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DATE: December 26, 2014 (Date of pronouncement)
DATE: December 1, 2014 (Date of publication)
AY: 2005-06
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For constituting a long-term capital asset, date of allotment of property and not date of registration to be considered. Benevolent approach should be adopted and not a hyper-technical or legalistic one

(i) All the aforesaid judgments relied on by the Revenue are cases arising prior to the amendment to Section 2(47) of the Act. The very same judgments show, in particular the judgment of the Full Bench of the Gujarat High …

Andhra Networks Limited vs. DCIT (ITAT Hyderabad) Read More »

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DATE: January 27, 2014 (Date of pronouncement)
DATE: November 29, 2014 (Date of publication)
AY: 2009-10
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Consideration for use of software is not assessable as royalty under Article 12 of DTAA and s. 9(1)(vi)

(i) In order to qualify as royalty payment, it is necessary to establish that there is transfer of all or any rights (including the granting of any licence) in respect of copyright of a literary, artistic or scientific work. In …

ADIT vs. Bartronics India Ltd (ITAT Hyderabad) Read More »

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DATE: November 7, 2014 (Date of pronouncement)
DATE: November 11, 2014 (Date of publication)
AY: 2006-2007, 2007-2008 & 2009-2010
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Law on whether income from rent for lease of space in technology park and income from operation and management of facilities is assessable as "business profits" or "income from house property" explained

Assessee has been consistently offering the incomes under the head “Income on House Property” as far as the receipts of rents are concerned and under the head “Business” as far as the service fee and management fee on maintenance are …

K. Raheja IT Park (Hyderabad) P. Ltd vs. CIT (ITAT Hyderabad) Read More »

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DATE: September 16, 2014 (Date of pronouncement)
DATE: November 8, 2014 (Date of publication)
AY: 2007-08
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S. 271(1)(c): Apart from falsity of the explanation, the department must have cogent material or evidence from which it could be inferred that assessee has consciously concealed particulars of income or deliberately furnished inaccurate particulars of income

As held by Hon’ble Supreme Court in the case of CIT vs. Khode Easwar 83 ITR 369 the penalty proceedings being penal in character, the Revenue itself has to establish that the receipt of the amount undisputedly constitute income of …

G. K. Properties Pvt. Limited vs. ITO (ITAT Hyderabad) Read More »

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DATE: October 29, 2014 (Date of pronouncement)
DATE: October 31, 2014 (Date of publication)
AY: 2008-09
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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 …

Kanchenjunga Greenlands Pvt. Ltd vs. DCIT (ITAT Hyderabad) Read More »

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DATE: October 24, 2014 (Date of pronouncement)
DATE: October 26, 2014 (Date of publication)
AY: 2007-08
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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 …

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

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DATE: October 24, 2014 (Date of pronouncement)
DATE: October 26, 2014 (Date of publication)
AY: 2008-09
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S. 2(1A): Gains from sale of agricultural land is exempt even though purchaser intends to use the land for commercial purposes

The only reason the A.O. treated the land as non-agricultural land was that ‘agreement of sale’ read with ‘Irrevocable GPA’ does not indicate that land retained the character of agriculture at the time of transfer. This was also the ground …

DCIT vs. M. Kalyan Chakravarthy (ITAT Hyderabad) Read More »

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DATE: October 22, 2014 (Date of pronouncement)
DATE: October 26, 2014 (Date of publication)
AY: 2007-08
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In view of the finding of the service-tax authorities that services were rendered, argument that amount paid is a reimbursement of actual cost without profit element is not acceptable and it is chargeable as “fee for included services”

Having held that the amount in question was remitted by the assessee company to ATI Technologies, Canada for certain benefits received by it in the form of services procured by ATI Technologies, Canada from Soctronics India Private Limited and provided …

AMD Research & Development Center vs. DCIT (ITAT Hyderabad) Read More »

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DATE: October 15, 2014 (Date of pronouncement)
DATE: October 20, 2014 (Date of publication)
AY: 2008-09
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Fraud in determination of LIBOR/ EURIBOR no reason to discard it as ALP

The department claimed that in determining the ALP of an international transaction of loan by the assessee to its AE, LIBOR could not be treated as the ALP as there was a “fraud” regarding fixation of ‘LIBOR’ as evidenced by …

Vijay Electricals Limited vs. ACIT (ITAT Hyderabad) Read More »

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DATE: October 13, 2014 (Date of pronouncement)
DATE: October 14, 2014 (Date of publication)
AY: 2009-10
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TPO cannot question commercial expediency of payment to AE. RBI approval to a transaction implies it is at arms' length price

We are of the opinion that the TPO was incorrect in going into the business expediency of payment of royalty and arriving at the conclusion of the quantum of the royalty. We find support for this proposition in the decision …

DCIT vs. Owens Corning Industries (India) Pvt. Ltd (ITAT Hyderabad) Read More »