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Archive for the ‘Tribunal’ Category

M/s. Nandini Delux vs. ACIT (ITAT Bangalore)


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DATE: December 5, 2014 (Date of pronouncement)
DATE: December 8, 2014 (Date of publication)
AY: 2008-09 to 2010-11
FILE: Click here to view full post with file download link
CITATION:
(i) S. 153A: Even in non-pending assessments where no incriminating material is found, AO is not limited to assessing “undisclosed” income, (ii) revenue expenditure on leased premises is not hit by sub-section (1A) to s. 32 or Explanation 1 to s. 32, (iii) Even income voluntarily disclosed in search is liable for 2. 234B/C interest

(i) The circumstance where proceedings are not pending and no incriminating material is found in the course of search has been left unanswered by the Delhi High Court in Anil Kumar Bhatia 352 ITR 493 (Del). In this case, the Court has held that even if the assessment order has been passed in respect of […]


All Judgements, Tribunal | 14 Comments »

ACIT vs. Oil and Natural Gas Corporation Ltd (ITAT Mumbai)


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DATE: December 3, 2014 (Date of pronouncement)
DATE: December 8, 2014 (Date of publication)
AY: 2008-09
FILE: Click here to view full post with file download link
CITATION:
S. 194-I: Lease premium and additional Floor Space Index (FSI) charges paid to MMRDA is not "rent" for TDS

It is the real nature of the arrangement or transaction, and not merely the words or phrases employed, even as cautioned by the apex court in Panbari Tea Co. Ltd. (supra), i.e., the substance of the transaction, that is relevant and paramount. The amount charged by MMRDA as lease premium is equal to the rate […]


All Judgements, Tribunal | 2 Comments »

Nitco Logistics Pvt. Ltd vs. JCIT (ITAT Amritsar)


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DATE: September 5, 2014 (Date of pronouncement)
DATE: December 8, 2014 (Date of publication)
AY: 2009-10
FILE: Click here to view full post with file download link
CITATION:
(i) Dharmada collections are not taxable as income, (ii) S. 50C does not apply to the purchaser of property

(i) It is not disputed that Dharmarth receipts are not taxable. This is as per the CBDT Circular (supra), as also the following decisions: i. CIT Vs. Bijli Cotton Mills (P) Ltd., (1979) 116 ITR 60 (SC) ii. CIT Vs. Gheru Lal Bal Chand, (1978) 111 ITR 134 (P&H) iii. Addl. CIT Vs. Channoo Lal […]


All Judgements, Tribunal | 2 Comments »

DCIT vs. Bramha Corp. Hotels & Resorts Ltd (ITAT Pune)


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DATE: December 2, 2014 (Date of pronouncement)
DATE: December 5, 2014 (Date of publication)
AY: 2007-08
FILE: Click here to view full post with file download link
CITATION:
Premium paid to buyback shares of recalcitrant shareholders is to facilitate smooth running of business and is allowable as revenue business expenditure

From the case-laws referred to in the said commentary, it is amply clear that while accepting the compromise or settlement between the two warring groups, for a proceeding under ss. 397 and 398 of the Companies Act, 1956, the Court will keep in mind the prime interest of the company as well as public interest. […]


All Judgements, Tribunal | No Comments »

Calibrated Healthcare Systems India Pvt. Ltd vs. ACIT (ITAT Delhi)


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DATE: December 4, 2014 (Date of pronouncement)
DATE: December 5, 2014 (Date of publication)
AY: 2007-08
FILE: Click here to view full post with file download link
CITATION:
Transfer Pricing: Companies which are functionally similar to the assessee cannot be excluded merely because of high or low turnover

When a company is functionally similar to that of the assessee company, the same cannot be excluded merely because of its turnover at a higher or lower level. Here it is important to mention that sec. 92C(1) of the Income-tax Act, 1961 provides for the computation of Arm’s Length Prices by one of the methods […]


All Judgements, Tribunal | 1 Comment »

Indian Chamber of Commerce vs. ITO (ITAT Kolkata)


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DATE: December 2, 2014 (Date of pronouncement)
DATE: December 4, 2014 (Date of publication)
AY: 2008-09 & 2009-10
FILE: Click here to view full post with file download link
CITATION:
S. 2(15)/ 11: Entire law on what is "charitable purpose" and scope of Proviso inserted by Finance (No.2) Act 2009 w.r.e.f. 01.04.2009 explained

(i) The purpose for which the assessee association, i.e. The Indian Chamber of Commerce, was established is a charitable purpose within the meaning of S. 2(15) of the Act. The assessee is carrying out the said activities which are incidental to the main object of the Association and which are conducted only for the purpose […]


All Judgements, Tribunal | 5 Comments »

ACIT vs. Convergys India Service (P) Ltd (ITAT Delhi)


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DATE: November 28, 2014 (Date of pronouncement)
DATE: December 3, 2014 (Date of publication)
AY: 2004-05
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CITATION:
Transfer Pricing: Comparables with more than 25% RPTs have to be excluded. There are no fetters on the assessee's right to claim that a comparable included by him should be excluded

(i) The principal question about the exclusion of companies with more than 25% RPTs from the list of comparables on account of these becoming controlled transactions, has been fairly decided by various benches of the Tribunal. It has been held by the Delhi Bench of the Tribunal in Agilent Technologies International Pvt. Ltd. Vs. ACIT […]


All Judgements, Tribunal | No Comments »

DCIT vs. Alcatel India Limited (ITAT Delhi)


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DATE: November 25, 2014 (Date of pronouncement)
DATE: December 3, 2014 (Date of publication)
AY: 2003-04
FILE: Click here to view full post with file download link
CITATION:
Transfer Pricing: ALP adjustments can only be made in respect of international transactions with the AEs and cannot extend to the transactions with non AEs

It is well settled legal position that the ALP adjustments can only be made in respect of international transactions with the AEs and cannot extend to the transactions with non AEs. There are large number decisions of the coordinate benches, including in the case of Alstom Projects India Ltd Vs ACIT [26 ITR (Trib) 322], […]


All Judgements, Tribunal | No Comments »

EXL India Business Services Pvt Ltd vs. ACIT (ITAT Delhi)


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DATE: November 25, 2014 (Date of pronouncement)
DATE: December 3, 2014 (Date of publication)
AY: 2007-08
FILE: Click here to view full post with file download link
CITATION:
S. 147: After the expiry of the time limit for issue of s. 143(2) notice, the AO has no jurisdiction to make a reference to the TPO. The TPO's report cannot form the basis for reopening the assessment

The assessee filed the return of income of 29th October 2007, and that the time limit for issuance of notice, under section 143(2), selecting the case for scrutiny assessment expired on 30th September 2008. It is also an admitted position that it was only on 24th December 2009 that the Assessing Officer made a reference, […]


All Judgements, Tribunal | 2 Comments »

Toyota Kirloskar Auto Parts Pvt. Ltd vs. ACIT (ITAT Bangalore)


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DATE: November 21, 2014 (Date of pronouncement)
DATE: December 3, 2014 (Date of publication)
AY: 2008-09
FILE: Click here to view full post with file download link
CITATION:
Transfer Pricing: Law on aggregation of several international transactions to determine the Arms' Length Price explained

1) Whether the payment of royalty is interlinked and interconnected with the other international transactions of the assessee with its AE’s? 2) Where different international transactions with the AE are interconnected and interlinked, whether the aggregation of the transactions is required and the comparables are also be considered on aggregate basis. (i) As per the […]


All Judgements, Tribunal | 1 Comment »


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