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Archive: December, 2015

Posts in December, 2015

DRP cannot absolve from its duty without going into merits of contention of assessee while deciding comparability

December 31, 2015 663 Views 0 comment Print

In the case of M/s. Equant Solutions India Pvt. Ltd. Vs. ACIT Delhi Bench of ITAT remanded back the matter and held that DRP has not met the contention of the assessee in respect of inclusion/exclusion of comparable in its order.

Interest on delayed payment in connection of acquisition of property is allowed u/s 24 (b)

December 31, 2015 1802 Views 0 comment Print

ITAT Delhi held In the case of Wel Intertrade Pvt. Ltd. vs. ITO that there is no dispute that for purchasing the property at Munirka for a consideration of Rs.9,37,33,600, the assessee had taken loan from HDFC Bank for Rs.6.50 crores on which the authorities below have allowed the interest paid by the assessee.

TP: Companies in production & sale of software products cannot be compared with those in development of software on contract basis

December 31, 2015 2113 Views 0 comment Print

ITAT Delhi held In the case of Avaya India (P) Ltd. vs ACIT that a perusal of the annual report of company reveals that the said company has made income from sale of license to the tune of more than Rs.1 crore,

Mere Collaboration agreement with Builder & subsequent receipt of Property and Sale cannot be termed as business

December 31, 2015 1679 Views 0 comment Print

The facts of the case are that the Assessee, (who died during the pendency of this appeal and is substituted by her legal representatives) was a housewife, having no source of income other than the pension of her deceased husband. The Assessee was the owner of property No. F-23, Hauz Khas, New Delhi wherein she was residing since 1956.

Assessee need not prove genuineness and credit worthiness of sub-creditor

December 31, 2015 4411 Views 0 comment Print

CIT Vs. Shiv Dhooti Pearls & Investment Ltd. (Delhi High Court) Assessee has indeed discharged its onus of proving the creditworthiness and genuineness of the lender (TIL). There was no requirement in law for the Assessee to prove the genuineness and credit worthiness of the sub- creditor, which is in this case was TCL.

Income Tax Prosecution can be launched if Assessee aged below 70 years at the time of commission of offence

December 31, 2015 10893 Views 0 comment Print

While hearing an appeal filed by Dabur India Ltd Promoter Pradip Burman in Black Money case related to undisclosed Bank Account maintained Outside India, Delhi High Court held that prosecution can be launched against him as at the time of commission of alleged offence

Compensation for loss of income-generating asset is not revenue in nature

December 31, 2015 1189 Views 0 comment Print

CIT Vs. Sharda Sinha (Delhi High Court) The Court concurs with the conclusion of the CIT (A) that the sum paid to the Assessee was to compensate for the abrupt loss of source of income and that the termination of contract had fatally injured the appellant’s only source of income for the last 20 years.

Reassessment for taxing Royalty at higher rate due to change in opinion not valid

December 31, 2015 457 Views 0 comment Print

The assessment under Section 143(3) was originally done on 19.12.2008. The notice under Section 148, which is impugned herein, has been issued beyond the period of four years from the end of the relevant assessment year.

Arbitration and Conciliation (Amendment) Act, 2015

December 31, 2015 14701 Views 0 comment Print

in the case of an arbitration other than international commercial arbitration, the principal Civil Court of original jurisdiction in a district, and includes the High Court in exercise of its ordinary original civil jurisdiction, having jurisdiction to decide the questions forming the subject-matter of the arbitration if the same had been the subject-matter of a suit, but does not include any Civil Court of a grade inferior to such principal Civil Court, or any Court of Small Causes;

Reg. Penalty in cases where despite addition tax payable under MAT Provisions is higher than under Normal Provisions

December 31, 2015 3205 Views 0 comment Print

CIRCULAR NO. 25/2015 Penalty u/s 271(1)(c) wherein additions/disallowances made under normal provisions of the Income Tax Act, 1961 but tax levied under MAT provisions u/s 115JB/115JC, for cases prior to A.Y. 2016-17-reg.- Section 115JB of the Act is a special provision for levy of Minimum Alternate Tax on Companies, inserted by Finance Act 2000 with effect from 1-4-2001.

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