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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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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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