"19 February 2012" Archive

Interest payable U/s. 220(2) to be computed from the date of fresh assessment order if original been set aside

Narad Investments & Trading Pvt. Ltd. Vs. DCIT (ITAT Mumbai)

in case the assessment is set aside by the CIT(A) and setting aside become final, interest u/s. 220(2) has to be charged only after the expiry of 35 days from the date of service of demand notice pursuant to the fresh assessment order. In the case of the assessee, since the original order of assessment was confirmed by the CIT (A) but on ...

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Payment under inter-linked contracts for manufacturing attracts TDS u/s 194C – Karnataka High court

CIT Vs. Nova Nordisk Pharma India Ltd (Karnataka High court)

The assessee, Nova Nordisk Pharma India Ltd, an Indian Company was engaged in marketing of pharmaceutical products. It was a subsidiary company of NOVA Nordisk, Singapore. One of the products (insulin in medically presentable form), was manufactured by M/s. Torrent Pharmaceuticals Limited (Torrent) and supplied to the assessee company. Th...

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Section 50C – Fair market value determined by DVO cannot be replaced for full value of consideration

ITO Vs. Chandrakant R. Patel (ITAT Ahmedabad)

The language in section 55A does not refer the 'value of consideration' but only uses the term 'Fair Market value'. So the scope of the section gets con-fined to determine the fair market value of a capital asset only. Thus, considering the language of section 48 the value so deter¬mined cannot be substituted for 'Full value of considera...

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Authority for Advance Rulings (Income-tax) – FAQs

The Advance rulings can be sought on any question of law or fact specified in the application in relation to a transaction which has been undertaken, or is proposed to be undertaken, by the non¬resident applicant. Even a resident applicant may seek rulings regarding tax liability of a non¬resident in relation to a transaction with the r...

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Posted Under: Income Tax |

TP Adjustments to be restricted to international transactions and cannot form the basis for rejecting books of accounts

Phoenix Mecano (India) Ltd Vs. DCIT (ITAT Mumbai) ITA No. 7646/Mum/2011

Whether adjustment should be restricted only to the international transactions or can be extended to the entire turnover of the taxpayer? 2. Are the books of accounts liable to be rejected if there is a transfer pricing adjustment? 3. Prior to 1.10.2009, is the benefit of standard deduction of-+5% under the proviso to section 92C(2) of th...

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Interest on I-T refund received by foreign company taxable as interest income

Bechtel International Inc Vs. Assistant Director of Income Tax (ITAT Mumbai)

Whether the interest on income-tax refund is to be considered as interest income falling within Article 11(2) of the tax treaty or as interest income attributable to permanent establishment or fixed base in India falling under Article 11(5) read with Article 7 of the tax treaty? 2. whether the expression 'attributable' as used in Article...

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Section 80IA- Industrial Parks becoming operational and applying for registration after 31 March 2006 not eligible for tax holiday under erstwhile Industrial Park Scheme, 2002

Regency Soraj Infrastructures Vs. UOI & Others (Delhi High Court)

Petitioner had filed the application for registration on 23rd September, 2006 after the 2002, Scheme had come to an end, as the scheme was applicable only upto 31 st March, 2006. The industrial park set up by them was not operational/functional by 31st March, 2006. It became operational on a subsequent date. The completion certificate for...

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Section 50C not applicable to tenancy rights and unregistered document

Asst. Commissioner of Income Tax Vs. M/s. Munsons Textiles (ITAT Mumbai)

On applicability of Section 50C of the Act in absence of registered document -Capital gain has to be computed on the basis of sale consideration received or accruing to the taxpayer. Even if the document was not registered, the capital gain has to be computed on the basis of the sale consideration shown and received by the taxpayer unless...

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Payment of commission to Indian agent at arm’s length price does not relieve non-resident from further attribution of profits to PE in India

MTV Asia LDC Vs. DCIT (ITAT Mumbai)

MTV Asia LDC Vs. DCIT ITAT Held that The taxpayer did not provide any documentary evidence to substantiate various expenses incurred as well as no separate books of accounts were maintained for Indian operations. Therefore, application of Rule 10 of the Income-tax Rules 1962 prescribing computation of income on reasonable basis in case o...

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Non-availability or non-association of independent witness cannot be a ground for discharge or acquittal in all cases

Directorate of Revenue Intelligence Vs Arun Kumar Juneja & Ors. (Delhi High Court)

The non-availability or non-association of independent witness cannot be a ground for discharge or acquittal in all cases. It would depend upon the facts and circumstances of each case and the evidentiary value of the prosecution witnesses could not be undermined at the stage of framing of charges. It is moreso when the prosecution has ci...

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