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ITAT - No transfer u/s 2(47)(v) when possession of asset was ever delivered by assessee to purchaser in part performance of agreement for sale.
Abdul Wahab v. Deputy Commissioner of Income-tax, Central Circle 1(3), Bangalore
(2015) TaxCorp(LJ) 6774 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenDT.aspx?ID=40826&Category=ITAT&CategoryType=Zip
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ITAT - Order restricting profit at 65% for the purpose of computation of deduction u/s 10A by invoking Sec 10A(7) is upheld.
Varis Technologies P ltd vs ITO
(2015) TaxCorp(LJ) 6723 (ITAT-BANGALORE) · Sections 10A, 10A(7)
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ITAT - Since at the time of entering into JDA the land was held as stock in trade, no income arises until stock-in-trade (i.e land / constructed flats) are sold on registration.
Chaitanya Properties vs. DCIT
(2015) TaxCorp(LJ) 6567 (ITAT-BANGALORE)
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ITAT - Since assessee's turnover was Rs. 47.46 crores, companies having turnover of more than Rs. 200 crores had to be eliminated from list of comparables. Also, companies in which related party transactions exceeded 15 per cent could not be taken as comparables.
Cypress Semiconductor Technology India (P.) Ltd. v. Deputy Commissioner of Income-tax, Circle 11 (2), Bangalore
(2015) TaxCorp(LJ) 6535 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenINTL.aspx?ID=8013&Category=INTLDecisions&CategoryType=Zip
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ITAT - Where AOP (formed by assessee for jointly developing property, whereby assessee agreed to provide land as capital contribution) stood terminated, settlement amount received by assessee will not be taxable as capital gains.
Ind Sing Developers P. Ltd. vs. ACIT
(2015) TaxCorp(LJ) 6512 (ITAT-BANGALORE)
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ITAT - A company engaged in software licence and related services cannot be compared to software development service provider.
Deputy Commissioner of Income-tax, Circle-12 (4), Bangalore v. Textron Global Technology Centre (P.) Ltd.
(2015) TaxCorp(LJ) 6466 (ITAT-BANGALORE) · http://www.taxcorp.in/FileOpenDT.aspx?ID=40525&Category=ITAT&CategoryType=Zip
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ITAT - Inter-unit charges by assessee having two eligible EOUs will not form part of "Total Turnover" for the purpose of computing deduction u/s.10B.
K. Mohan & Company (Exports) Pvt. Ltd. vs. ACIT
(2015) TaxCorp(LJ) 6461 (ITAT-BANGALORE) · Section. 10B
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ITAT - TPO is entitled to use data available at TP audit even though the same was not available to assessee at time of preparation of TP study
Deputy Commissioner of Income-tax, Circle 12 (1), Bangalore v. Misys Software (I) (P.) Ltd.
(2015) TaxCorp(LJ) 6411 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenINTL.aspx?ID=8107&Category=INTLDecisions&CategoryType=Zip
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ITAT - Delay of 1836 in filing appeal is condoned as appeal was not preferred initially due to advice of GM-Finance, but was filed 5 years later on 'correct' professional advice given by a counsel. Assessee should not be denied benefit which it is entitled to in law purely on technicalities.
Sartorious Mechatronics India (P) Ltd. vs. ACIT
(2015) TaxCorp(LJ) 6352 (ITAT-BANGALORE)
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ITAT - Once the purchases are accepted by AO and are duly accounted for in a particular year, the loss on account of fall in value of stocks represented by the said purchases cannot be rejected. Underlying principle for valuation of closing stock at cost price or market price, whichever is less, is that, following the principle of conservatism which is one of the foundational principles of accountancy, anticipated losses are to be taken into account while computing the business results
STCL Limited vs. JCIT
(2015) TaxCorp(LJ) 6308 (ITAT-BANGALORE)
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ITAT - Sale of software license to end user customers in India through distributors and their retailers would amount to royalty in the hands of Singapore based company.
Autodesk Asia Pte Ltd. v. Joint Director of Income-tax, (International Taxation), Range-I, Bangalore
(2015) TaxCorp(LJ) 6139 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenINTL.aspx?ID=7936&Category=INTLDecisions&CategoryType=Zip
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ITAT - Trust - It cannot be said that two or more beneficiaries joined in a common purpose or common action and therefore the tests for considering the Assessee as AOP was satisfied. The beneficiaries are mere recipients of the income earned by the trust. They cannot therefore be regarded as an AOP
The Income Tax Officer Versus M/s. India Advantage Fund-I The Deputy Commissioner of Income Tax Versus M/s. ICICI Emerging Sectors Fund & M/s. ICICI Econet Internet &Technology Fund
(2015) TaxCorp(LJ) 6065 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenDT.aspx?ID=40246&Category=ITAT&CategoryType=Zip
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ITAT - Payments to banks for utilization of credit card facilities, is in the nature of bank charges and not in the nature of commission, therefore no TDS u/s 194H.
ACIT vs. Trident Automobiles P Ltd
(2015) TaxCorp(LJ) 5932 (ITAT-BANGALORE) · Section 194H
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ITAT - Section 40(a)(ia) disallowance is applicable only to expenses remaining payable at year end, and not to expenses paid during year, therefore revision order u/s.263 for S.40(a)(ia) disallowance is not valid.
R Narayana Swamy vs. CIT
(2015) TaxCorp(LJ) 5871 (ITAT-BANGALORE) · Sections. 263, 40(a)(ia)
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ITAT - Payment to Railways was covered by the exception laid down in Rule 6DD(b), therefore payment in cash to Railways for purchasing scrap iron not covered by Sec 40A(3).
ITO vs Mohammed Rafiq
(2015) TaxCorp(LJ) 5848 (ITAT-BANGALORE) · Section 40A(3)
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ITAT - As oral gift satisfied all the requirements of ‘transfer’ under Mohammedan law u/s.129 TOPA, S.54F benefit allowed
Sajida Begum vs ITO
(2015) TaxCorp(LJ) 5714 (ITAT-BANGALORE) · Sections 129, 54F
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ITAT - Even though assessee was having STCG on sale of shares specified u/s 111A, still set-off of short term capital loss arising on sale of shares specified u/s 111A against short term capital gain arising on other assets is allowed.
ACIT vs MAC Charles India ltd
(2015) TaxCorp(LJ) 5675 (ITAT-BANGALORE) · Section 111A
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ITAT -u/s. 292C of the Act, there is a presumption that the documents found in the possession or control of any person in the course of search, belongs to such person and contents of such document are true. Assessee having miserably failed to point out with reference to each of the entries in the seized diary as to how it does not give rise to income, the assessee cannot take a valid plea that he disowned the diary and therefore no reliance can be placed on the diary to make addition in the hands of assessee.
Trishul Buildtech Infrastructure (P) Ltd. [the erstwhile Trishul Developers Versus The Joint Commissioner of Income Tax (OSD)
(2015) TaxCorp(LJ) 5663 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenDT.aspx?ID=39916&Category=ITAT&CategoryType=Zip
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ITAT - Once assessee has taken a stand that it had not incurred any expenditure under section 14A, then the AO is not justified in invoking Rule 8D(2)(iii) for a disallowance of indirect expenditure unless he recorded his dis-satisfaction of claim. Disallowance under section 14A requires finding of incurring of expenditure where it is found that for earning exempted income no expenditure has been incurred, disallowance under Section 14A cannot stand.
DCIT vs Subramanya Constructions & Development Co.Ltd.
(2015) TaxCorp(LJ) 5657 (ITAT-BANGALORE) · Section 14A
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ITAT - S.14A disallowance not justified when there was no exempt income in previous year. Cir.5/2014 contrary to the High Court's decisions cannot be the basis to sustain the disallowance made by the Revenue authorities
Anriya Project Management Services(P)Ltd vs DCIT
(2015) TaxCorp(LJ) 5644 (ITAT-BANGALORE) · Section 14A
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