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ITAT - Converting the proprietorship into a partnership firm resulted into transfer of plant and machinery previously used by the undertaking. Assessee entitled for deduction under Section 80-IB and was not hit by the provisions of Section 80-IB(2)(i).
ACIT, Circle-1, Noida Versus M/s. Prisma Electronics
(2016) TaxCorp(LJ) 11426 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=51913&Category=ITAT&CategoryType=Zip
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ITAT - Lump sum consideration paid for creation of client base is an intangible asset and is eligible for depreciation at 25%.
Swaws Credit Corporation (P) Ltd. Versus DCIT, Circle-3 (3), Hyderabad
(2016) TaxCorp(LJ) 11425 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=51877&Category=ITAT&CategoryType=Zip
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ITAT - Section 14A are applicable to the investment made in a EOU covered under the provisions of section 10B.
M/s. Riviera Home Furnishings Pvt. Ltd. Versus ACIT, Range-15, New Delhi And DCIT, Circle-15 (1) , New Delhi
(2016) TaxCorp(LJ) 11424 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=51915&Category=ITAT&CategoryType=Zip
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HC - No disallowance of expenditure on advertisement on television as corporate advertisement expenditure facilitates the business having a direct impact on sales and profitability of the Assessee.
The Commissioner of Income Tax, Mumbai Versus M/s. Asian Paints (India) Ltd.
(2016) TaxCorp(LJ) 11423 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=66658&Category=Judgment&CategoryType=Zip
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ITAT - TPO cannot value the ALP of the transaction at “Nil” without adhering to the proper procedure of law laid down under the Act and relevant rules. No penalty u/s. 271(1)(c) for T.P. adjustment.
DCIT -10 (1), Mumbai Versus M/s Kodak Graphic Communication (I) Pvt Ltd
(2016) TaxCorp(LJ) 11422 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=51903&Category=ITAT&CategoryType=Zip
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ITAT - Use of TNMM and also use of profit split method for attribution of profit on the international transaction at 50:50 ratio is not correct. Either of the two methods could have been used and not both.
Deputy Director of Income Tax, Circle-3 (2) International taxation New Delhi, Versus M/s Mori Seiki Co. Ltd.
(2016) TaxCorp(LJ) 11421 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=51905&Category=ITAT&CategoryType=Zip
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ITAT - Companies having diminishing revenue not be excluded, but, only the companies having persistent losses be expelled from the final tally of comparables.
Aithent Technologies Pvt. Ltd., Vs. DCIT Circle -l (1), New Delhi.
(2016) TaxCorp(LJ) 11420 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=51908&Category=ITAT&CategoryType=Zip
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ITAT - No addition towards notional interest on advances given to partners and sister concerns as there is a credit balance in the partners capital account. Assessee has not diverted its interest bearing funds to its partners and sister concerns.
Dy. CIT, Circle-2 (1) , Vijayawada Versus Friends Shoe Company and Vica-Versa
(2016) TaxCorp(LJ) 11419 (ITAT-VISAKHAPATNAM) · http://taxcorp.in/FileOpenDT.aspx?ID=51797&Category=ITAT&CategoryType=Zip
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ITAT - There is sufficient cause for the assessee for noncompliance with the requirement of Section 285BA till the notice was served. No penalty u/s 271FA for delay of 561 days in furnishing AIR u/s 285BA.
Durgapur Steel Peoples’ Cooperative Bank Limited Versus Director of Income Tax (Intelligence and Criminal Investigation), Kolkata
(2016) TaxCorp(LJ) 11418 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=51503&Category=ITAT&CategoryType=Zip
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ITAT - Sale & purchase of shares in F&O market which was undertaken to safe guard the loss in holdings of stocks and shares against price fluctuations is not speculative in nature.
DCIT, Circle-6, Kolkata Versus Nariman Finvest Pvt. Ltd. And Vice-Versa
(2016) TaxCorp(LJ) 11417 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=51801&Category=ITAT&CategoryType=Zip
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ITAT - Software expenses representing reimbursement of software cost to parent company cannot be held as ‘royalties’ under Article 12 of DTAA or ‘FTS’ u/s 9(1 )(vii). No TDS u/s 195.
Deputy Commissioner of Income Tax, Company Circle 1 (1), Chennai Versus M/s. Atmel R&D India Private Ltd. and Vica-Versa
(2016) TaxCorp(LJ) 11416 (ITAT-CHENNAI) · http://taxcorp.in/FileOpenDT.aspx?ID=51799&Category=ITAT&CategoryType=Zip
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ITAT - Partition of education society without seeking necessary approvals / sanctions from competent authority in terms of societies registration act is not a ground for non granting registration u/s 12A.
R.K. Educational Trust, 8A/8, Karol Bagh, New Delhi Versus DIT (Exemptions), New Delhi.
(2016) TaxCorp(LJ) 11415 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=51121&Category=ITAT&CategoryType=Zip
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ITAT - No Disallowance u/s 14A read with Rule 8D when no fresh investment has been made by the assessee nor it has incurred any expenditure.
M/s. Phenil Sugars Pvt. Ltd. Versus CIT (A) – 19, Mumbai and ITO, Ward 14 (4), New Delhi.
(2016) TaxCorp(LJ) 11414 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=51883&Category=ITAT&CategoryType=Zip
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ITAT - Unless AO possesses some evidences, demonstrating the fact that full value of the consideration disclosed by the assessee was incorrect, he cannot replace that value by estimation or on the basis of his own estimation.
DCIT, Cir. 3 Surat Versus Smt. Shailyben Sureshbhai Bapna
(2016) TaxCorp(LJ) 11413 (ITAT-AHMEDABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=51884&Category=ITAT&CategoryType=Zip
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ITAT - The assessee is in the business of sale and purchase of shares and mutual funds and the shares were held as stock in trade, therefore, provisions of section 14A read with Rule 8D are not applicable.
Mr. Ajay Chawla Versus DCIT, Circle 32 (1), New Delhi
(2016) TaxCorp(LJ) 11412 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=51885&Category=ITAT&CategoryType=Zip
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ITAT - Amount received from nominal members as ‘transfer fees’ by a co-operative society does not represent mutual concerns. ‘Transfer fee’ received by the assessee was to be taxed in its hands.
The Vithalnagar Co-operative Housing Society Ltd Versus Income Tax Officer-21 (2) Mumbai
(2016) TaxCorp(LJ) 11411 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=51863&Category=ITAT&CategoryType=Zip
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ITAT - In case of mercantile system of accounting, expenditure cannot be be disallowed merely because provision was made by the assessee for certain expected expenditure.
M/s Spytech Buildcon Versus A.C.I.T., Circle-6, Jaipur and Dy. Commissioner of Income Tax, Circle-6, Jaipur Versus M/s Spytech Buildcon
(2016) TaxCorp(LJ) 11410 (ITAT-JAIPUR) · http://taxcorp.in/FileOpenDT.aspx?ID=51865&Category=ITAT&CategoryType=Zip
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ITAT - A live link is totally missing between the material available with the AO for formation of a belief that income chargeable to tax has escaped. Reopening of assessment not valid.
Karshanbhai Dahyabhai Kakadia Govindji Bunglow Versus ITO, Ward-9 (2), Surat
(2016) TaxCorp(LJ) 11409 (ITAT-AHMEDABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=51868&Category=ITAT&CategoryType=Zip
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ITAT - Since no material whatsoever was found in the course of search, the question of allowing additional depreciation or not could not have been subject matter of proceedings u/s 153A.
M/s. Ujjal Transport Agency Versus CIT, Central-II, Kolkata
(2016) TaxCorp(LJ) 11408 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=51869&Category=ITAT&CategoryType=Zip
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HC - Since assessee could not prove the identity and creditworthiness of the alleged share subscribers and the genuineness of the share subscriptions addition u/s 68 confirmed.
COMMISSIONER OF INCOME TAX, KOLKATA-II, KOLKATA Versus M/s. TRINETRA COMMERCE & TRADE PVT. LTD.
(2016) TaxCorp(LJ) 11407 (HC-CALCUTTA) · http://taxcorp.in/FileOpenDT.aspx?ID=66628&Category=Judgment&CategoryType=Zip
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