ITAT Judgments - Page 384

Expenditure incurred on modification and renovation of a building before commencement of business is neither allowable U/s. 30(a)(ii) nor section 37

Punj Hospitality Pvt. Ltd. Vs. ITO (ITAT Delhi)

Hon'ble Madras High court in the case of A.Y.S. Paisutha Nadar v. CIT [1962] 46 ITR 1041 (Mad.) had held that section 10(2)(xv) of the Indian income-tax Act, 1922 [section 30(a)(ii) of 1961 Act.] relating to expenditure laid out or expended wholly and exclusively for the purpose of the assessee's business, clearly indicated that the expen...

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Validity of agreement for assignment of liabilities and assets by an assessee

MIRC Electronics Ltd. Vs DCIT (ITAT Mumbai)

However, in view of the fact that the agreement has been accepted as genuine in the hands of one of the parties and economic consequences have also occurred because the assignee has made the payment to the Government, the transaction is necessarily be treated as genuine one, and for this reason, ...

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AO not justified in adjustment to a international transaction whose arm’s length character is accepted by Transfer Pricing Officer (TPO)

Oracle India (P) Ltd. Vs. ACIT (ITAT Delhi)

The Delhi bench of the Income-tax Appellate Tribunal (the Tribunal), in the case of Oracle India (P) Ltd. V. ACIT (2009-TIOL-540-ITAT-DEL) (the taxpayer) held that section 40A(2) of the Income-tax Act, 1961 (the Act) overrides the provisions relating to computation of business income only and thus in relation to international transactions...

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Foreign company having Permanent Establishment in India cannot be taxed at the rate applicable to domestic company

JCIT Vs. State Bank of Mauritius Ltd. (ITAT Mumbai)

Mumbai bench of the Income-tax Appellate Tribunal (the Tribunal) in the case of JCIT v. State Bank of Mauritius Ltd. (2009-TIOL-712-ITAT-MUM) has held that the foreign company having Permanent Establishment (PE) in India cannot be taxed at the rate applicable to domestic company in view of insertion of Explanation 1 to section 90 of the I...

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Income from transfer of leased premises is taxable as Capital Gains under the Income-tax Act

ACIT Vs. United Motors (I) Ltd. (ITAT Mumbai)

Recently, the Mumbai bench of Income-tax Appellate Tribunal (the Tribunal) in the case of ACIT Vs United Motors (I) Ltd. (2009-TIOL-693-ITAT-MUM) has held that income from transfer of a leased premises without transferring its own business amounts to extinguishment of the taxpayer's right in the capital asset as per section 2(47) of the I...

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Set off of long term capital loss with indexation against long term capital gains without indexation is allowable

Keshav S. Phansalkar Vs ITO (ITAT Mumbai)

Section 70(3) of the Act postulates that for any assessment year where there is a loss in respect of long term capital asset, the asscssee shall be entitled to have the amount of such loss set off against the income, if any fas arrived at under a similar computation) made for the assessment year....

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S. 220(2) Interest chargeable with reference to due date reckoned from original notice of demand

DCIT Vs. AS Krishna & Co. (P.) Ltd. (ITAT Visakhapatnam)

It is thus clear that the entire assessment order was not set aside to enable the Assessing Officer to reframe the assessment; the order passed by the first appellate authority was only to enable to the Assessing Officer to vary the assessment originally made and not to take a reiook at all the issues which were considered in the original...

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Applicability of rule of limitation in respect of appeal filed after an inordinate delay without reasonable cause

Foramer France Vs. DCIT (ITAT Delhi)

Coming to the general proposition regarding condonation of delay, the learned counsel relied on a number of cases, which have already been summarized. In the case of Shakuntala Devi (supra), the Hon'ble Supreme Court held that liberal construction should be placed on the words "sufficient cause" provided that no negligence,...

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S. 41(1) applies only to trading liability not to other types of liabilities

Govindbhai C. Patel Vs. DCIT (ITAT Ahmedabad)

Where the assessee had not claimed nor obtained a deduction in respect of a security deposit treating it as a trading liability, section 41 (1) cannot be invoked when such security deposit is refunded to the assessee. In the present case, none of the above probabilities existed and this is a case of amount...

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For a debt to be classified as bad, assessee has only to write it off as irrecoverable in its accounts

C. B. Richard Ellis Mauritius Ltd. Vs DDIT (International Taxation) (ITAT Delhi)

For claiming any debt as a bad debt, one has to satisfy following two conditions: (1) Debt is written off as bad debt in the Profit and Loss Account by making corresponding entry in the party account. (2) Debt is taken in to account in computing the income of the assessee of the previous year in which debt is written off or in earlier pre...

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