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Archive for the ‘Tribunal’ Category

Amitkumar Ambalal Shah vs. ITO (ITAT Ahmedabad)


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DATE: October 30, 2014 (Date of pronouncement)
DATE: October 31, 2014 (Date of publication)
AY: 2009-10
FILE: Click here to view full post with file download link
CITATION:
S. 2(47): Transfer takes place in year of execution of sale deed, handing over of possession & receipt of sale consideration & is not deferred to year of registration. Verdict in Suraj Lamp and Industries 340 ITR 1 (SC) explained

The Tribunal had to consider whether capital gains are assessable in AY 2008-09, being the year when the sale deed was executed and possession handed over and most of the sale consideration was received or in AY 2009-10 when the sale deed was registered. Held by the Tribunal: The transaction relates to the date when […]


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Clarion Technologies Pvt. Ltd vs. DCIT (ITAT Pune)


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DATE: October 30, 2014 (Date of pronouncement)
DATE: October 31, 2014 (Date of publication)
AY: 2009-10
FILE: Click here to view full post with file download link
CITATION:
Though approval of Director of STPI to EOU is sufficient for s. 10A, it is not so for s. 10B. For s. 10B, the approval of the Board appointed under I(D&R) Act is necessary. Claim for s. 10A can be made before CIT(A)

(1) The fact that the assessee is a 100% EOU approved by the Director, STPI does not mean entitle the assessee to deduction u/s 10B if the undertaking is not been approved by the Board appointed in this behalf by the Central Government in exercise of powers conferred by section 14 of the Industries (Development […]


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Yamaha Motor India Pvt. Ltd vs. ACIT (ITAT Delhi)


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DATE: October 29, 2014 (Date of pronouncement)
DATE: October 31, 2014 (Date of publication)
AY: 2007-08
FILE: Click here to view full post with file download link
CITATION:
Rule 10B(1)(b): Resale Price Method applies even where the goods are bought from an AE and sold to another AE

The argument of the department that under Rule 10B(1)(b) the Resale Price Method can be applied only when the assessee buys from an associated enterprise and sells to a non-associated enterprise and not when the sale is to an AE is not correct. As per the Rule 10B(1)(b), under the Resale Price Method the price […]


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Kanchenjunga Greenlands Pvt. Ltd vs. DCIT (ITAT Hyderabad)


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DATE: October 29, 2014 (Date of pronouncement)
DATE: October 31, 2014 (Date of publication)
AY: 2008-09
FILE: Click here to view full post with file download link
CITATION:
The only requirement of s. 249(4) is payment of tax due on returned income. There is no time limit prescribed for payment of such taxes. The delay in filing an appeal after payment of SA tax can be condoned

(i) The only requirement of section 249(4) is payment of tax due on returned income and there is no time limit prescribed for payment of such taxes. Therefore, if an appeal is filed after making of payment, it cannot be said that the requirement of section 249(4) has not been complied with. The CIT(A) can […]


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ACIT vs. Maharashtra State Electricity Distribution Company Ltd (ITAT Mumbai)


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DATE: October 29, 2014 (Date of pronouncement)
DATE: October 31, 2014 (Date of publication)
AY: 2009-10
FILE: Click here to view full post with file download link
CITATION:
S. 194-I: Payment for use of an asset simpliciter, whether with control and possession in its legal sense or not, could be said to be for the use of an asset. However, payment for a specific act such as power transmission and even if an asset is used in the said process, cannot be said to be for the use of an asset

(i) It is thus clear that in a situation in which the payment in made for the use of an asset simpliciter, whether with control and possession in its legal sense or not, the payment could be said to be for the use of an asset. However, in a situation in which the payment is […]


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BMW India Pvt. Ltd vs. ACIT (ITAT Delhi)


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DATE: October 21, 2014 (Date of pronouncement)
DATE: October 29, 2014 (Date of publication)
AY: 2009-10
FILE: Click here to view full post with file download link
CITATION:
“Umbrage” taken in Casio that BMW did not follow L. G. Electronics is based on “wrong head note”. L. G. does not deal with a case of distributor and so there is no conflict with the law laid down therein

In L. G. Electronics 140 ITD 41 (Del)(SB), the Special Bench laid down guidelines on how to determine whether a transfer pricing adjustment for “Advertisement & market Promotion” (“AMP”) expenses had to be made or not. Subsequently, in BMW (AY 2008-09), a division Bench held that the ratio of L. G. Electronics did not apply […]


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ITO vs. Onkarmal Kajaria Family Trust (ITAT Kolkata)


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DATE: October 27, 2014 (Date of pronouncement)
DATE: October 28, 2014 (Date of publication)
AY: 2006-07
FILE: Click here to view full post with file download link
CITATION:
S. 50C: AO cannot straightaway adopt stamp duty value as consideration for capital gains but must offer assessee benefit of reference to DVO for valuation

It is difficult to accept the proposition that the assessee had accepted that the price fixed by the District Sub Registrar was the fair market value of the property. No such inference can be made as against the assessee because he had nothing to do in the matter. Stamp duty was payable by the purchaser. […]


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G. Shankar vs. ACIT (ITAT Bangalore)


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DATE: October 10, 2014 (Date of pronouncement)
DATE: October 28, 2014 (Date of publication)
AY: 2005-06
FILE: Click here to view full post with file download link
CITATION:
Second proviso to s. 40(a)(ia) inserted w.e.f. 1.4.2013 should be treated as retrospectively applicable from 1.4.2005 and no disallowance for want of TDS can be made if payee has paid tax thereon. Assessee must be given opportunity to file Form 26A

The undisputed fact is that the assessee has not deducted tax at source on the payments made to Uday Kumar Shetty. The fact that the payee has accounted for these payments in his books of account, financial statements and the same have been offered for tax in his return of income for the period relevant […]


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ITO vs. Sajjankumar Didwani (ITAT Mumbai)


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DATE: May 28, 2014 (Date of pronouncement)
DATE: October 26, 2014 (Date of publication)
AY: 2009-10
FILE: Click here to view full post with file download link
CITATION:
S. 41(1): Unclaimed & unproven liabilities are deemed to have ceased and are assessable as income

(i) When the liability continues to subsist year after year, for several years, serious and valid doubts as to its existence or as representing an existing liability, may arise. This is as in the very nature of the events, nobody would ordinarily, i.e., without justifiable reason, not claim his dues, representing his hard earned money […]


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HSBC Electronic Data Processing India vs. ACIT (ITAT Hyderabad)


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DATE: October 24, 2014 (Date of pronouncement)
DATE: October 26, 2014 (Date of publication)
AY: 2007-08
FILE: Click here to view full post with file download link
CITATION:
Transfer pricing principles on right of TPO to collect info u/s 133(6), exclusion of high profit comparables, adjustment for limited risk environment, exclusion of reimbursement costs for computing operation margins explained

(i) The TPO conducted search in the data bases for finding additional comparable by applying 25% employee cost filter. After examining the information obtained from the company u/s 133(6) of the Act the TPO treated it as comparable by observing that the company is engaged in IT enabled services and qualifies all the filters adopted […]


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