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DATE: April 29, 2014 (Date of pronouncement)
DATE: October 18, 2014 (Date of publication)
AY: 2009-2010
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CITATION:
Non-passing of draft assessment order after adjustments made by the TPO renders proceedings null & void

Under Section 144C(1) of the Act, with effect from 1st October 2009, the Assessing Officer has to mandatorily issue a draft assessment order if there is a proposed variation to the return which are prejudicial to the eligible assessee. The …

Vijay Television Private Limited vs. DRP (Madras High Court) Read More »

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DATE: September 5, 2014 (Date of pronouncement)
DATE: October 17, 2014 (Date of publication)
AY: 2007-08 and 2008-09
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S. 14A & Rule 8D disallowance cannot be made if there is no exempt income or if there is a possibility of the gains on transfer of the shares being taxable.

(i) On the issue whether the assessee could have earned dividend income and even if no dividend income was earned, yet Section 14A can be invoked and disallowance of expenditure can be made, there are three decisions of the different …

CIT vs. Holcim India P. Ltd (Delhi High Court) 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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CITATION:
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 2, 2014 (Date of pronouncement)
DATE: October 16, 2014 (Date of publication)
AY: 2008-09
FILE: Click here to view full post with file download link
CITATION:
Rule 37BA (credit for TDS) inserted w.e.f. 01.04.2009 to mitigate hardship to taxpayers has to be treated as being retrospective in nature

Rule 37BA of the Rules clearly mentions that credit for tax deducted at source and paid to the Central Government shall be given to the person provided that the deductee files a declaration with the deductor and the deductor reports …

Parmanand Tiwari vs. ITO (ITAT Kolkata) Read More »

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DATE: October 10, 2014 (Date of pronouncement)
DATE: October 16, 2014 (Date of publication)
AY: 1993-94
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S. 271(1)(c): Wrong claim for depreciation by showing a finance or loan transaction as a lease transaction attracts penalty

(i) The detailed findings of the AO, the assessee not agitating the findings of the AO in quantum proceedings, no plea of factual discrepancies during quantum proceedings and appeals, even no such plea before AO during penalty proceedings and no …

Times Guaranty Ltd vs. ACIT (ITAT Mumbai) Read More »

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DATE: April 4, 2014 (Date of pronouncement)
DATE: October 16, 2014 (Date of publication)
AY: 2008-09 & 2009-10
FILE: Click here to view full post with file download link
CITATION:
No disallowance u/s 14A & Rule 8D can be made towards exempt income earned on strategic investments

The assessee had made significant investments in the shares of subsidiary companies which are definitely not for the purpose of earning exempt income. Strategic investment has to be excluded for the purpose of arriving at disallowance under Rule 8D(iii). The …

Interglobe Enterprises Ltd vs. DCIT (ITAT Delhi) Read More »

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DATE: July 30, 2014 (Date of pronouncement)
DATE: October 15, 2014 (Date of publication)
AY: 2009-2010
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S. 147: If AO contests the audit objection but still reopens to comply with the audit objection, it means he has not applied his mind independently and the reopening is void

To satisfy ourselves, whether the reassessment proceedings have been initiated at the instance of the audit party and solely on the ground of audit objections ….. On a perusal of the files, the noting made therein and the relevant documents, …

Raajratna Metal Industries Ltd vs. ACIT (Gujarat High Court) Read More »

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DATE: August 28, 2014 (Date of pronouncement)
DATE: October 15, 2014 (Date of publication)
AY: 2008-09
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CITATION:
S. 14A: In applying Rule 8D(2)(ii) interest expenses directly attributable to tax exempt income as also directly attributable to taxable income, are required to be excluded from computation of common interest expenses to be allocated.

(1) S. 14 A (2) requires the AO to determine the amount of expenditure incurred in relation to such income which does not form part of the total income under this Act in accordance with such method as may be …

Geojit Investment Services Ltd vs. ACIT (ITAT Cochin) Read More »

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DATE: October 13, 2014 (Date of pronouncement)
DATE: October 14, 2014 (Date of publication)
AY: 2005-06
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CITATION:
Advertisement expenditure incurred by agent to popularize the business of the channel run by the foreign principal is allowable as there is a direct business between the expenditure and the assessee's business as agent. The fact that the foreign principals also benefited does not entail right to deny deduction under section 37(1)

The main grounds on which the revenue has questioned the order of the tribunal are (a) non disclosure in form 3CEB of the fact that the principal is also a beneficiary of the advertising expenses; (b) that the advertising and …

CIT vs. N.G.C. Network (India) P. Ltd (Bombay High Court) 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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CITATION:
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 »