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Catholic Urban Co-operative Credit Society Limited Vs. The Income Tax Officer, Ward – 2(4), Kudal
Catholic Urban Co-operative Credit Society Limited Vs. The Income Tax Officer, Ward – 2(4), Kudal
(2015) TaxCorp(LJ) 5150 (ITAT-PUNE)
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Veejmandal’s Workers Federation Sahakari Patsanstha Maryadit Vs. The Income Tax Officer, Ward – 2(4), Kudal
Veejmandal’s Workers Federation Sahakari Patsanstha Maryadit Vs. The Income Tax Officer, Ward – 2(4), Kudal
(2015) TaxCorp(LJ) 5149 (ITAT-PUNE)
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ITAT - Where the assessee had made the borrowings on LIBOR+ rates and advanced the same at LIBOR+ rates, then the said transaction is at arm’s length price and there is no merit in any adjustment to be made on this account. ALP of interest on funds advanced to AEs has to computed on LIBOR and not as per domestic Prime Lending Rate (PLR)
Varroc Engineering Pvt. Ltd. vs. ACIT
(2015) TaxCorp(LJ) 4987 (ITAT-PUNE)
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ITAT - S. 40(a)(ia) disallowance cannot be made if the assessee has not claimed a deduction. S. 80-IB(10) deduction cannot be denied on the ground that the completion certificate has not been issued by the Municipality if the assessee has completed construction before the due date
Gera Developments Pvt. Ltd. vs. JCIT
(2015) TaxCorp(LJ) 4983 (ITAT-PUNE) · Sections. 40(a)(ia), 80-IB(10)
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ITAT - Closely linked international transactions of import of spare parts, export of spare parts, IT support services, access to customized parts catalogue and amount received for warranty consideration are inter-related transactions, which were the sourcing activities of the assessee company and have to be aggregated in order to determine the ALP
Cummins India Limited vs. ACIT
(2015) TaxCorp(LJ) 4982 (ITAT-PUNE)
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ITAT - CIT, while granting registration or renewal, can only look at the nature of activities and is not concerned with violation of s. 11(5) or s. 13
Ashoka Education Foundation vs. CIT
(2015) TaxCorp(LJ) 4981 (ITAT-PUNE) · Sections. 12AA, 80G(5)
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ITAT - While granting the exemption or renewal of exemption u/s 80G(5) of the Act, the role of CIT is limited to look into the nature of activities being carried on by the institution or fund and the violation if any, of the provisions of section 13 of the Act and its various subsections are to be looked into by the AO while deciding the issue of grant of deduction u/s 11 and 12
Ashoka Education Foundation Versus The Commissioner of Income Tax
(2015) TaxCorp(LJ) 4977 (ITAT-PUNE) · http://taxcorp.in/FileOpenDT.aspx?ID=39250&Category=ITAT&CategoryType=Zip
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ITAT - Merely because subsequently another decision of the Coordinate Bench of the ITAT is noticed by the AO, that will not vests the jurisdiction in the AO to exercise his powers u/s. 147 of the Act
Magnum Forge and Machine Works Pvt. Ltd. Versus Assistant Commissioner of Income Tax
(2015) TaxCorp(LJ) 4952 (ITAT-PUNE) · http://taxcorp.in/FileOpenDT.aspx?ID=39228&Category=ITAT&CategoryType=Zip
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ITAT - Merely because subsequently another decision of the Coordinate Bench of the ITAT is noticed by the AO, that will not vests the jurisdiction in the AO to exercise his powers u/s 147
Magnum Forge and Machine Works Pvt. Ltd. Versus Assistant Commissioner of Income Tax
(2015) TaxCorp(LJ) 4939 (ITAT-PUNE) · http://taxcorp.in/FileOpenDT.aspx?ID=39228&Category=ITAT&CategoryType=Zip
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ITAT - Merely because subsequently another decision of the Co-ordinate Bench of the ITAT is noticed by the AO, that will not vests the jurisdiction in the AO to exercise his powers u/s 147
Magna Casting and Machine Works Pvt. Ltd. Versus Assistant Commissioner of Income Tax
(2015) TaxCorp(LJ) 4937 (ITAT-PUNE) · http://taxcorp.in/FileOpenDT.aspx?ID=39222&Category=ITAT&CategoryType=Zip
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ITAT - Section 50C is not applicable in respect of profit on sale of development rights in land, as the same are to be applied only where there is transfer of land or building or both
The Income Tax Officer Versus Shri Balkawade Sadanand Dhanaji Kumbharwadi
(2015) TaxCorp(LJ) 4934 (ITAT-PUNE) · http://taxcorp.in/FileOpenDT.aspx?ID=39212&Category=ITAT&CategoryType=Zip
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ITAT - Assessee is eligible for deduction under section 80-IB(10) even in relation to additional income offered in a statement under section 132(4) during search and income declared in return in response to notice under section 153A(1)(a)
Naresh T. Wadhwani v. Deputy Commissioner of Income-tax, Central Circle 1 (2), Pune
(2014) TaxCorp(LJ) 4914 (ITAT-PUNE) · http://taxcorp.in/FileOpenDT.aspx?ID=38677&Category=ITAT&CategoryType=Zip
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ITAT - Inland container depot operated by assessee is an 'inland port' which is one of infrastructure facility for purpose of section 80-IA
Assistant Commissioner of Income-tax v. JWC Logistics Park (P.) Ltd.
(2014) TaxCorp(LJ) 4895 (ITAT-PUNE) · http://taxcorp.in/FileOpenDT.aspx?ID=38726&Category=ITAT&CategoryType=Zip
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ITAT - Merely variation in the rate of interest cannot be the reasons for making the disallowance u/s 40A(2)(b)
The Asstt. Commissioner of Income Tax Versus M/s. HH. Patel & Company
(2014) TaxCorp(LJ) 4863 (ITAT-PUNE) · http://taxcorp.in/FileOpenDT.aspx?ID=39134&Category=ITAT&CategoryType=Zip
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ITAT - Where assessee company granted loan to its AE located abroad, domestic bank rate was not a sound basis and in such a case, internationally accepted rate of LIBOR was to be adopted as benchmark in order to compute arm's length price of interest rate in respect of impugned transactions
Tooltech Global Engineering (P.) Ltd. v. Deputy Commissioner of Income-tax, Circle-7, Pune
(2014) TaxCorp(LJ) 4758 (ITAT-PUNE) · http://taxcorp.in/FileOpenINTL.aspx?ID=7641&Category=INTLDecisions&CategoryType=Zip
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ITAT - On the basis of protocol to India-Sweden DTAA, a Swedish Company can claim the benefit of 'make available' condition in Indo-Portugal treaty to claim tax-free status for FTS received from its Indian Subsidiaries
Sandvik AB v. Deputy Director of Income-tax, (International Taxation)-II, Pune
(2014) TaxCorp(LJ) 4755 (ITAT-PUNE) · http://taxcorp.in/FileOpenINTL.aspx?ID=7640&Category=INTLDecisions&CategoryType=Zip
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ITAT - Since premium was paid on share buy-back from two shareholder groups to protect assessee's business, the same is held to be revenue in nature
DCIT vs. Bramha Corp. Hotels & Resorts Ltd
(2014) TaxCorp(LJ) 4749 (ITAT-PUNE)
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ITAT - Swedish-company could claim Fee for Technical Services ('FTS') received from its Indian subsidiaries as tax-exempt if 'make available' condition was not satisfied, as India-Sweden DTAA contained Most Favoured Nation clause ('MFN' clause) as per which make available clause in India-Portugese could be imported into the India-Sweden DTAA
Sandvik AB vs DIT
(2014) TaxCorp(LJ) 4747 (ITAT-PUNE)
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Premium paid to buyback shares of recalcitrant shareholders is to facilitate smooth running of business and is allowable as revenue business expenditure
DCIT vs. Bramha Corp. Hotels & Resorts Ltd
(2014) TaxCorp(LJ) 4665 (ITAT-PUNE)
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ITAT - Despite filing of returns beyond prescribed due date u/s 139(1), Sec 80IB(10) deduction available
Arun Bhagwat Patil vs. ITO
(2014) TaxCorp(LJ) 4589 (ITAT-PUNE) · Section. 80IB(10)
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