Rishabh Mehra

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Expenses not charged to P&L cannot be adjusted to income in TP adjustment

M/s DQ Entertainment (International) Ltd Vs ACIT (ITAT Hyderabad) - ITAT Hyderabad held in M/s DQ Entertainment (International) Ltd Vs ACIT that if the effect of expenses has been given in the balance sheet then the upward TP adjustment could not be made because the same had not been charged to P&L account and so same could not be be added to the income of the asses...

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Mere Change in profit sharing ratio would not change constitution of Partnership firm

DCIT Vs Deepsons Southend (ITAT Delhi) - ITAT Delhi in DCIT Vs Deepsons Southend held that if there is change in the profit sharing ratio of the partnership and all the partners remain same in the new partnership deed then that would not be change in the constitution of the firm so the loss of the firm could be carried forward....

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Continuously selling of product depicts commercial production not trial production

ACIT Vs Phonix Lamps India Ltd (ITAT Delhi) - ITAT New Delhi held in ACIT Vs Phonix Lamps India Ltd that if the assessee was selling its final product to particular parties continuously and there was no return of the final product. Moreover there was no complaint of any defect in the finished product....

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Expense allowed for earlier year cannot be disallowed in subsequent years if facts & circumstances are same

DCIT Vs M/s Ashiana Ispat Ltd (ITAT Jaipur) - ITAT Jaipur held in DCIT Vs. M/s Ashiana Ispat Ltd that if the facts and circumstances were same in the assesse’s own case of earlier years then, disallowance could not be made if the same was allowed in the earlier years by any appellate authority....

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Time gap between withdrawal of cash & spending of cash not relevant unless it is proved that assessee spent the amount somewhere else

ITO Vs Shri pardeep Singh Hooda (ITAT Chandigarh) - ITO Vs. Shri pardeep Singh Hooda (ITAT Chandigarh) ITAT held that there was no big or unreasonable gap between the amount withdrawn from the bank account and paid for purchase of the property. Since the amount was taken into cashbook after withdrawal from the bank account...

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Recent Posts in "Rishabh Mehra"

Expenses not charged to P&L cannot be adjusted to income in TP adjustment

M/s DQ Entertainment (International) Ltd Vs ACIT (ITAT Hyderabad)

ITAT Hyderabad held in M/s DQ Entertainment (International) Ltd Vs ACIT that if the effect of expenses has been given in the balance sheet then the upward TP adjustment could not be made because the same had not been charged to P&L account and so same could not be be added to the income of the assessee....

Read More

Mere Change in profit sharing ratio would not change constitution of Partnership firm

DCIT Vs Deepsons Southend (ITAT Delhi)

ITAT Delhi in DCIT Vs Deepsons Southend held that if there is change in the profit sharing ratio of the partnership and all the partners remain same in the new partnership deed then that would not be change in the constitution of the firm so the loss of the firm could be carried forward....

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Continuously selling of product depicts commercial production not trial production

ACIT Vs Phonix Lamps India Ltd (ITAT Delhi)

ITAT New Delhi held in ACIT Vs Phonix Lamps India Ltd that if the assessee was selling its final product to particular parties continuously and there was no return of the final product. Moreover there was no complaint of any defect in the finished product....

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Expense allowed for earlier year cannot be disallowed in subsequent years if facts & circumstances are same

DCIT Vs M/s Ashiana Ispat Ltd (ITAT Jaipur)

ITAT Jaipur held in DCIT Vs. M/s Ashiana Ispat Ltd that if the facts and circumstances were same in the assesse’s own case of earlier years then, disallowance could not be made if the same was allowed in the earlier years by any appellate authority....

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Time gap between withdrawal of cash & spending of cash not relevant unless it is proved that assessee spent the amount somewhere else

ITO Vs Shri pardeep Singh Hooda (ITAT Chandigarh)

ITO Vs. Shri pardeep Singh Hooda (ITAT Chandigarh) ITAT held that there was no big or unreasonable gap between the amount withdrawn from the bank account and paid for purchase of the property. Since the amount was taken into cashbook after withdrawal from the bank account...

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Under Mercantile method of accounting Loss in business can be booked in the year in which it is determined

Lakshmi Energy & Foods Products Ltd Vs The ACIT (ITAT Chandigarh)

ITAT Chandigarh held in Lakshmi Energy & Foods Products Ltd Vs The ACIT that if the assessee was following mercantile method of accounting and it had booked loss in the assessment year in which the same had been determined then the same should be allowed because the assessee...

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Payment of broken period interest will be allowed as a business expense

Asst. DIT Vs M/s Hongkong and Shanghani Banking Corporation Ltd (ITAT Mumbai)

1.ITAT Mumbai held in the case of Asst. DIT Vs M/s Hongkong and Shanghani Banking Corporation Ltd that the broken period interest paid would be allowed to the assessee after relying the case of the assessee itself in The Hongkong and Shanghai Banking Corporation Ltd V/s DCIT...

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Transfer Pricing: Only functionally comparable companies can be compared for calculating ALP

Acclaris Business Solutions Lvt Ltd. Vs I.T.O (ITAT Kolkatta)

ITAT held in Acclaris Business Solutions Lvt Ltd. Vs I.T.O that only those companies could be compared for calculating ALP which were functionally similar. Those companies which were not performing similar functions could not be compared for calculating ALP....

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Agricultural land purchased without an adventure in the nature of trade is not a capital asset

The ACIT Vs M/s Mansi Finance Chennai Ltd (ITAT Chennai)

ITAT Chennai held in The ACIT Vs M/s Mansi Finance Chennai Ltd that if the agricultural land purchased by the assessee was not with an adventure in the nature of trade then that agricultural land could not be treated as a capital asset and liable for capital gain....

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For ALP of AMP, Comparable company performing similar function and cost plus method should be adopted

Haier Appliances India Ltd Vs DCIT (ITAT Delhi)

ITAT held in Haier Appliances India Ltd Vs DCIT and Haier Appliances India Ltd Vs ACIT after relying on the case of Sony Ericsson Mobile Communications India Pvt Ltd reported in (2015) 374 ITR 118 (Delhi) that the above transaction of AMP...

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