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ITAT - The discount on debentures as well as the premium payable on actual redemption on debentures in future years and the expenditure incurred for issue of such debentures are all held to be revenue expenditure.
M/s. Siemens Building Technologies Pvt Ltd. C/o. Siemens Ltd. Versus The Commissioner of Income Tax I, Chennai and Vice-Versa
(2016) TaxCorp(LJ) 10856 (ITAT-CHENNAI) · http://taxcorp.in/FileOpenDT.aspx?ID=50735&Category=ITAT&CategoryType=Zip
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ITAT - The time limit to pass order u/s.201(1) & 201(1A) is two years from the end of the financial year in which the statement is filed. Since the last quarter i.e. 4th Quarter return filed on 12.06.2008, the financial year relevant to month June, 2008 which ended on 31.03.2009. Hence, two years from the end of the financial year would be over of 31.03.2011
M/s. Sify Technologies Ltd. Versus The Income Tax Officer, International Taxaton-11 (1), Chennai
(2016) TaxCorp(LJ) 10776 (ITAT-CHENNAI) · http://taxcorp.in/FileOpenDT.aspx?ID=50555&Category=ITAT&CategoryType=Zip
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ITAT - Treatment of emergency spares as revenue expenditure is in accordance with the revised Accounting Standard (AS) 2 and (AS) 10 would be in consonance with the mercantile system of accounting.
M/s. Ucal Machine Tools (P) Ltd. Versus Income Tax Officer, Company Ward-III (1), Chennai
(2016) TaxCorp(LJ) 10702 (ITAT-CHENNAI) · http://taxcorp.in/FileOpenDT.aspx?ID=50399&Category=ITAT&CategoryType=Zip
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ITAT - Assessing Officer cannot take a view either against or in favour of the assessee without making proper enquiries and without proper examination. Revision u/s 263 justified.
Late N. Dhanasekaran Versus The Income-tax Officer, Ward-I (1) , Erode and N. Rajendran Versus The Income-tax Officer, Ward-II (4), Erode.
(2016) TaxCorp(LJ) 10677 (ITAT-CHENNAI) · http://taxcorp.in/FileOpenDT.aspx?ID=50235&Category=ITAT&CategoryType=Zip
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ITAT - Providing services from SEZ within India doesn’t amount to export of services to foreign country so as to qualify for deduction u/s 10AA.
YCH Logistics (India) Private Limited vs. DCIT
(2016) TaxCorp(LJ) 10662 (ITAT-CHENNAI) · Section. 10AA
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ITAT - Payments to subsidiary cannot be treated as pass through cost as it is not the payment from A.E to subsidiary of the assessee.
M/s. Lason India Pvt. Ltd. Versus Joint Commissioner of Income Tax, Company Range-II, Chennai
(2016) TaxCorp(LJ) 10621 (ITAT-CHENNAI) · http://taxcorp.in/FileOpenDT.aspx?ID=49406&Category=ITAT&CategoryType=Zip
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ITAT - Communication of latest trend in fashion cannot amount to providing technical service.
Textures & Weaves (India) Pvt. Ltd. vs. ACIT
(2016) TaxCorp(LJ) 10611 (ITAT-CHENNAI)
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ITAT - Income generated from letting out of the auditorium for conducting coaching classes is to be considered as income generated from the property held under the trust.
Association of Surgeons of India vs. DDIT
(2016) TaxCorp(LJ) 10607 (ITAT-CHENNAI) · Section. 11
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ITAT - Sec. 206AA providing higher 20% TDS rate absent PAN does not override Sec. 90(2).
DCIT. vs. Pricol Ltd.
(2016) TaxCorp(LJ) 10395 (ITAT-CHENNAI) · Section. 206AA
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ITAT - Where investment in equity shares of a company incorporated outside India was made in violation of statutory provision, the assessee-institution is not entitled for approval under Section 10(23C)(vi).
M/s Karunya University Versus The Director of Income Tax (Exemptions)
(2016) TaxCorp(LJ) 10312 (ITAT-CHENNAI) · http://taxcorp.in/FileOpenDT.aspx?ID=49518&Category=ITAT&CategoryType=Zip
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ITAT - Since export activities have been fulfilled in India, source of income was located in India and not outside India, and the mere fact that export proceeds emanated from persons situated outside India still assessee was liable to TDS u/s 195 while making payment thereof.
M/s. Megawin Switchgear Pvt. Ltd. Versus The Assistant Commissioner of Income Tax
(2016) TaxCorp(LJ) 10288 (ITAT-CHENNAI) · http://taxcorp.in/FileOpenDT.aspx?ID=48895&Category=ITAT&CategoryType=Zip
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ITAT - No deduction for ESOP expenses incurred through ESOP trust for buying equity shares from its employees.
Shriram Insight Share vs. DCIT
(2016) TaxCorp(LJ) 10199 (ITAT-CHENNAI)
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ITAT - Partners’ remuneration allowable from income which was offered to tax as unexplained investment u/s 69.
ITO. Vs. Roshan
(2016) TaxCorp(LJ) 10192 (ITAT-CHENNAI) · Section. 69
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ITAT - Stock Appreciation Rights received by employee from US parent of an Indian company is taxable either as benefit in lieu of salary or as perquisite u/s 17.
Shri Soundarrajan Parthasarathy Vs. DCIT
(2016) TaxCorp(LJ) 10184 (ITAT-CHENNAI)
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ITAT - Developer did not get building plan approved from competent authority, which is of utmost importance for implementation of JDA. Capital gains addition made on the basis of JDA entered by assessee to be deleted.
Coromandel Cables Pvt Ltd. vs. ACIT
(2016) TaxCorp(LJ) 10129 (ITAT-CHENNAI)
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ITAT - Since assessee had sufficient share capital, reserves and surplus to make investments made in subsidiary companies and mutual funds, no sec 14A disallowance.
Sun TV Network Ltd. vs. ACIT
(2016) TaxCorp(LJ) 9986 (ITAT-CHENNAI) · Section. 14A
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ITAT - Assessee’s false claim supported by CA's opinion cannot absolve assessee from Sec 271(1)(c) penalty.
DCIT. Vs. Madura Micro Finance Limited
(2016) TaxCorp(LJ) 9905 (ITAT-CHENNAI) · Section 271(1)(c)
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Revised return with same info is furnishing of inaccurate particulars
DCIT. vs. M/s. Rattha Citadines
(2016) TaxCorp(LJ) 9886 (ITAT-CHENNAI)
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ITAT - Payment by a French company to its AE in USA for providing technical services with respect to its contract in India amounts to FTS under India-US DTAA and consequently TDS u/s 195 applicable.
Foster Wheeler France S.A. vs. DDIT
(2016) TaxCorp(LJ) 9831 (ITAT-CHENNAI)
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ITAT - Settling new house property in favour daughter without any consideration vide settlement deed within 3 years does not violate Sec 54 conditions.
ITO vs. Abdul Hameed Khan Mohammed
(2016) TaxCorp(LJ) 9799 (ITAT-CHENNAI) · Section 54
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