CA Nayan Gupta

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Interest on Bank FDRs to maintain the Minimum Interest Reserve Account is taxable as Business-Income

CIT Vs M/s Accession Buildwell (P) Ltd., (Delhi High Court) - In regard to claim of expenditure on Registrar of Companies’ fee for increase in authorized share capital, the HC held that the same could not be allowed and was also not amortizable under Section 35D (2)(c)(iii) of the Act, not being fee for initial registration of the company. ...

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Commencement of business simply means taking first step in performing overall income producing activity

CIT Vs M/s Jcdecaux Advertising India (P) Ltd , (Delhi High Court) - The ITAT noted that there are three stages in operational business:- (i) setting up; (ii) post setting up but before commencement of business; and (iii) commencement of business and thereafter. In case of a building contractor...

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New evidences obtained can be used only after proper opportunity of being heard is given to assessee

DIT Vs M/s Ericsson AB, (Delhi High Court) - CIT (Appeals) did not offer any opportunity to the assessee to make submissions with respect to the materials obtained from the survey and unilaterally rendered findings, CIT (Appeals)’s order was bad for the reason that he did not follow the procedure prescribed by the law....

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Excess stock found during search cannot be the sole reason for rejection of books of accounts

CIT Vs M/s Navbharat Export, (Delhi High Court) - The expenses claimed for transportation could not have been a valid ground for rejecting the books of account considering the fact that the transport expenses in doubt was just 5.1% of total Transport Expense....

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Delay in issuing notice u/s 158BD by 10 months cannot be considered contemporaneous

CIT Vs Bharat Bhushan Jain (Delhi High Court) - Revenue has to be vigilant in issuing notice to the third party under Section 158 BD, immediately after the completion of assessment of the searched person, this Court is of the opinion that a delay ranging between 10 months of 1 ½ years cannot be considered contemporaneous to assessment proceeding...

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Recent Posts in "CA Nayan Gupta"

Interest on Bank FDRs to maintain the Minimum Interest Reserve Account is taxable as Business-Income

CIT Vs M/s Accession Buildwell (P) Ltd., (Delhi High Court)

In regard to claim of expenditure on Registrar of Companies’ fee for increase in authorized share capital, the HC held that the same could not be allowed and was also not amortizable under Section 35D (2)(c)(iii) of the Act, not being fee for initial registration of the company. ...

Read More

Commencement of business simply means taking first step in performing overall income producing activity

CIT Vs M/s Jcdecaux Advertising India (P) Ltd , (Delhi High Court)

The ITAT noted that there are three stages in operational business:- (i) setting up; (ii) post setting up but before commencement of business; and (iii) commencement of business and thereafter. In case of a building contractor...

Read More

New evidences obtained can be used only after proper opportunity of being heard is given to assessee

DIT Vs M/s Ericsson AB, (Delhi High Court)

CIT (Appeals) did not offer any opportunity to the assessee to make submissions with respect to the materials obtained from the survey and unilaterally rendered findings, CIT (Appeals)’s order was bad for the reason that he did not follow the procedure prescribed by the law....

Read More

Excess stock found during search cannot be the sole reason for rejection of books of accounts

CIT Vs M/s Navbharat Export, (Delhi High Court)

The expenses claimed for transportation could not have been a valid ground for rejecting the books of account considering the fact that the transport expenses in doubt was just 5.1% of total Transport Expense....

Read More

Delay in issuing notice u/s 158BD by 10 months cannot be considered contemporaneous

CIT Vs Bharat Bhushan Jain (Delhi High Court)

Revenue has to be vigilant in issuing notice to the third party under Section 158 BD, immediately after the completion of assessment of the searched person, this Court is of the opinion that a delay ranging between 10 months of 1 ½ years cannot be considered contemporaneous to assessment proceedings....

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Valid “Satisfaction Note” as required u/s 158BD requires proper recording of evidences for being satisfied

CIT Vs Manoj Bansal, CIT Vs Radhey Sham Bansal, CIT Vs Suresh Kumar Gupta (Delhi High Court)

The assessee contended that the note was antedated and is accordingly not valid. He tried to substantiate his argument by demonstrating the following: If the satisfaction note was recorded on 29th Aug., 2002 ...

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Profits may be recognized on sale even if Assessee follows project completion method if all risk and reward been passed on

ITO Vs M/s Shree Sidhivinayak Developers (ITAT Mumbai)

The assessee firm is a builder and developer and is assessed in the status of AOP. During the year under consideration, the assessee was developing a residential project which involved construction of 182 flats. The assessee did not disclose any income out of these projects on the plea that it was following ‘project completion method’...

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A controlled transaction cannot be benchmarked against another controlled transaction (TP)

Dy. Commissioner of Income-tax Vs M/s Deutsche Asset Management (India) Pvt. Ltd. (ITAT Mumbai)

ITAT had given a finding that the services provided to AE, Singapore cannot be equated with the kind of services provided to AE, Germany. Thus by following the order passed by the Tribunal in the hands of the assessee for AY 2006-07, we uphold the order of ld. DRP on this issue. Accordingly, the appeal filed by department is dismissed....

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Omission of concluding sentence doesn’t amount to non-furnishing of reasons for reassessment

M/s. R. W. Promotions Pvt. Ltd. Vs ACIT (ITAT Mumbai)

On facts, the Tribunal had clearly stated that the assessee had been in fact supplied the verbatim copy of the reasons, reproducing the same at paragraph 2 (page 2) of its order. The tribunal’s findings appear at paragraph 2.8 of the impugned order. ...

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TP adjustments not applicable on transactions between Head Office & Branch Office

Aithent Technologies Pvt. Ltd. Vs DCIT (ITAT Delhi)

Whether the transactions between the head office in India and branch office in Canada can be considered as international transactions? The assessee had entered into certain transaction with his branch office in Canada. The AO had taken these transactions also into sweep for the purposes of making the transfer pricing adjustment....

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