ITAT Visakhapatnam

Mere share transfer agreement does not cause effective share transfer unless accompanied with Transfer form & Share Certificates

Y.V. Ramana Vs CIT (ITAT Visakhapatnam)

In the case of shares of unlisted companies, transfer would take place, only when valid share transfer form in form no. 7B is delivered to the company and endorsed by the Company. Therefore, for effective transfer of shares a mere agreement for transfer of shares is not sufficient, unless it is physically transfer shares by delivery of sh...

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S. 35(2AB): AO bound to grant deduction if R&D facility is approved by competent authority

Efftronics Systems Pvt. Ltd vs. ACIT (ITAT Visakhapatnam)

Provisions of section 35(2AB) of the Act, with relevant rules makes it mandatory for the assessee company to file its application for approval of its in house R&D before the Secretary, DSIR, Government of India....

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Land cannot be classified as non-agricultural for mere agricultural activity absence

Smt. Chalasani Naga Ratna Kumari Vs ITO, (ITAT Visakhapatnam)

Whether an agricultural land held by assessee, which is suitable for agricultural operation, loses the characteristics of agricultural land merely because no agricultural operation was carried by assessee on such land?...

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Section 50C Market Value on sale deed date or stamp duty value on sale agreement date

Chalasani Naga Ratna Kumari, Visakhapatnam Vs ITO, Ward-3(2) (ITAT Visakhapatnam)

For determination of capital gains according to section 50C market value of property as on date of sale deed or stamp duty value as on date of agreement to sale: which has to be taken?...

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Retrospective amendment in expl. 5A to Sec 271(1)(c) not applicable if original return filed before Finance Act comes into force

Nukala Ramakrishna, Eluru Vs DCIT (ITAT Visakhapatnam)

Amendment in Explanation 5A to Sec 271(1)(c) even when made effective by Finance Act ,2009 with retrospective effect from 01.06.2007 cannot be made applicable to assessee’s case because both original return and the revised return u/s 153A of the Act have been filed before the amended provisions were brought into the statute (which rece...

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Clash of titans, sec 192 Vs sec 206AA

Rashtriya Ispat Nigam Ltd. Vs Addl CIT (TDS), (ITAT Visakhapatnam)

Rashtriya Ispat Nigam Ltd. v. Addl CIT (TDS), ITAT Visakhapatnam) Even if there is no PAN, if the deductor has deducted TDS as per provisions of sec 192, Section 206AA does not over-ride section 192 in terms of the requirement of “at the rates specified in the relevant provisions of the Act....

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For Deemed Dividend, accumulated profits do not include current year’s business profit, since it accrues only at end of year

P. Satya Prasad Vs Income-tax Officer, Ward-3(2), Visakhapatnam (ITAT Visakhapatnam)

Thus, it has been held that the accumulated profits do not include current year's business profit, since it accrues only at the end of the year. Further the loan or advance treated as deemed income up to the date of fresh loan is to be reduced from the accumulated profits. Consistent with the view taken by the Ahmedabad bench in the above...

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Eligibility for exemption under section 54B in respect of amount invested in agricultural land against gain from sale of agricultural land

Krishna Murthy Vallu Vs. ITO (ITAT Visakhapatnam)

Krishna Murthy Vallu Vs ITO (ITAT Visakhapatnam)- If land which is sold is situated in an area which is comprised within the jurisdiction of a municipality, etc, then the said land is squarely covered by clause (a) of section 2(14)(iii) and would fall in the category of 'Capital assets' even if it is held to be agricultural land. However...

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Receipts from activities not having direct nexus with shipping/dredging activities not exempt under tonnage tax scheme

Dredging Corporation Of India Ltd Vs ACIT (ITAT Visakhapatnam)

Dredging Corporation Of India Ltd Vs ACIT (ITAT Visakhapatnam)- Tonnage income from the business of operating qualifying ships — Receipts emanating from the activities, which do not have a direct and necessary nexus with the shipping/ dredging activities of the assessee-company, cannot be exempted under the tonnage tax scheme. ...

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No Transfer pricing adjustment is necessary when period and basis of computation of royalty is different from comparable transactions

M/s. Transstory (India) Ltd. Vs ITO (ITAT Visakhapatnam)

Transstory (India) Ltd. Vs. ITO (ITAT Visakhapatnam)- The taxpayer was to pay royalty for only seven years and in respect of certain specified product, the royalty payable by the two group companies in China was for 20 years and it was based on sales of all the products. The only basis of adjustment made by the TPO is variation in rates o...

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