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DATE: January 13, 2015 (Date of pronouncement)
DATE: January 19, 2015 (Date of publication)
AY: 2007-08
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S. 10B(4): The argument that s. 10B(4) lays down a computational formula and that all business profits (including DEPB receipts) should be eligible for deduction irrespective of the effective source is not acceptable

We are unable to subscribe to the view expressed per the decisions relied upon by the assessee, i.e., that in view of computational formula of section 10B(4), the entire profits of the business of the undertaking, irrespective of their immediate source, shall comprise the qualifying profits

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DATE: January 16, 2015 (Date of pronouncement)
DATE: January 16, 2015 (Date of publication)
AY: 2006-07
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S. 264: ITAT entertains appeal against order passed by CIT u/s 264

The assessee sought revision of its assessment, finalized u/s.143(3) on 03.12.2008, accepting the returned income of Rs.35,19,179/-, u/s.264 of the Act on the ground that the deduction u/s.80-IB, to which it was entitled, had not been allowed per the impugned …

Gausia Cold Storage Pvt. Ltd vs. ACIT (ITAT Mumbai) Read More »

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DATE: December 8, 2014 (Date of pronouncement)
DATE: January 9, 2015 (Date of publication)
AY: 2008-09
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S. 43B/ 36(1)(va): High Court verdict in Hindustan Organics Chemicals 270 CTR 478 (Bom) decides that employees' contribution to PF is eligible for s. 43B even though that was not the issue before it. It also does not refer to any judicial precedents. Also, the Q framed by the dept and its representation before the High Court leaves much to be desired. However, the judgement is binding and has to be followed

However, again, it cannot be denied that per the said decision, which is judicially binding on us, the hon’ble court has abundantly clarified that the deduction in respect of the employee’s contribution (to the employee welfare funds) in the hands of the assessee-employer is governed by the provision of section 43B, so that where deposited by the due date of the filing of the return for the relevant year, shall be valid in terms of the amended s.43B, i.e., by Finance Act 2003, with effect from 01.04.2004, which amendment stands held by the apex court in Alom Extrusions Ltd. (supra) to the retrospective, so that it shall apply even to years prior to A.Y.2004-05. The hon’ble court, we note, does not discuss nor refer to any judicial precedents. The question of law framed by the Department, as well as its representation before the hon’ble court, leaves much to be desired. That, however, would not in any manner detract from or dilute its binding nature on us as a subordinate forum

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DATE: December 3, 2014 (Date of pronouncement)
DATE: December 8, 2014 (Date of publication)
AY: 2008-09
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S. 194-I: Lease premium and additional Floor Space Index (FSI) charges paid to MMRDA is not "rent" for TDS

It is the real nature of the arrangement or transaction, and not merely the words or phrases employed, even as cautioned by the apex court in Panbari Tea Co. Ltd. (supra), i.e., the substance of the transaction, that is relevant …

ACIT vs. Oil and Natural Gas Corporation Ltd (ITAT Mumbai) Read More »

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DATE: November 19, 2014 (Date of pronouncement)
DATE: December 3, 2014 (Date of publication)
AY: 2007-08
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S. 37(1): Non-compete fee to ex-MD is revenue expenditure

A payment has to be seen from the context of commercial and business expediency. If the outgoing expenditure is so inextricably linked or related to carrying on or conduct of the business, that is, it can be regarded as integral …

ACIT vs. Clariant Chemicals (I) Ltd (ITAT Mumbai) Read More »

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DATE: November 21, 2014 (Date of pronouncement)
DATE: December 2, 2014 (Date of publication)
AY: 2009-10
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Impact of Explanation 2 to s. 195(1) inserted by Finance Act, 2012 w.r.e.f. 01.04.1962 on law laid down in GE India Technology Centre 327 ITR 456 (SC) explained

The law laid down in GE India Technology Centre (P.) Ltd. vs. CIT [2010] 327 ITR 456 (SC) that there is no obligation to deduct TDS u/s 195 if the sum is not chargeable to tax in India is not …

ACIT vs. Vilas N. Tamhankar (ITAT Mumbai) Read More »

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DATE: December 25, 2014 (Date of pronouncement)
DATE: December 1, 2014 (Date of publication)
AY: 2006-07
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S. 133A: A statement given u/s 133A(iii) is not on oath and can be retracted. Even a statement on oath does not create any estoppel and can be retracted

On the issue whether the statement on oath u/s 133A is binding and cannot be retracted, we have to make a categorical observation, here that statement given u/s 133A is not on oath. Section 133A(iii) observes, “record a statement of …

ITO vs. Vandana Properties (ITAT Mumbai) 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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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 5, 2014 (Date of pronouncement)
DATE: November 8, 2014 (Date of publication)
AY: 2009-10
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S. 271(1)(c): Explanation that bona fide mistake was committed on advice of CA is a reasonable one as per Explanation 1B of s. 271(1) and does not attract penalty

When there is no attempt on the part of the assessee to show the Long Term Capital Gain in a different category then merely because a concessional rate of tax was applied in the revised return does not ifso facto …

ACIT vs. Cecilia Haresh Chaganlal (ITAT Mumbai) Read More »

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DATE: May 28, 2014 (Date of pronouncement)
DATE: October 26, 2014 (Date of publication)
AY: 2009-10
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S. 41(1): Unclaimed & unproven liabilities are deemed to have ceased and are assessable as income

(i) When the liability continues to subsist year after year, for several years, serious and valid doubts as to its existence or as representing an existing liability, may arise. This is as in the very nature of the events, nobody …

ITO vs. Sajjankumar Didwani (ITAT Mumbai) Read More »