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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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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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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 »

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DATE: November 14, 2014 (Date of pronouncement)
DATE: November 18, 2014 (Date of publication)
AY: 2003-04 to 2008-09
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S. 153A/ 153C: Entire law on recording of satisfaction by the AO and limitation period explained

(i) It must not be lost sight of that s. 153C of the Act and 158BD of the Act are draconian in nature when accounts of the person or entity other than the person searched are reopened automatically and revenue …

ACIT vs. Inlay Marketing Pvt. Ltd (ITAT Delhi) Read More »

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DATE: November 14, 2014 (Date of pronouncement)
DATE: November 18, 2014 (Date of publication)
AY: 2010-11 & 2011-12
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The term "any sum" in s. 194LA TDS does not cover a case where there is no monetary consideration but Development Right’s Certificate (DRC) are issued

The issue that arises for consideration is as to whether provisions of s.194LA of the Act are applicable to a case where (a) there was no compulsory acquisition; (b) there was no payment of any monetary consideration. (i) The process …

Bruhat Bangalore Mahanagar Palike vs. ITO (ITAT Bangalore) Read More »

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DATE: October 14, 2014 (Date of pronouncement)
DATE: November 18, 2014 (Date of publication)
AY: 1991-92
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S. 80HHA/ 80-IA: Interest earned on fixed deposits placed out of business compulsion is "derived" from the undertaking

Income earned from fixed deposit placed for business purpose cannot be treated as income from other source but must be seen as part of the assessee’s business income. In the present case also the assessee was compelled to park a …

Empire Pumps Pvt. Ltd vs. ACIT (Gujarat High Court) Read More »

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DATE: October 16, 2014 (Date of pronouncement)
DATE: November 17, 2014 (Date of publication)
AY: 1992-93
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S. 271(1)(c): In the absence of a clear-cut finding by the AO as to whether it is a case of 'concealment' or 'furnishing inaccurate particulars', penalty cannot be levied

it is incumbent upon the AO to come to a positive finding as to whether there was concealment of income by the assessee or whether any inaccurate particulars of such income have been furnished by the assessee. In the absence …

Mitsu Industries Ltd vs. DCIT (Gujarat High Court) Read More »

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DATE: June 19, 2014 (Date of pronouncement)
DATE: November 17, 2014 (Date of publication)
AY: 2007-08
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S. 271(1)(c): No penalty can be levied solely on the basis of admission made during survey if there is no corroborative evidence & no fault is found with the return of income

Though the assessee offered a sum of Rs. 1 crore during the survey on account of discrepencies, errors and omissions in the accounts, at the stage of the assessment, there is no reference to any incriminating material found during the …

ACIT vs. Crescent Property Developers (ITAT Mumbai) Read More »

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DATE: November 14, 2014 (Date of pronouncement)
DATE: November 17, 2014 (Date of publication)
AY: 2001-02
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S. 2(47((v)/(vi): Mere execution of a development agreement does not result in a "transfer" if the approval of the municality is delayed and the developer has not started work

The assessee had received advance amounts much earlier to the execution of development agreement, probably on the strength of the MOU. The property was encumbered with tenancy rights of many persons and the release of tenancy right was completed only …

Dilip Anand Vazirani vs. ITO (ITAT Mumbai) Read More »

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DATE: October 16, 2014 (Date of pronouncement)
DATE: November 17, 2014 (Date of publication)
AY: 1999-2000
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S. 28/ 37(1): Even if the business is illegal, a loss which is incidental to such business has to be allowed u/s 28 and the Explanation to s. 37(1) has no bearing

The assessee claimed a deduction of Rs.40,34,898 on account of gold seized by the Custom Authorities. The Tribunal rejected the claim by relying on the Explanation to s. 37(1) of the Act. The assessee claimed before the High Court that …

Bipinchandra K. Bhatia vs. DCIT (Gujarat High Court) Read More »

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DATE: November 12, 2014 (Date of pronouncement)
DATE: November 17, 2014 (Date of publication)
AY: 2007-08
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S. 9(1)(vii): Separate agreements for supply & installation cannot be regarded as one composite contract. However, as the installation is an "assembly" project, it will not constitute "fees for technical services". Even if such services are FTS u/s 9(1)(vii) they are excluded from taxation in India by Article 14 of the India-Swiss DTAA as the recipient has no PE in India

(i) It is undisputed that the mailroom equipment comprised of various units and was hence a complex equipment. The bid document clearly stipulated that the units/components of the mailroom equipment would have to be installed and commissioned by trained and …

ITO vs. Bennet Coleman & Co. Ltd (ITAT Mumbai) Read More »