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ITAT - Payments of software to a foreign company by an Indian software trader is not royalty payments, no TDS u/s 195.
ADIT. vs. Locuz Enterprise Solutions Ltd.
(2015) TaxCorp(LJ) 6866 (ITAT-HYDERABAD) · Section. 195
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ITAT - Allows set-off of long term capital loss arising from sale of STT paid equity shares against gains from sale of land
Raptakos Brett & Co. Ltd. vs. DCIT.
(2015) TaxCorp(LJ) 6865 (ITAT-MUMBAI)
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ITAT - Since AO failed to record reasons for making addition of unexplained investments, reassessment set aside.
Income-tax Officer, Ward-2, Assam v. Namwar Ali Mazumdar
(2015) TaxCorp(LJ) 6860 (ITAT-GAUHATI) · http://taxcorp.in/FileOpenDT.aspx?ID=41042&Category=ITAT&CategoryType=Zip
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ITAT - Protecting, maintaining and developing Indian breed of cows is to be regarded as charitable purpose within meaning of section 2(15).
Bharatiya Govansh Rakshan Samvardhan Parishad v. Commissioner of Income-tax, Guwahati
(2015) TaxCorp(LJ) 6859 (ITAT-GAUHATI) · http://taxcorp.in/FileOpenDT.aspx?ID=41041&Category=ITAT&CategoryType=Zip
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HC - Where there were deficiencies and discrepancies in books of account , AO rightly rejected books.
Pramod Kumar, Prop. Lajja Rice & Oils Mills v. Commissioner of Income-tax, Panchkula
(2015) TaxCorp(LJ) 6858 (HC-P&H) · http://taxcorp.in/FileOpenDT.aspx?ID=57445&Category=Judgment&CategoryType=Zip
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ITAT - Since rate of interest on loan given to AE was higher than rate prescribed under LIBOR, no transfer pricing adjustment in that regard was warranted.
Motherson Sumi Systems Ltd. v. Additional Commissioner of Income-tax, Range-5, New Delhi
(2015) TaxCorp(LJ) 6857 (ITAT-DELHI) · http://taxcorp.in/FileOpenINTL.aspx?ID=8081&Category=INTLDecisions&CategoryType=Zip
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HC - Where it is evident that assessee inflated expenditure by showing higher purchase price through fictitious invoices, Tribunal rightly disallowed purchases.
Vijay Proteins Ltd. v. Commissioner of Income-tax
(2015) TaxCorp(LJ) 6856 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=59181&Category=Judgment&CategoryType=Zip
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ITAT - A merchant banker engaged in business of investment, merchant banking and corporate finance can not be chosen as comparable for an investment advisor under TP study
Deputy Commissioner of Income-tax, 2 (1), Mumbai v. Arisaig Partners India (P.) Ltd.
(2015) TaxCorp(LJ) 6855 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenINTL.aspx?ID=8026&Category=INTLDecisions&CategoryType=Zip
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ITAT - A software development service provider is functionally different from a company which owns significant intangibles and has huge revenues from software products.
McAfee Software (India) (P.) Ltd. v. Deputy Commissioner of Income-tax, Circle-12 (1), Bangalore
(2015) TaxCorp(LJ) 6854 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenDT.aspx?ID=40574&Category=ITAT&CategoryType=Zip
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ITAT - For computation of arm's length price, a company providing software development support services can not be compared with a company developing its own software
NTT DATA FA Insurance Systems (India) (P.) Ltd. v. Deputy Commissioner of Income-tax, Circle-11 (3), Bangalore
(2015) TaxCorp(LJ) 6853 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenDT.aspx?ID=40153&Category=ITAT&CategoryType=Zip
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HC - Since warrant of authorisation indicated premises where search and seizure operation was to be conducted, warrant issued in name of any family member is valid to search a joint property without any demarcation.
Harbhajan Singh Chadha v. Director of Income-tax
(2015) TaxCorp(LJ) 6852 (HC-ALLAHABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=60751&Category=Judgment&CategoryType=Zip
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ITAT - Two business models, namely, outsourcing services and providing in-house services cannot be compared with each other because of their inherent differences.
Xchanging Technology Services India (P.) Ltd. v. Deputy Commissioner of Income-tax, Circle-18 (1), New Delhi
(2015) TaxCorp(LJ) 6851 (ITAT-DELHI) · http://taxcorp.in/FileOpenINTL.aspx?ID=8112&Category=INTLDecisions&CategoryType=Zip
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ITAT - Provision for bad and doubtful debts should be considered as part of operating cost while computing margins of comparables.
Alliance Global Services IT India (P.) Ltd. v. Deputy Commissioner of Income-tax, Circle-1 (1), Hyderabad
(2015) TaxCorp(LJ) 6850 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenINTL.aspx?ID=7971&Category=INTLDecisions&CategoryType=Zip
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ITAT - Since part of loan was subsequently converted into equity, no TP adjustment can be made for interest free loans given to AE.
Shrenuj & Co. Ltd. v. Additional Commissioner of Income-tax- Range 5 (3), Mumbai
(2015) TaxCorp(LJ) 6849 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=41047&Category=ITAT&CategoryType=Zip
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ITAT - Fees paid to overseas loan-arranger neither interest u/s 2(28A) nor fees for technical service (FTS) u/s 9(1)(vii), TDS u/s 195 not applicable.
Idea Cellular Limited vs ADIT
(2015) TaxCorp(LJ) 6848 (ITAT-MUMBAI) · Section. 195
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ITAT - Payment of ‘license fee’ and ‘management service fee’ by India Branch to its UK Head-office, not in the nature of ‘head office expenses’ u/s 44C. Addition to be deleted.
Lloyd’s Register Asia (India Branch Office) vs ACIT
(2015) TaxCorp(LJ) 6847 (ITAT-MUMBAI) · Section. 44C
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ITAT - Interest allowable u/s 36(1)(iii) with respect to loan taken by assessee for purchase of property. It is incorrect to hold that proportionate interest expenditure should be disallowed since assessee advanced interest-free loan to sister concern, which if utilized towards property-purchase, the interest component would have been reduced.
DCIT. Vs. International Institute of Planning & Management Pvt. Ltd.
(2015) TaxCorp(LJ) 6846 (ITAT-DELHI)
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ITAT - Joint Development Agreement - Land transfer to be treated as conversion of capital asset into stock in trade u/s 45(2) and prorata cost to the developer as ‘full value consideration’. Sale of flats and bungalows to be treated as business income.
ACIT. Vs. M/s. Medravathi Agro Farms Pvt. Ltd.
(2015) TaxCorp(LJ) 6845 (ITAT-HYDERABAD) · Section. 45(2)
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HC - Assessee is entitled to claim deduction u/s 80 IA even though it have been set off losses against the profits from other sources
CIT. VS. GR Thangamaligai Firm
(2015) TaxCorp(LJ) 6844 (HC-MADRAS) · Section. 80 IA
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ITAT - Even if no business is carried, the expenditure incurred to maintain the corporate entity has to be allowed as a deduction u/s 37(1)
Preimus Investment and Finance Ltd vs. DCIT
(2015) TaxCorp(LJ) 6843 (ITAT-MUMBAI) · Section 37(1)
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