"01 December 2019" Archive

ITAT disallowed loss on Sales made at lower rate to reduce taxable Profit

Agarwal Global Steels Pvt. Ltd. Vs DCIT (ITAT Hyderabad)

Agarwal Global Steels Pvt. Ltd. Vs DCIT (ITAT Hyderabad) We observe that even if we consider the selling price @ 30,675.56 by M/s Gautham Rolling Mills Pvt. Ltd. and the same was purchased from the assessee @ 25,000/- per MT with tax, the difference would be Rs. 4,500/- per MT. We gave opportunity to both […]...

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ALP provisions apply even if assessee is eligible for 100% section 10A/10B tax exemption

Doshi Accounting Services Pvt. Ltd. Vs DCIT (ITAT Ahmedabad)

Transfer Pricing: ITAT held that even if an assessee is eligible for tax exemption at the rate of hundred percent under section 10A/10B of the Act, then also the arm’s length price on international transactions deserve to be determined under section 92C of the Act. ...

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Two services billes seprately cannot be merged merely for levy of Service Tax

Synergy Baxi Logistics Pvt Ltd. Vs CCE (CESTAT Delhi)

Synergy Baxi Logistics Pvt Ltd. Vs CCE (CESTAT Delhi) It is held that if the two services are billed separately then there is no question of including them together for computation of taxable value for payment of service tax. It can be seen from the above reproduced clarification given by the Board that in 2002 […]...

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Section 54F Deduction cannot be denied for mere non deposit of amount in bank a/c

Nandkishore Ramanlal Parikh- HUF Vs ITO (ITAT Ahmedabad)

Where assessee did not deposit sale consideration in the bank account maintained under the capital gains scheme before the due date of filing of return but otherwise purchased new house within two years, as stipulated in section 54F(1), then deduction under section 54F could not be denied to assessee....

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Character of agricultural land not changes merely for Sale of Land within one year

GRK Reddy & Sons (HUF) Vs ITO (ITAT Chennai)

Merely because the assessee was not able to generate desired agricultural income from the said land and thus, it sold the said land within one year of its purchase, would not change the character of agricultural land to a non-agricultural land. Consequently, the assessee would be entitled to claim the benefit of exemption under section 10...

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Form GST TRAN-1 can be revised only once within the specified period

Ingersoll-Rand Technologies And Services Private Limited Vs UOI (Allahabad High Court)

A conjoint reading of the Rule 117 and 120A of CGST Rules, 2017clearly reveals that every registered person who has submitted a declaration electronically in FORM G.S.T. T.R.A.N-1 within the period specified in Rule 117 or Rule 118 or Rule 119 or Rule 120 is allowed to revise such declaration once and submit the revised declaration in FOR...

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Pension pension is not a charity and not relevant for Section 12AA registration

M/s. GCDA Employees Pension Fund Trust Vs CIT (Kerala High Court)

M/S. GCDA Employees Vs COIT (Kerala High Court) It is well settled that pension is not a charity or bounty nor is it a conditional payment solely dependent on the sweet will of the employer. Pension is in the nature of deferred payment earned for rendering long and satisfactory service with the employer. It is […]...

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Interest on interest free Loan To daughter out of Interest Bearing fund for non business propose not allowable

Shyam Bihari Gandhi Vs ITO (ITAT Delhi)

Shyam Bihari Gandhi Vs ITO (ITAT Delhi) As regards addition of Rs. 20,38,472/- on account of payment of interest to bank which the assessee has mentioned in the profit and loss account. The revenue authorities have noticed that a loan (liability) of Rs. 1,11,73,554/- against which the assessee has claimed interest of Rs. 20,38,472/- and [...

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TDS return filed beyond time cannot be declared as non est in law

Scotts Garments Ltd. Vs ACIT (ITAT Bangalore)

TDS return filed beyond time cannot be declared as non est in law and that the CIT(A) does not have powers of enhancement in an appeal against an order under section 200A. The CIT(A) cannot travel beyond the subject-matter of the appeal, which was as to whether fee under section 234E can be levied or not; and not the question, whether t...

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Additions based on P&L account & B/S filed by assessee with return cannot be considered as additions on the basis of new income source

S.D. Traders Vs CIT (Allahabad High Court)

S.D. Traders Vs CIT (Allahabad High Court) It has been argued by the counsel for the Revenue that CIT (A) has not travelled beyond the books of accounts and during appeal it was found that only confirmation was available of five parties and the rest of the creditors were untraceable, hence the addition of the […]...

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