the Income tax Act, 1961 is barred by limitation within 4 years from the end of the relevant financial year in the absence of any express provision in the Act?
5. Whether the entire amount received on sale of DEPB entitlements represents profit chargeable under section 28(iiid) of the Income Tax Act or the profit referred to therein requires any artificial cost to be interpolated?
6. Whether the lessor is entitled to depreciation on assets leased by it in the event of the transaction being held as a financial lease.
7. “Whether, assessee is entitled for deduction u/s 80P (2)(a)(i) on the interest received u/s 244A of the Act on the refund of tax.
8. Whether the services rendered by the assessee through their satellites for telecommunication or broadcasting, amount to ‘secret processes' or only ‘process'?
9. Whether the term ‘secret' appearing in the phrase ‘secret' formula or process' in Explanation 2 to section 9(1)(vi) and in the relevant the Treaties, will qualify the word ‘process' also? If so, whether the services rendered through secret process only will be covered within the meaning of royalty?
10. Whether the payment received by the assessees from their customers on account of use their satellites for telecommunication and broadcasting amounts to ‘royalty' and if so, whether the same is liable to tax under section 9 (1)(vi) of the Income Tax Act, 1961 read with relevant provisions of DTAA?
11. Whether in view of the provision of Section 80IA (9) r.w.s 80IB (13), the deduction of income under Chapter VI-A can be allowed on entire profit and gains of an undertaking or an enterprise of an assessee or it is to be allowed on such profit and gains as reduced by deduction claimed and allowed u/s 80IB/80IA?
12. Whether the receipt of Rs.2.85 Crores by the assessee from DCM for the termination of the agreement to build on the land belonging to DCM along with right to sell such portions of the super built area in the construction falling to the share of the assessee is a revenue receipt or a capital receipts?
13. Whether the surplus arising on revaluation of the land, held by the assessee as stock-in-trade and brought into the common stock of the partnership firm M/s DLF Commercial Developers, and by credit, at an agreed value, to the assessee's capital account amounted to a transfer of the asset to the partnership firm and can be assessed as the business profits of the assessee?”
14. Whether the assesses, who are in the business of blending & processing of tea and export thereof can be said to be “Manufacturer/Producer” of the tea for the purpose of Section 10A/10B of the I.T.Act , 1961?”
15. Whether the loss incurred on account of hedging by way of future and options are speculative in nature and cannot be regarded as business loss.
16. Whether the CIT was correct in invoking the provisions of section 263 of the Act in withdrawing the claim of deduction of gratuity provision of Rs.7,85,600 /-, actually paid to an approved gratuity fund and allowed by the A.O. in the original order of assessment as against incremental actuarial liability.
17. Whether the Assessee is entitled to claim deduction of Rs.7,85,600 /- being the provision for gratuity in terms of Section 36(1)(v) of the Act, actually paid to an approved gratuity fund.
18. Whether the amount collected from the borrowers to meet the interest tax liability could be taxed as interest under the Interest Tax Act, 1974?
19. Whether the entire amount of the time-share membership fee receivable by the assessee upfront at the time of enrolment of a member is the income chargeable to tax in the initial year when there is a contractual obligation fastened to the receipt to provide the services in future over the term of the contract?”
20. Whether the duty drawback receipts will qualify for deduction u/s 80IA for the assessment year 1997-98?
21. Whether the period of limitation for completion of the block assessment as per sec. 158BE read with Explanation 2 is to be reckoned from the end of the month in which ‘last Panchanama on the conclusion of search is drawn on the assessee' or ‘last Panchnama of the last authorization even when it is not last Panchanama drawn on the assessee and one or more valid panchanamas are drawn on the assessee thereafter in execution of any former authorization.