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Penalty u/s 271AAA not tenable where no search conducted
DCIT. vs. M/s. Sam India Abhimanyu Housing
(2016) TaxCorp(LJ) 9901 (ITAT-DELHI) · Section. 271AAA
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Argument that transfer pricing adjustment cannot be made if the assessee's income is deductible u/s 10A/ 10B is not acceptable. Contrary view in TCS cannot be followed as it is obiter dicta & contrary to law laid down in Aztech Software 107 ITD 141 (SB)
Headstrong Services India Pvt. Ltd vs. DCIT
(2016) TaxCorp(LJ) 9895 (ITAT-DELHI) · Sections 10A, 10B
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Sec 68: No addition where parties have sufficient bank balance while giving loans
ITO. vs. Rekha Bansal
(2016) TaxCorp(LJ) 9869 (ITAT-DELHI) · Section. 68
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Subsidy to set up a new unit or to expand an existing unit is capital receipts, purpose test will prevail
M/s. Shivalik Prints Limited vs. ACIT
(2016) TaxCorp(LJ) 9866 (ITAT-DELHI)
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Unilateral claim based on internally generated documents without any independent evidence cannot be allowed as business expenditure
DCIT. vs. M/s Leroy Somer& Controls (India) P. Ltd.
(2016) TaxCorp(LJ) 9858 (ITAT-DELHI)
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ITAT - License-fees paid by assessee to NDMC pursuant to High Court’s interim directions is not contingent liability absent direction for refund.
C.J. International Hotels Ltd. vs. DCIT
(2016) TaxCorp(LJ) 9830 (ITAT-DELHI) · Section. 37
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ITAT - Income received by investor from VCC/VCF is deemed to be of same nature and proportion as accruing to the VCC/ VCF for the purpose of sec. 115U.
Japan International Cooperation Agency vs. DDIT
(2016) TaxCorp(LJ) 9829 (ITAT-DELHI) · Section. 115U
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ITAT - Both purchase and sale took place during lock in period prescribed under SEBI Guidelines and thus, the shares were not transferred in assessee’s name due to lock in period. Transactions are sham; STCL disallowed.
AAA Portfolios Pvt. Ltd. vs. DCIT
(2016) TaxCorp(LJ) 9828 (ITAT-DELHI)
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ITAT - Set-off of losses allowed by assessee’s STPI unit against income from non-STPI unit in view of CBDT circular no. 7 dated July 16, 2013.
NEC HCL System Technologies Ltd vs. ACIT
(2016) TaxCorp(LJ) 9808 (ITAT-DELHI)
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S. 10A: Even undisclosed income surrendered by assessee is eligible for s. 10A exemption if dept does not show that the assessee has any other source
Bridal Jewellery Mfg. Co vs. ITO
(2015) TaxCorp(LJ) 9741 (ITAT-DELHI) · Section 10A
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ITAT - No TDS to be deducted from sale proceeds of land payable to non-resident.
ITO vs. Santur Developers P. Ltd
(2015) TaxCorp(LJ) 9726 (ITAT-DELHI) · Section 195
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ITAT - Subsequent pronouncement by a Court or a Superior Court cannot entitle Revenue to reopen assessment proceedings.
ACIT vs. HRS Seismic Services Ltd.
(2015) TaxCorp(LJ) 9717 (ITAT-DELHI) · Section 147
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ITAT - Encashment of performance bank guarantee owing to contractual disputes, being wholly and exclusively for the purpose of assessee's is allowable deduction u/s 37(1).
SIS Live Vs ACIT
(2015) TaxCorp(LJ) 9591 (ITAT-DELHI)
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ITAT - Free samples were distributed to doctors/medical practitioners in pursuance to their specific requests, thus it cannot be treated as ‘gifts’; allowable u/s 37.
Eli Lilly & Co. (India) Pvt. Ltd. vs. ACIT
(2015) TaxCorp(LJ) 9556 (ITAT-DELHI) · Section 37
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ITAT - Conversion charge was paid in installment for using factory land for commercial/service activities, were revenue expenditure.
Deputy Director of Income-tax v. Micron Instruments (P.) Ltd.
(2015) TaxCorp(LJ) 9530 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=39877&Category=ITAT&CategoryType=Zip
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ITAT - A company rendering engineering consultancy services could not be accepted as comparable for a company rendering marketing services.
Microsoft Corporation India (P.) Ltd. v. Deputy Commissioner of Income-tax, Circle 6 (1), New Delhi
(2015) TaxCorp(LJ) 9529 (ITAT-DELHI) · http://taxcorp.in/FileOpenINTL.aspx?ID=8287&Category=INTLDecisions&CategoryType=Zip
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S. 14A/ Rule 8D: The AO must give reasons before rejecting the assessee's claim. He must establish nexus between the expenditure & the exempt income. The disallowance cannot exceed the exempt income
DCM Ltd vs. DCIT
(2015) TaxCorp(LJ) 9521 (ITAT-DELHI) · Section 14A
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ITAT - For TP Analysis company rendering ITES service isn't comparable with software development service provider.
Techbooks International (P.) Ltd. v. Deputy Commissioner of Income-tax, Circle-3, Noida
(2015) TaxCorp(LJ) 9478 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=43860&Category=ITAT&CategoryType=Zip
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ITAT - Amount received from erstwhile JV partner for not sharing expertise is capital receipt. Not profit in lieu of salary since assessee was not subject to direct control/supervision.
Satya Kant Khosla vs ITO
(2015) TaxCorp(LJ) 9477 (ITAT-DELHI)
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ITAT - Since there was no exempt income earned during relevant year, no addition u/s 14A can be made.
Planman Consulting (India) Pvt. Ltd vs ACIT
(2015) TaxCorp(LJ) 9476 (ITAT-DELHI) · Section 14A
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