"03 June 2018" Archive

Assessment u/s. 153A cannot be framed if no incriminating material found during search

Asstt Vs Maruti Clean Coal & Power Ltd. (ITAT Raipur)

Asstt Vs Maruti Clean Coal & Power Ltd. (ITAT Raipur) There is no dispute that no incriminating material has been found at the time of search and therefore it is now settled proposition of law that no assessment u/s. 153A of the Act can be framed in the absence of any incriminating material found at the […]...

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No further addition if books are rejected and ad hoc addition been made

Dy. CIT Vs Sree Nagendra Constructions & Ors. (ITAT Hyderabad)

Where there was estimation of business income, disallowance and consequential addition of revenue expenditure was not sustainable, in view of decision in Indwell Constructions v. CIT (1998) 232 ITR 776 (AP-HC). Since AO already had made estimation of income at 5% after rejection of books of account of assessee, no further disallowance of ...

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Multiple houses in single residential complex constitutes “a residential house” for Section 54/ 54F

V.V.V. Satyanarayana Vs ITO (ITAT Hyderabad)

Where a residential house was transferred and four flats in a single residential complex were purchased by the assessee, it was held that all four residential flats constituted "a residential house" for the purpose of Section 54 and that the four residential flats cannot be construed as four residential houses for the purpose of Section 5...

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Entire purchases cannot be treated as bogus for mere non-production of dealers

Shalimar Wire Agency Vs Dy. CIT (ITAT Mumbai)

Simply because the assessee could not produce the dealers, the entire purchases could not be treated as bogus purchases as AO could have made further investigations to ascertain the genuineness of the transactions. ...

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No Penalty under section 271(1)(c) if Addition on estimate basis

Shri Radhey Shyam Vs ITO (ITAT Delhi)

When income of assessee was determined on estimation basis of net profit, then no penalty under section 271(1)(c) could be imposed for concealment and furnishing inaccurate particulars....

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Mere transfer of some of its customers and business leads to its subsidiary by a company not amount to Slump Sale

L&T Finance Ltd. Vs DCIT ( ITAT Mumbai)

L&T Finance Ltd. Vs DCIT ( ITAT Mumbai) We have given a thoughtful consideration to the facts of the case and are of the considered view that ‘Slump sale’ as defined in section 2(42C) means the transfer of one or more undertakings as a result of the sale for a lump sum consideration, without values […]...

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Tribunal Registrar cannot consider and decide on applications for condonation of delay

In Re Hiten Ramanlal Mahimtura (ITAT Mumbai)

While hearing the appeal, we observed that the Registrar has heard this preliminary issue of condoning the delay and passed order on 8.3.3018 condoning the delay. The power of condoning the delay is with the Court/Tribunal under the Limitation Act as well as u/s. 253(5) r.w.s. 252(1) of the Income Tax Act....

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TDS deductible on Commission retained by Airline Operators for Collecting Passenger Service Fee

M/s. Delhi International Airport Pvt. Ltd Vs. DCIT (ITAT Bangalore)

M/s. Delhi International Tax Airport Pvt. Ltd Vs DCIT (ITAT Bangalore) Once it has been repeatedly held that Airlines Operators are collecting the PSF on behalf of the Airport Authorities/Operators and the PSF is to be paid to the airport authority in terms of the notifications issued by the MOCA at different points of time,the […]...

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Ground & technical handling services rendered to other airlines in India- Taxation

DCIT Vs. M/s. KLM Royal Dutch Airlines (ITAT Delhi)

DCIT Vs. M/s. KLM Royal Dutch Airlines (ITAT Delhi) The technical handling services rendered by the assessee to the other airlines in India held to be part of the business of the assessee from the operation of aircraft in international traffic. In DCIT vs. KLM Royal Dutch Airlines [ITA No: 3819 /Del/2015, (A.Y. 2009-10) & […]...

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Addition to income on account of reversal of provision for royalty deleted in Skoda Auto case

DCIT Vs. M/s. Skoda Auto A.S. (ITAT Pune)

Advocate Akhilesh Kumar Sah DCIT Vs. M/s. Skoda Auto A.S. (ITAT Pune) In this case, one of the ground raised by Revenue was whether in the facts and circumstances of the case, the Dispute Resolution Panel was right in directing AO to delete proposed addition on account of reversal of provision for Royalty of Rs.1,39,18,474/-, […]...

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