CIT Vs The Maratha Mandir Co-op. Bank Ltd. (Bombay High Court)- Interest income in the present case arose on account of giving advance rent to the landlord from whom premises were taken on rent for the purpose of carrying on banking business.
Assistant / Deputy Commissioner of Income Tax Vs Bombay Real Estate Development Company Private Limited (ITAT Mumbai)- Whether the CIT(A) erred in directing the AO to allow the deduction u/s 80-IB(10) to the assessee as allowable to a developer and builder for the Poisar Housing Project at Kandivali (E).
Destination of the World (Subcontinent) Pvt. Ltd. Vs Asst. CIT (ITAT Delhi) The Tribunal held that in the first instance, the attempt should be made to determine arm’s length price of controlled transactions by comparing the same with internal uncontrolled transactions undertaken in same or similar economic scenario. The Tribunal relied on the following in arriving at this conclusion.
1. In annexure-J section-1 (supplement), enter details of Customerwise Local sales in Maharashtra state. Please enter dealerwise sale. Do not enter transition wise sale. 2. In annexure-J section-2 (supplement), enter details of Supplierwise Local purchase in Maharashtra state. Please enter dealerwise purchase. Do not enter transition wise purchase.
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