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Case Laws
Showing Results for : Law: AllYear: 2019
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AI TextQuick Glance (AI)Headnote
Core vs Non-Core Auto Components Key for Transfer Pricing Comparability Under Section 92C(2)
ITAT DELHI held that the distinction between core and non-core auto components is essential for transfer pricing comparability. The Tribunal rejected the CIT(A)'s exclusion of comparables without proper FAR analysis and found that companies manufacturing core components cannot be compared with those producing non-core components like the taxpayer. Comparables suggested by the taxpayer were also found unsuitable based on product comparability. The Tribunal declined conditional remand due to inadequate TP analysis by the TPO and CIT(A), directing a fresh open-ended TP study considering product comparability and core/non-core distinction. The issue of applying the arm's length range benefit under section 92C(2) was remitted to the TPO for fresh adjudication. The Revenue's appeal was allowed for statistical purposes.
AI TextQuick Glance (AI)Headnote
Tribunal Upholds Depreciation on Goodwill Decision
The Tribunal upheld the CIT(A)'s decision to allow depreciation on goodwill, citing judicial consistency and legal provisions. The Tribunal emphasized that depreciation on goodwill is permissible under Section 32(1) of the Income Tax Act, supported by relevant case law. The Revenue's appeal was dismissed, and the CIT(A)'s decision to delete the disallowance of depreciation on goodwill was upheld.
AI TextQuick Glance (AI)Headnote
Tribunal affirms CIT(A) decision, provides relief to assessee, criticizes AO's inadequate investigations.
The Tribunal dismissed the Revenue's appeal and affirmed the CIT(A)'s decision, providing full relief to the assessee. The Tribunal found that the assessee adequately proved the identity, creditworthiness, and genuineness of the lender companies, while criticizing the AO for insufficient investigations and reliance on unsubstantiated inferences. Consequently, the remaining addition of Rs. 6,58,49,749/- was deleted.
AI TextQuick Glance (AI)Headnote
Financial Creditor Initiates Insolvency Proceedings Against Corporate Debtor
The Financial Creditor filed a Company Petition under section 7 of the Insolvency & Bankruptcy Code to initiate Corporate Insolvency Resolution Process against the Corporate Debtor. The Tribunal verified the debt and interest amount, appointed an Interim Resolution Professional, and imposed a moratorium under section 14 of the IBC. Compliance and communication directives were issued post-admission of the petition, ensuring proper management of the Corporate Debtor during the CIRP period.
AI TextQuick Glance (AI)Headnote
NCLT Chennai dismisses application MA/25/IB/2018 as withdrawn.
The National Company Law Tribunal, Chennai dismissed application MA/25/IB/2018 as withdrawn after the Applicant's counsel confirmed the withdrawal.
AI TextQuick Glance (AI)Headnote
Tribunal allows depreciation on intangible assets, modifies Section 115JB for book profit, affirms expense reimbursement.
The Tribunal dismissed the Revenue's appeals, allowing depreciation on intangible assets, deleting the addition for computing book profit under Section 115JB, and confirming the allowance of reimbursement of expenses. The decision was pronounced on 31.12.2019.
AI TextQuick Glance (AI)Headnote
High Court directs tax authority to accept form 'C', petitioner to comply within 1 month. Writ Petition disposed.
The High Court directed the tax authority to accept and consider form 'C' in compliance with the law, based on a previous order and the petitioner's argument. The petitioner was instructed to provide the form within one month, and the Court disposed of the Writ Petition without imposing costs, closing all pending miscellaneous applications.
AI TextQuick Glance (AI)Headnote
Tribunal Upholds Transfer Pricing Decision, Section 14A Disallowance, and Section 80IC Deduction
The Tribunal dismissed the revenue's appeal, upholding the CIT(A)'s decisions on the deletion of the Transfer Pricing adjustment, disallowance under Section 14A, and computation of deduction under Section 80IC. The Tribunal held that the corporate guarantee provided by the assessee company to its Associate Enterprise did not qualify as an international transaction. It also ruled that no disallowance under Rule 8D(2)(ii) could be made when the assessee's surplus funds were sufficient to cover investments. The Tribunal affirmed the inclusion of sales tax subsidies in profits for deduction purposes under Section 80IC and the inclusion of previously allowed expenses in such profits.
AI TextQuick Glance (AI)Headnote
ITAT rules in favor of assessee, disallowance under Rule 8D(2)(ii) not applicable. Legal precedents cited.
The ITAT ruled in favor of the assessee, holding that the disallowance under Rule 8D(2)(ii) was not applicable as the company's own funds exceeded investments in shares, and borrowed funds were not used for acquiring shares. Citing legal precedents, the ITAT directed the deletion of the disallowance under Rule 8D(2)(ii) of the IT Rules, allowing the assessee's appeal.
AI TextQuick Glance (AI)Headnote
Court dismisses Rs. 25 Lakhs claim by Home Buyer in CIR Process against Corporate Debtor
The court dismissed the Applicant's claim of Rs. 25 Lakhs under Regulation 8A as a Home Buyer in the CIR Process against a Corporate Debtor. Disputes over payment details and documentation, allegations of malafide actions, bias, and lack of evidence against the Resolution Professional were raised. The court examined the genuineness of the claim, considering the property's nature and timing of the claim, and debated the Applicant's qualification as a Home Buyer under the I&B Code. The court highlighted the delay and laches in enforcing the claim, leading to the Application's dismissal.
AI TextQuick Glance (AI)Headnote
Company Scheme of Amalgamation Approved: Fair, Reasonable, and Beneficial for Shareholders and Creditors
The tribunal sanctioned the proposed Company Scheme of Amalgamation under Sections 230-232 of the Companies Act, 2013, finding it fair, reasonable, and not prejudicial to shareholders, creditors, or public interest. The scheme aimed to enhance management focus and resource utilization for higher returns on investment. Meetings for Equity Shareholders were dispensed with, and Unsecured Creditors unanimously approved the scheme. Compliance with statutory provisions, including addressing observations from the Regional Director and Official Liquidator, was ensured. The tribunal emphasized the scheme's compliance with statutory requirements and fairness, disposing of the petition with specific conditions and directions.
AI TextQuick Glance (AI)Headnote
Tax Tribunal overturns PCIT's revision of assessment order, restores original ruling on deduction claims under
The Tribunal held that the Principal Commissioner of Income Tax erred in revising the assessment order under section 263 of the Income Tax Act, 1961, based on deduction claims under sections 54 and 54F. The original assessment order was restored as the deduction claims were not part of the subsequent assessment and did not meet the criteria for revision jurisdiction. The appellant's appeal was allowed, emphasizing that the revision by the PCIT was deemed incorrect, and the assessment proceedings under sections 153A/143(3) concerning long term capital gains and deduction claims were upheld.
AI TextQuick Glance (AI)Headnote
Tribunal limits disallowance under IT Act, aligns with Special Bench ruling
The Tribunal upheld the CIT(A)'s decision to restrict the disallowance under section 14A r.w.r. 8D of the IT Act to Rs. 5,512 instead of the initial amount of Rs. 1,79,74,266. The Tribunal aligned with the Special Bench's ruling that only the average value of investments generating exempt income should be considered for disallowance. As the assessee received dividend income from a current investment, the Tribunal agreed with the CIT(A)'s calculation of 0.5% of the investment amount as expenses for earning exempt income. The Tribunal dismissed the Revenue's appeal, affirming the reduced disallowance amount.
AI TextQuick Glance (AI)Headnote
Tribunal Orders Re-examination of Depreciation & Disallowances, Upholds Key Decisions on Software & Club Expenses.
The Tribunal partially allowed the appeals, directing the AO to re-examine and verify several issues, including depreciation on toll roads and disallowances under Section 14A. The Tribunal upheld the CIT(A)'s decisions on treating software development expenses as revenue and allowing depreciation on computer software at 60%. Relief was granted on club expenses and deductions under Section 36(1)(viii). The Tribunal emphasized adherence to previous decisions and judicial precedents, ensuring accurate computation of disallowances and additions.
AI TextQuick Glance (AI)Headnote
Orders Under Evidence Act Section 45 are Interlocutory; Revisions Barred Under Cr.P.C. Section 397(2); Cases Dismissed.
The HC concluded that orders under Section 45 of the Evidence Act are interlocutory, not intermediate or quasi-final. Consequently, revisions against such orders are barred under Section 397(2) Cr.P.C. The HC dismissed all Criminal Revision Cases as non-maintainable, thereby closing any pending miscellaneous applications.
AI TextQuick Glance (AI)Headnote
High Court directs consolidation of Revision Petitions, upholds confiscation under Customs Act
The Rajasthan High Court directed the revisional authority to club two Revision Petitions and remitted the matter back without commenting on the merits. The absolute confiscation of gold biscuits and currency was upheld under Section 111 of the Customs Act, 1962. A penalty of Rs. 40 lacs was imposed under Section 112(a), while the penalty under Section 114AA was set aside. The release of the demand draft and Indian currency was upheld. Both Revision Applications were disposed of accordingly.
AI TextQuick Glance (AI)Headnote
Court restrains coercive action due to jurisdictional conflict between Central and State tax laws.
The court issued a notice returnable on 23rd January, 2020, and restrained the respondents from taking coercive action against the petitioner in connection with ongoing inquiry proceedings due to a jurisdictional conflict between the Central Goods and Services Tax Act and State Goods and Services Tax Act. The court emphasized that if the Central tax authority initiates enforcement action against a taxpayer under State jurisdiction, the case remains with the Central authority, highlighting a conflict between parallel investigations under the State and Central Acts.
AI TextQuick Glance (AI)Headnote
ITAT classifies sale income as capital gains, invalidating penalty under section 271(1)(c)
The Income Tax Appellate Tribunal (ITAT) overturned the Commissioner of Income Tax (Appeals)' decision and classified income from the sale of flats and a parking lot as capital gains rather than business income. This reclassification invalidated penalty proceedings initiated under section 271(1)(c) by the Assessing Officer, as the basis for the penalty no longer applied following the change in income classification. The ITAT's decision was based on factors such as the holding period, absence of reinvestment, and legal precedents, emphasizing the factual circumstances and intent behind the transactions.
AI TextQuick Glance (AI)Headnote
Tribunal emphasizes benchmarking in transfer pricing, criticizes TPO's unilateral approach, deletes hefty addition.
The Tribunal allowed the appeal, emphasizing the importance of proper benchmarking under TNMM for international transactions. It criticized the TPO's unilateral pricing approach without adequate justification and deleted the addition of INR 3,83,75,622, highlighting the need for adherence to statutory provisions and factual assessment in transfer pricing adjustments.
AI TextQuick Glance (AI)Headnote
Tribunal allows deduction for reinvestment in multiple properties under sec 54F for 2008-09
The Tribunal held that for the assessment year 2008-09, the assessee was entitled to claim a deduction under section 54F for reinvestment in multiple residential properties. The amendment restricting the deduction to one residential property was applicable prospectively from the assessment year 2015-16, and thus did not affect the assessee's claim for the relevant assessment year. The Tribunal dismissed the Revenue's appeal and upheld the CIT(A)'s decision in favor of the assessee.

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