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Income Tax - Case Laws

 

2016 (5) TMI 44 - ITAT MUMBAI

M/s Synergy Art Foundation Limited Versus Dy. Commissioner of Inccome Tax, Central Circle-44, Mumbai

Addition u/s 40A(2)(b) - excessive and unreasonable payments to the directors - Held that - No cogent materials was brought on record by the AO or by the CIT(A) to prove that the payment was excessive and unreasonable to the directors of the assessee to whom the payments were made equal to 30 total advisory fee received by the assessee of ₹ 73,66,218 from Yatra Art Fund. The provision of section 40A (2) are very clear that the disallowance could only be made if expenditure incurred by the assessee by making payment to specified persons including the directors by the company is excessive ....... - .......


2016 (5) TMI 43 - ITAT MUMBAI

Income tax Officer-10 (3) 2, Mumbai Versus Jinit Properties Pvt. Ltd.

Addition u/s 68 - subscription of share capital received during the year - Revenue contended that assessee had not produced the directors of the company, that SEBI had made enquiries in the case of RGTPL, HTCPL and YVJL, that they were found to be indulged in price rigging - Held that - We find that the assessee had filed copies of income tax returns, directors reports, confirmations and affidavits of the directors of all the three subscribers. Thus, it had discharged the burden of proof cast upon it. However, the AO ignored these evidences and did not make any further enquiries. It is surpris ....... - .......


2016 (5) TMI 42 - BOMBAY HIGH COURT

The Commissioner of Income Tax Versus M/s. DCW Ltd.

Depreciation on the new Turbine Generator (TG) set - Tribunal allowed claim at full rate i.e. 80 by relying on the internal minutes of the meeting between the assessee and the erectors i.e. TEIL Ltd. - Held that - We find that the impugned order of the Tribunal has on the basis of the minutes of the meeting held on 17th November, 2006 found that the TG set is running smoothly and satisfactorily at a load of 1100KW. Further the log sheets maintained by the respondent-assessee for the period from 19th September, 2006 to 26th September, 2006 indicates that the TG set was in fact put to use post i ....... - .......


2016 (5) TMI 41 - MADRAS HIGH COURT

M/s. Macro Marvel Projects Ltd. Versus Assistant Commissioner of Income Tax, Company Circle-IV (1) , Chennai

Amount of repayment - whether not liable to be deducted in computing the income in the year of receipt itself? - whether Tribunal is right in law in holding that only 1/5th of the amount can be claimed as deduction in each of the five years? - Held that - As rightly pointed out by the Commissioner of Income Tax (Appeals), the buyer of a plot of land was issued with a bank guarantee, so that the cost of the plot paid by him is repaid by the bank, after the expiry of five years. In order to enable the bank to do this, the assessee creates a Fixed Deposit. Therefore, the Tribunal found that the l ....... - .......


2016 (5) TMI 40 - ITAT MUMBAI

PPG Coatings India Private Limited (Now merged with PPG Asian Paints Private Limited) Versus Dy. CIT Circle-9 (2) Mumbai

Transfer pricing adjustment - Held that - The object of the TP provisions is to make adjustment if it is found that the international transactions were not at Arm s length. The provisions were not incorporated to make adjustment at any cost and ignoring the basic facts. If the correct figure of GP margin is taken it works out to 19. 35 . The assessee s gross margin(28. 45 ) is higher than the margin of 19. 35 of the comparables. Therefore in our opinion the transaction in que ....... - .......


2016 (5) TMI 39 - ITAT MUMBAI

M/s. Petrochem Middle East India Pvt. Ltd., Dy. CIT-8 (2) , Mumbai Versus Dy. CIT-8 (2) , Mumbai, M/s. Petrochem Middle East India Pvt. Ltd.

Addition on account of undervaluation of equity shares considered as deemed loan and interest computed thereon - Held that - The issue stands covered in favour of the assessee by the judgment of the Hon ble Jurisdictional High Court, delivered in the case of Vodafone India Services Pvt. Ltd. (2014 (11) TMI 881 - BOMBAY HIGH COURT ) held that the issue of shares at a premium by the petitioners to its non -resident holding company does not give rise to any international transaction, that in such a case application of the provisions of Chapter X of the Act would not arise - Decided in favour of a ....... - .......


2016 (5) TMI 38 - ITAT DELHI

DDIT (E) , Inv. Circle II, New Delhi Versus Quality Council of India

Registration u/s 12A denied - nature of activity - profit motive - When the assessment is carried out by QCI, the assessed body is required to pay assessment fee to the assessee based on the cost incurred. - Held that - No hesitation in holding that the Assessing Officer was wrong in coming to a conclusion that the assessee activities are in the nature of trade, business or commerce or that the assessee was rendering any service in relation to such trade, business or commerce. The assessee has no profit motive and the fees collected for accreditation etc., is not for any activity which can be ....... - .......


2016 (5) TMI 37 - ITAT DELHI

ACIT Central Circle-8, New Delhi Versus Zoom Communication Ltd.

TDS u/s 194C - payments to camera attendants engaged on ad-hoc basis for a day or two or as and when required basis - Held that - The payments to the persons engaged on ad-hoc basis do not fall within the expression work for the purposes of section 194C of the I.T. Act, 1961. The appellant has incurred the impugned expenditure on account of engaging some camera attendants on ad-hoc basis i.e. for a day or two or as and when required basis. Obviously, an activity of engaging some camera attendants for using them in the business of providing of video production services would not amount to contr ....... - .......


2016 (5) TMI 36 - ITAT HYDERABAD

Mahavir Ispat Private Ltd. Versus The Income Tax Officer, Hyderabad

Penalty u/s. 271(1)(c) - undisclosed share application money introduced - Held that - As can be seen from the order of the AO as well as CIT(A) in the assessment proceedings, the entire share application money in this Private Limited company was from the Directors or from their minor children. The proceedings were also consequent to search operations conducted in that group. Still AO records that assessee has not proved the genuineness of creditors, identity and creditworthiness while making the addition. Ld. CIT(A) gave relief to the extent of the investments made by the Director as they are ....... - .......


2016 (5) TMI 35 - ORISSA HIGH COURT

Sri Suru Bhaskar Rao Versus Commissioner of Income Tax, Orissa, Bhubaneswar and another

Clubbing of income of a daughter at the hands of her father - Held that - Section 64 of the Act purportedly directs for computing income of individual where income of wife be included. Section 64A of the Act also enshrines about clubbing of income of minor child with income of father under individual category if it is not derived from his (minor) manual work or activity concerning minor s skill, talent and likewise. So even if for argument sake it is considered that this property of M/s. Parbati Engineering Works belongs to his wife or minor daughter, income of such property will be clubbed wi ....... - .......


2016 (5) TMI 34 - ITAT DELHI

M/s Bharti Hexacom Limited Versus ACIT Circle 2 (1) , New Delhi.

TDS u/s 194H and 194J - non-deduction of TDS on commission expenses - free talk-time was being given as a discount or margin to the distributors on the retail price of prepaid products - Held that - The provisions contained in Chapter XVIIB have to be given effect to while quantifying the liability of an assessee. The computation of income cannot be effected without having recourse to section 40(a)(ia) and consequently to provisions of chapter XVII-B. Section 40(a)(ia) comes into play when any interest, commissions or brokerage etc. payable to a resident, on which tax was deductible at source ....... - .......


2016 (5) TMI 33 - DELHI HIGH COURT

Pr. CIT, Central-3 Versus M/s Seagram Distilleries Pvt. Ltd.

Provision for breakage in transit - whether amounts to provisioning for contingent liability? - Held that - It is not in dispute that it stands covered in favour of the Revenue by the decision of this Court in Seagram Distilleries Pvt. Ltd. v. CIT (2015 (10) TMI 491 - DELHI HIGH COURT). Consequently, the appeals are admitted as far as this question is concerned and the question is answered in the negative i.e. in favour of the Revenue and against the Assessee. The impugned order of the ITAT to that extent is set aside. - Expenditure incurred on brand creation - Held ....... - .......


2016 (5) TMI 32 - KARNATAKA HIGH COURT

PR Commissioner of Income Tax-6, The Deputy Commissioner of Income Tax Versus M/s Suzlon Wind International Ltd.

Interpretation of Total Turnover & Export Turnover under 10A - Held That - Matter is covered by the decision of this Court in the case of Tata Elxsi Limited ( 2011 (8) TMI 782 - KARNATAKA HIGH COURT ) wherein held that there should be uniformity in the ingredients of both the numerator and the denominator of th ....... - .......


2016 (5) TMI 31 - ITAT MUMBAI

DCIT-1 (3) , Mumbai Versus M/s. VJM Media (P) Ltd. and Vica-Versa

TDS u/s 194C - placing the magazines on the back of the seats of the aircraft - payment made by the assessee to KAL on account of sharing of incremental advertisement - Held that - The agreement between the two was on account of sharing of incremental advertisement only and nothing else. According to Ld. DR, displaying of magazine to the captive audience by KAL in its flight would itself fall within the definition of work . In this regard we beg to differ with the views of Ld. DR. The admitted facts are that KAL has purchased the magazines, which was a separate transaction and for which KAL ha ....... - .......


2016 (5) TMI 30 - ITAT CHENNAI

M/s Vijayashanthi Builders Ltd. Versus The Jt. Commissioner of Income-tax

Capital loss V/S business loss - nature of loss - Assessing Officer treated the loss as capital loss on the ground that the land in question was treated as capital transaction by the vendors of the land - Held that - The assessee, for the reasons best known to it, decided not to proceeded with the project and accordingly abandoned the project which resulted in forfeiture of the advance amount of ₹ 50 lakhs by the vendors of the land. It is for the assessee to decide whether it intend to proceed with the project or not. The Assessing Officer cannot comment upon the decision of the assesse ....... - .......


2016 (5) TMI 29 - ITAT JAIPUR

The DCIT, Circle-2, Jaipur Versus Shri Mahender Kumar Bader

Income arising from sales of shares - treated as business income or short term capital gain - Held that - Since the assessee has treated the securities as investment and not as stock in trade in all the years, therefore, in view of the CBDT Circular No. 6/2016 dated 29.02.2016, the revenue is not permitted to take a contrary view in the present year and claimed that the security is stock in trade and, therefore, the profit/gain caused to the assessee be treated as busin ....... - .......


2016 (5) TMI 28 - ITAT VISAKHAPATNAM

ITO Ward-1 (2) , Vijayawada Versus Sri Venkateswara Steel Enterprises

Additions towards sundry creditors - Held that - During the course of hearing, the assessee has filed a paper book, wherein submitted the ledger account copies of the respective creditors along with confirmation letters issued by the parties. On perusal of the confirmation letters issued by the assessee, we find that in the case of two parties, where there was a difference in closing balances, the assessee has explained the difference in closing balance and submitted that the difference in balances in sundry creditors is not closing balance and it is opening balance difference. Therefore, AO c ....... - .......


2016 (5) TMI 27 - ITAT MUMBAI

Deputy Commissioner of Income-tax Versus Mahanagar Gas Ltd.

Disallowance of expenses on account of employee s expenses of secondment - non-deduction of TDS by invoking the provisions of section 40(a)(ia) - Held that - The issue is covered by the decision of ITAT, Bangalore bench in the case of IDS Software Solutions (India) (P) Ltd. Vs. ITO 2009 (1) TMI 363 - ITAT BANGALORE-A wherein the facts discussed as regards to where the assessee entered into a secondment agreement with a US Company and obtained the services of an employee and the question arose whether the reimbursement by the assessee to the US Company of the salary paid by the US Company was c ....... - .......


2016 (5) TMI 26 - ITAT MUMBAI

Shailesh Kumar M. Gandhi Versus ITO-11 (3) (3) , Mumbai.

Addition on account of gift - Held that - The provision of section 56(2)(v) has been amended by inserting clause(v) by Finance Act,2004 and the same was applicable on the transactions taken place between 01.09.04 to 01.04.06 wherein in the present case, the transaction had taken much before the said time i.e. on 02.07.04 therefore, amendment provision of section 56(2)(v) are prospective in nature and not retrospective in nature and thus are applicable w.e.f. 1.09.04. Ld. CIT(A) has applied the amended provision with retrospective effect. This interpretation of CIT(A) is improper and bad in law ....... - .......


2016 (5) TMI 25 - ITAT CHENNAI

The Deputy Commissioner of Income Tax Officer, LTU Versus M/s. Alstom T & D India Ltd. [Formerly Areva T&D India Ltd.]

TDS u/s 195 - disallowance under section 40(a)(i) of the Act in respect of payment to non-resident for the purpose of testing charges - Held that - In the instant case, it is a fact that the export contracts are concluded in India and the assessee s products are sent outside India under these contracts. Further the manufacturing activity of the assessee is also located in India. The source of income is created at the moment when the export contracts are concluded in India. Even though the importer of the assessee s products is situated outside India, he is only the source of the monies receive ....... - .......


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