2017 (9) TMI 1164 - GUJARAT HIGH COURT
Commissioner of Income Tax (International Taxation And Transfer Pricing) Versus Shandong Tiejun Electric Power Engineering Co.
A.O. power to assess income on presumptive basis u/s 44BBB(1) - assessee has maintained books of account as prescribed u/s 44BBB(2) - whether books of account maintained by assessee are not proper and do not reflect the correct income of assessee? - Held that - In the present case, the CIT (Appeals) as well as the Tribunal both held that the assessee had fulfilled all requirements of sub-section (2) of section 44BBB. It is not the case of the rev....... + More
2017 (9) TMI 1163 - DELHI HIGH COURT
The Bank Of Tokyo - Mitsubishi UFJ Ltd. Versus Deputy Commissioner Of Income Tax
Decline on entertaining claim on technical grounds - ITAT remanding the matter to the CIT (A) for re-adjudicating on merits - appellant inadvertently added the reversal of provision instead of reducing the same from its taxable income - brought forward business losses - Held that - When the factual and legal position was clear, there was no need at all for the ITAT to have remanded the matter to the CIT (A). Recently, in Alcatel-Lucent India Ltd........ + More
2017 (9) TMI 1162 - DELHI HIGH COURT
Principal Commissioner of Income-Tax - 2 Versus Cheil India Private Limited
Addition on account of fall in net profit to turnover ratio - ITAT deleted the addition - Held that - The ITAT observed that the lower net profit rate of 24.80 has been accepted by the AO for the earlier AY, i.e. 2008-09. However, the Assessee s line of business was not consistent over the years. The ITAT was of the view that, without rejecting the accounts of the Assessee, making an addition merely on the basis of fall of the net profit ratio wa....... + More
2017 (9) TMI 1161 - RAJASTHAN HIGH COURT
Commissioner of Income Tax, Jaipur-II, Jaipur Versus Shri Satya Dev Sharma
Determination of agricultural land - capital asset u/s. 2(14) (iii)(b) - transfer of land - whether municipal limits existing on the date of issue of Notification No.9447 dated 06.01.1994 u/s 2(14)(iii)(b) should be considered for the purpose of determination of agricultural land instead of the municipal limits existing on the date of sale/transfer? - Held that - As decided in Commissioner of Income Tax vs. Shri Sher Singh Sunda 2017 (9) TMI 1045....... + More
2017 (9) TMI 1160 - MADRAS HIGH COURT
T.N. Tiruselvam Versus The Income Tax Officer - I (2) , Pondicherry, The Chief Commissioner of Income Tax, Central Board of Direct Taxes
Belated filing of return - reasons for delay - case of genuine hardship - fit case for condone the delay under Section 119 (2)(d) - application filed for condonation of delay in filing the return for the assessment year 1996 - 97 which appears because the reason claim on account of the jurisdictional hierarchic - Held that - the third respondent had issue notice to the petitioner to sent a return petition on or before 21.10.2003. This direction w....... + More
2017 (9) TMI 1159 - KERALA HIGH COURT
Cochin International Airport Ltd Versus Deputy Commissioner of Income Tax
Benefit of deduction u/s 80-IA eligibility - Held that - Having read clause-(b) of sub-section (4) of Section 80-IA, we are not persuaded to think that to satisfy the requirement of clause-(b), the agreement should be one entered into by an airport which is already functional. An airport to be operational require the facilities that are agreed to be provided by the Airport Authority vide Annexure-C and Annexure-K. It is only on installation and o....... + More
2017 (9) TMI 1158 - KERALA HIGH COURT
M/s. Karakulam Service Co-Operative Bank Ltd. Versus The Income Tax Officer, Ward-2 (3) And The Commissioner of Income Tax (Appeals)
Eligibility for the benefit of deduction under Section 80P denied - unconditional stay of recovery of the tax amount - income from other sources - Held that - 2nd respondent considered the tax liability of the petitioner under the other head that was confirmed against him, namely, the tax amount towards income that was classifiable under the head income from other sources . On the said issue, the 2nd respondent found that, inasmuch as the said in....... + More
2017 (9) TMI 1157 - ITAT DELHI
GKN Driveline (India) Ltd. Versus DCIT, Circle- 1, LTU, New Delhi
Payment for use of technical knowhow and trademark - nature of expenditure - revenue expenditure or capital expenditure - Held that - Since the Assessing Officer has followed the orders for assessment year 2008-09 while treating the royalty expenditure as capital in nature and since the Tribunal has already decided the issue in favour of the assessee, therefore, respectfully following the consistent decision of the Tribunal in assesse s own case ....... + More
2017 (9) TMI 1156 - ITAT DELHI
ITO Ward-24 (3) , New Delhi Versus Organizing Committee Hero Honda C/o M/s RRA Tax India
Credit of TDS - CIT (A) found that though initially the assessee claimed the credit of TDS as per 26AS statement, later on the assessee brought to the notice of the AO that such claim was by mistake and since they did not provide any service to SAIL nor did they receive ₹ 5,50,000/- they reconciled their books of accounts - Held that - This is a verifiable fact at the end of the AO and set aside this ground to the file of the AO with a dire....... + More
2017 (9) TMI 1155 - ITAT DELHI
M/s. ChrysCapital Investment Advisors (India) Private Limited Versus DCIT, Circle 3 (1) , New Delhi And Vice-Versa
TPA - selecting a comparable - Held that - Following the decision rendered by the coordinate Bench of the Tribunal in case SunGard Solutions (India) (P.) Ltd. (2014 (12) TMI 429 - ITAT PUNE) and the fact that when the TPO has himself adopted the filter of 25 of RPT for the purpose of excluding a company from the list of comparables, he cannot arrive at a logical computation for benchmarking the international transaction by selecting a comparable ....... + More
2017 (9) TMI 1154 - ITAT DELHI
The Bank of Tokyo-Mitsubishi, UFJ Ltd. (Earlier known as The Bank of Tokyo Mitsubishi Ltd.) Versus DDIT Circle-1 (1) , New Delhi And Vice-Versa
Salaries paid by the Head Office overseas in foreign currency to the expatriates working in India - Permanent establishment ( PE ) of the Appellant in India - Held that - This issue is covered in favour of assessee by the Delhi High Court order in own case 2016 (4) TMI 817 - DELHI HIGH COURT relying on decision of ABN Amro Bank(2010 (12) TMI 340 - CALCUTTA HIGH COURT ). - Applicability of Section 115JB - Held that - This issue is covered in favou....... + More
2017 (9) TMI 1153 - ITAT DELHI
AT & T Global Network Services (India) Pvt Ltd. Versus DCIT, Circle-2 (1) , New Delhi and vice-versa
Disallowance of interest incurred on External Commercial Borrowings (ECBs) - Held that - Since there is no change in facts in this year from the facts in preceding year accordingly, the findings given therein para no 18 of that order where the claim of the assessee is allowed . hence for this year too we direct the ld AO to disallow the above disallowance. Hence, ground no 1 of the appeal is allowed. - Disallowance of circuit accruals - Held that....... + More
2017 (9) TMI 1152 - ITAT DELHI
ACIT, Circle-10 (1) , New Delhi Versus Datavision Systems P Ltd.
Income from transaction of shares - capital gain or business income - AO has held that the shares were stock in trade - Held that - The assessee is a company, which is engaged in the principal business of consulting. The major income of the assessee is shown of consultancy income is shown as the business income. The assessee is holding these shares, which are sold during the year in the books of accounts as investments and not a stock in trade. A....... + More
2017 (9) TMI 1151 - ITAT DELHI
Asstt. Commissioner of Income Tax, Circle-26 (1) , New Delhi Versus M/s. Deesons Traders
Reopening of assessment - addition on excessive allowance under the head Repair and Maintenance - eligibility of reason to believe - period of limitation - AO exceeding his jurisdiction - Held that - A.O. is not empowered to issue notice u/s 148 of the Act after a period of four years from the end of relevant assessment year particularly when there is no failure on the part of the assessee to disclose fully and truly all material facts necessary ....... + More
2017 (9) TMI 1150 - ITAT DELHI
Hamir Real Estate Pvt. Ltd. Versus ITO (TDS) , Ward 1 (2) , New Delhi
TDS u/s 195 - TDS liability on payment for purchase of land - Limitation in respect of deduction from non-residents - whether Shri Surinder Singh Chahal was resident of USA and the assessee was required to deduct TDS under section 195? - limitation period for passing an order under section 201(1)(a), when the deductee is a non-resident - Held that - High Court in the case of Bharti Airtel Ltd. vs. Union of India (2016 (12) TMI 1601 - DELHI HIGH C....... + More
2017 (9) TMI 1149 - ITAT DELHI
AT & T Global Network Services (India) Pvt Ltd. Versus DCIT, Circle-2 (1) , New Delhi
Disallowance towards interest expenditure incurred in relation to the ECBs invoking the proviso to section 36(1)(iii) - AO observed that the ECBs have been utilized for acquisition of capital assets which have not been put to use, and thus the interest incurred till the date such assets have been put to use should be disallowed - Held that - This ground of appeal has already been decided in AY 2009-10 and AY 2010-11 by orders of even date deletin....... + More
2017 (9) TMI 1148 - ITAT DELHI
ACIT, Circle 9 (1) , New Delhi Versus M/s. Feedback Infra Pvt. Ltd.
Addition on account of disallowance u/s 14A r.w.r 8D - Held that - By following the law laid down by Hon ble Apex Court in judgment cited as Godrej & Boyce Manufacturing Company Ltd. (2017 (5) TMI 403 - SUPREME COURT OF INDIA) and Maxopp Investment Ltd. (2011 (11) TMI 267 - Delhi High Court) we are of the considered view that the findings returned by AO that, disallowance u/s 14A is to be made even if no exempt income has resulted or earned b....... + More
2017 (9) TMI 1147 - ITAT MUMBAI
Income Tax Officer – 22 (1) (3) , Navi Mumbai Versus Mr. Mukesh Mohan Patel, C/o Ashit Mehta
Penalty u/s 271(1)(c) - willful evasion of tax by not furnishing accurate particulars of income - assessee did not declare the said income arising out of deemed capital gains u/s 54F(3) on the date of search also before the search party - Held that - The assessee had filed revised return of income on 22-12-2009 wherein declaration of said deemed capital gains u/s 54F(3) was made and the AO thereafter framed an assessment bringing to tax income de....... + More
2017 (9) TMI 1146 - ITAT MUMBAI
Monisha R Jaising Versus Dy. Commissioner of Income Tax, Central-Circle-24 and 26, Mumbai
Addition u/s 23(1)(a) - deemed rent - vacant property / vacancy allowance - 3 properties not offered for tax under the head House properties - AR submitted that out of two flats treated as deemed let out, the flat no.2B was let out in 2003 but vacant since then and therefore the provisions of 23(1)(c) - Held that - We find merit in the contention of the ld.AR that once the property is let out and at any point of time this remained vacant during t....... + More
2017 (9) TMI 1145 - ITAT KOLKATA
D.C.I.T., Circle-12, Kolkata Versus M/s. Selvel Advertising Pvt. Ltd.
Allowing depreciation at a rate of 100 on Hoardings Structure - Held that - As in assessee s own case for A.Y.2009-10 and 2010-11 2015 (5) TMI 682 - ITAT KOLKATA the assessee is entitled for depreciation on hoardings. which are temporary structures, and CIT(A) has rightly allowed the same. This common issue of both the appeals of revenue is dismissed. - Allowing the deduction claimed by the assessee u/s 80IA - Held that - As in assessee s own cas....... + More
