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DATE: January 14, 2015 (Date of pronouncement)
DATE: January 21, 2015 (Date of publication)
AY: 2008-09
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CITATION:
Important law on recognition of revenue in the context of taxability of advance received for transfer of home video & satellite broadcasting for a period of five years explained

In CIT Vs Birla Gwalior Pvt. Ltd. 89 ITR 266, the Supreme Court had occasion to consider the question of accrual and the effect of subsequent events thereon. In this case Supreme Court made a distinction between “Real Income” and “hypothetical income” and stated that it is the real accrual of income that has to be taken into consideration and not a hypothetical accrual of income

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DATE: December 22, 2014 (Date of pronouncement)
DATE: December 23, 2014 (Date of publication)
AY: 2006-07
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S. 40(a)(ia): Merilyn Shipping 146 TTJ 1 (Vizag) has binding effect in view of the SLP dismissal & the clarification in Janapriya Engineers (AP HC) and so amounts already paid during the year cannot be disallowed

The Tribunal had to consider whether in view of the Special Bench verdict in Merilyn Shipping & Transport 146 TTJ 1 (Vizag), a disallowance u/s 40(a)(ia) could be made in respect of the amounts that have already been paid during …

Arcadia Share & Stock Brokers Pvt. Ltd vs. DCIT (ITAT Mumbai) Read More »

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DATE: October 29, 2014 (Date of pronouncement)
DATE: October 31, 2014 (Date of publication)
AY: 2009-10
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S. 194-I: Payment for use of an asset simpliciter, whether with control and possession in its legal sense or not, could be said to be for the use of an asset. However, payment for a specific act such as power transmission and even if an asset is used in the said process, cannot be said to be for the use of an asset

(i) It is thus clear that in a situation in which the payment in made for the use of an asset simpliciter, whether with control and possession in its legal sense or not, the payment could be said to be …

ACIT vs. Maharashtra State Electricity Distribution Company Ltd (ITAT Mumbai) 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: October 8, 2014 (Date of pronouncement)
DATE: October 12, 2014 (Date of publication)
AY: 2005-06
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Even if s. 50C addition can be made on the basis of stamp duty valuation, addition u/s 69B cannot be made barely on the basis of DVO's report

At the outset, we have to demarcate the territory of the case, i.e. application of section 50C and addition to be made u/s 69C. We find that both the sections operate independently i.e. to say that section 50C shall bet …

ACIT vs. Dilip Nabera (HUF) (ITAT Mumbai) 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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The expenses like rent, depreciation, electricity, insurance charges, office maintenance and other miscellaneous expenses have no co-relation with the number of employees.

The assessee has used allocation key of employee head account. The expenses like rent, depreciation, electricity, insurance charges, office maintenance and other miscellaneous expenses have no co-relation with the number of employees. On the contrary, these expenses have a direct bearing to the revenue generation. …

Varian India Private Limited vs. Addl. DIT (ITAT Mumbai) Read More »