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ITAT - Disallowance of unutilized MODVAT/CENVAT Credit - The purchases which have been debited in the P & L account alongwith MODVAT account and appearing in the closing stock are also with MODVAT account. Thus, no adjustment u/s. 145 was required to be made.
Income-Tax Officer Versus M/s Murli Fabrics
(2015) TaxCorp(LJ) 6460 (ITAT-AHMEDABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=40381&Category=ITAT&CategoryType=Zip
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ITAT - It is required from CIT(A) to discuss appropriate method and comparable instances to determine ALP in order decide TP issue.
Assistant Commissioner of Income-tax, Vapi Circle, Vapi v. Universal Comfort Products (P.) Ltd.
(2015) TaxCorp(LJ) 6453 (ITAT-AHMEDABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=40229&Category=ITAT&CategoryType=Zip
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ITAT - TDS u/s 194C is applicable on hiring of pipeline for transportation of gas and no u/s 194I.
ACIT, TDS Circle, Ahmedabad Versus Hazira LNG. Pvt. Ltd.
(2015) TaxCorp(LJ) 6425 (ITAT-AHMEDABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=39100&Category=ITAT&CategoryType=Zip
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ITAT - At the time of giving effect to the majority view, it cannot normally be open to the Tribunal to go beyond the exercise of giving effect to the majority views, howsoever mechanical it may seem. Division bench cannot revisit adjudication.
Jupiter Corporation Services Limited vs DCIT
(2015) TaxCorp(LJ) 6307 (ITAT-AHMEDABAD)
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ITAT - Even if Third Member's verdict is shown to be “unsustainable in law and in complete disregard to binding judicial precedents”, Division Bench has no choice but to give effect to it
Jupiter Corporation Services Limited vs. DCIT
(2015) TaxCorp(LJ) 6304 (ITAT-AHMEDABAD) · Section. S. 255(4)
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ITAT - As per provisions of section 50C(2), the AO was not justified in adopting the value of the property as adopted by the “stamp valuation authority” without referring to the DVO for ascertaining the fair market value of the property.
Nikunjkumar H. Jariwala vs ITO
(2015) TaxCorp(LJ) 6186 (ITAT-AHMEDABAD) · Section. 50C(2)
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ITAT - Assessee had capitalised the TSS fee payable over 5 years. Depreciation be re-computed on actual payment of TSS fee and not on the provision created for payment of TSS fee.
ACIT vs Universal Comfort Products Pvt Ltd
(2015) TaxCorp(LJ) 6050 (ITAT-AHMEDABAD)
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ITAT - Addition based on statements recorded at odd hours pursuant to search is not sustainable.
ACIT vs. Kunvarji Finance Pvt. Ltd
(2015) TaxCorp(LJ) 6049 (ITAT-AHMEDABAD)
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ITAT - Loss in currency swap contracts for working capital loans allowable under section 37(1). Loss in currency swap contract cannot be denied to be set off against other heads of income taking it as speculative loss.
Adani Enterprises Ltd. v. Additional Commissioner of Income-tax, Range-1, Ahmedabad
(2015) TaxCorp(LJ) 6026 (ITAT-AHMEDABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=40236&Category=ITAT&CategoryType=Zip
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ITAT - The condition precedent for invoking the “make available” clause is that the services should enable the person acquiring the services to apply technology contained therein. Unless there is a transfer of technology involved in technical services the “make available” clause is not satisfied. Article 12 of India U.S.A. treaty were not applicable.
The Income-tax Officer(Intl. Taxn.) Vadodara Versus M/s Denial Measurement
(2015) TaxCorp(LJ) 5973 (ITAT-AHMEDABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=39635&Category=ITAT&CategoryType=Zip
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ITAT - Modification to client code of client is not necessarily a mala fide act. Disclosure made in a statement recorded at unearthly hours cannot be given credence. If a voluntary disclosure is retracted, the AO has to make addition on the basis of documentary evidence
ACIT. vs. Kunvarji Finance Pvt. Ltd.
(2015) TaxCorp(LJ) 5826 (ITAT-AHMEDABAD)
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ITAT - Assessee has adopted the recourse of avoiding litigation, therefore, revised the return to buy peace of mind, No penalty u/s.271(1)(c)
The Deputy Commissioner of Income Tax Versus Regent Granito India Ltd., Sonata Ceramics Pvt. & Ltd. & M/s. Crystal Glazes
(2015) TaxCorp(LJ) 5799 (ITAT-AHMEDABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=40032&Category=ITAT&CategoryType=Zip
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ITAT - TPO is directed to adopt foreign entity as the ‘tested party’ for analyzing the inter-company transactions of the assessee
General Motors India Pvt. Ltd. vs. DCIT
(2015) TaxCorp(LJ) 5763 (ITAT-AHMEDABAD)
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ITAT - Derivate trading via MCX Stock Exchange which was recognised by Notification No. S.O.1327(E), dated 22-5-2009 couldn't be held as speculative merely due to delay in recognition of such exchange
Vimal Oil & Foods Ltd. v. Assistant Commissioner of Income-tax, Circle-8, Ahmedabad
(2015) TaxCorp(LJ) 5413 (ITAT-AHMEDABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=39740&Category=ITAT&CategoryType=Zip
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ITAT - Proportionate disallowance of foreign travelling expenses as assessee had not furnished details of expenses of wife and children.
ACIT (OSD), Circle -5, Ahmedabad Versus Parikh Enterprises Pvt Ltd.
(2015) TaxCorp(LJ) 5271 (ITAT-AHMEDABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=39456&Category=ITAT&CategoryType=Zip
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ITAT - Order u/s.263 is upheld for a limited purpose that the claim of deduction u/s.10B was allowed by AO without proper investigation. But simultaneously Commissioner has exceeded the jurisdiction by unilaterally directing the AO to pass a fresh order by disallowing the claim u/s.10B
Shri Tarun V. Shah, Prop. MP Advisors Versus Commissioner of Income Tax-I, Baroda
(2015) TaxCorp(LJ) 5270 (ITAT-AHMEDABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=39457&Category=ITAT&CategoryType=Zip
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ITAT - Assessee cannot be said to have obtained benefit u/s 41(1) when creditors had unilaterally written off balance. No concealment penalty
ITO. Vs. Navpad Textile Indutries Limited
(2015) TaxCorp(LJ) 5239 (ITAT-AHMEDABAD) · Section 41(1)
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ITAT - Provision for payment made on behalf of subsidiary company claimed as expense is not allowable as the loss being crystallized on 3.3.1997, the same was in the AY 1997-98 and not during the assessment year under consideration i.e. AY 1998-99
DCIT, Bharuch Circle Bharuch Versus Gujarat Narmada Valley Fertilizers Bharuch
(2015) TaxCorp(LJ) 5192 (ITAT-AHMEDABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=39580&Category=ITAT&CategoryType=Zip
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ITAT - The purpose of the payment of loyalty commission was clearly for business of the assessee, and it is not for the department to sit over the judgment of the assessee that how the business has to be conducted and the expenditure incurred could not be disallowed, till it shows that the payment itself was not genuine or was made for some purpose other than the business purpose of the assessee.
ACIT, Vapi Circle Vapi. Versus Jotun Powder Coating (India) P. Ltd.
(2015) TaxCorp(LJ) 5178 (ITAT-AHMEDABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=39514&Category=ITAT&CategoryType=Zip
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ITAT - Non-est return of income - Assessee had never applied for PAN, the return of income was not verified and the return being not filed by the Assessee stand established and the return of income filed has to be treated as a scrap of paper filed by anonymous person reflecting fictitious income, assets and liabilities.
Income Tax Officer Ward- 6(1), Ahmedabad Versus Shri Pravin B. Kachadia HUF and Shri Pravin B. Kachadia HUF Versus Income Tax Officer Ward-6(1), Ahmedabad
(2015) TaxCorp(LJ) 5174 (ITAT-AHMEDABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=39520&Category=ITAT&CategoryType=Zip
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