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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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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 …

Bruhat Bangalore Mahanagar Palike vs. ITO (ITAT Bangalore) Read More »

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DATE: October 10, 2014 (Date of pronouncement)
DATE: October 28, 2014 (Date of publication)
AY: 2005-06
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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 …

G. Shankar vs. ACIT (ITAT Bangalore) Read More »

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DATE: October 17, 2014 (Date of pronouncement)
DATE: October 20, 2014 (Date of publication)
AY: 2009-10
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Foreign exchange fluctuation gain arising on realization of trade debtor’s, payment to creditors etc is operational income. Tests for distinguishing secondment contract with technical services agreement

(i) The TPO had considered foreign exchange fluctuation gains to be non-operational in nature. This view was confirmed by the DRP stating that the foreign exchange fluctuations had nothing to do with the business operations of a tax payer. The …

Cisco Systems Services B.E vs. ADIT (IT) (ITAT Bangalore) Read More »

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DATE: November 23, 2012 (Date of pronouncement)
DATE: October 20, 2014 (Date of publication)
AY: 2007-08
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Transfer Pricing: Turnover filter is an important criteria in choosing comparables

(i) The ICAI TP Guidelines note on this aspect lay down in para 15.4 that a transaction entered into by a Rs. 1,000 crore company cannot be compared with the transaction entered into by a Rs. 10 crore company. The …

Trilogy E-Business Software India vs. DCIT (ITAT Bangalore) Read More »

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DATE: October 17, 2014 (Date of pronouncement)
DATE: October 18, 2014 (Date of publication)
AY: 2008-09
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Entire law on taxation of private specific/ discretionary trusts under revocable & irrevocable transfers and AOPs explained

(i) Private Trusts could be Fixed or Discretionary Trusts. A fixed trust is a trust in which the beneficiaries have a current fixed entitlement to such income as remains after proper exercise of the trustee’s powers. On the other hand, …

DCIT vs. India Advantage Fund-VII (ITAT Bangalore) Read More »

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DATE: September 12, 2014 (Date of pronouncement)
DATE: October 17, 2014 (Date of publication)
AY: 2009-2010 & 2010-11
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S. 14A & Rule 8D disallowance cannot be made if there is no exempt income. Cheminvest Ltd. vs. ITO 121 ITD 318 (Ahd) (SB) is not good law.

There is no dispute that the assessee had no exempt income during both the years involved. No doubt as mentioned by the DR, the Special Bench of this Tribunal in the case of Cheminvest Ltd. vs. ITO 121 ITD 318, …

Alliance Infrastructure Projects Pvt. Ltd vs. DCIT (ITAT Bangalore) Read More »

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DATE: September 26, 2014 (Date of pronouncement)
DATE: October 4, 2014 (Date of publication)
AY: block period
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There is a perceptional difference in the operative force of section 271(1)(c) vis-à-vis section 158BFA(2). The charge against the assessee u/s 158BFA(2) could be, why they failed to compute true disclosed income out of the seized material.

On a comparative study of the scheme of assessment of undisclosed income for the purpose of block period, penalty impossible u/s 271(1)(i)(c) and penalty impossible on the undisclosed income in the block period, we find that income for the block …

Mohd. Khasim vs. ACIT (ITAT Bangalore) Read More »