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Mere projections by the assessee and accepted by the auditors with qualifications cannot be considered as a proper valuation and especially when the auditors have qualified the report.
Quark Enterprises Private Limited Vs ITO
(2022) TaxCorp(LJ) 30136 (ITAT-HYDERABAD) · Section 56(2)(viib)
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Services which are ancillary and essentially linked to the purchase of equipment and cannot be provided on stand alone basis would fall outside the purview of fee of included services under India-US DTAA, thus, liability to deduct tax at source shall not arise.
Electronics Corporation of India Ltd. Vs Commissioner of Income Tax
(2022) TaxCorp(LJ) 30085 (ITAT-HYDERABAD)
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Since the Assessee had understated the profit for the relevant AY, the net gain of Rs.4.05 Cr was to be charged and brought to tax under Section 115JB.
Nikhil Refineries Pvt. Limited Vs The Deputy Commissioner of Income Tax
(2022) TaxCorp(LJ) 30054 (ITAT-HYDERABAD)
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Payment made towards data storage services are not in the nature of royalty within the meaning of Section 9(1)(vi) and accordingly TDS liability under Section 195 does not arise.
Reasoning Global EApplication Ltd Vs Dy. C.I.T.
(2022) TaxCorp(LJ) 29961 (ITAT-HYDERABAD)
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Limitation for rectification under Section 154(7) is 4 years even for intimation under Section 143(1).
Zintec Software (P) Ltd Vs Dy. C.I.T.
(2022) TaxCorp(LJ) 29928 (ITAT-HYDERABAD)
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A Company cannot be allowed to set off losses arising from trading in shares conducted by the Directors under their unique client code by using the money lent by the Company.
Nekkanti Systems Private Limited Vs Income Tax Officer
(2022) TaxCorp(LJ) 29799 (ITAT-HYDERABAD)
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Issue of allocation of corporate expenditure to units eligible for various tax holidays is not a debatable issue, and thus rectifiable under Section 154.
Dr.Reddy’s Laboratories Limited. Vs DCIT
(2022) TaxCorp(LJ) 29701 (ITAT-HYDERABAD)
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Assessee is unable to establish that there was any contract for actual delivery of goods and, therefore, the condition precedent u/s 43(5)(a) is not satisfied.
Agarwal Industries Pvt Ltd Vs Dy. Commissioner of Income-tax
(2022) TaxCorp(LJ) 29575 (ITAT-HYDERABAD)
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To make a claim u/s 80IA, assessee is simply required to file RoI u/s 139(1).
Delhi MSW Solutions Ltd Vs Dy.CIT
(2022) TaxCorp(LJ) 29573 (ITAT-HYDERABAD) · Section 80IA
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Assessee has not paid any amount or expressed any willingness to pay 20% of outstanding demand of taxes subject to which stay can be granted as per section amended proviso to Sec.254(2A).
Smt.Yashoda Gundavarapu R.R. Dt. Vs ITO
(2022) TaxCorp(LJ) 29570 (ITAT-HYDERABAD) · Section 254(2A)
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Foreign allowances received by assessee-individual in respect of services performed in Netherlands during AY 2014-15 cannot be taxed in India.
Venkata Rama Rao Vs ITO
(2022) TaxCorp(LJ) 29567 (ITAT-HYDERABAD) · Section 5(2)
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NFAC was not justified in sustaining the addition where, on basis of facts it was demonstrated that assessee had substantial cash sales throughout the year, and the cash sales leading to cash deposit was not just close to the demonetisation period.
Lateef Abdul Mohd. Vs Income Tax Officer
(2022) TaxCorp(LJ) 29421 (ITAT-HYDERABAD) · Section 69A
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No technical service element was involved in the process of surrogacy and thus Sec.194J was not attracted.
Kiran Infertility Central Private Limited Vs Income Tax Officer
(2022) TaxCorp(LJ) 29333 (ITAT-HYDERABAD) · Sections 40(a)(ia), 194C
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It cannot be held that only the assessee would have right to file the additional evidence and the same right is not available to the revenue.
Nuziveedu Seeds Ltd Vs Dy. Commissioner of Income-tax
(2022) TaxCorp(LJ) 29278 (ITAT-HYDERABAD)
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In the absence of any proof as to the waiver of interest by the bankers, addition on that score basing on assumptions cannot be maintained.
Hyderabad Educational Institutions Pvt. Ltd Vs Dy. Commissioner of Income Tax
(2022) TaxCorp(LJ) 29261 (ITAT-HYDERABAD)
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AO is directed to allow exemption to assessee u/s 11 and delete the addition made on account of unaccounted FDs and disallowance made u/s 40(a)(ia).
Nalgonda Diocese Social Service Society Vs Income-tax Officer
(2022) TaxCorp(LJ) 29243 (ITAT-HYDERABAD) · Section 11
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The word remitted to or received in Article 24 have to be interpreted literally and By any stretch of reasoning, the word 'remitted' cannot be read as accrued for the purposes of Article 24.
PACC Container Line Pvt. Ltd Vs ITO
(2022) TaxCorp(LJ) 29045 (ITAT-HYDERABAD)
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When there was a mistake, error or omission on part of the Tribunal, then it is the duty of Tribunal to set it right.
GVPR Engineers Ltd Vs The Asst. Commissioner of Income Tax
(2022) TaxCorp(LJ) 29043 (ITAT-HYDERABAD)
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It is evident that the CIT(E) while granting registration was satisfied about charitable nature of Assessee’s activities.
Jawaharlal Nehru Technological University Vs Commissioner of Income Tax
(2022) TaxCorp(LJ) 28993 (ITAT-HYDERABAD) · Section 12A
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Assessee would not be entitled to deduction of payment made in contravention of law or opposed to public policy or of unlawful nature.
Eyegear Optics India Pvt. Ltd Vs Assistant Commissioner of Income Tax
(2022) TaxCorp(LJ) 28991 (ITAT-HYDERABAD) · Section 37
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