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ITAT - RPM is the most appropriate method in respect of distribution activities undertaken by the assessee under the international transaction of `Import of finished goods’.
FRESENIUS KABI INDIA PRIVATE LIMITED VERSUS THE ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-1 (2), PUNE., THE DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-1 (2), PUNE.
(2018) TaxCorp(LJ) 16069 (ITAT-PUNE) · http://taxcorp.in/FileOpenDT.aspx?ID=68007&Category=ITAT&CategoryType=Zip
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ITAT - The activities of (1) making of certified seeds; (2) undertaking other processing activities and finally (3) trading of the said certified seeds are agricultural activity.
ITO, WARD-1 (2), /AURANGABAD, ACIT, CIRCLE-1/ AURANGABAD, DCIT, CIRCLE-1/ AURANGABAD VERSUS M/S. NATH BIO GENES (I) LTD.
(2018) TaxCorp(LJ) 16068 (ITAT-PUNE) · http://taxcorp.in/FileOpenDT.aspx?ID=68009&Category=ITAT&CategoryType=Zip
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ITAT - One time receipts/awards by cricketer are exempt under CBDT Circular
Mr. Chandrakant Gulabrao Borde Vs The Income Tax Officer
(2018) TaxCorp(LJ) 16051 (ITAT-PUNE)
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ITAT - Payment made by an Indian company towards web hosting charges to Amazon Web Services LLC, USA is not a royalty under India – US DTAA. No TDS u/s 195.
EPRSS Prepaid Recharge Services India P. Ltd. Vs The Income Tax Officer
(2018) TaxCorp(LJ) 16013 (ITAT-PUNE)
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ITAT - Existence of “intention” to continue business assumes significance in matters relating to determination on cessation of business. Claim for expenses allowed.
M/s. Mula Pravara Electric Co-op. Society Ltd. Vs DCIT
(2018) TaxCorp(LJ) 15850 (ITAT-PUNE)
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ITAT - International agreements/conventions/treaties/UN Resolution-986 etc. are not binding on the citizens of India. Failure of the assessee in not complying with the UN Resolution-986 do not constitute an “offence” for the purpose of Explanation 1 to section 37(1). No penalty u/s. 271(1)(c) with respect to Sec. 37(1) disallowance confirmed in quantum appeal.
Kirloskar Brothers Limited Vs DCIT
(2018) TaxCorp(LJ) 15848 (ITAT-PUNE)
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Transfer Pricing: Entire law on whether the TPO can sit in judgement over the business model of the assessee and determine the ALP of the transactions with AEs at Nil explained in the context of judgements in Kodak India, Lever India Exports, Cushman and Wakefield, R.A.K. Ceramics & Delloite Consulting
Eaton Fluid Power Limited vs. ACIT
(2018) TaxCorp(LJ) 14808 (ITAT-PUNE)
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ITAT - Since Sec.191 of Indian Succession Act provides for a valid gift in contemplation of death, amount received from sister of deceased is exempt u/s 56(2)(v)(d).
Vijayraj Uttamchand Mundada Vs. ITO
(2018) TaxCorp(LJ) 14635 (ITAT-PUNE) · Section. 56(2)(v)(d)
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S. 10A/ 10B: The bar in s. 92CA(4) that the assessee is not entitled to s. 10A/ 10B deductions in respect of transfer pricing adjustments applies only where the adjustment is made by the AO/ TPO. If the assessee suo motu makes the adjustment and offers higher income, s. 10A/10B deduction cannot be denied. Also, as such notional income is not "export turnover", the condition in s. 10A/10B that foreign exchange must be brought to India does not apply (Deloitte Consulting (ITAT Mum) not followed as it is contrary to iGate Global (Kar HC))
Approva Systems Pvt. Ltd. Vs. DCIT
(2018) TaxCorp(LJ) 14558 (ITAT-PUNE) · Sections. 10A, 10B
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ITAT - Undertaking at Hyderabad should be treated as expansion of the existing unit at Pune, from where the employees were transferred, AO to allow deduction u/s 10A for the remaining period as eligible to the Pune unit.
Capgemini Technology Services India Limited Vs. The Dy. CIT
(2018) TaxCorp(LJ) 14271 (ITAT-PUNE) · Section. 10A
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ITAT - No disallowance u/s 40A(2)(b) where AO has not brought any comparables from the market to make out that the current payment is excessive and unreasonable within the meaning of section 40A(2)(b).
Sharp Designers and Engineers India Pvt. Ltd. (Formerly Khinvasara Investments Pvt. Ltd.) Versus ACIT, Circle-9 And ITO, Ward-10 (1) , Pune
(2018) TaxCorp(LJ) 14265 (ITAT-PUNE) · http://taxcorp.in/FileOpenDT.aspx?ID=61584&Category=ITAT&CategoryType=Zip
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ITAT - Corpus-specific-voluntary contributions are not taxable in case of an unregistered Trust u/s. 12/12A/12AAA.
ITO (Exemptions) , Ward-2, Pune Versus Serum Institute of India Research Foundation
(2018) TaxCorp(LJ) 14263 (ITAT-PUNE) · http://taxcorp.in/FileOpenDT.aspx?ID=61557&Category=ITAT&CategoryType=Zip
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ITAT - No disallowance of marketing & sales promotion expenses u/s 37(1) since the pharmaceutical company like the assessee is outside the scope of the circulars by the Medical Council of India or the CBDT.
Emcure Pharmaceuticals Ltd. Versus DCIT, Central Circle-2 (1) , Pune
(2018) TaxCorp(LJ) 14253 (ITAT-PUNE) · http://taxcorp.in/FileOpenDT.aspx?ID=61552&Category=ITAT&CategoryType=Zip
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S. 32/ 43(6): The slump price paid to acquire a business has to be bifurcated between tangible and intangible assets for purposes of allowing depreciation. If the allocation is done in a systematic manner by an independent valuer and there is no fallacy, the AO is bound by the allocation. If an asset forms part of the block of assets and depreciation is allowed, it loses its identity and depreciation cannot be denied in a later year
Johnson Matthey Chemicals India Pvt. Ltd vs. DCIT
(2017) TaxCorp(LJ) 14083 (ITAT-PUNE) · Sections 32, 43(6)
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S. 14A/ Rule 8D: By no stretch of imagination can s. 14A or Rule 8D be interpreted so as to mean that entire tax exempt income is to be disallowed. Also, the disallowance cannot exceed the exempt income
Pest Control India Pvt. Ltd. vs. DCIT
(2017) TaxCorp(LJ) 14074 (ITAT-PUNE) · Section. 14A
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S. 32/ 43(6): The slump price paid to acquire a business has to be bifurcated between tangible and intangible assets for purposes of allowing depreciation. If the allocation is done in a systematic manner by an independent valuer and there is no fallacy, the AO is bound by the allocation. If an asset forms part of the block of assets and depreciation is allowed, it loses its identity and depreciation cannot be denied in a later year
Johnson Matthey Chemicals India Pvt. Ltd. vs. DCIT
(2017) TaxCorp(LJ) 14073 (ITAT-PUNE) · Section. 32, 43(6)
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ITAT - In addition to assessee’s claim u/s. 54EC, exemption u/s 54EC available on minor’s income.
Shri Bimal Desai Vs. Dy. CIT
(2017) TaxCorp(LJ) 13807 (ITAT-PUNE) · Section. 54EC
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ITAT - Sec. 80IB(3) deduction available despite assesse grew beyond the SSI definition in relevant AY.
Advik Hi-Tech Pvt. Ltd. Vs. DCIT
(2017) TaxCorp(LJ) 13707 (ITAT-PUNE) · Section. 80IB(3)
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ITAT - Assessee can claim depreciation on the asset “Right to collect Toll” as provided under section 32(1)(ii).
The Income Tax Officer, Ward 1 (1), Nashik Versus M/s. Ashoka Highways (Bhandara) Ltd.
(2017) TaxCorp(LJ) 13696 (ITAT-PUNE) · http://taxcorp.in/FileOpenDT.aspx?ID=59299&Category=ITAT&CategoryType=Zip
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ITAT - The PAN follows the jurisdiction. It is not the jurisdiction that follows the PAN. The effective date of transfer of jurisdiction is the date of order passed by Commissioner of Income Tax and not the transfer of PAN.
Capstone Securities Analysis Pvt. Ltd. Versus Dy. Commissioner of Income Tax, Circle – 1 (1), Pune
(2017) TaxCorp(LJ) 13643 (ITAT-PUNE) · http://taxcorp.in/FileOpenDT.aspx?ID=58110&Category=ITAT&CategoryType=Zip
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