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ITAT - Where no adverse comments were made on purchases in sales tax assessment and no defect or deficiency was found by AO in assessee's books of account, no addition of unexplained purchases.
Assistant Commissioner of Income-tax v. Inlay Marketing (P.) Ltd.
(2015) TaxCorp(LJ) 8855 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=38837&Category=ITAT&CategoryType=Zip
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ITAT - In view sub-clause (d) to clause (5) of section 43, transactions of derivative trading and commodity future entered into by assessee could not be regarded as speculative.
Income-tax Officer, Ward 11 (1), New Delhi v. Emperor International Ltd.
(2015) TaxCorp(LJ) 8755 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=41009&Category=ITAT&CategoryType=Zip
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ITAT- A mere change in the head of income is a case of bona fide mistake which does not attract penalty.
Simran Singh Gambhir vs. DDIT
(2015) TaxCorp(LJ) 8634 (ITAT-DELHI) · Section 271(1)(c)
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ITAT - Instruction No.5/14 dated 10.07.2014 issued by the CBDT are applicable for the pending cases also.
DCIT. Vs. Garuda Imaging & Diagnostics Pvt. Ltd.
(2015) TaxCorp(LJ) 8610 (ITAT-DELHI)
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ITAT - Transfer Pricing - Transactions of providing support services to “Sogo shosha” entities cannot be characterized as trading transaction for purposes of comparison and determining ALP and the cost of sales cannot be included.
Mitsui & Co. India Pvt. Ltd vs. DCIT
(2015) TaxCorp(LJ) 8589 (ITAT-DELHI)
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ITAT - Transfer Pricing - Circumstances in which the Profit Split Method (PSM) has to be preferred over the TNMM for determining the ALP and method of allocation of profits between the assessee and the AE under the PSM explained.
Infogain India Pvt. Ltd vs. DCIT
(2015) TaxCorp(LJ) 8588 (ITAT-DELHI)
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ITAT - If no statement has been recorded at the time of search and where there is no occasion for the assessee to state the fact at the time of search, the addition can not be made.
Smt. Rutu S. Jindal Vs. ACIT
(2015) TaxCorp(LJ) 8567 (ITAT-DELHI)
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ITAT - Harmonious reading of sections 145A and 43B brings out that the 'Business income’ is firstly required to be mandatorily computed by following the 'Inclusive method’” and thereafter, if some part of tax or duty is unpaid/ paid in advance, it should be added/deducted in the computation of income.
Maruti Suzuki India Ltd. vs. ACIT
(2015) TaxCorp(LJ) 8556 (ITAT-DELHI) · Section. 145A
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ITAT - Payments made by the assessee company to Finland based as a consideration for review of design , construction and quality control plans from outside India are not in the nature of FTS.
ITO (TDS) vs. Nokia India P. Ltd.
(2015) TaxCorp(LJ) 8501 (ITAT-DELHI)
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ITAT - Framing of assessment against a non existing entity/person is not a procedural irregularity but a jurisdictional defect and can not be cured by application of Section 292B.
SC Jhonson Products Private Limited Vs. DCIT
(2015) TaxCorp(LJ) 8500 (ITAT-DELHI) · Section. 292B
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ITAT - Transfer Pricing - The allotment of shares/ receipt of share application money by the assessee from the AE for a price less than the book value of the shares cannot be regarded as a “deemed loan” by the assessee to the AE and notional interest cannot be computed thereon
First Blue Home Finance Ltd vs. DCIT
(2015) TaxCorp(LJ) 8495 (ITAT-DELHI)
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ITAT - Since interest income earned from employees, machines hire charges, rent receipts and sundry receipts could not be characterised income derived from eligible undertaking, deduction claimed by assessee under section 80-IA would not be allowed.
Assistant Commissioner of Income-tax v. THDC India Ltd.
(2015) TaxCorp(LJ) 8491 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=40347&Category=ITAT&CategoryType=Zip
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ITAT - Amount spent on buy-back of shares of employees while computing capital gains upon transfer of assessee’s division on slump-sale basis is allowable as deduction u/s 48.
DCIT. vs. Nitrex Chemicals India Ltd.
(2015) TaxCorp(LJ) 8465 (ITAT-DELHI) · Section. 48
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Strictures passed against the Dept for ‘mischievous adamancy to attempt to mislead the Tribunal’, ‘obduracy and adamancy in filing meritless appeal’, ‘travesty of justice’, ‘Mocking at the system by filing the appeals’, ‘grave assault on the trust and reputation of fair play enjoyed by the tax administration’ etc
ACIT vs. R.P.G.Credit & Capital Ltd
(2015) TaxCorp(LJ) 8461 (ITAT-DELHI)
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ITAT - In an appeal against AO’s order giving effect to Tribunal’s order, the CIT(A) cannot saddle assessee with taxability of new source of income, which has not been considered by AO.
Cheil India Pvt. Ltd vs ITO
(2015) TaxCorp(LJ) 8413 (ITAT-DELHI)
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S. 41(1)/ 68: Unclaimed liabilities to creditors, even if fictitious and bogus, cannot be assessed u/s 41(1) in the absence of a write-back. The bogus credits can be assessed u/s 68 only in the year the credits were made and not in the year they are found to be not payable
Perfect Paradise Emporium Pvt. Ltd
(2015) TaxCorp(LJ) 8310 (ITAT-DELHI) · Sections 41(1), 68
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S. 40(a)(ia): In an appeal against an order passed by the AO to give effect to the ITAT's order, the CIT(A) has no jurisdiction to enhance the assessee with respect to a new source of income or disallowance of expenditure
Cheil India Pvt. Ltd vs. ITO
(2015) TaxCorp(LJ) 8308 (ITAT-DELHI) · Section 40(a)(ia)
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Disallowance u/s 40A(2) of Commission paid to relatives cannot be made without proper enquiry
ACIT. Vs. Sh. Saurabh Batra
(2015) TaxCorp(LJ) 7260 (ITAT-DELHI) · Section. 40A(2)
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Validity of Reassessment based on Audit Report/Balance Sheet Submitted during Original Assessment
ACIT. Vs. Super Cassettes Industries Ltd.
(2015) TaxCorp(LJ) 7259 (ITAT-DELHI)
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Entire law on taxability of "fees for technical services" under the "make available" clause of the DTAA explained
ITO vs. Nokia India Pvt. Ltd
(2015) TaxCorp(LJ) 7244 (ITAT-DELHI)
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