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ITAT - Law laid down law on exclusion of period in computing interest on refund u/s 244A.
DBS Bank Limited vs. DDIT
(2016) TaxCorp(LJ) 9778 (ITAT-MUMBAI) · Section 244A
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ITAT - Distribution of samples of medicines to the physicians free of cost is allowable u/s 37(1). CBDT Circular No. 5/2012 not applicable.
ACIT vs. Dupen Laboratories Pvt. Ltd.
(2015) TaxCorp(LJ) 9733 (ITAT-MUMBAI)
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ITAT - AO had conducted necessary enquiries into various aspects of share-purchase transactions before forming an opinion, therefore not prejudicial to Revenue.
Instant Holdings Ltd. vs. Pr. CIT
(2015) TaxCorp(LJ) 9732 (ITAT-MUMBAI) · Section 263
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S. 68 (bogus share capital): Despite statement of Mukesh C. Choksi & Jayesh Sampat admitting bogus share capital, addition cannot be made in assessee-company's hands
ITO vs. Superline Construction P. Ltd
(2015) TaxCorp(LJ) 9577 (ITAT-MUMBAI) · Section 68
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S. 11/ 12AA: Mere non-intimation of amendments to trust deed cannot ipso facto result in cancellation of registration if there is no change in tone and tenor of objects
ITO vs. Bhansali Trust
(2015) TaxCorp(LJ) 9549 (ITAT-MUMBAI) · Sections 11, 12AA
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ITAT - Payment of ‘bank guarantee commission’ not liable to TDS u/s 194H.
ITO vs. Nimbus Communications Ltd
(2015) TaxCorp(LJ) 9535 (ITAT-MUMBAI) · Section 194H
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The object of introduction of Securities Transaction Tax (STT) was to end litigation on the issue of whether profit earned from delivery based sale of shares is capital gains or business profit. Merely because the assessee liquidates its investment within a short span of time, which had given better overall earning to the assessee, would not lead to the conclusion that the assessee had no intention to keep on the funds as investor in equity shares, but was actually intended to trade in shares
Hema Hiren Dand vs. JCIT
(2015) TaxCorp(LJ) 9508 (ITAT-MUMBAI)
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ITAT - No prudent person could incur a higher expenditure to earn a known lower income. Higher interest expense u/s 57(iii) disallowed.
Deepak Nagji Vira vs ITO
(2015) TaxCorp(LJ) 9484 (ITAT-MUMBAI) · Section 57
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ITAT - TDS u/s 195 applicable on freight payments to non-resident shipping companies. Demurrage charges assume the same nature as of freight charges.
Elve Corporation vs. ACIT
(2015) TaxCorp(LJ) 9483 (ITAT-MUMBAI) · Section 195
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ITAT - The act of maintaining the regular books along with demat account and contract notes and thus organizing proper records cannot be construed as systematic and regular of trading activity. Share sale income is capital gains.
ACIT vs Nemichand P Jain
(2015) TaxCorp(LJ) 9475 (ITAT-MUMBAI)
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ITAT - Upon recruitment of employees, the factum that expenditure under different heads was incurred was indicative that business was set up during subject AY.
Reliance Gems & Jewels Ltd vs. DCIT
(2015) TaxCorp(LJ) 9474 (ITAT-MUMBAI) · Section 37(1)
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ITAT - Income from offshore services, though chargeable under section 9(1)(vii), was no taxable if it is provided outside India without any connection with PE in India.
IHI Corporation v. ADIT (International Taxation)-3, Mumbai
(2015) TaxCorp(LJ) 9464 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenINTL.aspx?ID=8115&Category=INTLDecisions&CategoryType=Zip
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ITAT - Not correct to hold that since the agreement date for new property was beyond two years from transfer of original property, the investment in new property cannot be said to have been made within the prescribed period for exemption u/s 54F.
Smt. Rathan B Shetty vs. ACIT
(2015) TaxCorp(LJ) 9458 (ITAT-MUMBAI) · Section 54F
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Transfer Pricing: (i) If the AO & CIT make a mechanical reference to the TPO without applying mind to the TP report & other data filed by the assessee, the reference is invalid, (ii) A transfer pricing adjustment cannot be made if the assessee's income is exempt u/s 10A or 80HHE or (iii) if the AE is assessed at a rate of tax higher that tax rate in India
DCIT vs. Tata Consultancy Services Ltd
(2015) TaxCorp(LJ) 9454 (ITAT-MUMBAI) · Sections 10A, 80HHE
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S. 147/ 148: Issue of furnishing the ‘Reasons’ for reopening the assessment goes to the root of the matter. In the event of failure of the AO to furnish the reasons, the reopening is bad in law
Muller & Philpps (India) Ltd vs. ITO
(2015) TaxCorp(LJ) 9453 (ITAT-MUMBAI) · Sections 147, 148
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ITAT - Gains arising on transfer of booking rights in 'office premises' is taxable as income from other sources and not long term capital gains.
S. Narendrakumar & Co vs DCIT
(2015) TaxCorp(LJ) 9432 (ITAT-MUMBAI)
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ITAT - Due to huge variation in profit margin of comparable company from that of assessee-company, said company should be excluded from comparable list.
NYK Line (India) Ltd. v. Additional Commissioner of Income-tax, Range 1 (3), Mumbai
(2015) TaxCorp(LJ) 9420 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenINTL.aspx?ID=8757&Category=INTLDecisions&CategoryType=Zip
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ITAT - In international transactions LIBOR is best basis for benchmarking interest rate.
Deputy Commissioner of Income-tax, Range 8 (1), Mumbai v. Geodesic Ltd.
(2015) TaxCorp(LJ) 9414 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenINTL.aspx?ID=8450&Category=INTLDecisions&CategoryType=Zip
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ITAT - Service tax collected by assessee cannot form part of gross receipts for the purpose of presumptive taxation u/s 44BB.
Oceaneering International GmbH vs. Dy. DIT
(2015) TaxCorp(LJ) 9363 (ITAT-MUMBAI) · Section. 44BB
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S. 80-IA: Interest on TDS refund, interest from lessees, interest on FDRs and Tender fees are all “derived” from the undertaking and are eligible for deduction. If items of income are not eligible, it should be netted off against expenditure and only balance can be disallowed
ITO vs. Hiranandani Builders
(2015) TaxCorp(LJ) 9358 (ITAT-MUMBAI) · Section 80-IA
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