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DATE: December 26, 2014 (Date of pronouncement)
DATE: December 1, 2014 (Date of publication)
AY: 2005-06
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CITATION:
For constituting a long-term capital asset, date of allotment of property and not date of registration to be considered. Benevolent approach should be adopted and not a hyper-technical or legalistic one

(i) All the aforesaid judgments relied on by the Revenue are cases arising prior to the amendment to Section 2(47) of the Act. The very same judgments show, in particular the judgment of the Full Bench of the Gujarat High …

Andhra Networks Limited vs. DCIT (ITAT Hyderabad) Read More »

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DATE: November 26, 2014 (Date of pronouncement)
DATE: November 29, 2014 (Date of publication)
AY: 2007-08
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CITATION:
S. 2(15) Proviso/ 10(23C) (iv): Meaning of expression "not involving the carrying of any activity of profit" explained in detail

(i) The assessee trust is doing only one activity of printing and publishing of newspaper. This activity was held to be of charitable in nature by the Privy Council in the Trustees of The Tribune Press Lahore 7 ITR 415. …

ACIT vs. The Tribune Trust (ITAT Chandigarh) Read More »

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DATE: November 28, 2014 (Date of pronouncement)
DATE: November 29, 2014 (Date of publication)
AY: 2001-02 & 2002- 03
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CITATION:
As per proviso to s. 153C, the date of receiving books of account or documents shall be considered the date of search. Therefore, under proviso to s. 153C and s. 153A(1)(b), in the case of person in whose case action is required u/s 153C, the AO is empowered to take action u/s 153C for the year in which the seized document is received by him and the preceding six years

As per Section 153A(1)(b), the Assessing Officer is empowered to assess or reassess the total income of the six assessment years immediately preceding the assessment year relevant to the assessment year in which search is conducted. Thus, in other words, …

R. L. Allied Industries vs. ITO (ITAT Delhi) Read More »

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DATE: November 28, 2014 (Date of pronouncement)
DATE: November 29, 2014 (Date of publication)
AY: 2009-10
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CITATION:
DRP’s stand that determination of ALP by the TPO is of no relevance in deciding the issue of suppressed sale by the assessee is not correct. Fact that products are sold below MRP does not mean the sales are suppressed

(i) The DRP held that the determination of ALP is of no relevance in deciding the issue of suppressed sale by the assessee and went on to estimate the value of suppressed sale on account of difference between the value …

Tianjin Tianshi Biological Development Company Ltd vs. DCIT (ITAT Delhi) Read More »

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DATE: November 28, 2014 (Date of pronouncement)
DATE: November 29, 2014 (Date of publication)
AY: 2009-10
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CITATION:
Profits on sale of carbon credits is not a taxable revenue receipt

Carbon credit is in the nature of “an entitlement” received to improve world atmosphere and environment reducing carbon, heat and gas emissions. The entitlement earned for carbon credits can, at best, be regarded as a capital receipt and cannot be …

Subhash Kabini Power Corporation Ltd vs. CIT (ITAT Bangalore) Read More »

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DATE: January 27, 2014 (Date of pronouncement)
DATE: November 29, 2014 (Date of publication)
AY: 2009-10
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CITATION:
Consideration for use of software is not assessable as royalty under Article 12 of DTAA and s. 9(1)(vi)

(i) In order to qualify as royalty payment, it is necessary to establish that there is transfer of all or any rights (including the granting of any licence) in respect of copyright of a literary, artistic or scientific work. In …

ADIT vs. Bartronics India Ltd (ITAT Hyderabad) Read More »

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DATE: November 17, 2014 (Date of pronouncement)
DATE: November 24, 2014 (Date of publication)
AY: 2009-10
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CITATION:
S. 14A Rule 8D: No presumption can be drawn that investment in tax-free securities has come from own funds. The amount of disallowance has to be added to the book profits u/s 115JB

(i) As regards the claim qua disallowance of interest expenditure, the argument of sufficient capital, so that the same must be presumed as having been applied toward investments yielding tax exempt income, misses the point completely. The matter has to …

Ferani Hotels Pvt. Ltd vs. ACIT (ITAT Mumbai) Read More »

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DATE: November 13, 2014 (Date of pronouncement)
DATE: November 24, 2014 (Date of publication)
AY: 2002-03
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CITATION:
S. 253(3): Delay of 1163 days in filing the appeal due to languid and inane conduct of the assessee cannot be condoned as it would result in the limitation period becoming otiose

(i) We are of the view that there is an extraordinary delay of 1163 days in filing this appeal for which assessee has to show “sufficient cause” but the cause shown by the assessee may be considered a “sufficient cause” …

SRF Limited vs. ACIT (ITAT Delhi) Read More »

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DATE: November 17, 2014 (Date of pronouncement)
DATE: November 19, 2014 (Date of publication)
AY: 2006-07
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CITATION:
CUP method can be applied by a comparing a pricing formulae, rather than the pricing quantification in amount. Rule 10AB inserted w.e.f. 01.04.2012 is beneficial in nature and so retrospective w.e.f. 01.04.2002

The assessee followed the 50:50 business model of sharing residual profits in equal ratio with the service provider at the other end of the transaction i.e. at the consignee’s end in the case of export transaction and at consigner’s end …

Toll Global Forwarding India Pvt Ltd vs. DCIT (ITAT Delhi) Read More »

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DATE: October 31, 2014 (Date of pronouncement)
DATE: November 19, 2014 (Date of publication)
AY: 2005-06
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CITATION:
Disallowance u/s 184(5) of interest, salary etc paid by a firm to partners cannot be made if the Best Judgement assessment u/s 144 is due to incompleteness of accounts & not due to failures referred to in s. 144

The Tribunal had to consider whether disallowances for payments in respect of remuneration and interest on capital paid to the partners, in computation of taxable income of the firm, can be made under section 184(5) when even though assessment is …

M/s Vijay Veer Singh vs. ITO (ITAT Agra) Read More »