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DATE: September 15, 2014 (Date of pronouncement)
DATE: November 7, 2014 (Date of publication)
AY: 2008-09
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S. 54EC: Assessee is eligible for deduction of Rs.1 Crore in respect of investment of Rs.50 Lakhs made in two different financial years. Proviso to s. 54EC seeking to curb this has effect from AY 2015-16

(i) On a plain reading of Section 54EC(1) of the Act it is clear that it restricts the time limit for the period of investment after the property has been sold to six months. There is no cap on the …

CIT vs. C. Jaichander (Madras High Court) Read More »

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DATE: October 28, 2014 (Date of pronouncement)
DATE: November 4, 2014 (Date of publication)
AY: 2007-08, 2008-09 & 2009-10
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S. 80-IB(10)(c): Area of projected terrace (open to sky) is not liable to be included within the meaning of expression “built-up area”

The issue to be decided is as to whether the area of projected terrace (open to sky) is liable to be included within the meaning of expression “built-up area” contained in clause (c) of section 80IB(10) of the Act. (i) …

Naresh T. Wadhwani vs. DCIT (ITAT Pune) Read More »

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DATE: October 31, 2014 (Date of pronouncement)
DATE: November 4, 2014 (Date of publication)
AY: 2002-03
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If assessee has followed CUP method, it cannot argue at the appellate stage that TNMM should be followed even if TPO has for later years accepted TNMM as the Most Appropriate Method

(i) It is observed that the assessee applied CUP as the most appropriate method for benchmarking the international transactions undertaken by it. The assessee did not dispute before the TPO that the CUP was the most appropriate method. However, it …

DCIT vs. Insilco Ltd (ITAT Delhi) Read More »

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DATE: October 31, 2014 (Date of pronouncement)
DATE: November 4, 2014 (Date of publication)
AY: 2007-08
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CITATION:
S. 37(1): Law on deductibility of expenditure incurred on legal fees to defend criminal proceedings explained

(i) The ratio of the decisions in CIT vs. Birla Brothers 82 ITR 166 (SC), CIT vs. Dhanrajgiri Raja Narsinghgiri (1973) 91 ITR 544 (SC), CIT Vs. H. Hirjee (1953) 23 ITR 427 (SC) and CIT Vs. Chaman Lal & …

Praveen Saxena vs. JCIT (ITAT Delhi) Read More »

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DATE: October 31, 2014 (Date of pronouncement)
DATE: November 3, 2014 (Date of publication)
AY: 2009-10
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S. 50C(2): Reference to DVO cannot be made if assessee has challenged the valuation by the stamp authorities and even if the said challenge is dismissed on ground that as purchaser paid the duty, assessee had no locus standi to challenge stamp valuation

The mandate of section 50C is clear and the sale consideration shall be deemed to be the value adopted or assessed by the Stamp Valuation Authority. The only exception provided is that firstly the assessee should claim before AO that …

Seksaria Industries Pvt. Ltd vs. ITO (ITAT Mumbai) Read More »

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DATE: October 31, 2014 (Date of pronouncement)
DATE: November 3, 2014 (Date of publication)
AY: 2009-10
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Interest on NPAs is not taxable. As there is a conflict on the point between Vasisth Chay Vyapar Ltd 330 ITR 440 (Del) and Sakthi Finance Ltd., (2013) 31 taxmann.com 305 (Mad), the view in favour of the assessee has to be followed

Based on the prudential norms, the assessee herein did not admit the interest relatable to NPA advances in its total income. The Delhi High Court in Vasisth Chay Vyapar Ltd 330 ITR 440 (Del) has held that the interest on …

ACIT vs. Solapur Siddheshwar Sahakari Bank Ltd (ITAT Pune) Read More »

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DATE: October 31, 2014 (Date of pronouncement)
DATE: November 3, 2014 (Date of publication)
AY: 2002-03
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(i) Method of applying Resale Price Method (RPM) method, (ii) high advertisement expenses has no bearing on the RPM, (iii) comparables with more than 25% of related party transactions (RPTs) have to be excluded, (iv) transactions which do not impact the profitability should be excluded from the formula, (v) potentially comparable companies cannot be expelled only on the ground of high or low turnover

(i) The assessee simply purchased mobile phones and accessories from Nokia group companies situated outside India and resold the same as such without any further value addition, mainly, to HCL Infosystems in India. Since the goods imported from the foreign …

Nokia India (P) Ltd vs. DCIT (ITAT Delhi) Read More »

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DATE: October 31, 2014 (Date of pronouncement)
DATE: November 3, 2014 (Date of publication)
AY: 2003-04
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(i) As the work done by the branch in India required high technical and managerial skill, it is not preparatory and auxiliary work of a back office but constitutes a permanent establishment (ii) Attribution of profits under Rule 10B(2) on the basis of the H.O's profits in the absence of data on uncontrolled transactions is proper, (iii) As risks were shared by the H.O. and the PE, 50% 50% of the profits determined as per rule 10 are attributable to operations carried out by the PE in India

(i) The benefit of the ratio of first part of Morgan Stanley and Co. Inc. (2007) 292 ITR 416 (SC) is not available for the assessee as on careful examination of activities and modus operandi of the assessee, we have …

Consulting Engineering Corporation vs. JDIT (ITAT Delhi) Read More »

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DATE: October 31, 2014 (Date of pronouncement)
DATE: November 3, 2014 (Date of publication)
AY: 2006-07
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CITATION:
S. 147: Reopening on the possibility that the assessee AOP may or may not be a taxable unit is based on surmise and presumption & is invalid

(i) The assessee is a FUND and a resident of Denmark. Along with its return of income, in India, the assessee had submitted ‘Tax Residency Certificate’ issued by the Danish Authorities in order to claim the benefit of Article 14 …

Investeringsforeningen BankInvest vs. DDIT (ITAT Mumbai) Read More »