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ITAT - A software product company cannot be regarded as a comparable to a company engaged in software development services.
Invensys Development Centre India (P.) Ltd. v. Deputy Commissioner of Income-tax, Hyderabad
(2015) TaxCorp(LJ) 6156 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenINTL.aspx?ID=7908&Category=INTLDecisions&CategoryType=Zip
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ITAT - Costs which do not involve any functions to be performed so as to consider it for profitability purpose needs to be excluded while working out operating cost in TP study.
HSBC Electronic Data Processing India (P.) Ltd. v. Deputy Commissioner of Income-tax, Circle-2 (2), Hyderabad
(2015) TaxCorp(LJ) 6141 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=39912&Category=ITAT&CategoryType=Zip
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ITAT - Since interest free loan from tenant had no nexus with leasing of property, therefore interest-free loan taken from tenant is not includible in 'Annual Letting Value' of property on notional basis.
Care Institute of Medical Sciences Ltd. v. Deputy Commissioner of Income-tax, Circle-1 (2), Hyderabad
(2015) TaxCorp(LJ) 6108 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=40280&Category=ITAT&CategoryType=Zip
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ITAT - Section 50C will not apply to an encumbered property because market value of property as taken for purpose of payment of stamp duty could not be adopted as sale consideration in such case (where assessee not absolute owner of property)
Smt. D. Anitha v. Income Tax Officer, Ward 10(2), Hyderabad
(2015) TaxCorp(LJ) 6104 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=40279&Category=ITAT&CategoryType=Zip
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ITAT - Amount received by consultant-cum-independent contractor in foreign currency for rendering technical service abroad is not taxable in India
Income-tax Officer (International Taxation)-I, Hyderabad v. Janardhan Pannir
(2015) TaxCorp(LJ) 6057 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=39625&Category=ITAT&CategoryType=Zip
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ITAT - Funds received from self-owned Mauritius company through banking channel with necessary statutory approvals into the assessee’s NRI A/c, not unexplained income when the assessee had furnished enough evidences including a certificate from Mauritius Company.
DCIT vs. Madhusudan Rao Lagadapati
(2015) TaxCorp(LJ) 5891 (ITAT-HYDERABAD)
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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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