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DATE: October 13, 2014 (Date of pronouncement)
DATE: October 18, 2014 (Date of publication)
AY: 2003-04
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In computing operating profits, expenditure of other years has to be excluded. Forex gains and losses have to be treated at par

There is a categorical finding by the CIT(A) that superannuation contribution of Rs 5,88,254 pertains to the assessment year 2000-01 and 2001-02. This finding remains uncontroverted. In this view of the matter, there cannot indeed be any rationale in taking …

ITO vs. EDAG Engineers & Design India Pvt Ltd (ITAT Delhi) Read More »

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DATE: October 13, 2014 (Date of pronouncement)
DATE: October 18, 2014 (Date of publication)
AY: 2008-09
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CUP cannot be applied on hypothetical or imaginary value but a real value on which similar transactions have taken place is required. TPO has no jurisdiction to question commercial expediency of transaction

(i) One of the very basic pre condition for use of CUP method is availability of the price of the same product and service in uncontrolled conditions. It is on this basis that ALP of the product or service can …

AWB India Pvt Ltd vs. DCIT (ITAT Delhi) Read More »

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DATE: September 30, 2014 (Date of pronouncement)
DATE: October 18, 2014 (Date of publication)
AY: 2007-08
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Failure to pass draft assessment order after TPO's order renders proceedings void. SCN cannot be equated with draft assessment order

Even though a transfer pricing adjustment under section 92CA(1) was made to the income of the assesse, and accordingly the assessee is covered by the provisions of Section 144C(15), the Assessing Officer did not furnish to the assessee a draft …

Capsugel Healthcare Limited vs. ACIT (ITAT Delhi) Read More »

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DATE: October 13, 2014 (Date of pronouncement)
DATE: October 18, 2014 (Date of publication)
AY: 2004-05
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Resale Price Method: If margins of the wholesale distributor can be compared with the margins of the assessee, no adjustment can be made

The assessee used Resale Price Method for benchmarking its international transactions so far as purchase of books is concerned. The claim of the assessee was that its purchase is at arm’s length price because while its gross margin for the …

ACIT vs. Harper Collins Publishers India Ltd (ITAT Delhi) 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
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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: October 14, 2014 (Date of pronouncement)
DATE: October 15, 2014 (Date of publication)
AY: 2005-06 & 2006-07
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Expenditure by way of royalty for use of technology cannot be disallowed on the ground of being capital in nature or for non-business purpose

The arrangement between the assessee and the Australian company has been duly signed by both the parties. The rate per piece has also been specified therein. The royalty has been paid in actual. MACNAUGHT is not a related concern of …

Groz Engineering Tools Pvt. Ltd vs. DCIT (ITAT Delhi) Read More »

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DATE: September 30, 2014 (Date of pronouncement)
DATE: October 12, 2014 (Date of publication)
AY: 2004-05
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S. 115JB: Cost of use of land amortized in books cannot be added back for computing book profits

This is a land taken for use from the State government without transferring the title for relief and rehabilitation for land evacuees because of submerges and where construction of such alternative facility is a condition for setting up a project. …

ACIT vs. NHPC Ltd (ITAT Delhi) Read More »

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DATE: September 19, 2014 (Date of pronouncement)
DATE: October 5, 2014 (Date of publication)
AY: 2007-08 and 2008-09
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(i) If the entity is a bank or other financial institution, the current interest rate applicable to the funds lent to the PE is deductible to the borrower (PE). However, as far as assessability in the hands of lender (HO) is concerned the same has to be excluded on the ground of mutuality as held by Special Bench in Sumitomo Corporation. (ii) MAT provisions in s. 115JB do not apply to foreign companies

(i) The decision of Spl. Bench in the case of Sumotomo Mitsubishi Banking Corporation (supra) which is a five member bench decision has elaborately considered the issue regarding deduction of interest paid by PE to head office and the interest …

The Bank of Tokyo- Mitsubishi UFJ Ltd vs. ADIT (ITAT Delhi) Read More »

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DATE: September 26, 2014 (Date of pronouncement)
DATE: October 4, 2014 (Date of publication)
AY: 2008-09, 2005-06, 2006-07, 2007-08
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Non-issue of s. 143(2) notice renders s. 147 assessment void. S. 292BB does not apply. If there is a conflict of judicial opinion, the view in favour of the assessee must be taken. Respondent can raise an additional ground in a Cross-Objection

(i) Now, the moot question for consideration is: Whether the non-issuance of a notice u/s 143(2) of the Act as alleged by the assessee-firm had vitiated the conclusion of the assessments u/s 147 read with s. 143(3) of the Act? …

DCIT vs. M/s Silver Line (ITAT Delhi) Read More »

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DATE: September 26, 2014 (Date of pronouncement)
DATE: October 4, 2014 (Date of publication)
AY: 2008-09
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CITATION:
The DRP shall give clear and speaking directions to the AO for passing the assessment order and the statute ensures that the said power is not delegated to the AO.

A perusal of the above shows that the provisions of section 144C provides the entire mechanism for making a reference to the DRP; the power of the DRP and also the procedures which have to be followed to issue the direction to …

PGS Geophysical vs. ADIT (ITAT Delhi) Read More »