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ITAT - Where in preceding years, revenue had adopted multiple year data for determination of margin of comparables, addition cannot be made by considering current year data.
Deputy Commissioner of Income-tax, Circle-11 (1), New Delhi v. Innodata Isogen India (P.) Ltd.
(2015) TaxCorp(LJ) 9463 (ITAT-DELHI) · http://taxcorp.in/FileOpenINTL.aspx?ID=9341&Category=INTLDecisions&CategoryType=Zip
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S. 147: Reopening solely on the basis of information received from another AO that the assessee has booked bogus bills but without independent application of mind to the information renders the reopening void
Unique Metal Industries vs. ITO
(2015) TaxCorp(LJ) 9456 (ITAT-DELHI) · Section 147
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S. 271B: The requirement in s. 44AB that the the tax audit report has to be obtained "before" the specified date has to be interpreted to mean "on or before" the specified date. So, even if the audit report is obtained "on" the specified date, there is no default
Chopra Properties vs. ACIT
(2015) TaxCorp(LJ) 9448 (ITAT-DELHI) · Section 271B
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ITAT - MAT not applicable to a power generation co. for AYs 2005-06 to 2008-09, as the same being governed by special Act.
BSES Rajdhani Power Ltd vs. ACIT
(2015) TaxCorp(LJ) 9434 (ITAT-DELHI) · Section 40A(2)
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ITAT - Submission of Form 10 at any time before the completion of assessment is valid compliance of law. Accumulation claim made u/s 11(2) by filing Form 10 allowed.
Fashion Design Council of India vs. ADIT (E)
(2015) TaxCorp(LJ) 9364 (ITAT-DELHI) · Section. 11(2)
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ITAT - Expenditure on legal advice for purchase of business division is a capital expenditure.
Deputy Commissioner of Income-tax,Circle 13 (1), New Delhi v. Nitrex Chemicals India Ltd.
(2015) TaxCorp(LJ) 9339 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=43595&Category=ITAT&CategoryType=Zip
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ITAT - Additional CIT cannot ipso facto exercise powers or perform functions of an AO.
Mega Corporation vs. ACIT
(2015) TaxCorp(LJ) 9293 (ITAT-DELHI)
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ITAT - Additional CIT can perform functions of AO only if specifically directed by CBDT.
Mega Corporation Ltd. v. Additional Commissioner of Income-tax, Range -6, New Delhi
(2015) TaxCorp(LJ) 9280 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=43472&Category=ITAT&CategoryType=Zip
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ITAT - Income received by 'All India Football Federation' from sponsorship and telecasting rights are entitled to sec. 11 relief.
Deputy Director of Income -tax (Exemption), Delhi v. All India Football Federation
(2015) TaxCorp(LJ) 9279 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=43409&Category=ITAT&CategoryType=Zip
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ITAT - Production could not be termed as a trial production when there was a continuous sale to a particular company and thus, benefit of trial production could not be claimed by the assessee and Sec 80IC was clearly attracted.
ACIT. vs. Phonix Lamps India Ltd.
(2015) TaxCorp(LJ) 9254 (ITAT-DELHI) · Section. 80IC
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ITAT - Interest payable on disputed arbitration award is not allowable as liability to pay interest is not legally enforceable as at the end of relevant AYs.
National Agricultural Cooperative Marketing Federation of India Ltd. vs. JCIT
(2015) TaxCorp(LJ) 9250 (ITAT-DELHI)
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S. 37(1): If a claim of damages and interest thereon is disputed by the assessee in the court of law, deduction cannot be allowed for the interest claimed on such damages
National Agricultural Cooperative Marketing Federation of India Ltd. vs. JCIT
(2015) TaxCorp(LJ) 9222 (ITAT-DELHI) · Section. 37(1)
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ITAT - License fees paid by assessee to a US company for use of software is revenue in nature.
GE Capital Business Process. vs. ACIT.
(2015) TaxCorp(LJ) 9211 (ITAT-DELHI)
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ITAT - Mobilisation charges to be included in gross receipts for determining income under section 44BB(1) as it was incidental activity for carrying out contract.
Ensco Maritime Ltd. v. Assistant Director of Income-tax (International Taxation)
(2015) TaxCorp(LJ) 9208 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=38884&Category=ITAT&CategoryType=Zip
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ITAT - The deeming provision of Explanation 1 to s. 271(1)(c) applies only to a case of "concealment of income" and not to a case of "furnishing inaccurate particulars of income"
Tristar Intech (P) Ltd. vs. ACIT
(2015) TaxCorp(LJ) 9091 (ITAT-DELHI) · Section. 271(1)(c)
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ITAT - In computing "capital gains" the AO is not entitled to substitute the "market value" for the actual "consideration" received by the assessee. He also cannot disregard the valuation report without cogent material.
Venus Financial Services Ltd. vs. ACIT
(2015) TaxCorp(LJ) 9090 (ITAT-DELHI) · Section. 48
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ITAT - Amount received by US company for providing access to internet and other networking facilities to an Indian company is taxable as “Royalty” under Article 12(3) of India-US DTAA.
Cincom System Inc. vs. DDIT
(2015) TaxCorp(LJ) 9052 (ITAT-DELHI)
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ITAT - Distinction between finance lease and operating lease is not recognized under the IT Act. AS-19 on accounting for “Leases” issued by ICAI was only applicable for accounting the lease transaction in the books of account, and was not determinative of liability towards income tax.
Minda Corporation Limited vs. DCIT
(2015) TaxCorp(LJ) 9051 (ITAT-DELHI) · Section. 37
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ITAT - Simply because the gross profit returned in certain months is lower than the average profit declared by the assessee, cannot be sole ground to estimate the suppressed sales.
DCIT. vs. Ganpati Traders
(2015) TaxCorp(LJ) 8957 (ITAT-DELHI)
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ITAT - Since the claim has been given up in the second Remand Report by the AO himself, the AO cannot claim to be aggrieved by the findings arrived at relying upon his own Remand Report. Appeal not maintainable against addition deleted based on Remand Report.
ACIT vs. R.P.G.Credit & Capital Ltd.
(2015) TaxCorp(LJ) 8942 (ITAT-DELHI)
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