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Archive: December, 2015

Posts in December, 2015

Transfer Pricing: Revenue can’t adjust operating costs in allowing capacity adjustment

December 28, 2015 2809 Views 0 comment Print

In the case of DCIT Vs. Claas India Pvt. Ltd. Delhi Bench of ITAT have denied to approve the method adopted by AO/TPO in allowing capacity adjustments. ITAT further held that once the law enjoins for doing a particular thing in a particular manner alone

Wax used for producing cotton yarn should be treated as Raw Material – SC

December 28, 2015 3806 Views 0 comment Print

In the case of M/S. MERIDIAN INDUSTRIES LTD. V/s COMMISSIONER OF CENTRAL EXCISE, it was held that if a particular item participates in or is required for a manufacturing process, but does not form part of the end product and instead it is specifically or totally consumed during a manufacturing process, the same would be treated as ‘consumables’.

GST- A Revolution in Indirect Tax Law

December 28, 2015 3964 Views 0 comment Print

Good and Services Tax is the most logical steps towards the comprehensive indirect tax reform in India since independence. Goods and Services Tax is to be implemented shortly by the Government of India. GST is leviable on every transaction involving supply of goods and/or services as well combination thereof. However, there is still no clarity […]

Foreign exchange gain/loss arising out of revenue transactions is required to be considered as an item of operating revenue/cost

December 27, 2015 8679 Views 0 comment Print

In the case of Ameriprise India Pvt. Ltd. Vs. ACIT Delhi Bench of ITAT held that the AO was not justified in considering forex loss as non-operating cost as against the assessee’s claim of operating cost. ITAT further held that the amount of foreign exchange gain/loss arising out of revenue transactions is required to be considered as an item of operating revenue/cost

Assessment of a dissolved company is illegal

December 27, 2015 3716 Views 0 comment Print

In the case of Advance India Projects Ltd. Vs. ACIT Delhi bench of ITAT have held that assessment upon a dissolved company is impermissible as there is no provision in Income-tax Act, 1961 to make an assessment thereupon.

Disallowance cannot be made of expenditure not claimed as deduction in profit & loss account

December 26, 2015 3155 Views 0 comment Print

ITAT Delhi held In the case of Sunaina Tower Pvt. Ltd. vs. ACIT that the material issue is that the said expenditure was never claimed as business expenditure, the occasion to make a disallowance of the same does not arise.

CIT (A) cannot initiate & levy penalty u/s 271(1) (c) by penalty order under his adjudication

December 26, 2015 9141 Views 0 comment Print

ITAT Pune held In the case of Shri Ajit Ramchandra Jadhav. vs. ACIT that the order initiating the penalty proceedings has to be a different order and has to be passed by the person, who has made the addition / assessment in the hands of the assessee.

Plausible view by AO being not an erroneous view, revision u/s 263 not sustainable

December 26, 2015 829 Views 0 comment Print

ITAT Mumbai held In the case of M/s Vidyasagar Enterprises LLP vs. Principal CIT that AO accepted the loss sustained by the assessee in this project to be allowed to be set off against other income of the assessee after application of mind and considering relevant material on record which was one

Supply of shrink-wrap software is transfer of right to use copyright and covered in royalty liable to TDS u/s 195

December 26, 2015 3062 Views 0 comment Print

ITAT Bangalore held In the case of M/s Tejas Networks Ltd. vs. DDIT that the right that is transferred in the present case is the transfer of copyright including the right to make copy of software for internal business

Interest Income is capital receipt only if it is inextricably linked with project

December 26, 2015 5875 Views 0 comment Print

In the Case of ACIT VI, Kanpur vs. Z Square Shopping Mall Private Limited, ITAT held that the interest earned on FDR, Gains from investment of Mutual Fund is not inextricably linked or connected with the construction activities

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