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ITAT - Where order u/s 263 has been passed without considering the explanation offered by the assessee and without applying his mind, matter should be remitted to the CIT(A) and directed him to pass fresh orders u/s 263.
Mr. Kailash Chand Gupta v. CIT
(2015) TaxCorp(LJ) 6991 (ITAT-HYDERABAD) · Section. 263
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ITAT - HUF would come under the purview of “relative” and Assessee would not be liable to tax u/s 56(2).
Mr. Biravelli Bhaskar v. ITO
(2015) TaxCorp(LJ) 6990 (ITAT-HYDERABAD) · Section. 56(2)(vi)
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ITAT - Depreciation allowable once asset is ‘ready-to-use’ and ‘inauguration-date’ is not relevant.
DCIT. Vs. SPR Publications P. Ltd.
(2015) TaxCorp(LJ) 6966 (ITAT-HYDERABAD)
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ITAT - It is a mistake apparent on record, if Tribunal has omitted to consider a ground of appeal taken before it or if it has failed to pass such order or to issue such directions which were necessary for proper adjudication of subject-matter of appeal, even if assessee/or revenue has not requested for such a direction by filing cross-appeal or cross-objections.
Bharath Biotech International Ltd. v. Deputy Commissioner of Income-tax
(2015) TaxCorp(LJ) 6945 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=38073&Category=ITAT&CategoryType=Zip
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ITAT - Provisions of section 292BB deeming a notice to be valid was inserted by Finance Act, 2008 with effect from 1-4-2008, the same do not have retrospective effect
Ghanshyamdas Gems & Jewels v. Deputy Commissioner of Income-tax
(2015) TaxCorp(LJ) 6923 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=38579&Category=ITAT&CategoryType=Zip
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ITAT - Director is not entitled to challenge the order passed against Company if dues of Company were not recoverable from him under sec. 179 as he could not be treated as an aggrieved party.
R. Subba Rao v. Income-tax Officer, Ward 3 (4), Hyderabad
(2015) TaxCorp(LJ) 6906 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=39984&Category=ITAT&CategoryType=Zip
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ITAT - Payments of software to a foreign company by an Indian software trader is not royalty payments, no TDS u/s 195.
ADIT. vs. Locuz Enterprise Solutions Ltd.
(2015) TaxCorp(LJ) 6866 (ITAT-HYDERABAD) · Section. 195
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ITAT - Provision for bad and doubtful debts should be considered as part of operating cost while computing margins of comparables.
Alliance Global Services IT India (P.) Ltd. v. Deputy Commissioner of Income-tax, Circle-1 (1), Hyderabad
(2015) TaxCorp(LJ) 6850 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenINTL.aspx?ID=7971&Category=INTLDecisions&CategoryType=Zip
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ITAT - Joint Development Agreement - Land transfer to be treated as conversion of capital asset into stock in trade u/s 45(2) and prorata cost to the developer as ‘full value consideration’. Sale of flats and bungalows to be treated as business income.
ACIT. Vs. M/s. Medravathi Agro Farms Pvt. Ltd.
(2015) TaxCorp(LJ) 6845 (ITAT-HYDERABAD) · Section. 45(2)
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ITAT - Since assessee did not bear any working capital risk, there is no need for making any negative working capital adjustment.
Adaptec (India) (P.) Ltd. v. Assistant Commissioner of Income-tax, Circle 1 (1), Hyderabad
(2015) TaxCorp(LJ) 6840 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=40991&Category=ITAT&CategoryType=Zip
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ITAT - Introduction of leasehold property as capital in consortium and permitting bank for an equitable mortgage on said property, amounts to ‘transfer’ under section 2(47).
Andhra Networks Ltd. v. Deputy Commissioner of Income-tax, Circle 1 (1), Hyderabad
(2015) TaxCorp(LJ) 6839 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=38820&Category=ITAT&CategoryType=Zip
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ITAT - Where assessee (an NRI) transferred to India his own fund, said fund could not represent his unexplained investment under section 69A.
Deputy Commissioner of Income-tax, Circle-16 (1), Hyderabad v. Madhusudan Rao
(2015) TaxCorp(LJ) 6796 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=40065&Category=ITAT&CategoryType=Zip
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ITAT - On dissolution of firm, cost of acquisition of land to partner would be deemed as its book value on date of transfer
Bimco Electrical Products (P.) Ltd. v. Assistant Commissioner of Income-tax, Circle-1 (3), Hyderabad
(2015) TaxCorp(LJ) 6747 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=38851&Category=ITAT&CategoryType=Zip
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ITAT - Sum paid to AE for use of its trademark cannot be disallowed in absence of any evidence on record.
Zuari Cement Ltd. v. Deputy Commissioner of Income-tax, Circle-2 (1), Tirupati
(2015) TaxCorp(LJ) 6732 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenINTL.aspx?ID=8074&Category=INTLDecisions&CategoryType=Zip
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ITAT - It was noted that some of comparables selected by TPO were providing high end KPO services whereas assessee was engaged in rendering low end BPO services and, thus, there existed functional difference, addition to assessee's ALP in respect of rendering ITES services to its ALP made by TPO is to be deleted.
TNS India (P.) Ltd. v. Deputy Commissioner of Income-tax, Circle-2 (3), Hyderabad
(2015) TaxCorp(LJ) 6623 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=40499&Category=ITAT&CategoryType=Zip
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ITAT - No TDS u/s 194H and 194C on E-seva provider on commission paid by bank to retail merchant on issuing co-branded credit cards
Twin EDS (E-Seva) v. Income-tax Officer, Ward-14(3), Hyderabad
(2015) TaxCorp(LJ) 6578 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=39852&Category=ITAT&CategoryType=Zip
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ITAT - Before rejecting the books of account AO should not only give adequate opportunity to assessee to explain the entries made therein, but also point out any specific defect or deficiency in the books of account.
M/s BP Ferrium Industries Pvt Ltd (Formerly Known AS M/s Godavari Exports And Imports Pvt Ltd) Versus Asstt Commissioner Of Income-Tax & Others
(2015) TaxCorp(LJ) 6459 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=40505&Category=ITAT&CategoryType=Zip
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ITAT - Deprecation allowable on leasehold land acquired from State Government
NMDC Ltd. v. Joint Commissioner of Income-tax, Range-16, Hyderabad
(2015) TaxCorp(LJ) 6439 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=40521&Category=ITAT&CategoryType=Zip
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ITAT - Since software licence fee has been paid towards operation as well as application software, therefore the rate of depreciation applicable is 60% (as applicable to computer) and not 25%
M/s TNS India Pvt. Ltd., Hyderabad Versus Dy. Commissioner of Income tax, Circle – 2(3), Hyderabad
(2015) TaxCorp(LJ) 6423 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=40499&Category=ITAT&CategoryType=Zip
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ITAT - Assessee-firm’s petition u/s 154 only prolonging the litigation in the guise of Rectification Applications in a different front and trying to unsettle the settled matters. One of firm's partner attempting to re-contest had already concluded block-assessment on firm.
Ahura Holdings vs ACIT
(2015) TaxCorp(LJ) 6286 (ITAT-HYDERABAD)
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