ITAT Judgments - Page 384

No addition can be made or sustained simply on basis of statement recorded at the time of survey/search

DCIT Vs. Premsons (ITAT Mumbai)

In order to make an addition on the basis of surrender during search or survey, it is sine qua non that there should be some other material to co-relate the undisclosed income with such statement....

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Mere making of a claim, which is not sustainable in law, by itself, will not amount to furnishing inaccurate particulars

A.D.I.T. Vs. Fidelity Management & Research Co. (ITAT Mumbai)

CIT vs Reliance Petro Products (P) Ltd. (322 ITR 158) Supreme Court- It was held that a mere making of the claim, which is not sustainable in law, by itself, will not amount to furnishing inaccurate particulars regarding the income of the assessee and if the contention of the Revenue to this effect is accepted then in case...

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Income from even an isolated transaction of sale of land can be considered as business income of an assessee though not carrying on real estate business

Cherukuri Ramesh Vs ACIT (ITAT Visakhapatnam)

The process of purchase of land, conversion thereof and sale, compel us to come to the conclusion that the * purchase of land, in itself, was with an intention to sell at a profit in the form of an 'adventure in the nature of trade' and hence though it is an isolated' transaction the income thereon can still be considered as business inco...

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S.153A does not authorize de novo assessment. Non-pending assessments do not abate. Additions must be confined to search material.

Anil Kumar Bhatia Vs ACIT (ITAT Delhi)

S. 153A provides that where a search is initiated u/s 132 the AO shall “assess or reassess the total income of six assessment years immediately preceding the assessment year” relevant to the previous year in which the search is conducted or requisition is made. The 1st Proviso states that the AO shall “assess or reassess the total i...

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Recent Tribunal rulings on transfer pricing issues in the case of Global Vantedge Pvt. Ltd and Quark Systems Pvt. Ltd.

The Delhi Tribunal, in the case of Global Vantedge Pvt. Ltd. (Taxpayer) [2010-TIOL¬24-ITAT-DEL], has held that the total amount of adjustment made, along with the arms length price (ALP) already reported by the Taxpayer, cannot exceed the total amount of revenues earned by the Taxpayer and its associated enterprise (AE) from dealing with...

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Posted Under: Income Tax |

Surplus arising to a partner from transaction of contribution of land held by it to a firm as capital contribution shall be taxable u/s 45

DLF Universal Ltd. Vs. DCIT (ITAT Delhi)

and contributed by the assessee to a firm towards capital contribution should be treated as stock in trade even during the course of making the transaction of transferring or contributing the land to the partnership firm as capital contribution, the surplus arising to the assessee from the said transaction of contributing stock in trade...

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Payment made by a member to its stock exchange for VSAT/ Lease line/BOLT/ Dem at charges is not fee for technical services u/s194J

DCIT Vs. Angel Brooking Ltd. (ITAT Mumbai)

For the purposes of this clause, fees for technical services means any consideration (including any lump sum consideration) for the rendering of any managerial, technical or consultancy services (including the provision of services of technical or other personnel) but does not include consideration for any construction, assembly...

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Disallowance of expenditure u/s 40(a) in a case where assessee follows completed contract method

Savala Associates Vs. ITO (ITAT Mumbai)

On plain reading of above section, we find that certain expenditures are not allowable if the assessee failed to deduct tax or after deduction same was not paid in time. However, such expenditures are allowable Provided that where in respect of any such sum. Tax has been deducted in any subsequent year, or has been deducted...

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Registration U/s. 80G(5)(vi) cannot be denied to charitable trust even if it is running some activity that yields profit

Prasanna Trust Vs. DIT (Exemption) [ITAT Bangalore]

Does the purpose of a trust restrict spending the income of a profitable activity exclusively or primarily upon what is `charity' in law? If the profits must necessarily feed a charitable purpose, under the terms of the trust, the mere fact that the activities of the trust yield profit will not alter the charitable character of trust...

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Commissioner is empowered to satisfy himself that the trust activates are genuine and in consonance with its objects before granting approval u/s 80G

Pearls Educational Institute Vs CIT (ITAT Delhi)

From the above facts, it is clear that Once the society during a period of almost 12 years has not carried out any activity, except purchasing land, to construct school/college building for imparting education, which was the main object of the society the activities of the trust for granting approval under section 80G cannot be called gen...

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