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Search Results For: G. S. Pannu (AM)

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DATE: December 30, 2014 (Date of pronouncement)
DATE: January 8, 2015 (Date of publication)
AY: 2008-09
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CITATION:
Transfer Pricing: ALP of interest on funds advanced to AEs has to computed on LIBOR and not as per domestic Prime Lending Rate (PLR)

While benchmarking the international transactions what has to be seen is the comparison between related transactions i.e. where the assessee has advanced money to its associated enterprises and charged interest then the said transaction is to be compared with a transaction as to what rate the assessee would have charged, if it had extended the loan to the third party in foreign country. Once there is a transaction between the assessee and its associated enterprises in foreign currency, then the transaction would have to be looked upon by applying the commercial principles with regard to the international transactions. In that case, the international rates fixed being LIBOR+ rates would have an application and the domestic prime lending rates would not be applicable

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DATE: December 31, 2014 (Date of pronouncement)
DATE: January 7, 2015 (Date of publication)
AY: 2009-10
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CITATION:
(i) S. 40(a)(ia) disallowance cannot be made if the assessee has not claimed a deduction. (ii) S. 80-IB(10) deduction cannot be denied on the ground that the completion certificate has not been issued by the Municipality if the assessee has completed construction before the due date

Explanation (ii) to section 80IB(10)(a) of the Act prescribes that the date of completion of construction of the housing project shall be taken to be the date on which the completion certificate in respect of such housing project is issued by the local authority

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DATE: December 31, 2014 (Date of pronouncement)
DATE: January 7, 2015 (Date of publication)
AY: -
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CITATION:
S. 12AA/80G(5): CIT, while granting registration or renewal, can only look at the nature of activities and is not concerned with violation of s. 11(5) or s. 13

While granting the exemption or renewal of exemption under section 80G(5) of the Act, the role of CIT is limited to look into the nature of activities being carried on by the institution or fund and the violation if any, of the provisions of section 13 of the Act and its various subsections are to be looked into by the Assessing Officer while deciding the issue of grant of deduction under sections 11 and 12 of the Act

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DATE: October 28, 2014 (Date of pronouncement)
DATE: November 4, 2014 (Date of publication)
AY: 2007-08, 2008-09 & 2009-10
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CITATION:
S. 80-IB(10)(c): Area of projected terrace (open to sky) is not liable to be included within the meaning of expression “built-up area”

The issue to be decided is as to whether the area of projected terrace (open to sky) is liable to be included within the meaning of expression “built-up area” contained in clause (c) of section 80IB(10) of the Act. (i) …

Naresh T. Wadhwani vs. DCIT (ITAT Pune) Read More »

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DATE: October 31, 2014 (Date of pronouncement)
DATE: November 3, 2014 (Date of publication)
AY: 2009-10
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CITATION:
Interest on NPAs is not taxable. As there is a conflict on the point between Vasisth Chay Vyapar Ltd 330 ITR 440 (Del) and Sakthi Finance Ltd., (2013) 31 taxmann.com 305 (Mad), the view in favour of the assessee has to be followed

Based on the prudential norms, the assessee herein did not admit the interest relatable to NPA advances in its total income. The Delhi High Court in Vasisth Chay Vyapar Ltd 330 ITR 440 (Del) has held that the interest on …

ACIT vs. Solapur Siddheshwar Sahakari Bank Ltd (ITAT Pune) Read More »

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DATE: October 30, 2014 (Date of pronouncement)
DATE: October 31, 2014 (Date of publication)
AY: 2009-10
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CITATION:
Though approval of Director of STPI to EOU is sufficient for s. 10A, it is not so for s. 10B. For s. 10B, the approval of the Board appointed under I(D&R) Act is necessary. Claim for s. 10A can be made before CIT(A)

(1) The fact that the assessee is a 100% EOU approved by the Director, STPI does not mean entitle the assessee to deduction u/s 10B if the undertaking is not been approved by the Board appointed in this behalf by …

Clarion Technologies Pvt. Ltd vs. DCIT (ITAT Pune) Read More »

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DATE: September 15, 2014 (Date of pronouncement)
DATE: October 21, 2014 (Date of publication)
AY: 2010-11
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CITATION:
Grant given to safeguard the interests of depositors, though used for meeting SLR requirements of RBI relatable to its banking activity, is still capital in nature

The objective of the Government of Maharashtra to give grant to the assessee was to protect the interests of farmers and depositors from the Nanded district and for the said purpose the Government deemed it fit to provide financial assistance …

The Nanded District Central Co-op. Bank Ltd vs. DCIT (ITAT Pune) Read More »

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DATE: July 30, 2014 (Date of pronouncement)
DATE: October 8, 2014 (Date of publication)
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CITATION:
Interest on NPAs, even if credited to the Profit & loss account, is not chargeable to tax

While constructing its Profit & Loss Account to arrive at its net Profit or Loss, a Co-operative Society is required to show interest accrued/accruing on amounts of Overdue Loans separately. This is precisely what has been done by the assessee …

The Solapur District Central Co-op. Bank Ltd vs. ACIT (ITAT Pune) Read More »

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DATE: September 17, 2014 (Date of pronouncement)
DATE: October 5, 2014 (Date of publication)
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CITATION:
Change of method of accounting to value the stock of its investments / securities at lower of cost or market value is valid.

A premise which can be drawn is that for the purposes of valuation of the closing stock it is permissible for the assessee to value it at the cost or market value, whichever is lower. In-fact, the Hon’ble Supreme Court …

ACIT vs. Bank of Maharashtra (ITAT Pune) Read More »

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DATE: September 17, 2014 (Date of pronouncement)
DATE: October 5, 2014 (Date of publication)
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CITATION:
For s. 80-IA(4) a developer is a person who designs and creates new projects whereas a contractor is a person who has a contract to do work

Having regard to the scope of work executed by the assessee, it is difficult to comprehended that assessee was merely acting as a contractor. In common parlance, a contractor is understood as a person who carries out the assigned work …

Kirloskar Brothers Limited vs. DCIT (ITAT Pune) Read More »