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Month: December 2014

Archive for December, 2014

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DATE: June 17, 2014 (Date of pronouncement)
DATE: December 4, 2014 (Date of publication)
AY: 1998-99
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S. 147: The words “failure to disclose material facts" is not a magician's mantra & the failure to use those words will not by itself oust jurisdiction to reassess if the reasons as a whole implies a failure to disclose material facts

(i) We are of the view that the words “failure on the part of the assessee to disclose fully and truly all material facts necessary for assessment” is not a magician’s mantra which alone would give jurisdiction to reopen an …

Allanasons Limited vs. DCIT (Bombay High Court) Read More »

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DATE: June 18, 2014 (Date of pronouncement)
DATE: December 4, 2014 (Date of publication)
AY: 2005-06
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S. 147: A writ petition is not like an appeal where the assessee has a statutory right to require the Court to entertain the challenge. A writ will be maintained only if the notice is clearly without jurisdiction & not otherwise

We would exercise our writ jurisdiction to interdict a proceeding under Section 148 of the Act seeking to reopen an assessment only when the same is clearly without jurisdiction and not otherwise as a matter of self restraint. We are …

Nickunj Eximp Enterprises Pvt. Ltd vs. ACIT (Bombay High Court) Read More »

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DATE: August 11, 2014 (Date of pronouncement)
DATE: December 4, 2014 (Date of publication)
AY: 1993-94
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S. 147/ 150(1): A "finding" is one that is necessary for the disposal of an appeal in respect of an assessment of a particular year

The issue for our examination is whether there is any finding in the order of the Tribunal which is being given effect to and/or as consequence thereof, the impugned notice has been issued. It is only when the answer to …

Eskay K’n’ IT (India) Ltd vs. DCIT (Bombay High Court) Read More »

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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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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 …

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

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DATE: November 25, 2014 (Date of pronouncement)
DATE: December 3, 2014 (Date of publication)
AY: 2003-04
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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, …

DCIT vs. Alcatel India Limited (ITAT Delhi) Read More »

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DATE: November 25, 2014 (Date of pronouncement)
DATE: December 3, 2014 (Date of publication)
AY: 2007-08
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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 …

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

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DATE: November 21, 2014 (Date of pronouncement)
DATE: December 3, 2014 (Date of publication)
AY: 2008-09
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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 …

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

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DATE: November 21, 2014 (Date of pronouncement)
DATE: December 3, 2014 (Date of publication)
AY: 2008-09 & 2009-10
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S. 80-IB: Excise duty refund is "derived" from the undertaking. Liberty India 316 ITR 218 (SC) is distinguishable

The AO has denied 80IB deduction on excise duty refund for the sole reason that it cannot be treated as income derived from eligible business of the undertaking. However, as can be seen from the facts brought on record, there …

DCIT vs. Coromandel International Ltd (ITAT Hyderabad) Read More »

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DATE: November 19, 2014 (Date of pronouncement)
DATE: December 3, 2014 (Date of publication)
AY: 2007-08
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S. 37(1): Non-compete fee to ex-MD is revenue expenditure

A payment has to be seen from the context of commercial and business expediency. If the outgoing expenditure is so inextricably linked or related to carrying on or conduct of the business, that is, it can be regarded as integral …

ACIT vs. Clariant Chemicals (I) Ltd (ITAT Mumbai) Read More »

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DATE: November 21, 2014 (Date of pronouncement)
DATE: December 2, 2014 (Date of publication)
AY: 2009-10
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Impact of Explanation 2 to s. 195(1) inserted by Finance Act, 2012 w.r.e.f. 01.04.1962 on law laid down in GE India Technology Centre 327 ITR 456 (SC) explained

The law laid down in GE India Technology Centre (P.) Ltd. vs. CIT [2010] 327 ITR 456 (SC) that there is no obligation to deduct TDS u/s 195 if the sum is not chargeable to tax in India is not …

ACIT vs. Vilas N. Tamhankar (ITAT Mumbai) Read More »