CA Geeti Grover

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Assessee making periodically RBI approved royalty payments to its AE, TPO not justified in determining ALP at Nil

Dy. Commissioner of Income Tax Vs M/s. Kirby Building Systems (ITAT Hyderabad) - The assessee-company was engaged in the business of manufacture of pre-engineered building system products. During relevant year, assessee entered into international transactions with its AE situated in Kuwait....

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TP: Temporary price differentials occurring due to fluctuation in treatment charges should be ignored

Hindalco Industries Ltd. Vs The Addl. CIT (ITAT Mumbai) - In the case of Hindalco Industries Ltd. -Vs- The Addl. Commissioner of Income tax, there were several grounds on which the appeal was made, both by the revenue as well as the assessee. The major ground being of transfer pricing has been discussed hereunder....

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Voluntary contributions towards corpus cannot be taxed, even if Trust is not registered u/s 12AA

ITO Vs M/s. Vokkaligara Sangha (ITAT Bangalore) - ITO Vs. M/s. Vokkaligara Sangha (ITAT Bangalore) It was held by ITAT that voluntary contributions received for a specific purpose cannot be regarded as income under Section 2(24)(iia) of the Act since they are capital receipts and tied up grants for specific purpose....

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Section 68 cannot be applied where Assessee discharges onus to prove receipt of share capital along with premium

DCIT Vs M/s Ansh Intermediate Services Pvt. Ltd. (ITAT Lucknow) - DCIT Vs M/s Ansh Intermediate Services Pvt. Ltd. (ITAT Lucknow) The addition cannot be sustained only for the simple reason that these shareholder companies have not responded in first round of commission....

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Flats to be constructed by vendee on behalf of co–owners does not constitute non–monetary consideration

ACIT Vs Late Gopal V. Gorwani (ITAT Mumbai) - CIT Vs Late Gopal V. Gorwani (ITAT Mumbai) The Assessing Officer, on perusing the aforesaid terms of the agreement was of the view that flats to be constructed by the vendee on behalf of the co–owners is the non–monetary consideration received by them on account of sale of the property....

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Recent Posts in "CA Geeti Grover"

Assessee making periodically RBI approved royalty payments to its AE, TPO not justified in determining ALP at Nil

Dy. Commissioner of Income Tax Vs M/s. Kirby Building Systems (ITAT Hyderabad)

The assessee-company was engaged in the business of manufacture of pre-engineered building system products. During relevant year, assessee entered into international transactions with its AE situated in Kuwait....

Read More

TP: Temporary price differentials occurring due to fluctuation in treatment charges should be ignored

Hindalco Industries Ltd. Vs The Addl. CIT (ITAT Mumbai)

In the case of Hindalco Industries Ltd. -Vs- The Addl. Commissioner of Income tax, there were several grounds on which the appeal was made, both by the revenue as well as the assessee. The major ground being of transfer pricing has been discussed hereunder....

Read More

Voluntary contributions towards corpus cannot be taxed, even if Trust is not registered u/s 12AA

ITO Vs M/s. Vokkaligara Sangha (ITAT Bangalore)

ITO Vs. M/s. Vokkaligara Sangha (ITAT Bangalore) It was held by ITAT that voluntary contributions received for a specific purpose cannot be regarded as income under Section 2(24)(iia) of the Act since they are capital receipts and tied up grants for specific purpose....

Read More

Section 68 cannot be applied where Assessee discharges onus to prove receipt of share capital along with premium

DCIT Vs M/s Ansh Intermediate Services Pvt. Ltd. (ITAT Lucknow)

DCIT Vs M/s Ansh Intermediate Services Pvt. Ltd. (ITAT Lucknow) The addition cannot be sustained only for the simple reason that these shareholder companies have not responded in first round of commission....

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Flats to be constructed by vendee on behalf of co–owners does not constitute non–monetary consideration

ACIT Vs Late Gopal V. Gorwani (ITAT Mumbai)

CIT Vs Late Gopal V. Gorwani (ITAT Mumbai) The Assessing Officer, on perusing the aforesaid terms of the agreement was of the view that flats to be constructed by the vendee on behalf of the co–owners is the non–monetary consideration received by them on account of sale of the property....

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Reasons to reopen assessment must be tangible & should not merely be based on Investigation wing’s report

M/s. Raj Hans Towers Pvt. Ltd. Vs ITO (ITAT Delhi)

Raj Hans Towers Pvt. Ltd. -Vs- ITO (ITAT Delhi) There is no tangible material, which come to the possession of the AO to lead to the conclusion that there was an escapement of income from assessment....

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Exemption u/s 10A available on undisclosed income surrendered during survey proceeding u/s 133A

M/s Bridal Jewellery Mfg. Co.Vs ITO (ITAT Delhi)

M/s Bridal Jewellery Mfg. Co.Vs. ITO (ITAT Delhi) In the present case, it is an admitted fact that the assessee was engaged in the manufacturing of jewellery, during the process of manufacturing on behalf of the customers...

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Section 14A disallowance only for Expenses not directly relatable to exempt or taxable Income

Pr. CIT Vs Bharti Overseas Pvt. Ltd. (Delhi High Court)

. CIT Vs. Bharti Overseas Pvt. Ltd. (Delhi High Court) As far as Rule 8D (2) (i) is concerned, the AO has necessarily to record that he is not satisfied with the correctness of the claim of the expenditure made by the Assessee in relation to the income which does not form part of the total income....

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Mere Lien over payment due to pending dispute does not result in cessation of trading liability u/s 41(1)

The ITO Vs Shri Radhey Shyam Agarwal (ITAT Jaipur)

The ITO Vs Shri Radhey Shyam Agarwal (ITAT Jaipur) Once, there is an impending dispute between assessee and M/s. Laxmi Carpet Enterprises then it cannot be assumed that liability for payment has ceased...

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AO must give reason for rejection of books and estimating income by applier higher GP Ratio

Shri Hem Raj, Vs The A.C.I.T (ITAT Chandigarh)

Shri Hem Raj, Vs. The A.C.I.T (ITAT Chandigarh) The appellant was running liquor, wine and beer shop and was authorized to operate the liquor shop for the period of one year from April, 2007 to March 2008....

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