itatonline.org » Category: Tribunal» Latest unreported judgements

Subscribe To Our Newsletter
IMPORTANT: Please add editor@itatonline.info to your contacts to prevent mails from us going into the Spam/ Junk folder

Archive for the ‘Tribunal’ Category

Harsha L. Tahilramani vs. ACIT (ITAT Mumbai)


COURT:
CORAM: ,
SECTION(S): , , ,
GENRE:
CATCH WORDS: ,
COUNSEL: ,
DATE: October 17, 2014 (Date of pronouncement)
DATE: October 24, 2014 (Date of publication)
AY: 2007-08
FILE: Click here to view full post with file download link
CITATION:
Law on the tests to distinguish whether gains on sale of shares is short-term or business profits explained

(i) The assessee wonders as to why should she be not allowed her claim of the delivery-based transactions as being not trade, which stands admitted by her qua non-delivery based transactions? However, that precisely defines the controversy which is to be resolved (with reference to and on the basis of the facts), so that nothing […]


All Judgements, Tribunal | No Comments »

HSBC Invest Direct (India) Ltd vs. DCIT (ITAT Mumbai)


COURT:
CORAM: ,
SECTION(S): , , ,
GENRE:
CATCH WORDS: ,
COUNSEL:
DATE: October 17, 2014 (Date of pronouncement)
DATE: October 24, 2014 (Date of publication)
AY: 2008-09
FILE: Click here to view full post with file download link
CITATION:
Various arguments on the applicability of s. 14A & Rule 8D where the AO has not recorded satisfaction, where the shares are held in strategic/ subsidiary companies, held as stock-in-trade, where there are surplus funds and the quantum of disallowance under Explanation (f) to s. 115JA/ 115JB considered

(i) When it is said that rule 8D is mandatory (i.e., AY 2008-09 onwards), all that is meant is where the said expenditure cannot be reasonably ascertained with reference to the assessee’s accounts, toward which the AO is to issue his satisfaction or, as the case may be, dissatisfaction, he has no discretion in case […]


All Judgements, Tribunal | 2 Comments »

Anuj Kumar Varshney vs. ITO (ITAT Jaipur)


COURT:
CORAM: ,
SECTION(S): , ,
GENRE:
CATCH WORDS:
COUNSEL:
DATE: October 22, 2014 (Date of pronouncement)
DATE: October 24, 2014 (Date of publication)
AY: 2007-08
FILE: Click here to view full post with file download link
CITATION:
Bogus purchases: Filing of confirmation of suppliers with PAN and TIN number are not sufficient to prove the purchases are genuine if they are not supported by other facts including delivery of goods & presence of suppliers

The department had gathered the information through survey and search seizure in above parties and they categorically admitted that they have provided entries and not doing any purchase and sale of gems and jewellery. Even then Assessing Officer asked to produce these parties for verification which could not be produced by it. The Assessing Officer […]


All Judgements, Tribunal | 2 Comments »

ITO vs. Reliance Share and Stock Brokers (P) Ltd (ITAT Mumbai)


COURT:
CORAM: ,
SECTION(S): , ,
GENRE:
CATCH WORDS: , ,
COUNSEL:
DATE: October 22, 2014 (Date of pronouncement)
DATE: October 24, 2014 (Date of publication)
AY: 2008-09
FILE: Click here to view full post with file download link
CITATION:
No S. 14A/ Rule 8D Disallowance if accounts not examined. Consent fee paid to SEBI is not penalty for infraction of law

Re Disallowance made u/s 14A r.w. rule 8D (i) It is now settled principle that the assessing officer has to examine the disallowance made by the assessee by having regard to the accounts of the assessee and only thereafter the AO, if he is not satisfied with the correctness of the claim, shall determine the […]


All Judgements, Tribunal | No Comments »

Mathewsons Exports & Imports vs. ACIT (ITAT Cochin)


COURT:
CORAM: ,
SECTION(S): , ,
GENRE: ,
CATCH WORDS: ,
COUNSEL:
DATE: October 21, 2014 (Date of pronouncement)
DATE: October 24, 2014 (Date of publication)
AY: 2006-07
FILE: Click here to view full post with file download link
CITATION:
charter hire payment is not assessable as royalty, there is no obligation to deduct TDS and no disallowance u/s 40(a)(i) can be made

It is very clear that the payments made by the assessee company were in the nature of simple payments for chartering ships on hire for doing the business outside India. Therefore, the payments do not satisfy the test laid down in s.9 of the IT Act, 1961. When s. 9 is not satisfied, there cannot […]


All Judgements, Tribunal | 1 Comment »

DCIT vs. Baljit Securities Private Limited (ITAT Kolkata)


COURT:
CORAM: ,
SECTION(S): , , ,
GENRE:
CATCH WORDS:
COUNSEL:
DATE: October 21, 2014 (Date of pronouncement)
DATE: October 24, 2014 (Date of publication)
AY: 2009-10
FILE: Click here to view full post with file download link
CITATION:
Rule 8D(ii) & 8D(iii) do not apply to shares held as stock-in-trade. Loss arising out of derivatives from the income arising out of buying and selling of shares

(i) Both trading of shares and derivative transactions are not coming under the purview of Section 43(5) of the Act which provides definition of “speculative transaction” exclusively for purposes of section 28 to 41 of the Act. Again, the fact that both delivery based transaction in shares and derivative transactions are non-speculative as far as […]


All Judgements, Tribunal | 1 Comment »

Mitsubishi Corporation India Pvt. Ltd vs. DCIT (ITAT Delhi)


COURT:
CORAM: ,
SECTION(S): , ,
GENRE: ,
CATCH WORDS: , ,
COUNSEL:
DATE: October 21, 2014 (Date of pronouncement)
DATE: October 22, 2014 (Date of publication)
AY: 2007-08
FILE: Click here to view full post with file download link
CITATION:
In a case of "sogo shosha" business model (high volume, low risk, trading of goods), the "berry ratio" (benchmarking gross profit and/ or net revenues (after subtraction of cost of sales) against operating expenses is an appropriate PLI. To avoid discrimination under Article 24(3) of the India-Japan DTAA, the benefit of no disallowance u/s 40(a)(ia) (in the cast of residents) for want of TDS if the recipient has paid the tax has to be extended to non-residents u/s 40(a)(i)

As regards the transfer pricing adjustment: (i) Even the TPO does not dispute that (a) MCI is a low risk activity in the field of trading, (b) MCJ group is primarily involved in high volume sales, or ‘colossal sales’ of a wide range of merchandise; (c) MCJ, following the sogo shosha business model, has global […]


All Judgements, Tribunal | No Comments »

DCIT vs. Spaze Tower Pvt. Ltd (ITAT Delhi)


COURT:
CORAM: ,
SECTION(S):
GENRE:
CATCH WORDS: , ,
COUNSEL:
DATE: October 17, 2014 (Date of pronouncement)
DATE: October 21, 2014 (Date of publication)
AY: 2005-06
FILE: Click here to view full post with file download link
CITATION:
Expl 2 to S. 132B, though inserted w.e.f. 1.6.2013, is retrospective and seized cash cannot be adjusted against advance-tax liability

(i) As per provisions of section 132B of the Act the assets seized u/s 132 or requisitioned u/s 132A may be adjusted towards the amount of any “existing liability”. The Explanation 2 to section 132B of the Act inserted by the Finance Act, 2013 w.e.f. 1.6.2013 clarifies that for removal of doubts it is hereby […]


All Judgements, Tribunal | No Comments »

Padinjarekara Agencies Pvt. Ltd vs. ACIT (ITAT Cochin)


COURT:
CORAM: ,
SECTION(S):
GENRE:
CATCH WORDS: ,
COUNSEL:
DATE: October 17, 2014 (Date of pronouncement)
DATE: October 21, 2014 (Date of publication)
AY: 2005-06
FILE: Click here to view full post with file download link
CITATION:
S. 115JB: AO entitled to tinker with P&L A/c if assessee's claim not permitted by accounting principles

The question that had arisen was whether the Assessing officer was entitled to disturb the net profit shown by the assessee in the profit and loss account prepared as per the Companies Act, 1956.in order to enable anybody to understand the implication of such deviation, it was made mandatory for the companies to disclose the […]


All Judgements, Tribunal | 1 Comment »

ITO vs. Rakam Money Matters P. Ltd (ITAT Delhi)


COURT:
CORAM: ,
SECTION(S):
GENRE:
CATCH WORDS: ,
COUNSEL:
DATE: October 16, 2014 (Date of pronouncement)
DATE: October 21, 2014 (Date of publication)
AY: 2003-04
FILE: Click here to view full post with file download link
CITATION:
S. 68: Law regarding addition of share application money as unexplained credit explained

The only issue here is the addition of Rs.60 lacs made by the Assessing Officer as unexplained credit on account of the share application money. On going through the facts of the case, we notice that assessee has filed the relevant details which it could have filed in support of its contention of having received […]


All Judgements, Tribunal | 4 Comments »