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ITAT - Letter found during search u/s 132 laying out entire modus operandi involved in purchase / sale and lease back transactions constitutes sufficient evidence for carrying out enquiry u/s 158BB
Karnataka Financial Services vs ACIT
(2014) TaxCorp(LJ) 4903 (ITAT-BANGALORE)
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ITAT - The moment the owners have handed over the possession to the developer a right to receive the developed area would accrue to the owners. It is a consideration in kind, which has a value, which can be worked out
Income Tax Officer Versus Sri. NS. Nagaraj, Kodandarama Nilaya
(2014) TaxCorp(LJ) 4859 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenDT.aspx?ID=39020&Category=ITAT&CategoryType=Zip
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ITAT - Currency swap arrangement with the Bank to reduce the burden of the interest cost, assessee has not made any excess claim on account of interest
Dy. Commissioner of Income Tax, Circle 12(2), Bangalore. Versus M/s. Prestige Garden Constructions Pvt. Ltd.,
(2014) TaxCorp(LJ) 4858 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenDT.aspx?ID=39097&Category=ITAT&CategoryType=Zip
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HC - There can be no Miscellaneous Petition (MP) against the order on an MP. The question whether this Tribunal can set aside an issue to the DRP or only to an Assessing Officer are all debatable, not falling within the purview of a rectification petition
DCIT vs. Honeywell Technology Solutions Lab (P) Ltd.
(2014) TaxCorp(LJ) 4849 (ITAT-BANGALORE)
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ITAT - AO has jurisdiction to reopen the assessment where income escaped in the original assessment due to mistake committed by the AO
The Deputy Commissioner of Income Tax, LTU Versus M/s. Biocon Limited
(2014) TaxCorp(LJ) 4846 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenDT.aspx?ID=39093&Category=ITAT&CategoryType=Zip
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ITAT - Most appropriate method for determining the ALP of the royalty - Transfer of intangibles - matter remitted back to the AO/TPO for determination of ALP of royalty by adopting TNMM
M/s. Toyota Kirloskar Auto Parts Pvt. Ltd. Versus Asst. Commissioner of Income-tax
(2014) TaxCorp(LJ) 4824 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenDT.aspx?ID=39031&Category=ITAT&CategoryType=Zip
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ITAT - Since compared company had different segments of activity, segmental margins, insofar as it related to providing software services by compared company alone, the same cannot be taken for purpose of comparison
Actiance India (P.) Ltd. v. Income-tax Officer, Ward 11 (2), Bangalore
(2014) TaxCorp(LJ) 4782 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenINTL.aspx?ID=7530&Category=INTLDecisions&CategoryType=Zip
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ITAT - Since AO didn't follow directions of DRP on re-allocation of segmental cost made by assessee, matter should be reconsidered afresh
Digital Juice Animations (P.) Ltd. v. Deputy Commissioner of Income-tax, Circle-11 (1), Bangalore
(2014) TaxCorp(LJ) 4772 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenDT.aspx?ID=38965&Category=ITAT&CategoryType=Zip
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ITAT - The moment the owners have handed over the possession to the developer a right to receive the developed area would accrue to the owners. Capital gains tax would accrue upon execution of joint development agreement ('JDA')
ITO vs. N.S. Nagaraj
(2014) TaxCorp(LJ) 4762 (ITAT-BANGALORE)
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ITAT - AO should verify whether actual services rendered by overseas affiliates through seconded employees to Indian assessee were technical services u/s 9(l)(vii)
Cisco Systems Services B.E. vs. ADIT
(2014) TaxCorp(LJ) 4744 (ITAT-BANGALORE)
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ITAT - For the purpose of Rule 3, (perquisite valuation), assesee falls in the category of 'others', and not of 'government department', as it is an autonomous body and merely received certain grant-in-aid from Government
Central Food Technological Research Institute vs ITO
(2014) TaxCorp(LJ) 4743 (ITAT-BANGALORE)
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(i) S. 153A: Even in non-pending assessments where no incriminating material is found, AO is not limited to assessing “undisclosed” income, (ii) revenue expenditure on leased premises is not hit by sub-section (1A) to s. 32 or Explanation 1 to s. 32, (iii) Even income voluntarily disclosed in search is liable for 2. 234B/C interest
M/s. Nandini Delux vs. ACIT
(2014) TaxCorp(LJ) 4740 (ITAT-BANGALORE) · Section 153A
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Transfer Pricing: Law on aggregation of several international transactions to determine the Arms' Length Price explained
Toyota Kirloskar Auto Parts Pvt. Ltd. vs. ACIT
(2014) TaxCorp(LJ) 4598 (ITAT-BANGALORE)
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ITAT - Sec. 184(5) does not come into operation in every case of assessment made u/s 144
Mas Properties & Developers, vs ITO
(2014) TaxCorp(LJ) 4592 (ITAT-BANGALORE)
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ITAT - Since non-resident was entitled to only half of the sale consideration, sec. 195 attracted to proportionate amount only
Shri R. Prakash vs ITO
(2014) TaxCorp(LJ) 4588 (ITAT-BANGALORE) · Section. 195
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ITAT - Documents like electricity bill, internet broadband usage bill and property tax receipt can be used to prove that assessee had completed construction within 3 years of property sale date for exemption u/s 54F
Shri Sandeep Khosla vs DCIT
(2014) TaxCorp(LJ) 4583 (ITAT-BANGALORE) · Section. 54F
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Profits on sale of carbon credits is not a taxable revenue receipt
Subhash Kabini Power Corporation Ltd vs. CIT
(2014) TaxCorp(LJ) 4539 (ITAT-BANGALORE)
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ITAT - Sec 35(2AB) deduction available for expenditure incurred on in-house scientific research
Resil Chemicals Pvt. Ltd vs. DCIT
(2014) TaxCorp(LJ) 4521 (ITAT-BANGALORE) · Section. 35(2AB)
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ITAT - 'Voluntary surrender' by land owners in lieu of development rights not 'compulsory acquisition', Sec 194LA not applicable
Chief Accounts Officer, Bruhat Bangalore Mahanagar Palike vs ITO
(2014) TaxCorp(LJ) 4518 (ITAT-BANGALORE) · Section. 194LA
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The term "any sum" in s. 194LA TDS does not cover a case where there is no monetary consideration but Development Right’s Certificate (DRC) are issued
Bruhat Bangalore Mahanagar Palike vs. ITO
(2014) TaxCorp(LJ) 4329 (ITAT-BANGALORE) · Section. 194LA
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