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Archive for the ‘Tribunal’ Category

Ferani Hotels Pvt. Ltd vs. ACIT (ITAT Mumbai)


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DATE: November 17, 2014 (Date of pronouncement)
DATE: November 24, 2014 (Date of publication)
AY: 2009-10
FILE: Click here to view full post with file download link
CITATION:
S. 14A Rule 8D: No presumption can be drawn that investment in tax-free securities has come from own funds. The amount of disallowance has to be added to the book profits u/s 115JB

(i) As regards the claim qua disallowance of interest expenditure, the argument of sufficient capital, so that the same must be presumed as having been applied toward investments yielding tax exempt income, misses the point completely. The matter has to be decided on the basis of facts and not presumptions. Until and unless therefore it […]


All Judgements, Tribunal | 3 Comments »

SRF Limited vs. ACIT (ITAT Delhi)


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DATE: November 13, 2014 (Date of pronouncement)
DATE: November 24, 2014 (Date of publication)
AY: 2002-03
FILE: Click here to view full post with file download link
CITATION:
S. 253(3): Delay of 1163 days in filing the appeal due to languid and inane conduct of the assessee cannot be condoned as it would result in the limitation period becoming otiose

(i) We are of the view that there is an extraordinary delay of 1163 days in filing this appeal for which assessee has to show “sufficient cause” but the cause shown by the assessee may be considered a “sufficient cause” for the intervening period when old officers left or parted with the company and till […]


All Judgements, Tribunal | 3 Comments »

Toll Global Forwarding India Pvt Ltd vs. DCIT (ITAT Delhi)


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DATE: November 17, 2014 (Date of pronouncement)
DATE: November 19, 2014 (Date of publication)
AY: 2006-07
FILE: Click here to view full post with file download link
CITATION:
CUP method can be applied by a comparing a pricing formulae, rather than the pricing quantification in amount. Rule 10AB inserted w.e.f. 01.04.2012 is beneficial in nature and so retrospective w.e.f. 01.04.2002

The assessee followed the 50:50 business model of sharing residual profits in equal ratio with the service provider at the other end of the transaction i.e. at the consignee’s end in the case of export transaction and at consigner’s end in the case of import transaction. This is a standard practice in the Industry. Even […]


All Judgements, Tribunal | 1 Comment »

M/s Vijay Veer Singh vs. ITO (ITAT Agra)


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DATE: October 31, 2014 (Date of pronouncement)
DATE: November 19, 2014 (Date of publication)
AY: 2005-06
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CITATION:
Disallowance u/s 184(5) of interest, salary etc paid by a firm to partners cannot be made if the Best Judgement assessment u/s 144 is due to incompleteness of accounts & not due to failures referred to in s. 144

The Tribunal had to consider whether disallowances for payments in respect of remuneration and interest on capital paid to the partners, in computation of taxable income of the firm, can be made under section 184(5) when even though assessment is completed under section 144 but the assessee has not committed any such failure as is […]


All Judgements, Tribunal | No Comments »

ACIT vs. Inlay Marketing Pvt. Ltd (ITAT Delhi)


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DATE: November 14, 2014 (Date of pronouncement)
DATE: November 18, 2014 (Date of publication)
AY: 2003-04 to 2008-09
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CITATION:
S. 153A/ 153C: Entire law on recording of satisfaction by the AO and limitation period explained

(i) It must not be lost sight of that s. 153C of the Act and 158BD of the Act are draconian in nature when accounts of the person or entity other than the person searched are reopened automatically and revenue gets authority to assessee or reassess assessment of six assessment years preceding previous year in […]


All Judgements, Tribunal | No Comments »

Bruhat Bangalore Mahanagar Palike vs. ITO (ITAT Bangalore)


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DATE: November 14, 2014 (Date of pronouncement)
DATE: November 18, 2014 (Date of publication)
AY: 2010-11 & 2011-12
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CITATION:
The term "any sum" in s. 194LA TDS does not cover a case where there is no monetary consideration but Development Right’s Certificate (DRC) are issued

The issue that arises for consideration is as to whether provisions of s.194LA of the Act are applicable to a case where (a) there was no compulsory acquisition; (b) there was no payment of any monetary consideration. (i) The process of surrender of land for public purpose by owners of land and issue of CDRs […]


All Judgements, Tribunal | No Comments »

ACIT vs. Crescent Property Developers (ITAT Mumbai)


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DATE: June 19, 2014 (Date of pronouncement)
DATE: November 17, 2014 (Date of publication)
AY: 2007-08
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CITATION:
S. 271(1)(c): No penalty can be levied solely on the basis of admission made during survey if there is no corroborative evidence & no fault is found with the return of income

Though the assessee offered a sum of Rs. 1 crore during the survey on account of discrepencies, errors and omissions in the accounts, at the stage of the assessment, there is no reference to any incriminating material found during the course of survey consequent upon which the assessee was cornered to surrender the said sum […]


All Judgements, Tribunal | 2 Comments »

Dilip Anand Vazirani vs. ITO (ITAT Mumbai)


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DATE: November 14, 2014 (Date of pronouncement)
DATE: November 17, 2014 (Date of publication)
AY: 2001-02
FILE: Click here to view full post with file download link
CITATION:
S. 2(47((v)/(vi): Mere execution of a development agreement does not result in a "transfer" if the approval of the municality is delayed and the developer has not started work

The assessee had received advance amounts much earlier to the execution of development agreement, probably on the strength of the MOU. The property was encumbered with tenancy rights of many persons and the release of tenancy right was completed only in January, 2005. Further, the approval from municipal corporation was also got delayed and the […]


All Judgements, Tribunal | 1 Comment »

ITO vs. Bennet Coleman & Co. Ltd (ITAT Mumbai)


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DATE: November 12, 2014 (Date of pronouncement)
DATE: November 17, 2014 (Date of publication)
AY: 2007-08
FILE: Click here to view full post with file download link
CITATION:
S. 9(1)(vii): Separate agreements for supply & installation cannot be regarded as one composite contract. However, as the installation is an "assembly" project, it will not constitute "fees for technical services". Even if such services are FTS u/s 9(1)(vii) they are excluded from taxation in India by Article 14 of the India-Swiss DTAA as the recipient has no PE in India

(i) It is undisputed that the mailroom equipment comprised of various units and was hence a complex equipment. The bid document clearly stipulated that the units/components of the mailroom equipment would have to be installed and commissioned by trained and qualified personnel of the supplier, who shall, then provide training to the assessee’s employees, on […]


All Judgements, Tribunal | No Comments »

DCIT vs. Nepa Limited (ITAT Indore)


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DATE: November 12, 2014 (Date of pronouncement)
DATE: November 14, 2014 (Date of publication)
AY: 2003-04
FILE: Click here to view full post with file download link
CITATION:
S. 271(1)(c): Penalty initiated without specifying whether it is for concealment or for furnishing inaccurate particulars it invalid

(i) It is incumbent upon the Assessing Officer to state whether penalty was being levied for concealment of particulars of income by the assessee or whether any inaccurate particulars of income had been furnished by the assessee. There are two different charges i.e. the concealment of particulars of income or furnishing of inaccurate particulars of […]


All Judgements, Tribunal | 1 Comment »


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