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ITAT - Subsequent demolition of new house is not a ground to deny Sec. 54 exemption claim.
Vikas Kumar vs. DCIT
(2017) TaxCorp(LJ) 13357 (ITAT-HYDERABAD) · Section. 54
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S. 254(2): The period of limitation for filing a rectification application is six months from the end of the month in which the “order is passed” and not from the date of “receipt of the order”. Even if a liberal view is taken, it can be considered as the date of uploading of the order on the ITAT website. The uploaded orders can be accessed by the assessee and constitutes service of the order upon the assessee
Srinivas Sashidhar Chaganty vs. ITO
(2017) TaxCorp(LJ) 13244 (ITAT-HYDERABAD) · Section. 254(2)
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ITAT - Loan & advanced to the shareholders in the guise of share application money to the another concern / company. Dividend income is taxable in the hands of shareholders and not in the hands of the concern.
G. Indira Krishna Reddy Versus Dy. Commissioner of Income-tax, Circle – 2 (2), Hyderabad, And Vice-Versa
(2017) TaxCorp(LJ) 12926 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=56269&Category=ITAT&CategoryType=Zip
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ITAT - No disallowance u/s 40A(3) where payments were made in cash to land owners to develop the land, where there is no banking facilities.
M/s PCR Developers (P) Ltd. Versus Dy. Commissioner of Incometax, Circle – 16 (3), Hyderabad and vice-Verssa
(2017) TaxCorp(LJ) 12301 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=54821&Category=ITAT&CategoryType=Zip
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ITAT - Assessee cannot be held liable to deduct tax at higher of the rates prescribed in section 206AA in case of payments made to non-resident persons having taxable income in India in spite of their failure to furnish the Permanent Account Numbers.
M/s. Nagarjuna Fertilizers and Chemicals Limited Versus Assistant Commissioner of Income Tax, Circle-15 (1), Hyderabad and Vice-Versa
(2017) TaxCorp(LJ) 12259 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=54665&Category=ITAT&CategoryType=Zip
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ITAT - AO/TPO to consider the contract termination fee also as a part of the operational income for computing the ALP of the international transactions.
Invensys Development Centre India Pvt. Ltd Versus Dy. CIT Circle 2 (1), Hyderabad and Vice-Versa
(2017) TaxCorp(LJ) 12256 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=54775&Category=ITAT&CategoryType=Zip
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ITAT - To bring any sum to tax u/s 68, a sum has to be credited. It is well settled law that in order to discharge the onus, the assessee must prove the identity of the creditor, capacity of the creditor and genuineness of the transaction.
Dy. Commissioner of Income-tax, Circle – 1 (1), Hyderabad Versus M/s Asrani Inns and Resorts Pvt. Ltd.,
(2017) TaxCorp(LJ) 12246 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=54742&Category=ITAT&CategoryType=Zip
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ITAT - Depreciation on computer systems was already allowed at 60%, on the principles of consistency depreciation 60% is to be allowed in the impugned assessment years as well.
The Deputy Commissioner of Income Tax, Circle-2 (2) Hyderabad, The Asst. Commissioner of Income Tax Versus M/s. Hyderabad Race Club Vice Versa
(2017) TaxCorp(LJ) 12230 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=54099&Category=ITAT&CategoryType=Zip
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S. 206AA does not have an overriding effect over the other provisions of the Act. By virtue of s. 90(2), the provisions of the Treaty override s. 206AA to the extent they are beneficial to the assessee. Consequently, the payer cannot be held liable to deduct tax at higher of the rates prescribed in s. 206AA in case of payments made to non-resident persons in spite of their failure to furnish the PAN
Nagarjuna Fertilizers and Chemicals Limited vs. ACIT
(2017) TaxCorp(LJ) 12200 (ITAT-HYDERABAD) · Section 206AA
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ITAT - There has to be some benefit directly or indirectly to the organisation to claim expenditure u/s 37(1).
Dr. Reddy’s Research Foundation Versus Assistant Commissioner of Income-Tax
(2017) TaxCorp(LJ) 12106 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=53682&Category=ITAT&CategoryType=Zip
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ITAT - Compensation/settlement amount paid to the erstwhile MD is revenue expenditure as it is common practice in case of termination of employment to put forth the condition not to engage in act of competition for a year. This cannot be considered to treat the payment as capital in nature.
M/s Pfeiffer Vacuum India (P) Ltd. (Merged with Pfeiffer Vacuum India (P) Ltd.) Versus Dy. Commissioner of Income- tax, Circle – 16 (3), Hyderabad
(2017) TaxCorp(LJ) 11884 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=54060&Category=ITAT&CategoryType=Zip
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ITAT - Activities of the assessee are not for the “advancement of any other object of general public utility” and hence is not for charitable purposes in view of the second limb of the first proviso to section 2(15).
Andhra Pradesh State Seed Certification Agency, Hyderabad Versus Director of Income Tax (Exemptions) Hyderabad
(2017) TaxCorp(LJ) 11876 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=54007&Category=ITAT&CategoryType=Zip
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ITAT - No TDS u/s 194C even if payment is made to an Agent so long as the payment is meant for meeting the expenditure in the form of payment to the railways.
M/s. Ras Polybuild Products P. Ltd. Versus The DCIT, Circle-3 (1), Hyderabad
(2017) TaxCorp(LJ) 11802 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=53706&Category=ITAT&CategoryType=Zip
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ITAT - Income derived from the business of operation and maintenance of information Technology Park is not "Income from house property" but to be treated as “income from business” and expenditure and other claims to be allowed in accordance with the law
M/s. Mack Soft Tech Private Limited Versus Dy. Commissioner of Income Tax, Circle 16 (2) Hyderabad
(2016) TaxCorp(LJ) 11753 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=53720&Category=ITAT&CategoryType=Zip
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ITAT - Exemption to charitable society cannot be denied just because it was charging fees for charitable activities.
Quality Circle Forum of India v. Deputy Director of Income-tax, Exemptions-III, Hyderabad
(2016) TaxCorp(LJ) 11739 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=53686&Category=ITAT&CategoryType=Zip
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ITAT - No disallowance u/s 40(a)(ia) on payment of finance charges as amount paid by the assessee includes both interest and principle amount and the entire amount was paid during the relevant previous year. No disallowance u/s 40(a)(ia) can be made if the entire amount is paid during the relevant previous year and nothing remained payable.
Diwakar Logistics vs. ACIT
(2016) TaxCorp(LJ) 11702 (ITAT-HYDERABAD)
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ITAT - Since credit period extended by assessee to its AE was reasonable particularly when there was no bench mark available, addition of interest at rate of 12 per cent per annum after allowing a credit period of 30 days is not valid.
Oakton Global Technology Services Centre (India) (P.) Ltd. v. Assistant Commissioner of Income-tax, Circle-16(2), Hyderabad
(2016) TaxCorp(LJ) 11656 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=50705&Category=ITAT&CategoryType=Zip
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ITAT - Only peak credit to be taken for making addition of unexplained cash deposits and entire amount of cash deposits could not be added u/s 68.
S. Venkat Reddy v. Income-tax Officer, Ward-8 (2), Hyderabad
(2016) TaxCorp(LJ) 11649 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=51816&Category=ITAT&CategoryType=Zip
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ITAT - No additional depreciation u/s 32(1)(iia) as running a canteen cannot be said to be manufacturing of an article or thing.
M/s SPI Cinemas Pvt. Ltd. Versus Addl. Commissioner of Income Tax, Range-13, Hyderabad
(2016) TaxCorp(LJ) 11604 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=52375&Category=ITAT&CategoryType=Zip
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ITAT - Deduction u/s 10A to be granted on enhanced profits pursuant to disallowance u/s 40(a).
Patni Telecom Solutions P. Ltd. vs. ITO
(2016) TaxCorp(LJ) 11559 (ITAT-HYDERABAD) · Section. 10A
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