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ITAT - When undisputedly, there is no cost of acquisition to assessee, the computation provision fails, accordingly, capital gain cannot be computed. No Long Term Capital Gain when assessee executed a release deed of property.
Income-tax Officer, Ward – 4(1) Versus Sri Anthati Bikshapathy
(2015) TaxCorp(LJ) 5121 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=39383&Category=ITAT&CategoryType=Zip
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ITAT - Only because the TPO in the assessment year 2007-08, comes to a conclusion that the transaction is not genuine as it fails the benefit test, by relying upon such finding of TPO, the assessment order cannot be said to be either erroneous or prejudicial to the interests of revenue. Revision u/s 263 not valid
Astrix Laboratories Ltd vs. ACIT
(2015) TaxCorp(LJ) 5108 (ITAT-HYDERABAD)
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ITAT - There being no 'transfer' in terms of section 2(47), amount received by assessee from its JV company for use of technical knowhow of Anti Retro Virals developed by the assessee is business income and not capital gains.
Mylan Laboratories Ltd vs ACIT
(2015) TaxCorp(LJ) 5107 (ITAT-HYDERABAD)
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ITAT - Co-operative bank's contribution to Co-operative Education Fund for AY 2010-11 is an "appropriation and not diversion" as contribution was calculated on profits as on March 2009, thus the liability does not belong to profits of the year. Also there is no payment in the year of losses
A.P. Mahesh Coop. Urban Bank Ltd. vs DCIT
(2015) TaxCorp(LJ) 5084 (ITAT-HYDERABAD)
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ITAT - Sectoin 54F being a benevolent provision, advance payments to builder for construction of residential flat till completion of '3 years' from original property sale would be eligible for exemption u/s 54F
Pradeep Kumar Chowdhry vs DCIT
(2015) TaxCorp(LJ) 5029 (ITAT-HYDERABAD) · Section 54F
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ITAT - When the assessee accepts the advances mentioned in the seized material as his income, the interest calculated on the amount advanced as noted in the very same seized material certainly have to be considered to have been earned/received by the assessee and had to be deemed as unexplained.
B. Bhaskar Rao v. Deputy Commissioner of Income-tax
(2015) TaxCorp(LJ) 5009 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=37634&Category=ITAT&CategoryType=Zip
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ITAT - Contribution of 1% of net profit to the Cooperative Education Fund maintained by National Cooperative Union is an application of income and not 'diversion of income by over-riding title'
The A. P. Mahesh Coop. Urban Bank Ltd. vs. DCIT
(2015) TaxCorp(LJ) 4986 (ITAT-HYDERABAD)
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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. Even if only advance is given the benefit still will be available for exemption u/s. 54F
Pradeep Kumar Chowdhry vs. DCIT
(2015) TaxCorp(LJ) 4984 (ITAT-HYDERABAD) · Section. 54F
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ITAT - Where assessee had entered into a cost sharing exercise in implementing ERP systems in group company which involved services by assessee company, to be marked-up under TP norms
Kirby Building Systems India Ltd. v. Assistant Commissioner of Income-tax, Circle 8 (1), Hyderabad
(2015) TaxCorp(LJ) 4964 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=38748&Category=ITAT&CategoryType=Zip
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ITAT - Understatement in terms of section 50C being prima facie established, assumption of jurisdiction u/s 147 is justified
Rupakula Srinivas v. Income-tax, Ward-1 (1), Hyderabad
(2015) TaxCorp(LJ) 4949 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=37776&Category=ITAT&CategoryType=Zip
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ITAT - For purposes of computation of arm's length price, a Company couldn't be excluded from list of comparables merely because it was making losses. Due to amalgamation during the year the assessee's business model had changed. For all the three reasons, employee cost filter, outsourcing and amalgamation, a company cannot be selected as comparable.
Brigade Global Services (P.) Ltd. v. Income-tax Officer, Ward-1 (2), Hyderabad
(2015) TaxCorp(LJ) 4948 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=38940&Category=ITAT&CategoryType=Zip
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ITAT - A software purchase as a raw material in export of software is not a capital expenditure
M/s. Lampex Electronics Ltd. Versus DCIT, Circle 16(1), Hyderabad
(2015) TaxCorp(LJ) 4935 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=39214&Category=ITAT&CategoryType=Zip
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ITAT - Assessee is entitled to carry forward the unabsorbed depreciation u/s 32(2) without any reference to section 57. Set off of unabsorbed depreciation against the rental income treated as income from other sources from discontinued activity is allowed.
M/s. Ongole Educational Academy (P) Ltd. Versus Income Tax Officer
(2014) TaxCorp(LJ) 4886 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=39157&Category=ITAT&CategoryType=Zip
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ITAT - The payment made by assessee to the producers for acquiring satellite rights is towards outright sale, distribution or exhibition of cinematographic films, which are specifically excluded under clause (v) of Explanation 2 from being treated as consideration paid towards royalty. The payments are outside the purview of section 194J
Asst. Commissioner of Income tax Versus M/s. Aishwaraya Arts Creations P. Ltd.
(2014) TaxCorp(LJ) 4885 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=39161&Category=ITAT&CategoryType=Zip
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ITAT - Assessee is a distinct and separate legal/juristic entity and funds of the assessee also belong to assessee, income of A.P. Pollution Control Board has to be considered as income/receipt of the board and not of the state govt
AP. Pollution Control Board, Hyderabad Versus Dy. Director of Income-tax (E)
(2014) TaxCorp(LJ) 4870 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=39152&Category=ITAT&CategoryType=Zip
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ITAT - When the provisions of sec. 271D/269SS do not make any distinction whether a transaction is genuine or not, it cannot be read into the statutory provisions; obtaining of cash loans attracts penalty u/s 271D
Smt. B. Madhavi, Hyderabad Versus Jt. Commissioner of Income tax
(2014) TaxCorp(LJ) 4856 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=39141&Category=ITAT&CategoryType=Zip
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ITAT - For sec. 69, Asset Side of Balance Sheet cannot be isolated from Liability side
M/s. Manas Greenland Pvt. Ltd. Vs. ITO (OSD)
(2014) TaxCorp(LJ) 4802 (ITAT-HYDERABAD)
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ITAT - The Revenue generating activity of the assessee was to start only after the completion of the construction of the road, and the construction of the road being the basic set up or the profit making apparatus of the business of the assessee, the business of the assessee cannot be said to have been set up unless and until the construction of road is complete. Expense during road construction period not available
Western UP Tollway Ltd. vs. ACIT
(2014) TaxCorp(LJ) 4800 (ITAT-HYDERABAD)
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ITAT - Sec 80IB deduction available on excise duty refund received by assessee pursuant to Govt. incentive scheme
DCIT vs Coromandel International Ltd.
(2014) TaxCorp(LJ) 4681 (ITAT-HYDERABAD) · Section. 80IB
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S. 80-IB: Excise duty refund is "derived" from the undertaking. Liberty India 316 ITR 218 (SC) is distinguishable
DCIT. vs. Coromandel International Ltd.
(2014) TaxCorp(LJ) 4596 (ITAT-HYDERABAD) · Section. 80-IB
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