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ITAT - Advance given for purchase of capital assets are not allowable as bad debts/business loss
The Hindustan Times Ltd. Versus DCIT, Circle-16(1), New Delhi
(2014) TaxCorp(LJ) 4854 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=39131&Category=ITAT&CategoryType=Zip
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ITAT - There cannot be a cut off date for expenditure if it has been incurred for business and is not recovered from the purchaser of business and cannot be disallowed on proportionate and estimate basis
DLF Estate Developers Vs ACIT
(2014) TaxCorp(LJ) 4813 (ITAT-DELHI)
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ITAT - Consultancy charges incurred on open offer to public share-holders to acquire their shares to gain controlling interest in subsidiary is allowable u/s 37
Eicher Motors Ltd vs DCIT
(2014) TaxCorp(LJ) 4798 (ITAT-DELHI) · Sections 36 (l)(iii), 37
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ITAT - Even though both the predecessor and successor companies were subsidiaries of the same holding company, leading to no change in ultimate beneficial ownership, still carry forward and set-off of brought forward losses to assesse not available as 100% of its shareholding underwent a change
Yum Restaurants (India) Pvt. Ltd. Vs. ITO
(2014) TaxCorp(LJ) 4796 (ITAT-DELHI) · Section 79
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ITAT - Matter should be remanded where in earlier year on similar fact situation, Tribunal had directed for fresh TP adjudication
VA Tech Escher Wyss Flovel (P.) Ltd. v. Deputy Commissioner of Income-tax, Circle-1, Faridabad
(2014) TaxCorp(LJ) 4760 (ITAT-DELHI) · http://taxcorp.in/FileOpenINTL.aspx?ID=7510&Category=INTLDecisions&CategoryType=Zip
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ITAT - When we consider more than one separate transaction under the combined umbrella of TNMM on an entity level, it is quite possible that a probable addition on account of transfer pricing adjustment arising from one international transaction may be usurped by the income from the other international transaction giving higher income on transacted value
LG Electronics India (P.) Ltd. v. Assistant Commissioner of Income-tax, Circle-3, Noida
(2014) TaxCorp(LJ) 4759 (ITAT-DELHI) · http://taxcorp.in/FileOpenINTL.aspx?ID=7642&Category=INTLDecisions&CategoryType=Zip
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ITAT - If some 'Other income' is received by the Govt. Agency, which is otherwise permissible as per its activities and the amount of grant in aid is accordingly reduced to that extent, it cannot be said that the amount of 'Other income' should be charged to tax and the amount of Grant should be considered as an item of non-revenue nature
Inland Waterways Authority of India vs. Addl CIT
(2014) TaxCorp(LJ) 4739 (ITAT-DELHI)
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Transfer Pricing: Companies which are functionally similar to the assessee cannot be excluded merely because of high or low turnover
Calibrated Healthcare Systems India Pvt. Ltd vs. ACIT
(2014) TaxCorp(LJ) 4666 (ITAT-DELHI)
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ITAT - Instruction No. 5/2014 issued by the CBDT on 10.7.2014 raising appeal-filing monetary limit is applicable to the pending appeals
DCIT vs. Shri Chetan Prakash Mittal
(2014) TaxCorp(LJ) 4631 (ITAT-DELHI)
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ITAT – 80IC Benefits cannot be denied merely because audit report refers to 'rendering services of jobwork' as main business
DCIT Vs LEGACY FOODS PVT LTD
(2014) TaxCorp(LJ) 4600 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=3997&Category=Landmark&CategoryType=Zip
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S. 147: After the expiry of the time limit for issue of s. 143(2) notice, the AO has no jurisdiction to make a reference to the TPO. The TPO's report cannot form the basis for reopening the assessment
EXL India Business Services Pvt Ltd. vs. ACIT
(2014) TaxCorp(LJ) 4597 (ITAT-DELHI) · Sections. 147, 143(2)
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Transfer Pricing: Comparables with more than 25% RPTs have to be excluded. There are no fetters on the assessee's right to claim that a comparable included by him should be excluded
ACIT. vs. Convergys India Service (P) Ltd.
(2014) TaxCorp(LJ) 4595 (ITAT-DELHI)
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Transfer Pricing: ALP adjustments can only be made in respect of international transactions with the AEs and cannot extend to the transactions with non AEs
DCIT. vs. Alcatel India Limited
(2014) TaxCorp(LJ) 4593 (ITAT-DELHI)
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S. 147/ 151: Reopening mechanically on the basis of material received from another AO is bad. Merely noting "approved" without recording satisfaction is bad
ITO. vs. M. B. Jewellers P. Ltd.
(2014) TaxCorp(LJ) 4572 (ITAT-DELHI) · Section. 147, 151
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Transfer Pricing: Updated information not available at the time of the TP study but available at the stage of assessment has to be considered by AO
ADIT. vs. M/s I. M. Technologies
(2014) TaxCorp(LJ) 4570 (ITAT-DELHI)
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S. 153C: Whenever a document is found from a person who is being searched the normal presumption is that the said document belongs to that person. It is for the AO to rebut that presumption and come to a conclusion or "satisfaction" that the document in fact belongs to somebody else based on cogent material
DCIT. vs. Aakash Arogya Mindir P. Ltd.
(2014) TaxCorp(LJ) 4564 (ITAT-DELHI) · Section. 153C
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DRP’s stand that determination of ALP by the TPO is of no relevance in deciding the issue of suppressed sale by the assessee is not correct. Fact that products are sold below MRP does not mean the sales are suppressed
Tianjin Tianshi Biological Development Company Ltd vs. DCIT
(2014) TaxCorp(LJ) 4542 (ITAT-DELHI)
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As per proviso to s. 153C, the date of receiving books of account or documents shall be considered the date of search. Therefore, under proviso to s. 153C and s. 153A(1)(b), in the case of person in whose case action is required u/s 153C, the AO is empowered to take action u/s 153C for the year in which the seized document is received by him and the preceding six years
R. L. Allied Industries vs. ITO
(2014) TaxCorp(LJ) 4538 (ITAT-DELHI) · Section 153C
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When Govt agency's 'other income' partakes character of grant which is not taxable, 'other income' as will also be non-revenue in nature
Inland Waterways Authority of India vs. Addl CIT
(2014) TaxCorp(LJ) 4515 (ITAT-DELHI)
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S. 253(3): Delay of 1163 days in filing the appeal due to languid and inane conduct of the assessee cannot be condoned as it would result in the limitation period becoming otiose
SRF Limited vs. ACIT
(2014) TaxCorp(LJ) 4508 (ITAT-DELHI) · Section 253(3)
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