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ITAT - CIT(Administration) authorizing Revenue’s appeal against its own order in capacity as CIT(A), not ‘judicial- propriety’ violation
ITO. Vs. Paras Builders
(2015) TaxCorp(LJ) 6222 (ITAT-PUNE)
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ITAT - Goodwill is an asset under Explanation 3(b) to section 32(1) and, thus, it is eligible for depreciation. CIT v. SMIFS Securities Ltd. [2012] 348 ITR 302 (SC) Followed.
Assistant Commissioner of Income-tax, Circle-9, Pune v. GKN Sinter Metal (P.) Ltd.
(2015) TaxCorp(LJ) 6118 (ITAT-PUNE) · http://taxcorp.in/FileOpenDT.aspx?ID=34972&Category=ITAT&CategoryType=Zip
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ITAT - Transfer pricing adjustment should be restricted only for international transaction with AE and not with unrelated parties.
Honeywell Automation India Ltd. v. Deputy Commissioner of Income-tax, Circle 7, Pune
(2015) TaxCorp(LJ) 6107 (ITAT-PUNE) · http://taxcorp.in/FileOpenINTL.aspx?ID=7932&Category=INTLDecisions&CategoryType=Zip
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ITAT - Survey fee paid to non-residence surveyors was not FTS as they didn't make available technical know-how to assessee-insurer, not taxable under section 9(1)(vii).
Deputy Director of Income-tax, (International Taxation-I), Pune v. Bajaj Allianz General Insurance Co. Ltd.
(2015) TaxCorp(LJ) 5991 (ITAT-PUNE) · http://taxcorp.in/FileOpenDT.aspx?ID=40209&Category=ITAT&CategoryType=Zip
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ITAT - Section 206AA (providing for higher 20% TDS rate without PAN cases) does not override Sec 90(2) of the Act. Lower rate of TDS as per favourable DTAA provisions would be applicable and not higher rate u/s 206AA.
DDIT vs. Serum Institute of India Limited.
(2015) TaxCorp(LJ) 5967 (ITAT-PUNE) · Section 206AA
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ITAT - Assessee is not entitled to claim cost against revisional order passed by CIT (order so passed being judicial/quasi judicial in nature), even though such order was unsustainable.
Parkar Medical Foundation v. Deputy Commissioner of Income-tax, Ratnagiri Circle, Ratnagiri
(2015) TaxCorp(LJ) 5962 (ITAT-PUNE) · http://taxcorp.in/FileOpenDT.aspx?ID=37749&Category=ITAT&CategoryType=Zip
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ITAT - Merilyn Shipping 136 ITD 23 (SB) cannot be followed but Q whether the second proviso to s. 40(a)(ia) is retrospective or not requires to be considered by the AO
ACIT. vs. Bhavook Chandraprakash Tripathi
(2015) TaxCorp(LJ) 5824 (ITAT-PUNE) · Section. 40(a)(ia)
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ITAT - Provisions of section 50C not applicable in case of transfer of leasehold rights in land or building.
Kancast (P.) Ltd. v. Income-tax Officer, Ward 9 (3), Pune
(2015) TaxCorp(LJ) 5807 (ITAT-PUNE) · http://taxcorp.in/FileOpenDT.aspx?ID=39655&Category=ITAT&CategoryType=Zip
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ITAT - The onus is fully upon the assessee to explain with evidence as to the reason why it is retracting from its earlier disclosure of undisclosed income.
M/s. VS. Kalbhor And Associates Versus Asstt. Commissioner of income tax
(2015) TaxCorp(LJ) 5781 (ITAT-PUNE) · http://taxcorp.in/FileOpenDT.aspx?ID=39714&Category=ITAT&CategoryType=Zip
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ITAT - Purchase of material for R&D is enough for deduction under section 35 and it is immaterial whether material is consumed during year or held as closing stock
Balaji Amines Ltd. v. Additional Commissioner of Income-tax, Range-1, Solapur
(2015) TaxCorp(LJ) 5538 (ITAT-PUNE) · http://taxcorp.in/FileOpenDT.aspx?ID=39797&Category=ITAT&CategoryType=Zip
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ITAT - Assessee has not given the possession of the property to the developer for F.Y. 2008-09 (A.Y. 2009-10) and hence, there is no transfer within the meaning of Sec. 45 r.w.s. 2(47)(v)
Smt. Ranjana P. Doshi Versus DCIT, Circle-2, Pune
(2015) TaxCorp(LJ) 5528 (ITAT-PUNE) · http://taxcorp.in/FileOpenDT.aspx?ID=39762&Category=ITAT&CategoryType=Zip
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ITAT - Flat purchased by the assessee in the name of his wife out of the sale consideration of flat in the name of the assessee should be considered as allowable deduction u/s.54(2)
Shirish Vinayak Godbole Vs. ITO
(2015) TaxCorp(LJ) 5353 (ITAT-PUNE) · Section 54
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ITAT - AO is precluded from making a reference to the TPO u/s 92CA(1) of the Act for the purposes of computing arm's length price in relation to the international transaction when no assessment proceedings are pending in relation to the relevant assessment year. Since there was no assessment proceedings pending, reference to TPO was invalid, and consequently the subsequent order passed by the TPO was a nullity in law and void ab initio. Reopening also not valid.
Maximize Learning Private Limited vs. ACIT
(2015) TaxCorp(LJ) 5333 (ITAT-PUNE)
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ITAT - If, on facts, it can be established that adoption of a certain comparable would lead to skewed results or that the financial data of a particular comparable is otherwise devoid of credibility, such comparables would deserve to be excluded from the list of comparables even if such an exercise involved examination of data of the comparables for more than one financial year.
Cummins Turbo Technologies Ltd. v. Deputy Director of Income-tax (International Taxation)-I, Pune
(2015) TaxCorp(LJ) 5312 (ITAT-PUNE) · http://taxcorp.in/FileOpenINTL.aspx?ID=7509&Category=INTLDecisions&CategoryType=Zip
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ITAT - Partnership is not a legal entity in strict sense and in all the movable and immovable assets which are held by the partnership, there is an interest of every partner though not specifically defined in terms of their shares. Capital gains chargeable in hands of the firm on sale of hospital building contributed by partners to the firm as capital contribution & entitled to Sec.54EC benefit
Chakrabarty Medical Centre vs. Tax Recovery Officer
(2015) TaxCorp(LJ) 5309 (ITAT-PUNE) · Section 54EC
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ITAT - CIT, while granting registration or renewal, can only look at the nature of activities and is not concerned with potential violation of s. 11(5) or s. 13. Registration cannot be denied on ground that activities have not commenced
Kul Foundation vs. CIT
(2015) TaxCorp(LJ) 5291 (ITAT-PUNE) · Sections 12AA, 80G(5)
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ITAT - Property introduced by a partner into firm becomes the asset of the firm even if there is no registered deed. Though the asset is held by the firm as a depreciable asset and though the investment in s. 54EC bonds is made in the names of the partners, the firm is eligible for s. 54EC exemption
M/s. Chakrabarty Medical Centre vs. TRO
(2015) TaxCorp(LJ) 5290 (ITAT-PUNE) · Section 54EC
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ITAT - Section 50C does not come into operation where what is transferred by the assessee is only the leasehold rights in land which were acquired by it from Maharashtra Industrial Development Corporation on a 99 years lease basis
Kancast Pvt. Ltd. vs. ITO
(2015) TaxCorp(LJ) 5222 (ITAT-PUNE) · Section. 50C
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ITAT - The additional evidences filed by the assessee is admitted. Since these evidences go to the root of the matter for adjudication of the allowability of corporate cost of allocation expenses, the issue is restored to the file of the Assessing Officer with a direction to give one more opportunity to the assessee to explain his case
Eaton Industries Manufacturing Gmbh v. Deputy Director of Income-tax (International Taxation-I), Pune
(2015) TaxCorp(LJ) 5186 (ITAT-PUNE) · http://taxcorp.in/FileOpenINTL.aspx?ID=7714&Category=INTLDecisions&CategoryType=Zip
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ITAT - Since the company had not been shown to be a persistent loss making company, merely because this company had incurred loss during impugned financial year, it could still be included in the list of comparable. Where data pertaining to a comparable did not relate to financial year in which International Transaction had been carried out by assessee, said concern was to be excluded from list of comparables
John Deere India (P.) Ltd. v. Assistant Commissioner of Income-tax, Circle- 11 (1), Pune
(2015) TaxCorp(LJ) 5180 (ITAT-PUNE) · http://taxcorp.in/FileOpenDT.aspx?ID=39553&Category=ITAT&CategoryType=Zip
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