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ITAT - Penalty u/s 271(1)(c) upheld on assessee for making false depreciation claim on ‘bogus’ sale and lease back transactions.
ICICI Bank Ltd. (erstwhile Bank of Madura Ltd.) vs. ACIT
(2016) TaxCorp(LJ) 9777 (ITAT-CHENNAI)
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ITAT - Though land was classified as agricultural in revenue records and Village Panchayat certified, surrounding circumstances outweigh government record. Accordingly land cannot be treated as ‘agricultural land’.
ITO vs. Aboobucker
(2016) TaxCorp(LJ) 9756 (ITAT-CHENNAI)
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ITAT - No TDS on commission paid to non-resident selling agents for services rendered outside India absent PE in India.
Deputy Commissioner of Income-tax,Corporate Circle-2, Madurai v. TVS Srichakra Ltd.
(2015) TaxCorp(LJ) 9620 (ITAT-CHENNAI) · http://taxcorp.in/FileOpenINTL.aspx?ID=8420&Category=INTLDecisions&CategoryType=Zip
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ITAT - Rule 7B applicable to income from selling of sun dried coffee seeds where assessee was not engaged in other processing activities.
Income-tax Officer, Business Ward XIII (1), Chennai v. T.C. Abraham
(2015) TaxCorp(LJ) 9617 (ITAT-CHENNAI) · http://taxcorp.in/FileOpenDT.aspx?ID=43483&Category=ITAT&CategoryType=Zip
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ITAT - Interest on income tax refund u/s 244A is TDS u/s 195, under India - Italy DTAA
Ansaldo Energia SPA Vs DDIT
(2015) TaxCorp(LJ) 9589 (ITAT-CHENNAI) · Section 195
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ITAT - Mere circumstances that a property is purchased in the hope that when sold later on it would leave a margin of profit, would not be sufficient to show, an intention to trade at the inception.
ACIT vs Mansi Finance Chennai Ltd
(2015) TaxCorp(LJ) 9522 (ITAT-CHENNAI)
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ITAT - No section 11 relief to micro financer as it was carrying its activities in commercial manner and fell under category of 'advancement of any other object of general public utility'.
Income-tax Officer (Exemptions), Madurai v. Kalanjiam Development Financial Services
(2015) TaxCorp(LJ) 9320 (ITAT-CHENNAI) · http://taxcorp.in/FileOpenDT.aspx?ID=42342&Category=ITAT&CategoryType=Zip
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ITAT - TDS u/s 194J is applicable on payment for customer support services by a telecom company being FTS.
Vodafone Cellular Limited vs. DCIT
(2015) TaxCorp(LJ) 9106 (ITAT-CHENNAI) · Section. 194J
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ITAT - Assessee-trust established by a deed of trust for charitable and religious purposes is entitled to sec. 12AA registration
Gilgal Mission India v. Income-tax Officer
(2015) TaxCorp(LJ) 9064 (ITAT-CHENNAI) · http://taxcorp.in/FileOpenDT.aspx?ID=42113&Category=ITAT&CategoryType=Zip
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ITAT - Exemption cannot be denied merely for claiming the exemption under section 10B instead of Section 10A.
M/s. Annam Software Pvt. Ltd. vs. Commissioner of Income-Tax
(2015) TaxCorp(LJ) 8939 (ITAT-CHENNAI)
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ITAT - Since ladies in indian families normally possess quantity of jewelleries as was found in search and assessee declared investments in gold and silver articles in VDIS, value of gold and silver would not be includible in undisclosed income. No additions under sec. 69
Assistant Commissioner of Income-tax v. Kandasamy Sah
(2015) TaxCorp(LJ) 8763 (ITAT-CHENNAI) · http://taxcorp.in/FileOpenDT.aspx?ID=39910&Category=ITAT&CategoryType=Zip
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ITAT - After 1-6-2015, assessing authority is well within his limit to levy fee under section 234E even while processing the statement under section 200A and making adjustment.
Smt. G. Indhirani v. Deputy Commissioner of Income-tax, CPC-TDS, Uttar Pradesh
(2015) TaxCorp(LJ) 8762 (ITAT-CHENNAI) · http://taxcorp.in/FileOpenDT.aspx?ID=42112&Category=ITAT&CategoryType=Zip
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ITAT - Translation service is also one of IT enabled service as provided in Income-tax Rules and, therefore, company earning revenue from translation services can be compared with company providing IT enables services in transfer pricing study.
Sanmina SCI India (P.) Ltd. v. Deputy Commissioner of Income-tax, Company Range VI (1), Chennai
(2015) TaxCorp(LJ) 8758 (ITAT-CHENNAI) · http://taxcorp.in/FileOpenINTL.aspx?ID=8386&Category=INTLDecisions&CategoryType=Zip
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ITAT - International toll free services is 'FTS'. TDS applicable.
Conference Call Services India (P.) Ltd. v. Assistant Commissioner of Income-tax Co. Circle I (3)
(2015) TaxCorp(LJ) 8675 (ITAT-CHENNAI) · http://taxcorp.in/FileOpenDT.aspx?ID=41818&Category=ITAT&CategoryType=Zip
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ITAT - Right to telecast a cinematographic film through satellite for a period of 99 years is sale. No TDS.
Deputy Commissioner of Income-tax, Media Circle-I, Chennai v. Ganapathy Media (P.) Ltd.
(2015) TaxCorp(LJ) 8674 (ITAT-CHENNAI) · http://taxcorp.in/FileOpenDT.aspx?ID=42422&Category=ITAT&CategoryType=Zip
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Loss suffered on account of forex derivative contracts (Exotic Cross Currency Option Contracts) cannot be treated as speculative loss to the extent that the derivative transactions are not more than the total export turnover of the assessee. If the derivative transaction is in excess of export turnover, the loss in respect of that portion of excess transactions has to be considered as speculative loss because the excess derivative transaction has no proximity with export turnover
Majestic Exports
(2015) TaxCorp(LJ) 8309 (ITAT-CHENNAI)
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S. 234E: Prior to the amendment to s. 200A w.e.f. 01.06.2015, the fee for default in filing TDS statements cannot be recovered from the assessee-deductor while processing the s. 200A statement. However, the AO is entitled to pass a separate order u/s 234E to levy the fee within the limitation period
G. Indhirani vs. DCIT
(2015) TaxCorp(LJ) 7242 (ITAT-CHENNAI) · Section 234E
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ITAT - Addition u/s 68 needs to be deleted once source of ‘source of credit’ is proved.
Subbiah Ramanathan and R.M. Janaki Vs The Income Tax Officer
(2015) TaxCorp(LJ) 6965 (ITAT-CHENNAI) · Section. 68
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ITAT - Even if assessee submitted manual return though e-filing was mandatory for him, still deductions cannot be denied to assessee.
Deputy Commissioner of Income-tax v. Sucram Pharmaceuticals
(2015) TaxCorp(LJ) 6922 (ITAT-CHENNAI) · http://taxcorp.in/FileOpenDT.aspx?ID=37757&Category=ITAT&CategoryType=Zip
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ITAT - Commission paid to NR agent for procuring export orders are not assessable to tax in India as 'FTS'.
Assistant Commissioner of Income-tax, Co. Circle II (3), Chennai v. India Shoes Exports (P.) Ltd.
(2015) TaxCorp(LJ) 6921 (ITAT-CHENNAI) · http://taxcorp.in/FileOpenDT.aspx?ID=41290&Category=ITAT&CategoryType=Zip
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