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The services rendered by the assessee entailed provision of support services in advising the entities globally on policies and standards based on international best practices support in terms of IT, financial functions, and other business support services. The services in question are independent services on standalone basis, and, as such, article 12(4)(a) does not come into play.
Kelly Services Inc Vs Deputy Commissioner of International Taxation
(2020) TaxCorp(LJ) 20785 (ITAT-MUMBAI)
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DIT that the assessee had taken loss adjustment entries worth of ₹ 1,55,31,999/- in F&O and Cash Segment by way of CCM, re-opened the assessment by issuing notice u/s. 148 of the Act. The assessee vide letter dated 15.10.2015 filed objection against the said notice u/s.148. The AO rejected the objection by an order dated 05.02.2016.
DY. CIT, 4 (3) (2), MUMBAI VERSUS M/S SETU SECURITIES PVT. LTD.
(2020) TaxCorp(LJ) 20784 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=81220&Category=ITAT&CategoryType=Zip
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If you go through the provisions, it may be seen that normal and additional depreciation are two separate deductions available to the assessee and both are independent and cumulative.
M/ s Welspun Corp Ltd. Vs DCIT
(2019) TaxCorp(LJ) 20768 (ITAT-MUMBAI)
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A plain reading of Sections 51 and 43(6) of the Act in a harmonious manner, and keeping in mind learned CIT(A)’s finding that assessee has indulged in dubious transaction of claiming forfeiture, it would show that the amount involved has been correctly reduced from the value of assets of the assessee. It is settled law that revenue authorities are not supposed to put on blinkers.
THE SUPREME INDUSTRIES LIMITED VERSUS ACIT (LTU) , MUMBAI AND DCIT (LTU), MUMBAI VERSUS THE SUPREME INDUSTRIES LIMITED
(2019) TaxCorp(LJ) 20766 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=81187&Category=ITAT&CategoryType=Zip
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Paragraph 7(3) GDR Scheme provided for considering the price of share as prevailing in the stock exchange on the date of advice as the cost of acquisition. Therefore, the provision specifically refers to a particular price and not the weighted average price as adopted by the revenue authorities.
Nomura India Investment Fund Mother Fund Vs Addl. DIT (IT)
(2020) TaxCorp(LJ) 20760 (ITAT-MUMBAI)
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When there are material evidences to substantiate that the shares were issued to foreign investors, and the conversion of the share was in accordance with the terms of issue of the preference shares appropriately justified with the fair valuation, there is no case treating such an issue / conversion as a means of tax avoidance.
Brand Marketing India (P) Ltd Vs DCIT
(2020) TaxCorp(LJ) 20759 (ITAT-MUMBAI) · Section 56(1)
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So long as the view taken by the AO is a possible view, the same ought not to be interfered with by the Commissioner u/s 263 merely on the ground that there is another possible view of the matter. Permitting exercise of revisional power in a situation where two views are possible would really amount to conferring some kind of an appellate power in the revisional authority. This is a course of action that must be desisted from.
M/S. ASIAN HOMES PRIVATE LIMITED VERSUS PR. CIT-9, MUMBAI
(2019) TaxCorp(LJ) 20756 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=81175&Category=ITAT&CategoryType=Zip
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In this case, the assessee is into the business of diamond trading. The profit element in diamond trading is around 2 to 3% depending upon nature of trade. Even, the BEP had recommended profit percentage of 2% in case of trading and 3% for manufacturers.
STERLING JEWELS PVT. LTD. VERSUS ACIT-5 (3) (2)
(2020) TaxCorp(LJ) 20752 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=81127&Category=ITAT&CategoryType=Zip
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Question of existence or not of a PE arises only if any part of its income is liable to be taxed as business income and since assessee's income is eligible for relief u/s 9(1) of the India-France DTAA, no income of the assessee is liable to be taxed as business profits in India and hence, the question of existence of PE becomes academic.
CMA CGM SA Vs Dy. Commissioner of Income Tax International Taxation
(2019) TaxCorp(LJ) 20741 (ITAT-MUMBAI)
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It is very clear that sec. 40(b)(iv) does not restrict disallowances of interest over and above 12% only on partners capital account.
Milind & Associates Vs ITO
(2019) TaxCorp(LJ) 20739 (ITAT-MUMBAI) · Section 40(b)(iv)
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The prime objects of the trust are to implement the NEIA scheme through ECGC for the benefit of medium and long-term exports. The assessee endeavor to promote exports from India and to protect the payment risks for transactions for which ECGC is unable to provide cover owing to lack of capacity or commercial consideration. In other words, the assessee is to provide insurance cover to promote exports from India and to protect payments risks.
NEIA TRUST VERSUS ADIT (E) -II (2) , MUMBAI
(2019) TaxCorp(LJ) 20738 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=81110&Category=ITAT&CategoryType=Zip
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In the present case, it is not a fact that the assessee has not maintained any information as required under section 92D(1) r/w rule 10D(1). The facts on record clearly indicate that the assessee, indeed, has maintained a number of information/documents as required under the statutory provisions. In fact, the assessee has furnished segmental profitability at gross level.
DY. COMMISSIONER OF INCOME TAX CIRCLE–5 (1) (1) , MUMBAI VERSUS ARJAV DIAMOND INDIA PVT. LTD.
(2019) TaxCorp(LJ) 20737 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=81115&Category=ITAT&CategoryType=Zip
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As the payments received by the assessee from rendering of the maintenance and support services does not fall within the scope and gamut of the definition of 'royalty' in Article 12 of the India-Finland tax treaty, therefore, the payments received by the assessee for providing such support services cannot be held as 'royalty' in the hands of the assesse.
Trimble Solutions Corporation Vs Deputy Commissioner of Income Tax
(2020) TaxCorp(LJ) 20731 (ITAT-MUMBAI)
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Facts on record do establish that the assessee had purchased the machinery and it was installed in its factory. When such evidences were filed before the Assessing Officer, the minimum which is expected from him was to verify the authenticity of these documents before treating the purchases as non–genuine. However, as it appears from record, the Assessing Officer has not conducted any effective enquiry qua the documentary evidences filed by the assessee.
PRIVI ORGANICS LTD. VERSUS DY. COMMISSIONER OF INCOME TAX CIRCLE–4 (3) (1), MUMBAI AND (VICE-VERSA)
(2019) TaxCorp(LJ) 20729 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=81088&Category=ITAT&CategoryType=Zip
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Foreign currency forward contracts held by the assessee are far lesser than the underlying exposure on account of imports and exports. Hedging transaction entered in regular course of business activity cannot be treated as speculative transaction. It is not required by the assessee to establish a one–to–one linkage between the forward contracts and the export/import transaction.
UNI DESIGN JEWELLERY PVT. LTD. VERSUS DY. COMMISSIONER OF INCOME TAX CENTRAL CIRCLE–9, MUMBAI
(2019) TaxCorp(LJ) 20728 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=81089&Category=ITAT&CategoryType=Zip
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Provision for meeting the liability for encashment of earned leave by the employees is not a contingent liability and is admissible as a deduction. On the basis of our aforesaid observations, we are of the considered view, that as the provision for leave encashment had been made by the assessee on actuarial basis, therefore, the same being in the nature of an ascertained liability could not have been added by the A.O for the purpose of determining the ‘book profit’ under Sec. 115JB of the Act.
M/S CAPRIHANS INDIA LTD. VERSUS DY. CIT CENTRAL CIRCL-36 MUMBAI. AND THE ASSTT. COMMISSIONER OF INCOME-TAX
(2020) TaxCorp(LJ) 20722 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=81085&Category=ITAT&CategoryType=Zip
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In the case before us, the view taken by the lower authorities has to fail on two grounds viz (i). that, the assessee had duly evidenced the source of investment made by him for purchase of the aforesaid two paintings; and (ii). that, even otherwise as the aforesaid paintings were purchased by the assessee on 17.06.2006 i.e in the period relevant to the immediately preceding year i.e A.Y 2007-08.
MR. JASJIT SINGH VERSUS DY. CIT CENTRAL CIRCLE-42, MUMBAI
(2019) TaxCorp(LJ) 20714 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=81046&Category=ITAT&CategoryType=Zip
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If the intentions were to deal on a systematic and repetitive manner, then no businessmen will lock its funds for three years for his trading activities. Assessee, after selling these flats has not acquired any additional flats by re-investing the sale proceeds of these sold flats. Also the fact remains that the above assets are appearing under investments in the balance sheet of the assessee.
HARESH KHIAMAL NANWANI VERSUS ACIT-17 (1), MUMBAI
(2019) TaxCorp(LJ) 20712 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=81056&Category=ITAT&CategoryType=Zip
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Assessee had not benefitted within the meaning of Sec.41(1) of the Act receipt of the said payment from the assessee prematurely can in no way be construed or characterized as a remission or cessation of the liability of the assessee towards the State Government.
Caprihans India Ltd Vs Dy. CIT Central Circl-36
(2019) TaxCorp(LJ) 20711 (ITAT-MUMBAI)
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Income from overseas branch is taxable in the country where the branch is established. The profits of overseas branch are taxable in India, thus accepting assessee's plea. These two divergent views by two different benches of the Tribunal has made the issue debatable. The jurisdictional HC has admitted substantial question of law on the issue of place of taxability of profits earned by the overseas. It is a trait law that where the issue is debatable no penalty under section 271(1)(c) of the Act is leviable, and thus deletes the penalty levied by the Department.
Johnson & Johnson Ltd Vs Dy. Commissioner of Income Tax
(2019) TaxCorp(LJ) 20701 (ITAT-MUMBAI) · Section 271(1)(c)
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