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ITAT - TPA - There has to be a proper inquiry by the TPO by analysing the statistics over a period of time to discern a pattern which reflects an international transaction intended to benefit the AE in some way.
Teradata India Pvt. Ltd. Versus ACIT Circle-4 (1) Gurgaon
(2017) TaxCorp(LJ) 13660 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=58161&Category=ITAT&CategoryType=Zip
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ITAT - According to CBDT Circular No. 37/2016 in context of Sec.40(a)(ia), business profits enhanced by Sec.40(a)(i) disallowance would be eligible for Sec.10A exemption, therefore filing appeal would be revenue neutral.
DCIT. vs. Ascendum Solutions India Pvt. Ltd.
(2017) TaxCorp(LJ) 13659 (ITAT-AHMEDABAD) · Section. 40(a)(ia)
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S. 14A/ Rule 8D: The AO is not entitled to make any disallowance under Rule 8D if he does not specifically record that he is not satisfied with the correctness of the assessee's claim. The fact that the CIT(A) and ITAT were not satisfied with the assessee's disallowance and enhanced it does not mean that Rule 8D becomes applicable and the disallowance should be computed as per the prescribed formula
Pr CIT. vs. Reliance Capital Asset Management Ltd.
(2017) TaxCorp(LJ) 13658 (HC-BOMBAY) · Section. 14A
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Transfer Pricing: Steps to be undertaken in identification of comparable transactions/entities while fixing the ALP and the margin explained. Though the TNMM method allows broad flexibility tolerance in the selection of comparables, broad functionality is not sufficient to find the comparable entity. There must be similarity with the controlled transaction
Avenues Asia Advisors Pvt. Ltd. vs. DCIT
(2017) TaxCorp(LJ) 13657 (HC-DELHI)
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HC - If the disallowance was on the dispute of the machinery not having been installed during the year under consideration, such depreciation would always be available to the assessee in the later years. Since there was consistent loss offered by the assessee, this shifting of the depreciation to a later year would have no impact on its tax.
Pr. Commissioner of Income Tax - Vadodara -1 Versus Gujarat Electricity Board
(2017) TaxCorp(LJ) 13656 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=70033&Category=Judgment&CategoryType=Zip
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HC - No TDS u/s 194C or 194J for payments of demat charges and other charges levied by NSDL and CDSL since such charges were in the nature of recovery of cost or expenses at large and not for providing any professional or technical service.
Principal Commisisoner of Income Tax-1 Versus Shah Investors Home Ltd.
(2017) TaxCorp(LJ) 13655 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=70032&Category=Judgment&CategoryType=Zip
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HC - It would be wholly inequitable for the AO to merely sit over the petitioner's request for refund citing the availability of time upto the last date of framing the assessment under sub-section (3) of section 143. AO directed to complete the assessment latest by 31.10.2017.
Corrtech International Pvt. Ltd. Versus Deputy Commissioner of Income-Tax
(2017) TaxCorp(LJ) 13654 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=70031&Category=Judgment&CategoryType=Zip
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HC - No TDS u/s 194J since no service, which can be termed to be technical service, was provided by HRTC to the development authority, so also no managerial, technical or consultancy services were provided.
Pr. Commissioner of Income Tax Versus M/s. H.P. Bus Stand Management & Development Authority
(2017) TaxCorp(LJ) 13653 (HC-HP) · http://taxcorp.in/FileOpenDT.aspx?ID=70029&Category=Judgment&CategoryType=Zip
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HC - The successor officer is not justified in stating that there is no necessity to afford an opportunity of personal hearing, when his predecessor had thought it fit to do so.
Shri K.M. Vidyasagar Versus Commissioner of Income Tax-VI, Income Tax Officer
(2017) TaxCorp(LJ) 13652 (HC-MADRAS) · http://taxcorp.in/FileOpenDT.aspx?ID=70028&Category=Judgment&CategoryType=Zip
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ITAT - Hoardings rent received by a co-operative housing society for installing hoardings in the compound is chargeable under the head 'income from house property' and not 'income from other sources'.
Bimanagar Co. Op. Housing Society Ltd. vs. ITO
(2017) TaxCorp(LJ) 13651 (ITAT-AHMEDABAD)
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ITAT - No wealth tax liability in respect of seized cash pursuant to search and seizure operation u/s. 132 as the same is not 'cash in hand'.
B Rajeshwar Rao vs. ACIT
(2017) TaxCorp(LJ) 13650 (ITAT-HYDERABAD)
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ITAT - In the context of Sec. 244A(1)(b), the expression 'tax' would include interest also and the definition of tax in Sec. 2(43) meaning 'income-tax' may not be applicable in the context of Sec. 244A(1). Interest available u/s. 244A on refund of interest u/s. 234B.
ACIT. Vs. National Dairy Development Board
(2017) TaxCorp(LJ) 13649 (ITAT-AHMEDABAD) · Section. 244A
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Transfer Pricing: A giant risk taking company like Infosys Technologies with huge significant intangibles and having huge assets leading to the exorbitant turnover is not comparable with a captive unit which is subject to minimum/ limited risk. The fact that the functional profile of Infosys is similar to that of the assessee is irrelevant
CIT. vs. Ut Starcom Inc.
(2017) TaxCorp(LJ) 13648 (HC-DELHI)
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S. 147/ 148: Despite numerous judgements on the reopening of assessments, the Revenue authorities are repeating the same errors. Accordingly, Guidelines are laid down and the Revenue is directed to adhere to them
Sabh Infrastructure Ltd. vs. ACIT
(2017) TaxCorp(LJ) 13647 (HC-DELHI) · Sections. 147, 148
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ITAT - If this procedure is not followed of issuing the notice u/s 154 and giving reasonable opportunity of being heard, further exercise will be non est.
Aparna Ashram C/o. Sh. K.S. Pathania Versus ADIT (E) , Delhi
(2017) TaxCorp(LJ) 13646 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=58123&Category=ITAT&CategoryType=Zip
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ITAT - Penalty u/s 221(1) to be levied for non-payment of self-assessment tax u/s 140A even after the tax has been paid by revising the return.
Claris Life Sciences Limited Versus Deputy Commissioner of Income Tax (OSD), Range 1, Ahmedabad
(2017) TaxCorp(LJ) 13645 (ITAT-AHMEDABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=58116&Category=ITAT&CategoryType=Zip
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ITAT - Where software is incorporated in a CD it becomes a tangible property and the payment made for acquiring the same is not a payment by way of royalty. No disallowance u/s 40(a)(i) for non payment of TDS.
Dy. CIT (IT) -4 (2) (2), Mumbai Versus M/s. Societe Generale
(2017) TaxCorp(LJ) 13644 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=58112&Category=ITAT&CategoryType=Zip
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ITAT - The PAN follows the jurisdiction. It is not the jurisdiction that follows the PAN. The effective date of transfer of jurisdiction is the date of order passed by Commissioner of Income Tax and not the transfer of PAN.
Capstone Securities Analysis Pvt. Ltd. Versus Dy. Commissioner of Income Tax, Circle – 1 (1), Pune
(2017) TaxCorp(LJ) 13643 (ITAT-PUNE) · http://taxcorp.in/FileOpenDT.aspx?ID=58110&Category=ITAT&CategoryType=Zip
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ITAT - Once Key Man Insurance Policy is sold as a life insurance policy, as long as it is in the nature of life insurance policy, whether pure life cover or term cover or a growth or guaranteed return policy, it is eligible for coverage of Section 10(10D).
M/s. Capital Local Area Bank Ltd. Versus Addl. CIT-III, Dy. CIT-III, DCIT, Range-III, Dy CIT, Range-III, Dy CIT, Range-III, And ACIT, Circle-3, Jalandhar
(2017) TaxCorp(LJ) 13642 (ITAT-AMRITSAR) · http://taxcorp.in/FileOpenDT.aspx?ID=57036&Category=ITAT&CategoryType=Zip
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HC - Interest on FDRs used as borrowing margin money (LC opening) for funds used for setting up the business is taxable as 'income from other sources'.
Bhawal Synthetics (India) Udaipur vs. CIT
(2017) TaxCorp(LJ) 13641 (HC-RAJASTHAN)
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