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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 »

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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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S. 40(a)(ia) second proviso is not retrospective & so payment of TDS before due date of ROI does not prevent disallowance. Law laid down in Vector Shipping cannot be followed

(i) The next question arises for consideration is whether the second proviso to section 40(a)(ia) as incorporated by Finance Act, 2012 is retrospective in operation or prospective in operation. We are conscious that some of the benches of this Tribunal …

The Ramanthali Service Co-operative Bank Ltd vs. ITO (ITAT Cochin) Read More »

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DATE: November 14, 2014 (Date of pronouncement)
DATE: December 2, 2014 (Date of publication)
AY: 2000-01
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S. 147/ 151: Reopening mechanically on the basis of material received from another AO is bad. Merely noting "approved" without recording satisfaction is bad

(i) A perusal of the above demonstrates that the AO has not applied his mind so as to come to an independent conclusion that he has reason to believe that the income has escaped assessment during the year. A mere …

ITO vs. M. B. Jewellers P. Ltd (ITAT Delhi) Read More »

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DATE: November 18, 2014 (Date of pronouncement)
DATE: December 2, 2014 (Date of publication)
AY: 2007-08, 2009-10
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S. 9(1)(vi): Broadcast or live coverage does not have a "copyright" & is consequently not assessable as "royalty" for purposes of TDS

(i) A live T.V coverage of any event is a communication of visual images to the public and would fall within the definition of the word “broadcast” in Section 2(dd). That apart we note that Section 13 does not contemplate …

CIT vs. Delhi Race Club (Delhi High Court) Read More »

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DATE: November 24, 2014 (Date of pronouncement)
DATE: December 2, 2014 (Date of publication)
AY: -
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RTI Act: Income-tax returns are confidential and cannot be disclosed except where disclosure is in public interest and outweighs possible harm to the assessee

(i) Undoubtedly, the income tax returns and information provided to Income Tax Authorities by assessees is confidential and not required to be placed in public domain. Given the nature of the income tax returns and the information necessary to support …

Naresh Trehan vs. Rakesh Kumar Gupta (Delhi High Court) Read More »

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DATE: November 7, 2014 (Date of pronouncement)
DATE: December 2, 2014 (Date of publication)
AY: -
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S. 254: ITAT cannot decline to admit additional ground of appeal on the ground that it would in any case be answered against the appellant on merits

In the light of authoritative pronouncement in National Thermal Power Limited Company V/s. CIT 229 ITR 383 and which was binding on the Tribunal, in terms of Article 141 of the Constitution of India, we do not see how the …

Jehangir H C Jehangir vs. ITO (Bombay High Court) Read More »

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DATE: November 28, 2014 (Date of pronouncement)
DATE: December 1, 2014 (Date of publication)
AY: 2006-07
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Transfer Pricing: Updated information not available at the time of the TP study but available at the stage of assessment has to be considered by AO

In the light of the facts on record, on a consideration of the same we are of the view that the reliance placed on the data available in the public domain at the time of the assessment proceedings which was …

ADIT vs. M/s I. M. Technologies (ITAT Delhi) Read More »

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DATE: December 25, 2014 (Date of pronouncement)
DATE: December 1, 2014 (Date of publication)
AY: 2006-07
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S. 133A: A statement given u/s 133A(iii) is not on oath and can be retracted. Even a statement on oath does not create any estoppel and can be retracted

On the issue whether the statement on oath u/s 133A is binding and cannot be retracted, we have to make a categorical observation, here that statement given u/s 133A is not on oath. Section 133A(iii) observes, “record a statement of …

ITO vs. Vandana Properties (ITAT Mumbai) Read More »

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DATE: November 28, 2014 (Date of pronouncement)
DATE: December 1, 2014 (Date of publication)
AY: 2003-04 to 2008-09
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CITATION:
S. 153C: Whenever a document is found from a person who is being searched the normal presumption is that the said document belongs to that person. It is for the AO to rebut that presumption and come to a conclusion or "satisfaction" that the document in fact belongs to somebody else based on cogent material

On a plain reading of Section 153C, it is evident that the Assessing Officer of the searched person must be “satisfied” that inter alia any document seized or requisitioned “belongs to” a person other than the searched person. It is …

DCIT vs. Aakash Arogya Mindir P.Ltd (ITAT Delhi) Read More »