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ITAT - 'Property of any kind held' as per definition of 'capital asset' in section 2(14) means property legally held by assessee and not property illegally encroached by him. Profit arising on its sale is taxable as income from other source.
Income-tax Officer, 21(3)(1), Mumbai v. Bhagwan T. Fatnani
(2015) TaxCorp(LJ) 6979 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=41408&Category=ITAT&CategoryType=Zip
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ITAT - Where increased profit on account of transfer pricing adjustment was not brought into India by assessee in convertible foreign exchange; no deduction under section 10B on such profit.
Agilisys IT Services India (P.) Ltd. v. Income-tax Officer, Ward 9 (2) 3, Mumbai
(2015) TaxCorp(LJ) 6978 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenINTL.aspx?ID=8158&Category=INTLDecisions&CategoryType=Zip
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ITAT - A Company providing Pharma support services cannot be compared with Government companies engaged in providing consultancy services in water, power and infrastructure development in view of functional difference.
Novartis Healthcare (P.) Ltd. v. Additional Commissioner of Income-tax, Range 7 (1), Mumbai
(2015) TaxCorp(LJ) 6973 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenINTL.aspx?ID=8123&Category=INTLDecisions&CategoryType=Zip
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ITAT - Auditor's certificate cannot be substitute for TP Study to benchmark international transaction. The same will have to be benchmarked to an external comparable determining ALP.
Metro Tunneling Group v. Joint Commissioner of Income-tax-17 (3), Mumbai
(2015) TaxCorp(LJ) 6972 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenINTL.aspx?ID=8276&Category=INTLDecisions&CategoryType=Zip
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ITAT - Since assessee was occupying house as per independent rent agreement with employer (landlord) and no benefit accrued to assessee in his capacity of employee, just because assessee was employee could not mean that he was deriving perquisite u/s 17(2)(ii).
Assistant Commissioner of Income-tax, Central Circle-2, Mumbai v. Yusuf K. Hamied
(2015) TaxCorp(LJ) 6960 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=41357&Category=ITAT&CategoryType=Zip
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ITAT - India-Singapore DTAA - Activities related to construction or installation are specifically covered under Article 5(3) and not under Article 5(6).
Kreuz Subsea Pte. Ltd. v. Deputy Director of Income-tax (International Taxation) 3 (1), Mumbai
(2015) TaxCorp(LJ) 6958 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenINTL.aspx?ID=8272&Category=INTLDecisions&CategoryType=Zip
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ITAT - Depositing unutilized gains in 'capital gain account deposit' scheme within the extended due date u/s 139(4) is also eligible for Sec 54F exemption
Padmanabh Pandurang Pawar vs ITO
(2015) TaxCorp(LJ) 6942 (ITAT-MUMBAI) · Section. 54F
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ITAT - The concept of indexation while computing the Long term capital gain cannot be imported to the computation of book profit u/s. 115JB.
Dharmayug Investments Ltd. vs. ACIT
(2015) TaxCorp(LJ) 6940 (ITAT-MUMBAI)
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ITAT - Income mistakenly offered in return of income when assessed amounts to incorrect assessment of taxes. The assessee cannot be burdened with the taxes which he otherwise is not liable to pay under the law. Even a duty has also been cast upon the Income Tax Authorities to charge the legitimate tax from the tax payers. They are not there to punish the tax payers for their bonafide mistakes.
Shri Chandrashekhar Bahirwani vs. ACIT
(2015) TaxCorp(LJ) 6938 (ITAT-MUMBAI)
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ITAT (TM) - There is no requirement to issue a notice u/s 143(2) before making an assessment u/s 153A
Sumanlata Bansal vs. ACIT
(2015) TaxCorp(LJ) 6935 (ITAT-MUMBAI) · Section 153A
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ITAT - In computing the "book profits" u/s 115JB, the entire capital gains have to be included without computing the benefits of indexation
Dharmayug Investments Ltd vs. ACIT
(2015) TaxCorp(LJ) 6932 (ITAT-MUMBAI) · Section 115JB
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ITAT - Since assessee’s claim of deduction u/s 54F with respect to conversion of loan into sale consideration is highly debatable, no concealment penalty u/s. 271(1)(c).
Aftab Abdul Rehman Badshah vs. ITO
(2015) TaxCorp(LJ) 6918 (ITAT-MUMBAI) · Section. 54F
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ITAT - Set off of loss from activity of horse-breeding against assessee’s other income is allowed. Sec 74A not applicable
Five Stars Shipping Co Pvt Ltd. Vs. DCIT
(2015) TaxCorp(LJ) 6916 (ITAT-MUMBAI) · Section. 74A
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ITAT - Since all products sold by assessee fell in category of insecticides and were used as supplementary to each other, all insecticide products sold by assessee to its AE in each country would be clubbed and aggregated together to compute ALP.
Godrej Sara Lee Ltd. v. Additional Commissioner of Income-tax, Range 10 (2), Mumbai
(2015) TaxCorp(LJ) 6905 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenINTL.aspx?ID=8000&Category=INTLDecisions&CategoryType=Zip
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ITAT - Amount received by overseas Telecom assessee under the “Restoration Agreement” with VSNL is not ‘fees for technical services’ u/s 9(1)(vii).
Flag Telecom Group Limited Vs. Dy. Director of Income Tax (International Taxation)
(2015) TaxCorp(LJ) 6904 (ITAT-MUMBAI)
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Mere denial by RBI to Register Assessee as NBFC do not change nature of business income to Income from Other Sources
Premius Investment and Finance Ltd. vs. DCIT
(2015) TaxCorp(LJ) 6902 (ITAT-MUMBAI)
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ITAT - AO was not justified in treating credit of Director’s remuneration in his account as loan transaction and thereby imposing penalty u/s.271D. Penalty u/s 271D & 271E cannot be levied on transaction entered through journal.
Goldstar Electricals Pvt. Ltd. Vs. ACIT
(2015) TaxCorp(LJ) 6874 (ITAT-MUMBAI) · Section. 271D, 271E
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ITAT - Mere acceptance by the assessee of the addition does not make entitle the department to levy concealment penalty.
IGL Gemstones Pvt. Ltd. Vs. DCIT
(2015) TaxCorp(LJ) 6871 (ITAT-MUMBAI)
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ITAT - Allows set-off of long term capital loss arising from sale of STT paid equity shares against gains from sale of land
Raptakos Brett & Co. Ltd. vs. DCIT.
(2015) TaxCorp(LJ) 6865 (ITAT-MUMBAI)
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ITAT - A merchant banker engaged in business of investment, merchant banking and corporate finance can not be chosen as comparable for an investment advisor under TP study
Deputy Commissioner of Income-tax, 2 (1), Mumbai v. Arisaig Partners India (P.) Ltd.
(2015) TaxCorp(LJ) 6855 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenINTL.aspx?ID=8026&Category=INTLDecisions&CategoryType=Zip
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