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ITAT - Where assessee has camouflaged ‘advance’ as ‘commercial transaction’, the same would be treated as deemed dividend u/s. 2(22)(e).
Hemanth Kumar Bothra Vs. The Asst. Commissioner of Income-tax
(2017) TaxCorp(LJ) 13764 (ITAT-BANGALORE)
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ITAT - Amounts received by assessee is nothing but loan / advance and assessee is camouflaging the same as a commercial transaction relating to sale of property in order to get over the provisions of Section 2(22)(e).
Shri Hemanth Kumar Bothra Versus The Asst. Commissioner of Income-tax, Central Circle 1 (2), Bengaluru
(2017) TaxCorp(LJ) 13762 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenDT.aspx?ID=59664&Category=ITAT&CategoryType=Zip
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ITAT - Assessee-company is liable to deduct TDS in respect of provisions reversed subsequently as the reversal was not in the beginning of the next accounting year, but major reversals were towards the end of the next accounting year.
Toyota Kirloskar Motors Pvt. Ltd. Vs. ITO
(2017) TaxCorp(LJ) 13752 (ITAT-BANGALORE)
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ITAT - Even if the management charges was on account of reimbursement of expenses incurred by the holding company the provisions of Section 194J cannot be circumvented by modus operandi of payment routing through the holding company.
Tungabhadra Steel Products Ltd. Vs. Asst. CIT
(2017) TaxCorp(LJ) 13743 (ITAT-BANGALORE)
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ITAT - In the case of amalgamation,the transferor company ceases to exist, and there is transfer all rights to the amalgamated company, therefore the proceedings initiated by assessee can only be continued by the transferee company in its own name.
EADS India P. Ltd. Vs. DCIT
(2017) TaxCorp(LJ) 13711 (ITAT-BANGALORE)
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ITAT - Google's Adwords distribution agreement with Google Ireland is not the advertisement or selling of the space rather it is focused targeted marketing for the product/ services of the advertiser by the Assessee/Google with the help of technology for reaching the targeted persons based on the various parameters information etc,. Taxable as ‘royalty’ in India. Sec. 40(a)(i) disallowance for failure to make TDS justified.
Google India Private Ltd. Vs. Addi. CIT
(2017) TaxCorp(LJ) 13708 (ITAT-BANGALORE)
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ITAT - Only solar days are to be considered and not man days under Article 5(3)(b) of India- Saudi Arabia DTAA.
Electrical material Center Co. Ltd. vs. DDIT (International Taxation)
(2017) TaxCorp(LJ) 13682 (ITAT-BANGALORE)
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ITAT - Since sec. 50 condition of extinguishment of block of assets was not met and hence STCG taxability u/s. 50 cannot be invoked in amalgamating company's hands.
Makino India Private Limited Vs. Ass. Commissioner of Income Tax
(2017) TaxCorp(LJ) 13679 (ITAT-BANGALORE)
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ITAT - Stay extension granted beyond 365 days. Follows Delhi HC ruling in Pepsi Foods which had attained finality post Revenue’s SLP disposal by SC.
Vodafone Mobile Services Ltd. vs. DCIT
(2017) TaxCorp(LJ) 13209 (ITAT-BANGALORE)
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ITAT - As per Rule 8D, AO is duty bound to record satisfaction for rejecting assessee’s explanation of not incurring any expenditure for earning exempt income, but no specific format is provided under the Act for recording the satisfaction.
G. E. India Exports Pvt. Ltd. vs. DCIT
(2017) TaxCorp(LJ) 13006 (ITAT-BANGALORE) · Section. 14A
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ITAT - Depreciation allowed despite TDS default on ‘capitalised’ software payment.
Wintac Limited vs. DCIT
(2017) TaxCorp(LJ) 12855 (ITAT-BANGALORE)
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ITAT - No sec. 80IB(10) deduction to assessee-builder on account of violation of condition under clause (f) i.e. allotment of more than one residential unit to same individuals/family members.
Shri Syed Aleemullah Vs. DCIT
(2017) TaxCorp(LJ) 12843 (ITAT-BANGALORE) · Section. 80-IB(10)
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ITAT - Liability to pay compensation was crystallized when assessee accepted its failure to perform its part under the JDA agreement and thus determination of compensation after the balance sheet date has to be taken into account in view of the principle of prudence and conservatism accounting as per AS-4.
Canara Housing Development Company vs. JCIT (OSD
(2017) TaxCorp(LJ) 12842 (ITAT-BANGALORE)
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Transfer Pricing: An international transaction can be clubbed / aggregated with other international transactions if such transactions are closely connected with each other. The onus is on the assessee to establish the justification for clubbing the transactions. If the TPO has not applied TNMM at the entity level and has bench marked the royalty payment on standalone basis and not subjected the cost of production or other transactions to bench marking, the contention that when TNMM is applied at the entity level, there was no necessity of separate bench marking in respect of royalty transactions cannot be accepted
Kaypee Electronics & Associates Pvt. Ltd vs. DCIT
(2017) TaxCorp(LJ) 12678 (ITAT-BANGALORE)
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ITAT - If the assessee is able to establish that it was only a notional provision which was reversed afterwards then no TDS liability can be imposed on the assessee.
State Bank of India Versus CIT (A), Gulbarga
(2017) TaxCorp(LJ) 12483 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenDT.aspx?ID=55245&Category=ITAT&CategoryType=Zip
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ITAT - The interest income earned on deposits made with other co-operative banks/society are fully deductible u/s. 80P(2)(a)(i) from the income liable to tax though the assessee has claimed the same as exempt u/ s. 80P(2) (d) and the same is also exempt u/ s. 80P(2)(d).
The Income Tax Officer, Ward-3, Shivamogga Versus M/s. Malnadu Credit Co-operative Society Ltd.,
(2017) TaxCorp(LJ) 12309 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenDT.aspx?ID=54841&Category=ITAT&CategoryType=Zip
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ITAT - Addition u/s 68 - Assessee has failed to carry out his obligations and hence, the burden cannot be shifted to the revenue to find out from the creditors about their identity and credit worthiness.
M/s. Malnad Finance Corporation (R) Versus Asst. Commissioner of Income Tax
(2017) TaxCorp(LJ) 12258 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenDT.aspx?ID=54772&Category=ITAT&CategoryType=Zip
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ITAT - Amount of disallowance under section 14A should be added back to book profits u/s 115JB but the amount of addition should be restricted to the actual disallowance made under section 14A.
Karnataka State Industrial Infrastructure Development Corporation Ltd. Versus Deputy Commissioner of Income-tax, Circle - 11 (5), Bengaluru
(2017) TaxCorp(LJ) 11875 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenDT.aspx?ID=53978&Category=ITAT&CategoryType=Zip
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ITAT - Provisions of section 23(1)(c) cannot be understood that the vacancy allowance is available only in the case where the property is already let out and there is a vacancy in between.
Mr. SM Chandrashekar Versus Income Tax Officer, Ward 1 (4), Bangalore
(2017) TaxCorp(LJ) 11774 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenDT.aspx?ID=51493&Category=ITAT&CategoryType=Zip
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ITAT - Since there was no willful and deliberate concealment of the income by the assessee, therefore no penalty u/s 271(1)(c)
Smt. Nirmala S. Tilavalli, L/H. Late Shri. S.H. Tilavalli Versus Income Tax Officer, Ward 1 (3), Hubballi
(2016) TaxCorp(LJ) 11751 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenDT.aspx?ID=53724&Category=ITAT&CategoryType=Zip
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