-
ITAT - AO has proceeded on surmises that assessee was increasing the profits of 80IB(10) units and decreasing the profits of non-80IB units to gain tax advantage. There is no basis whatsoever for this assumption of the AO
The Deputy Commissioner of Income Tax Central Circle-2(2), Bangalore Versus M/s. Sobha Developers
(2015) TaxCorp(LJ) 5555 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenDT.aspx?ID=39757&Category=ITAT&CategoryType=Zip
-
ITAT - While computing mean margin of comparable, TP adjustment of purchase is to be made only from AE and not from unrelated parties
Kirloskar Toyoda Textile Machinery (P.) Ltd. v. Assistant Commissioner of Income-tax, Circle- 11 (5), Bangalore
(2015) TaxCorp(LJ) 5500 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenINTL.aspx?ID=7751&Category=INTLDecisions&CategoryType=Zip
-
ITAT - The only condition precedent for application of section 153A is that there should be a search under section 132, even if no undisclosed income was unearthed in search.
Nandini Delux v. Assistant Commissioner of Income-tax, Central Circle 1(2), Bangalore
(2015) TaxCorp(LJ) 5477 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenDT.aspx?ID=38911&Category=ITAT&CategoryType=Zip
-
ITAT - Purchase of bulk advertisement space by the assessee in TOI attracts TDS liability u/s.194C; Failure to deduct tax justifies Sec 40(a)(ia) disallowance of expenditure
Metropolitan Media Company Ltd. vs. ACIT
(2015) TaxCorp(LJ) 5447 (ITAT-BANGALORE) · Section. 194C
-
ITAT - Non-eligible unit’s loss is not entitled to set-off against Section 10A profits.
Mindteck India Ltd vs. ITO
(2015) TaxCorp(LJ) 5376 (ITAT-BANGALORE) · Section. 10A
-
ITAT - Section 54F benefit is not available on investment made in a Coffee estate, as entire coffee estate was not meant for residence as "residence" means a dwelling place. Exemption only to value of investment relating to the Bungalow and land appurtenant thereto on the coffee estate.
A. G. Hoover vs ACIT
(2015) TaxCorp(LJ) 5284 (ITAT-BANGALORE) · Section. 54F
-
ITAT - There was no prohibition u/s 115JB to employ Sec 14A and Rule 8D for computing total income. There is no difference between the expression "expenditure relatable" used in Sec 14A and the expression "expenditure incurred by the Assessee in relation to used in Sec 115JB
DCIT. vs. Sobha Developers
(2015) TaxCorp(LJ) 5225 (ITAT-BANGALORE)
-
ITAT - Assessee has entered into a derivative contract of option, whereas the business of the assessee is trading in steel tubes, pipes, PVC, etc. The option transactions were not in respect of specified imports or exports. The provision for loss shown by the assessee pertained to those foreign currency transactions, against which no actual delivery of foreign exchange was made. Provision for losses on forex option contract is not deductible
Shankara Infrastructure Materials Ltd. v. Assistant Commissioner of Income-tax, Circle-12 (3), Bangalore
(2015) TaxCorp(LJ) 5181 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenDT.aspx?ID=39554&Category=ITAT&CategoryType=Zip
-
ITAT - If the assessee has treated the scientific research expenditure as capital expenditure and claimed deduction under section 35(l)(iv) it shall have the same effect as unabsorbed depreciation, S.79 not applicable.
DCIT. vs. Tejas Networks Limited
(2015) TaxCorp(LJ) 5153 (ITAT-BANGALORE) · Section. 79
-
ITAT - Provision for loss on derivative contracts is an item of expenditure under s. 37(1) as there is an actual contract for sale of merchandise
M/s. Quality Engineering and Software Technologies Pvt. Ltd. Versus Dy. Commissioner of Income Tax, Circle 12(2), Bangalore
(2015) TaxCorp(LJ) 5138 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenDT.aspx?ID=39418&Category=ITAT&CategoryType=Zip
-
ITAT - When the assessee claims that the assessee has paid the management fee to the AE, no doubt the burden is on the assessee to prove that it has received services from its AE. But when the assessee has produced such material before any of the authorities below it is also the duty of the authorities to consider the same before coming to any conclusion on merits.
M/s. Safran Aerospace India Pvt. Ltd. Versus Deputy Commissioner of Income-tax
(2015) TaxCorp(LJ) 5125 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenINTL.aspx?ID=7801&Category=INTLDecisions&CategoryType=Zip
-
ITAT - A software product company could not be compared with that of assessee a software services company also companies with high turnover and related party transactions are excludible from lists of comparables for TP study
Agile Software Enterprise (P.) Ltd. v. Income-tax Officer, Ward 11 (1), Bangalore
(2015) TaxCorp(LJ) 5074 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenINTL.aspx?ID=7543&Category=INTLDecisions&CategoryType=Zip
-
HC - Since assessee had acquired rights in land to acquire land as an owner, for all practical purposes, assessee should be treated as owner of land, therefore Sec 50C was applicable
V.S. Chardrashekar vs ACIT
(2015) TaxCorp(LJ) 5028 (ITAT-BANGALORE) · Section 50C
-
ITAT - Section 194C is not applicable for payments made by the customer to the hotel. The facilities/amenities made available to its customers do not constitute 'work' within the meaning of section 194C. The services made available by a hotel to its customers are covered under section 194C must be held to be bad in law.
M/s. Ratnagiri Impex Pvt. Ltd. Versus Dy. Commissioner of Income Tax
(2015) TaxCorp(LJ) 5025 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenDT.aspx?ID=38160&Category=ITAT&CategoryType=Zip
-
ITAT - AO has initially aggregated the business income declared by the assessee and also the ALP adjustment and thereafter has allowed deduction u/s 10A. This is in clear violation of the provisions of sec.92C(4) and hence, the order of the AO is erroneous and prejudicial to the interests of the Revenue
M/s. MsourceE(India) Pvt. Ltd. Versus Deputy Commissioner of Income-tax, Circle 12(1), Bangalore.
(2015) TaxCorp(LJ) 5022 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenINTL.aspx?ID=7666&Category=INTLDecisions&CategoryType=Zip
-
ITAT - Unabsorbed depreciation of the eligible unit is to be first set off from the profits of eligible business for computation of eligible deduction under section 80-IA
Assistant Commissioner of Income-tax, Circle-12 (3) v. Subhash Kabini Power Corpn. Ltd.
(2015) TaxCorp(LJ) 5002 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenDT.aspx?ID=39251&Category=ITAT&CategoryType=Zip
-
ITAT - Where assessee did not make payment in cash to payee but made it to the bank account of payee through a challan on the insistence of the payee, Sec 40A(3) disallowance is not attracted.
ITO vs. Y.Subramanya
(2015) TaxCorp(LJ) 4994 (ITAT-BANGALORE) · Section. 40A(3)
-
ITAT - Turnover is an important filter which has to be adopted for determination of the ALP. Comparables have to be excluded by the turnover filter without a FAR analysis being required to be conducted. The AO cannot rely on information obtained u/s 133(6)
Yahoo Software Development India P. Ltd. vs. DCIT
(2015) TaxCorp(LJ) 4988 (ITAT-BANGALORE) · Section. 133(6)
-
ITAT - In view of section 124(3)(a), assessee couldn't question AO's jurisdiction before ITAT after appearing before AO and CIT(A) without raising any objection
Deputy Commissioner of Income-tax v. Chemm Finance Ltd.
(2014) TaxCorp(LJ) 4909 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenDT.aspx?ID=38388&Category=ITAT&CategoryType=Zip
-
ITAT - Payments made by assessee to non-resident telecom operators towards interconnect usage charges and capacity transfer constitutes 'process royalty' u/s 9(l)(vi); TDS applicable.
M/s. Vodafone South Limited Vs Dy. Director of Income Tax (International Taxation)
(2014) TaxCorp(LJ) 4904 (ITAT-BANGALORE)
Headnote lines are open to everyone. The full headnote and the judgment text open with a subscription — see plans or sign in.