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ITAT - CIT(A)’s order rejecting stay petition is appealable before ITAT u/s 253. CIT(A) is empowered to grant stay when appeal is pending disposal before him.
Employees’ Provident Fund Organization vs. ACIT
(2015) TaxCorp(LJ) 6148 (ITAT-DELHI)
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ITAT - An appeal can be filed before the Tribunal against an order of the CIT(A) rejecting the stay application
Employees’ Provident Fund Organization vs. ACIT
(2015) TaxCorp(LJ) 6144 (ITAT-DELHI) · Section 253(1)(a)
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ITAT - Where some of comparables selected by TPO were inappropriate on account of functional difference with entity engaged in investment advisory to its AE, TP adjustments to be set aside.
Actis Advisers (P.) Ltd. v. Assistant Commissioner of Income-tax, Circle 1 (1), New Delhi
(2015) TaxCorp(LJ) 6140 (ITAT-DELHI) · http://taxcorp.in/FileOpenINTL.aspx?ID=7535&Category=INTLDecisions&CategoryType=Zip
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ITAT - When income having been offered to tax was not considered in scrutiny assessment by AO, there was apparent mistake in assessment order which could be rectified under section 154.
Deputy Director of Income-tax, Circle-2(2), New Delhi v. Sumitomo Corporation
(2015) TaxCorp(LJ) 6121 (ITAT-DELHI) · http://taxcorp.in/FileOpenINTL.aspx?ID=7538&Category=INTLDecisions&CategoryType=Zip
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ITAT - Unless comparable is functionally similar to tested party's function, same cannot be included in list of comparables for computing ALP as per provisions of rule 10B(2)(b). A manufacturing Co. can not be treated as comparable to a Co. rendering travel support services.
Intrepid Travel Pty. Ltd. v. Assistant Director of Income-tax, Circle 1 (2), New Delhi
(2015) TaxCorp(LJ) 6116 (ITAT-DELHI) · http://taxcorp.in/FileOpenINTL.aspx?ID=7915&Category=INTLDecisions&CategoryType=Zip
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ITAT - Information as per Revenue database cannot be sole basis for addition, but only a trigger for further inquiries. addition made solely on the basis of OLTAS / 26AS details is to be deleted.
ITO vs. Basant Kumar
(2015) TaxCorp(LJ) 6103 (ITAT-DELHI)
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ITAT - Even if the issue share capital is bogus, no addition can be made in assessee's hands if identity of shareholder is established. Assessee is not required to show source of shareholder's funds. CIT VS. Lovely Export 299 ITR 261 (SC) Followed.
ITO vs. Neelkanth Finbuild Ltd
(2015) TaxCorp(LJ) 6019 (ITAT-DELHI) · Section 68
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ITAT - Transfer Pricing - While an adjustment for working capital investment is required, the transaction of sale of goods and receivables arising therefrom can be aggregated. If the differential impact of working capital has been factored in the pricing of the transaction of sale, no further adjustment can be made
Kusum Healthcare Pvt. Ltd vs. ACIT
(2015) TaxCorp(LJ) 6018 (ITAT-DELHI)
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ITAT - ITDC, a hospitality company, could not be considered as a comparable company for determining ALP of international transaction of assessee which was engaged in research and development activity on behalf of its holding company.
Assistant Commissioner of Income-tax, Circle-12(1), New Delhi v. Honda R & D (India) (P.) Ltd.
(2015) TaxCorp(LJ) 5993 (ITAT-DELHI) · http://taxcorp.in/FileOpenINTL.aspx?ID=7993&Category=INTLDecisions&CategoryType=Zip
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ITAT - Private hospitals have been made in a five star style, DIT(E)’s order cancelling Sec 12A registration is justified. Collecting samples of patients for testing desirability of introducing new drug by commercial companies, not a 'medical research' activity as per assessee’s objects but a commercial activity.
Devki Devi Foundation vs DIT
(2015) TaxCorp(LJ) 5989 (ITAT-DELHI)
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ITAT - Penalty was levied by invoking Explanation 1 to Sec 271(1)(c) which deems ‘concealment' of income, therefore, prosecution u/s.276C, being for 'wilful attempt to evade taxes’, cannot be launched unless the additions and penalty is established. Stay u/S.254(2)(a) proviso against launch of Prosecution is granted.
Jindal Steel & Power Ltd vs ACIT
(2015) TaxCorp(LJ) 5987 (ITAT-DELHI) · Section 254(2)(a)
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ITAT - AO is mandated to decide the objection to the notice u/s 148 and supply or communicate it to the assessee, Failure to comply with the procedure prescribed in G.K.N. Drive Shaft (India) Ltd. vs. ITO 259 ITR 19 (SC) renders the assessment order invalid & void ab initio
Suresh Chandra vs. ITO
(2015) TaxCorp(LJ) 5960 (ITAT-DELHI) · Sections 147, 148
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ITAT - Activities of making pizza qualify as "manufacture and production of article or thing". Additional depreciation allowable.
ACIT vs. Gamma Pizzakraft (P) Ltd
(2015) TaxCorp(LJ) 5910 (ITAT-DELHI)
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ITAT - An incomparable company cannot per se be included in final set of comparables simply for reason that assessee inadvertently so included it initially. A KPO company cannot be compared to an ITES service providers mainly rendering services to its AE
Macquarie Global Services (P.) Ltd. v. Deputy Commissioner of Income tax, Circle 6(1), New Delhi
(2015) TaxCorp(LJ) 5903 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=40119&Category=ITAT&CategoryType=Zip
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ITAT - In absence of specific query raised by the authorised officer during the course of recording of statement u/s 132(4) about the manner in which undisclosed income has been derived, AO was not justified in imposing penalty u/s 271AAA.
ACIT Versus Brij Bhushan Singal
(2015) TaxCorp(LJ) 5898 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=39935&Category=ITAT&CategoryType=Zip
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ITAT - Factors to hold listed shares as `Investment’ or `Stock-in-trade’ explained. Factors in favour of holding the purchase of shares as investment.
DCIT vs. Rajasthan Global Securities Ltd
(2015) TaxCorp(LJ) 5896 (ITAT-DELHI)
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ITAT - Law does not provide or mandate that the Assessing Officer shall suo motu supply the copy of ‘reasons to believe’ to the assessee. It is for assessee to ask for reasons then he/she can file objection thereto. If the assessee does not ask for reasons and file objections before the AO, he is not entitled to challenge the reopening proceedings
Anil Kumar Chaudhary vs. ITO
(2015) TaxCorp(LJ) 5894 (ITAT-DELHI) · Sections 147, 148
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ITAT - Merely stating "Approved" is not sufficient sanction of CIT for reassessment and renders reopening void. CIT has to record his satisfaction.
Direct Sales Pvt. Ltd. vs. ITO
(2015) TaxCorp(LJ) 5875 (ITAT-DELHI) · Sections. 147, 151
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ITAT - Reassessment proceedings cannot be resorted to only to examine the facts of a case, no matter how desirable that be, unless there is a reason to believe, rather than suspect, that an income has escaped assessment.
Bir Bahadur Singh Sijwali vs. ITO
(2015) TaxCorp(LJ) 5874 (ITAT-DELHI) · Section. 147
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ITAT - Payment received by assessee from sale of software and provisions of maintenance and other supports services to customers in India were not taxable as ‘royalty’, in terms of article 12 of India US DTAA
M/s Halliburton Export Inc. Vs. Asstt. D.I.T
(2015) TaxCorp(LJ) 5821 (ITAT-DELHI)
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