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COURT:
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DATE: (Date of pronouncement)
DATE: April 23, 2008 (Date of publication)
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CITATION:

Where the assessee entered into “international transactions” with “associated enterprises” and the AO made adjustments to the arms length price, held, deleting the adjustments that:

(i) In order to determine the most appropriate method for determining the arm’s length price, it is first necessary to select the ‘tested party’ and the tested party will be the least complex of the controlled taxpayer and will not own valuable intangible property or unique assets that distinguish it from potential uncontrolled comparables.

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DATE: (Date of pronouncement)
DATE: April 9, 2008 (Date of publication)
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CITATION:

Where a notice issued u/s 158BD was vague, showed non-application of mind on the part of the issuing authority and had been issued in a casual manner, held it did not meet the requirements of law and the resultant assessment …

DCIT vs. NITS Softech (ITAT Delhi) Read More »

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DATE: (Date of pronouncement)
DATE: February 26, 2008 (Date of publication)
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FILE: Click here to view full post with file download link
CITATION:

(i) The judgement of the SC in Mariappa Gounder vs. CIT 232 ITR 2 does not decide whether mesne profits received against wrongful possession of property is in the nature of revenue receipt or capital receipt. It merely decides the …

Narang Overseas vs. ACIT (ITAT Mumbai 5 Member Special Bench) Read More »

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COURT:
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DATE: (Date of pronouncement)
DATE: February 24, 2008 (Date of publication)
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FILE: Click here to view full post with file download link
CITATION:

(i) The question whether expenditure is on capital or revenue account should be decided from the practical and business view point and in accordance with sound accountancy principles. The three tests applied to decide the nature of expenditure are the …

Amway India vs. DCIT (ITAT Delhi Special Bench) Read More »

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COURT:
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DATE: (Date of pronouncement)
DATE: February 24, 2008 (Date of publication)
AY:
FILE: Click here to view full post with file download link
CITATION:

Where the CIT (A) decided the ground of reopening against the assessee but decided the ground of merits in favour of the assessee, the assessee is entitled, in an appeal by the Revenue before the Tribunal, to urge, under Rule …

ACIT vs. M/s Triace (ITAT Mumbai) Read More »

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DATE: (Date of pronouncement)
DATE: February 16, 2008 (Date of publication)
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FILE: Click here to view full post with file download link
CITATION:

Where the assessee purchased shares at a price below the market price and the question was whether the difference between the market price and the purchase price can be assessed as unexplained investment u/s 69 or as a benefit u/s …

Rupee Finance vs. ACIT (ITAT Mumbai) Read More »

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COURT:
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DATE: (Date of pronouncement)
DATE: February 10, 2008 (Date of publication)
AY:
FILE: Click here to view full post with file download link
CITATION:

(i) Where the AO had accepted in the past that the warehousing charges received by the assessee was business income, he was not justified in reopening the assessment to assess the charges as property income in the absense of any …

ITO vs. Ellora Silk Mills (ITAT Mumbai) Read More »

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DATE: (Date of pronouncement)
DATE: January 24, 2008 (Date of publication)
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FILE: Click here to view full post with file download link
CITATION:

(i) The Amadeus system, by which subscribers in India are enabled to perform the functions of reservation and ticketing, represents a “business connection” because it extends to the Indian territory in the form of connectivity in India and generates income …

Amadeus Global Travel vs. DCIT (ITAT Delhi) Read More »

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DATE: (Date of pronouncement)
DATE: January 21, 2008 (Date of publication)
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FILE: Click here to view full post with file download link
CITATION:

(i) Amounts received by an assessee from the foreign holding company of his employer company on redemption of stock appreciation rights, being “fruits of employment” is chargeable to tax as “salaries” despite the absence of an employer-employee relationship (ii) there …

Sumit Bhattacharya vs. ACIT (ITAT Mumbai Special Bench) Read More »

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COURT:
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DATE: (Date of pronouncement)
DATE: January 4, 2008 (Date of publication)
AY:
FILE: Click here to view full post with file download link
CITATION:

Consideration received by an assessee for agreeing not to compete constitutes a capital receipt even though (i) the period of restraint is only 18 months and (ii) the assessee continued service with the payer-company as Managing Director. Related Judgements Glenmark …

Saurabh Srivastava vs. DCIT (ITAT Delhi Special Bench) Read More »