All ITAT

No Tax on off–shore supplies of goods completed outside Indian territory

M/s. Iljin Electric Co. Ltd. Vs Dy. Commissioner of Income Tax (ITAT Mumbai)

Aforesaid appeal of the assessee is against assessment order dated 31st January 2017, passed under section 143(3) r/w section 144C(13) of the Income Tax Act, 1961 (for short the Act) for the assessment year 2013–14 in pursuance to the direction of the Dispute Resolution Panel–1, Mumbai, (DRP), dated 18th November 2016....

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Advertisement expense post Flilm certification by Censor Board allowable

Red Chillies Entertainment Pvt. Ltd. Vs Asstt. Commissioner of Income Tax (ITAT Mumbai)

Advertisement expenditure incurred after certification by Board of Film Censors cannot be included as part of cost of production, hence, provisions of rule 9A, will not apply. It was held, the expenditure incurred in regular course of business has to be allowed under section 37. ...

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Section 194J TDS not applicable to payment made in kind

Red Chillies Entertainment Pvt. Ltd. Vs Asstt. Commissioner of Income Tax (ITAT Mumbai)

TDS is applicable in case of payment of any sum towards fees for professional services. He submitted, the term any sum, used in section 194J would denote payment in money terms and not in kind. ...

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Expense on obtaining ISO certificates are revenue expenditure

Red Chillies Entertainment Pvt. Ltd. Vs Asstt. Commissioner of Income Tax (ITAT Mumbai)

It was submitted by the assessee that ISO 27001 and ISO 9001:2008 certification are valid for a period of three years but they are neither intangible fixed asset nor transferrable. Hence, the expenditure incurred for obtaining such certificate is revenue in nature as the certificates can be withdrawn if the assessee does not adhere to the...

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Section 54F exemption on investment out of borrowed funds, in the name of Karta by HUF & On Renovation of Existing Unit

Shri Puranchand & Family (HUF) Vs ITO (ITAT Chennai)

This appeal of the assessee is directed against the order of the Commissioner of Income Tax (Appeals) – 13, Chennai dated 15.09.2016 and pertains to the assessment year 2012-13....

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SRK gets deduction of Rs. 10 Crore of professional fees returned back

Shah Rukh Khan vs. ACIT (ITAT Mumbai)

ground raised by appellant was in respect of disallowing of an amount of Rs. 10,00,00,000/- being professional fees returned to Star India P. Ltd. The said amount had been incurred by the appellant for the purposes of his profession and on grounds of commercial expediency. ...

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Loose papers not giving full details are dumb documents with no evidentiary value

Nishant Construction Pvt. Ltd vs. ACIT (ITAT Ahmedabad)

It was held that impounded loose sheet can at the most be termed as dumb document which did not contain full details about the dates, and its contents were not corroborated by any material and could not relied upon and made the basis of addition....

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Deduction U/s. 80IA(4) eligible on lease rental income from open yard

The DCIT, Circle-1(2) Vs Belair Logistics Limited, (ITAT Hyderabad)

The assessee claimed deduction under section 80IA(4) on total income including the income received from lease rental on open yard. The A.O. observed that since open yard is not an infrastructure facility within the meaning of Section 80IA(4) of the Act, ...

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Sec. 11 Exemption cannot be denied fully for mutual fund investment

ito (Exemption), Vs Progressive Education Society, (ITAT Pune)

We do not find any infirmity in the order of Commissioner of Income Tax (Appeals). The Commissioner of Income Tax (Appeals) has rightly followed the law laid down in the case of Commissioner of Income Tax Vs. FR. Mullers Charitable Institutions (supra). The ld. DR could neither rebut the findings of First Appellate Authority nor any contr...

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Capital gains on transfer by a foreign company of shares in another foreign company holding assets in India is taxable in India

Cairn U K Holdings Limited V DCIT ( International Taxation) (ITAT Delhi)

We have carefully considered the rival contentions. To put the facts very simply in a narrow compass , the assessee company is a tax resident of United Kingdom which was incorporated on 26th of June 2006. On 30/06/2006...

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