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ITAT - The fact that there was undervaluation of the value of the property for the purpose of stamp duty, was irrelevant issue to the question of allowing deduction u/s 54F. Exemption benefit u/s 54F to assessee on entire amount of investment in new house.
S. Tejraj Ranka vs. ACIT
(2015) TaxCorp(LJ) 8719 (ITAT-BANGALORE) · Section. 54F
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ITAT - No set-off of brought forward loss to co-operative bank as it failed to file return within time limit prescribed under section 139(1).
Kolar & Chickballapur District Co-op. Bank Ltd. v. Assistant Commissioner of Income-tax,Circle 10 (1), Bangalore
(2015) TaxCorp(LJ) 8679 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenDT.aspx?ID=42579&Category=ITAT&CategoryType=Zip
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ITAT - Show cause notice u/s 274 is defective if it does not spell out the grounds on which penalty is sought to be imposed.
Shri B L Dasraj Urs Vs. I.T.O
(2015) TaxCorp(LJ) 8639 (ITAT-BANGALORE) · Section. 274
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ITAT - When short landing of goods is common having regard to the nature of goods and such loss is negligible , then it has to be allowed deduction as business expenditure.
M/s Sigma Aldrich Chemicals Pvt. Ltd. vs. Addl. CIT, Bangalore
(2015) TaxCorp(LJ) 8623 (ITAT-BANGALORE)
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ITAT - Carry forward of excess expenditure incurred by assessee-trust over its income for setting-off against subsequent years’ income is allowable u/s 11(1)(a).
Jyothy Charitable Trust vs. DIT(E)
(2015) TaxCorp(LJ) 8612 (ITAT-BANGALORE)
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ITAT - AEs are PE only in respect of trading transactions, therefore, any earnings from rendering of services in India cannot be attributed to such PE.
ABB Inc. vs. Deputy Director of Income Tax (International Taxation)
(2015) TaxCorp(LJ) 8534 (ITAT-BANGALORE)
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ITAT - ALP of interest on loans given to AE located abroad has to be fixed on basis of LIBOR
Indegene Lifesystems (P.) Ltd. v. Assistant Commissioner of Income tax, Circle 11(4), Bangalore
(2015) TaxCorp(LJ) 8475 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenDT.aspx?ID=41540&Category=ITAT&CategoryType=Zip
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S. 41(1)/ 68: Old unclaimed liabilites which are not written back by the assessee can neither be assessed as "cash credits" u/s 68 nor assessed u/s 41(1) as "remission or cessation of liability"
Glen Williams vs. ACIT
(2015) TaxCorp(LJ) 8451 (ITAT-BANGALORE) · Sections 41(1), 68
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ITAT - Fees received a US entity towards business development, market services and other support service from its Indian AE is not FTS under Article 12(4)(b) India-US DTAA, in absence of transfer of technology.
ABB Inc. vs. DDIT
(2015) TaxCorp(LJ) 7147 (ITAT-BANGALORE)
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ITAT - Development Agreement: Tax implications of entering into a development agreement in respect of land held as stock-in-trade explained
Dheeraj Amin vs. ACIT
(2015) TaxCorp(LJ) 7144 (ITAT-BANGALORE)
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ITAT - Land-JDA deal - Once land is held as stock in trade, it ceases to be a 'capital asset' u/s 2(14) and thus, provisions regarding 'transfer' and 'capital gains' are not attracted.
Dheeraj Amin vs. ACIT
(2015) TaxCorp(LJ) 7121 (ITAT-BANGALORE)
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ITAT - SCN u/s 251 is required even where CIT(A) merely changed the heads of income, but which resulted in enhancement of assessee’s income.
Abhilash Software & Development Centre vs. ITO
(2015) TaxCorp(LJ) 7071 (ITAT-BANGALORE) · Section. 251
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ITAT - Where AO ignored definition of ‘capital employed’ while verifying assessee’s claim u/s 35D, CIT’s exercise of revisionary jurisdiction u/s 263 justified.
Subex Ltd. vs. CIT
(2015) TaxCorp(LJ) 7014 (ITAT-BANGALORE) · Sections. 35D, 263
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ITAT - Since Liaison Office of foreign company was set-up in India to purchase goods for purpose of export and not indulged in carrying on commercial activities, no taxation of foreign company in India.
Assistant Director of Income-tax (International Taxation), Circle-2 (1), Bangalore v. Tesco International Sourcing Ltd.
(2015) TaxCorp(LJ) 6929 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenDT.aspx?ID=41274&Category=ITAT&CategoryType=Zip
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ITAT - A company engaged in services for 2D and 3D animation is functionally different from a company in software development services
Kodiak Networks India (P.) Ltd. v. Deputy Commissioner of Income-tax, Circle 11 (5), Bangalore
(2015) TaxCorp(LJ) 6901 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenINTL.aspx?ID=8111&Category=INTLDecisions&CategoryType=Zip
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ITAT - A software development service provider is functionally different from a company which owns significant intangibles and has huge revenues from software products.
McAfee Software (India) (P.) Ltd. v. Deputy Commissioner of Income-tax, Circle-12 (1), Bangalore
(2015) TaxCorp(LJ) 6854 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenDT.aspx?ID=40574&Category=ITAT&CategoryType=Zip
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ITAT - For computation of arm's length price, a company providing software development support services can not be compared with a company developing its own software
NTT DATA FA Insurance Systems (India) (P.) Ltd. v. Deputy Commissioner of Income-tax, Circle-11 (3), Bangalore
(2015) TaxCorp(LJ) 6853 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenDT.aspx?ID=40153&Category=ITAT&CategoryType=Zip
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ITAT - Excise duty being a pass through cost has to be excluded from sales as well as costs for both assessee and comparable companies while computing operating margins under TP study
Ingersoll-Rand (India) Ltd. v. Assistant Commissioner of Income-tax, Circle 11 (4), Bangalore
(2015) TaxCorp(LJ) 6813 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenDT.aspx?ID=40909&Category=ITAT&CategoryType=Zip
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ITAT - Liability to deduct tax at source arises on quarterly expense provisions entries through credit in suspense account even though invoice for underlying expenses not received at the time of making provision. TDS collection de hors charge u/s. 4(1) of the Act.
IBM India Pvt ltd vs ITO(TDS)
(2015) TaxCorp(LJ) 6803 (ITAT-BANGALORE) · Section 4(1)
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ITAT - Transfer of 'Technical know-how" is distinct from ‘Goodwill’, therefore amount received for sale of ‘technical know-how’ upon transfer of ‘transportation business’ not capital gains for AY 1997-98 absent any cost of acquisition.
ABB Limited vs ACIT
(2015) TaxCorp(LJ) 6802 (ITAT-BANGALORE)
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