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ITAT - For computation of interest payable under S.201(1A) ‘month’ shall be understood as a period of 30 days and not ‘month’ as British calendar month as defined in S.3(35) of the General Clauses Act.
Navayuga Quazigund Expressway (P) Limited vs. DCIT
(2015) TaxCorp(LJ) 5847 (ITAT-HYDERABAD) · Section 201
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ITAT - Intellectual property including rights to patents were generated during research belong to assessee, therefore payment for pre-clinical research was FTS
Dr. Reddy's Research Foundation v. Deputy Commissioner of Income-tax, Circle 14 (3), Hyderabad
(2015) TaxCorp(LJ) 5808 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenINTL.aspx?ID=7701&Category=INTLDecisions&CategoryType=Zip
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ITAT - Provisions of section 167B have no application to society registered under Societies Act, 1960 or any other society formed in accordance on similar lines
KMR Educational Society v. Assistant Commissioner of Income-tax, Central Circle-1, Hyderabad
(2015) TaxCorp(LJ) 5801 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=40042&Category=ITAT&CategoryType=Zip
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ITAT - Sale of land - Merely because of the fact that the land was sold in a short period of holding, it cannot be held that income arising from the sale of land was taxable as profit arising from the adventure in the nature of trade or capital gain.
Smt. R. Venkat Ramani Versus Dy. Commissioner of Income-tax
(2015) TaxCorp(LJ) 5797 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=40036&Category=ITAT&CategoryType=Zip
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ITAT - The assessee is a purely software development service provider, that too to its AE only, can't be chosen as comparable for Software development Co.
DE Shaw India Software (P.) Ltd. v. Assistant Commissioner of Income-tax, Circle -1(2), Hyderabad
(2015) TaxCorp(LJ) 5629 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=39899&Category=ITAT&CategoryType=Zip
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ITAT - Payment to the Government undertaking for supply of electricity are not covered by the provisions of section 40A(3)
The Income Tax Officer Ward-1 Nirmal Versus M/s. Padigela Rajeshwar Ginning Industries
(2015) TaxCorp(LJ) 5622 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=37958&Category=ITAT&CategoryType=Zip
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ITAT - No Section 40(a)(ia) disallowance for short deductions of tax at source.
ITO vs Sentini Technologies Private Limited
(2015) TaxCorp(LJ) 5574 (ITAT-HYDERABAD) · Section 40(a)(ia)
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ITAT - In appeal before the first appellate authority the assessee explained source of the investments, therefor, No Addition u/s s. 68 as Assessee discharges initial onus casted on him
ITO. vs. Parth Mehrotra
(2015) TaxCorp(LJ) 5565 (ITAT-HYDERABAD) · Section. 68
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ITAT - No specific evidence to show that any agreement was entered into for purchase of property or any advance was paid has been brought on record by assessee, addition for Deemed Dividend confirmed
Sri Sardar Iqbal Singh vs. JCIT
(2015) TaxCorp(LJ) 5564 (ITAT-HYDERABAD)
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ITAT - A software development company cannot be compared with a company mainly engaged in BPO services
International Specialty Products (I) (P.) Ltd. v. Income-tax Officer, Ward-2 (1), Hyderabad
(2015) TaxCorp(LJ) 5543 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenINTL.aspx?ID=7804&Category=INTLDecisions&CategoryType=Zip
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ITAT - Amount received on sale of portfolio loans by discounting ‘future interest receivables’ by a Micro Finance institution, taxable in the year of receipt.
Asmitha Microfin Ltd. vs. ACIT
(2015) TaxCorp(LJ) 5406 (ITAT-HYDERABAD)
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ITAT - Investment in purchase or construction of ‘a residential house’ and not ‘new residential house’ is required for the purpose of exemption u/s 54
DCIT vs. Sri Vidyasagar Dontineni
(2015) TaxCorp(LJ) 5373 (ITAT-HYDERABAD) · Section. 54
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ITAT - A flat which is newly constructed by a builder on behalf of the assessee is in no way different from a house constructed. Section 54F being a beneficial provision has to be interpreted so as to give the benefit of residential unit viz., flat instead of house
Sri Pradeep Kumar Chowdhry, Hyderabad Versus The Deputy CIT Circle-1(1) Hyderabad
(2015) TaxCorp(LJ) 5361 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=39682&Category=ITAT&CategoryType=Zip
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ITAT - Determination of ALP of royalty at 2% cannot be supported, hence, deserves to be struck down. Moreover, theory of benefit test applied by TPO also falls flat considering the fact that TPO does not question the necessity of paying royalty but only objects to the quantum.
R.A.K. Ceramics India Pvt. Ltd. vs. DCIT
(2015) TaxCorp(LJ) 5292 (ITAT-HYDERABAD)
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ITAT - Since assessee has not raised any objection on the notice u/s.143(2) before AO therefore S.292BB is clearly applicable. It can be invalid only if challenged before AO.
L&T Infocity Limited vs. DCIT
(2015) TaxCorp(LJ) 5282 (ITAT-HYDERABAD) · Section. 143(2)
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ITAT - Revision u/s 263 - Only because the TPO in AY 2007-08 takes a different view, by that reason alone, assessment order cannot be considered to be erroneous and prejudicial to the interests of revenue
Astrix Laboratories Ltd. Versus Asst. Commissioner of Income tax
(2015) TaxCorp(LJ) 5272 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenINTL.aspx?ID=7822&Category=INTLDecisions&CategoryType=Zip
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ITAT - Once the assessee demonstrates that the consideration received on transfer has been invested either in purchasing a residential house or in constructing a residential house, even though the transactions are not complete in all respects and as required under the law, that would not disentitle the assessee from availing benefit under section 54F
S. Uma Devi vs. CIT
(2015) TaxCorp(LJ) 5159 (ITAT-HYDERABAD) · Section 54F
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ITAT - A mere statement that trade advances were made for purposes of business is not sufficient to establish business purpose. In S.A. Builders's case transaction was between a holding company and a subsidiary company and thus business interest was evident.
ACIT vs Esveeaar Distillers Pvt Limited
(2015) TaxCorp(LJ) 5152 (ITAT-HYDERABAD)
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ITAT - Stock Option Transfer Proceeds received by assessee having residential status of not ordinarily resident are not taxable, as the same is not accruing / arising in India
Anil Bhansali vs ITO
(2015) TaxCorp(LJ) 5143 (ITAT-HYDERABAD)
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ITAT - Taxability of stock options allotted outside India by foreign co to NOR employee for services rendered in India considered. assessee having residential status of ‘not ordinarily resident’, only that portion of the stock awards and SOTP attributable to services rendered in India can form part of total income
Anil Bhansali vs. ITO
(2015) TaxCorp(LJ) 5126 (ITAT-HYDERABAD) · Section 5(1)
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