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Transfer Pricing: In the case of an assessee engaged in distribution activity there is no value addition to the product in question even if the selling and marketing expenses are borne by the assessee. Accordingly, the Resale Price Method is the most appropriate method for bench marking the transaction and determining whether it is at arms' length. The TPO is not entitled to thrust TNMM to evaluate the transaction
Fresenius Kabi India Private Limited vs. DCIT
(2017) TaxCorp(LJ) 13521 (ITAT-PUNE)
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ITAT - Deduction u/s. 80P is available to a credit cooperative society in respect of additions made u/s. 68.
Aman Chote Vyapari Vs The Dy. Commissioner of Income Tax
(2017) TaxCorp(LJ) 13496 (ITAT-PUNE) · Section 80P
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ITAT - Where the tax has been deducted on the strength of beneficial provisions of DTAA, provisions of section 206AA cannot be invoked to insist that the tax deduction should be @ 20%.
The Dy. Commissioner of Income Tax (International Taxation) -Circle 1, Pune Versus Calderys France, C/o Calderys India Refractories Ltd.
(2017) TaxCorp(LJ) 13462 (ITAT-PUNE) · http://taxcorp.in/FileOpenDT.aspx?ID=57585&Category=ITAT&CategoryType=Zip
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ITAT - Claim of exemption u/s 11 - violating conditions u/s 13 - Foreign travel expenditure which has been incurred on the wife of Managing Director is not to be allowed as deduction.
Maharashtra Academy of Engineering and Educational Research Versus The Dy. Commissioner of Income Tax, Central Circle 1 (1), Pune
(2017) TaxCorp(LJ) 12927 (ITAT-PUNE) · http://taxcorp.in/FileOpenDT.aspx?ID=56268&Category=ITAT&CategoryType=Zip
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S. 251: The CIT(A) has no power to enhance by discovering a new source of income which is neither discussed in the assessment order nor mentioned in the return of income filed by the assessee
Ram Infrastructure Ltd vs. JCIT
(2017) TaxCorp(LJ) 12383 (ITAT-PUNE) · Section 251
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ITAT - Cost related to replacement of old machines with new ones, was to be excluded from operating margin under transfer pricing, it being an extraordinary item event.
Tetra Pak India (P.) Ltd. v. Commissioner of Income-tax, Pune
(2017) TaxCorp(LJ) 12280 (ITAT-PUNE) · http://taxcorp.in/FileOpenDT.aspx?ID=54787&Category=ITAT&CategoryType=Zip
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ITAT - There cannot be wholesale denial of exemption u/s.11 for violations of provisions of section 13(1)(c).
Maharashtra Academy of Engineering and Educational Research Versus DCIT, Central Circle-1 (1), Pune
(2017) TaxCorp(LJ) 12260 (ITAT-PUNE) · http://taxcorp.in/FileOpenDT.aspx?ID=54769&Category=ITAT&CategoryType=Zip
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ITAT - AO has not followed the correct procedure as provided u/s 143(3) r.w.s. 92C(4) and 144C and has passed final assessment order without passing draft assessment order hence, the same is invalid in law.
Soktas India Pvt. Ltd. Versus The Asst. Commissioner of Income Tax, Circle 1, Kolhapur
(2017) TaxCorp(LJ) 12221 (ITAT-PUNE) · http://taxcorp.in/FileOpenDT.aspx?ID=53926&Category=ITAT&CategoryType=Zip
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ITAT (TM) - Process of generation of electricity through windmill amounts to ‘manufacture or production of article or thing’ u/s 32(1)(iia). ‘Additional depreciation ’ claim on windmills allowed.
Giriraj Enterprises Vs. The Dy. Commissioner of Income Tax
(2017) TaxCorp(LJ) 12216 (ITAT-PUNE) · Section. 32(1)(iia)
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ITAT - Charitable objects can also be promoted with own efforts and by donating other trust having charitable objects. Benefit of exemption 11 available.
Thermax Social Initiative Foundation Versus Income-tax Officer (Exemptions) Ward-1, Pune
(2016) TaxCorp(LJ) 11857 (ITAT-PUNE) · http://taxcorp.in/FileOpenDT.aspx?ID=53868&Category=ITAT&CategoryType=Zip
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ITAT - Where the deposits with the nationalized Bank were made to comply with statutory condition, the assessee would not get the benefit of section 80P(2)(c).
Himali Residential Co-op. Housing Society Ltd. Versus Income Tax Officer, Ward – 1 (4), Pune
(2017) TaxCorp(LJ) 11833 (ITAT-PUNE) · http://taxcorp.in/FileOpenDT.aspx?ID=53928&Category=ITAT&CategoryType=Zip
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ITAT - New source of income is to be taxed as income from other sources and not as business income.
Shri Budhmal Manaklal Kankaria Versus The Income Tax Officer, Ward – 1 (3), Nashik
(2017) TaxCorp(LJ) 11829 (ITAT-PUNE) · http://taxcorp.in/FileOpenDT.aspx?ID=53933&Category=ITAT&CategoryType=Zip
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ITAT - A company which had earned profits in one out of three years could not be said to be persistent loss making company and could not be and excluded from comparable list.
John Deere India (P.) Ltd. v. Deputy Commissioner of Income-tax, Circle-11(1), Pune
(2017) TaxCorp(LJ) 11820 (ITAT-PUNE) · http://taxcorp.in/FileOpenDT.aspx?ID=53925&Category=ITAT&CategoryType=Zip
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ITAT - Assessing Officer cannot pass final assessment order under section 143(3) making certain adjustment, to assessee's ALP without passing draft assessment order as required u/s 144C.
Soktas India (P.) Ltd. v. Assistant Commissioner of Income-tax, Circle-1, Kolhapur
(2017) TaxCorp(LJ) 11819 (ITAT-PUNE) · http://taxcorp.in/FileOpenDT.aspx?ID=53926&Category=ITAT&CategoryType=Zip
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ITAT - Cost of the services provided by the AEs has been allocated on a formula which has been followed form year to year and there is no merit in disallowance of the cost incurred on receipt of support services from its AE.
Eaton Industries Manufacturing GmbH Versus The Dy. Commissioner of Income-tax (International Taxation) -I, Pune
(2017) TaxCorp(LJ) 11809 (ITAT-PUNE) · http://taxcorp.in/FileOpenDT.aspx?ID=53904&Category=ITAT&CategoryType=Zip
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ITAT - AO has failed to strike off either of the limbs of section 271(1)(c) of the Act, which are not satisfied by the assessee and consequently, notice issued under section 274 r.w.s. 271(1)(c) of the Act is bad in law.
Shri Raviraj Vikas Takawane Versus Assistant Commissioner of Income-tax, Central Circle – 2 (3), Pune
(2017) TaxCorp(LJ) 11807 (ITAT-PUNE) · http://taxcorp.in/FileOpenDT.aspx?ID=53906&Category=ITAT&CategoryType=Zip
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ITAT - Baggase/husk is not a waste but is a by-product of agriproduce processing industry which was purchased and not collected & processed or treated by the assessee, which is a pre-requisite for claiming deduction u/s.80JJA.
M/s. Pranav Agro Industries Ltd. Versus DCIT, Circle-4, Pune, ACIT, Circle-4, Pune
(2017) TaxCorp(LJ) 11806 (ITAT-PUNE) · http://taxcorp.in/FileOpenDT.aspx?ID=53907&Category=ITAT&CategoryType=Zip
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ITAT - Since no show cause notice was given to the assessee before making the order proposing conduct of special audit u/s 142(2A), the assessment order passed is beyond the period of limitation and hence, the same is invalid and bad in law.
The Income Tax Officer (Central), Kolhapur Versus Vilsons Particle Board Industries Ltd. and Vica-Versa
(2017) TaxCorp(LJ) 11798 (ITAT-PUNE) · http://taxcorp.in/FileOpenDT.aspx?ID=53902&Category=ITAT&CategoryType=Zip
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ITAT - In cases where penalty proceedings have been initiated on a different footing and the CIT(A) reverses the same, there is change in opinion and basis for levy of penalty for concealment varies. There is no merit in levy of penalty under section 271(1)(c).
Shri Dilip D. Jain Versus ACIT, Central Circle-3, Nashik
(2017) TaxCorp(LJ) 11795 (ITAT-PUNE) · http://taxcorp.in/FileOpenDT.aspx?ID=53882&Category=ITAT&CategoryType=Zip
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ITAT - where it is only income tax that is paid under the provisions of section 115JB of the Act, it is natural that tax credit under section 115JAA of the Act will only be of income tax and not of surcharge and education cess.
Harbinger Systems Pvt. Ltd. Versus The Dy. Commissioner of Income Tax, Circle -1 (2), Pune
(2016) TaxCorp(LJ) 11752 (ITAT-PUNE) · http://taxcorp.in/FileOpenDT.aspx?ID=53721&Category=ITAT&CategoryType=Zip
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