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ITAT - Indian subsidiary of UK company engaged in the business of providing news and financial information does not constitute assessee’s dependent agent PE or service PE in India by virtue of entering into a distribution agreement.
Reuters Ltd. vs. DCIT
(2015) TaxCorp(LJ) 8718 (ITAT-MUMBAI)
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ITAT - Loss on account of forward contract entered into by the assessee to hedge against the loss arising on account of fluctuations in foreign exchange is an allowable deduction.
ACIT vs. M/s Venus Jewel
(2015) TaxCorp(LJ) 8715 (ITAT-MUMBAI) · Sections 29, 37(1)
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ITAT - Profit arising on transfer of capital asset to its wholly owned Indian subsidiary company is liable to be excluded from the Net profit. Said profit does not fall under the definition of “income” at all and since it does not enter into the computation provisions at all, there is no question of including the same in the Book Profit as per the scheme of the provisions of sec. 115JB.
Shivalik Venture Pvt. Ltd. vs. Dy. Commissioner of Income Tax
(2015) TaxCorp(LJ) 8712 (ITAT-MUMBAI)
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ITAT - Withdraws adverse remark against ICAI and its members.
Vijay V. Meghani v. Assistant Commissioner of Income-tax, Cir. 23(3), Mumbai
(2015) TaxCorp(LJ) 8697 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=42586&Category=ITAT&CategoryType=Zip
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ITAT - ITAT accedes to ICAI's plea to modify its order criticizing Institute's functioning. Observations in the original order about the CA profession and conduct of the students not necessary to adjudicate the issues.
Vijay V Meghani Vs. ACIT
(2015) TaxCorp(LJ) 8672 (ITAT-MUMBAI)
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ITAT - An Indian company is not liable to deduct TDS u/s 195 while making software reimbursement payments to US parent company.
Lionbridge Technologies Private Limited vs. ITO
(2015) TaxCorp(LJ) 8660 (ITAT-MUMBAI)
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ITAT - Interest income earned by an NBFC is taxable as business income and not as income from other sources
Warrior (Investment) Ltd. vs. ITO
(2015) TaxCorp(LJ) 8659 (ITAT-MUMBAI)
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ITAT - For the purpose of exemption under section 54, giving advance to builder constitutes "purchase" of new house even if construction is not completed and title to the property has not passed to the assessee within the prescribed period.
Hasmukh N. Gala vs. ITO
(2015) TaxCorp(LJ) 8587 (ITAT-MUMBAI) · Section 54
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ITAT - Entrance fee paid to golf club on behalf of director to develop links with other corporates leaders is an allowable business expenditure. CIT vs United Glass Mfg. Co. Ltd. followed.
DCIT. Vs. Hinduja Global Solutions Ltd.
(2015) TaxCorp(LJ) 8568 (ITAT-MUMBAI)
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ITAT - Amount received by UK entity from BCCI for live coverage of IPL cricket matches not taxable as FTS’ / Royalty under India-UK DTAA.
IMG Media Limited vs. DDIT
(2015) TaxCorp(LJ) 8557 (ITAT-MUMBAI)
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ITAT - (i) Even if an amount is credited to the P&L A/c, the assessee can seek exclusion of that amount for purposes of “book profits” if a note to that effect is inserted in the A/cs (ii) An item of receipt which falls under the definition of “income”, are excluded for the purpose of computing “Book Profit”, since the said receipts are exempted u/s 10 of the Act while computing total income.
Shivalik Venture Pvt. Ltd vs. DCIT
(2015) TaxCorp(LJ) 8531 (ITAT-MUMBAI) · Section 115JB
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ITAT - Amount towards waiver of loan under OTSS, credited to "General Reserves" and not to the P&L Account cannot be added to "book profits". Supreme Court in the case of Apollo Tyres followed.
DCIT vs. Garware Polyester Ltd
(2015) TaxCorp(LJ) 8530 (ITAT-MUMBAI) · Section 115JB
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ITAT - Not correct to hold that the income pertaining to the TDS amount should be assessed in the reported PAN only, even when deductor misquoted assessee’s PAN. AO must tax the right person alone.
Vikram Manibhai Mehta vs. ITO
(2015) TaxCorp(LJ) 8511 (ITAT-MUMBAI)
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ITAT - The profit and loss account should be read along with Notes of account should be applied uniformly in all kind of situations and hence due adjustment needs to be done for the effect of items disclosed in the Notes to accounts.
Shivalik Venture Pvt. Ltd. vs. DCIT
(2015) TaxCorp(LJ) 8509 (ITAT-MUMBAI)
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ITAT - Merely because the addition was made as per the deeming provision of section 50C would not ipso facto lead to the conclusion that the assessee has furnished inaccurate particulars of income or concealed its income.
Smt. Tarabai Kotumal vs. ACIT
(2015) TaxCorp(LJ) 8506 (ITAT-MUMBAI) · Section. 50C
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ITAT - No penalty is leviable where there is only a change of head of income.
Dai Ichi Karkaria Ltd. vs. DCIT, Mumbai
(2015) TaxCorp(LJ) 8502 (ITAT-MUMBAI) · Section. 271(1)(C)
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ITAT - Once the assessee has complied with the provisions of sec. 195 and obtained a certificate from the AO in accordance with the requirement of sec. 195(2) then, the assessee cannot be penalized by invoking the provisions of sec. 40a(i).
DCIT. vs. Carl Zeiss India (P) Ltd.
(2015) TaxCorp(LJ) 8473 (ITAT-MUMBAI) · Section. 40(a)(i)
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ITAT - Where entire ‘reasons recorded’ for reassessment proceedings initiated by AO are purely in the realm of surmises”, the same needs to be quashed.
Popley Diamond and Gold Plaza Pvt. Ltd. vs. DCIT
(2015) TaxCorp(LJ) 8472 (ITAT-MUMBAI)
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S. 271(1)(c): Claim that interest income is eligible for s. 10B exemption, though upheld by the ITAT for an earlier year, is so implausible that it attracts penalty for concealment/ furnishing inaccurate particulars of income
DCIT vs. Cybertech Systems & Software P. Ltd
(2015) TaxCorp(LJ) 8463 (ITAT-MUMBAI) · Section 271(1)(c)
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(i) DR can only support the AO's order and cannot set up an altogether new case before the ITAT, (ii) Loss on sale of shares, even if a speculation loss, can be set-off against the gains on sale of shares
DCIT vs. Envision Investment & Finance Pvt. Ltd
(2015) TaxCorp(LJ) 8423 (ITAT-MUMBAI)
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