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ITAT - No penalty u/s 271(1)(c) for addition on remission/cessation of liability as per the provisions of section 41(1)(a) because the income was merely estimated without finding any concealment.
Ravindra Nath Chatterjee Versus ITO, Ward 22 (1), New Delhi
(2017) TaxCorp(LJ) 12633 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=55563&Category=ITAT&CategoryType=Zip
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ITAT - Interest is disallowed in the hands of individual partner in respect of interest-free advances made to the firm, to the extent relatable to share of profit derived from firm which is exempt u/s 10(2A).
Vineet Maini vs. ITO
(2017) TaxCorp(LJ) 12577 (ITAT-DELHI)
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ITAT - It is not appropriate to include the figure of SAD only in the figure of closing stock as per section 145A without modifying the figures of purchases, sales and opening stock.
M/s. Grohe India Private Ltd. C/o Perfect Accounting and Shared Services Private Limited Versus ACIT, Circle 10 (2), New Delhi
(2017) TaxCorp(LJ) 12572 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=55445&Category=ITAT&CategoryType=Zip
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S. 9(1)(i): The capital gains arising on transfer by a foreign company of shares in another foreign company holding assets in India is liable to tax in India. The argument that the transfer is a mere re-organisation of assets within the group and that there is no “real income” is not acceptable. The argument that the India-UK DTAA should be given a “static” interpretation and that the retrospective amendment to s. 9 by the Finance Act 2012 should be ignored is also not acceptable. Where the DTAA provides that the income shall be chargeable to tax in accordance with the provision of the domestic law, the said domestic law has to be the amended law
Cairn UK Holdings Ltd vs. DCIT
(2017) TaxCorp(LJ) 12338 (ITAT-DELHI) · Section 9(1)(i)
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ITAT - Where assessee was registered as an AOP of Corporations which are Japanese companies and came together for construction project, then assessee cannot be treated as a foreign company in terms of Sec. 144C(15).
Mitsui Marubeni Corporation vs. DDIT
(2017) TaxCorp(LJ) 12315 (ITAT-DELHI) · Section. 144C(15)
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ITAT - Sum incurred for sanitary fittings etc., done by the assessee as a fresh exercise to renovate the premises and POP ceiling is, again, not in the nature of repairs and maintenance and has to be treated as cost of improvement for computation of capital gains.
Veena Gupta Versus ITO, Ward-46 (5), New Delhi.
(2017) TaxCorp(LJ) 12291 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=54798&Category=ITAT&CategoryType=Zip
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ITAT - Rent equalization reserve debited to Profit and Loss Account should be added back while computing book profit u/s 115JB.
Stryker Global Technology Center (P.) Ltd. v. Assistant Commissioner of Income-tax, Circle-9(1), New Delhi
(2017) TaxCorp(LJ) 12277 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=54786&Category=ITAT&CategoryType=Zip
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ITAT - Where AO has allowed the claim u/s 10(38) without examining whether the STT has been paid on the sale of the shares or not, revision u/s 263 justified.
Arun Kumar Aggarwal Versus CIT, New Delhi
(2017) TaxCorp(LJ) 12249 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=54734&Category=ITAT&CategoryType=Zip
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ITAT - Credit of only self-assessment tax paid before the due date of filing of return has to be allowed while computing interest under section 234A.
M/s. Penam Laboratories Ltd. Versus Deputy Commissioner of Income Tax, Circle-14 (1), New Delhi
(2017) TaxCorp(LJ) 12118 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=54463&Category=ITAT&CategoryType=Zip
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ITAT - Assessment order is erroneous and prejudicial to the interest of the Revenue when the Assessing Officer had not conducted a proper Inquiry to verify cash credits and trade creditors and the matter remanded to the Assessing Officer under section 263.
M/s. P.K. Cotton Mills Pvt. Ltd. Versus Commissioner of Income Tax, Meerut
(2017) TaxCorp(LJ) 12117 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=54464&Category=ITAT&CategoryType=Zip
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Permanent Establishment: Entire law explained on whether the deputation of personnel by a foreign company to assist the Indian subsidiaries in negotiations, marketing etc leads to a “fixed place PE” or a “Dependant Agent PE” under Article 5 of the DTAA and if so, the manner in which the profits of the foreign company are attributable to operations in India
GE Energy Parts Inc vs. ADIT
(2017) TaxCorp(LJ) 12036 (ITAT-DELHI)
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ITAT - The mere fact that written submissions were filed by the assessee, it cannot be so construed that the right to be heard was given up. Ex-parte assessment u/s 147 without rejection of objections raised by the assessee not valid.
Bhupinder Singh Versus ITO, Ward-58 (2) (Old Ward-36 (1), New Delhi
(2017) TaxCorp(LJ) 12034 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=54328&Category=ITAT&CategoryType=Zip
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S. 9(1)(i)/ 9(1)(vi)/ 9(1)(vii)/ 40(a)(i): Law on whether payment by the assessee to non-resident parties for “call transmission services through dedicated bandwidth” is assessable as income accruing in India, royalty or fees for technical services and whether a disallowance can be made for failure to deduct TDS explained
Geo Connect Ltd vs. DCIT
(2017) TaxCorp(LJ) 12022 (ITAT-DELHI) · Section 9(1)(i), 9(1)(vi), 9(1)(vii), 40(a)(i)
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S. 37(1): Stock Options (appreciation rights) are intended to motive employees and so the expenditure thereon is a deductible revenue expenditure. The discount (difference between market price and vesting price) is allowable upon vesting subject to reversal if the options lapse
Religare Commodities Ltd vs. ACIT
(2017) TaxCorp(LJ) 11947 (ITAT-DELHI) · Section 37(1)
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ITAT - Computer is an integral part of CCTV camera and is eligible for depreciation at the rate of 60% as prescribed for Computers.
M/s Megasoft Solutioins (India) Pvt. Ltd. Versus DCIT, Circle 16 (2), New Delhi
(2017) TaxCorp(LJ) 11864 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=54015&Category=ITAT&CategoryType=Zip
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ITAT - It cannot be believee that any non-related party will given loan of ₹ 50 lakh without taking any interest, hence CIT(A) rightly estimated interest @1% per month (i.e. 12% per year simple interest rate).
ITO, WARD 5 (2), NEW DELHI Versus M/s KATHURIA CASTING (P) LTD. AND VICE-VERSA
(2017) TaxCorp(LJ) 11863 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=54017&Category=ITAT&CategoryType=Zip
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ITAT - No penalty u/s 271(1)(c) where addition was made on protected assessment/addition on estimated basis.
Sheela Jain Versus ITO, Ward 39 (5), New Delhi
(2016) TaxCorp(LJ) 11855 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=53923&Category=ITAT&CategoryType=Zip
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ITAT - Section 44BBB dealing with turnkey projects, is not applicable to assessee engaged in providing consultancy services.
SMEC International (P.) Ltd. v. ADIT, International Taxation, Range-2, New Delhi
(2017) TaxCorp(LJ) 11823 (ITAT-DELHI) · http://taxcorp.in/FileOpenINTL.aspx?ID=11076&Category=INTLDecisions&CategoryType=Zip
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ITAT - Assessee was prevented by sufficient cause from producing the evidences in support of its claim due to his wife’s illness. CIT(A) order rejecting assessee’s additional evidence set aside.
Padam Lal Dua vs. ITO
(2016) TaxCorp(LJ) 11769 (ITAT-DELHI)
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ITAT - Setting off the brought forward unabsorbed depreciation against the Income from House Property allowed u/s 32(2) for that assessment year.
M/s SAI ASTHA EXPORTS PVT. LTD. Versus ITO, Ward 3 (3), NEW DELHI
(2016) TaxCorp(LJ) 11761 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=52374&Category=ITAT&CategoryType=Zip
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