Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2013 (12) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2013 (12) TMI 1007 - AT - Income TaxTransfer Pricing Adjustment – Held that:- Following assessee’s own case for A.Y. 2006-07 - The food supplied is a basket containing individual items rather than supply of the items individually - The entire transaction has to be viewed as a single transaction - From the comparison of rate per passenger for individual airlines that the rate for the passenger rate for Singapore Airlines is the highest and the rate for Virgin Atlantic is the third highest - The transactions are at arm's length price – Decided in favour of assessee. Disallowance u/s 14A – Held that:- The total investment of the assessee in the mutual fund has decreased - The assessee has earned tax free dividend income from Tata Mutual Fund which is claimed as exempt u/s 10(35) - The assessee has not allocated any expenditure for earning tax free dividend income and since the disallowance made by the A.O. on adhoc basis appears to be on higher side – Following assessee’s own case for the A.Y. 2006-07 - A reasonable disallowance of ₹ 1,50,000/- is justified – Partly allowed in favour of assessee. Depreciation on goodwill – Held that:- Following assessee’s own case for the A.Y. 2003-04 – Depreciation is allowable on goodwill – Following CIT vs. Smifs Securities Limited [2012 (8) TMI 713 - SUPREME COURT] - Goodwill would fall under the expression "any other business or commercial rights of similar nature" in section 32(1) Explanation 3 (b) – Decided in favour of assessee.
|