ITAT Pune held that incentives receivable as per the Rajasthan Investment Promotion Scheme 2010 is capital receipt in nature and therefore not taxable.
ITAT Mumbai held that when company issues Foreign Currency Convertible Bonds (FCCB) they incurs a liability to pay a larger amount than what is borrowed and such liability to pay the additional amount is revenue expenditure.
ITAT Delhi held that payment towards leasing/ hiring of the equipment will not constitute a royalty under the provisions of the India – Netherlands Double Taxation Avoidance Agreement (DTAA).
Delhi High Court has held that issuance of notice under section 274 r.w.s. 271(1)(c) of the Act without specifying the limb under which the penalty proceeding has been initiated is bad in law.
CESTAT Chennai held that imposition of penalty u/s 112(a) on the customs broker alleging mis-declaration of goods is unsustainable as customs broker cannot be expected to have knowledge about the goods in the container as there is no dispute with regard to KYC document of the importer.
ITAT Delhi held that deposit of TDS without actual deduction of TDS on the payment made, such TDS amount is to be treated as income of the assessee partaking the character of RPC fee.
ITAT Delhi held that depreciation in respect of the assets shared with the sister concern under the license agreement cannot be claimed u/s. 32 of the Income Tax Act, 1961.
ITAT Delhi held that profit sharing as provided in MOU cannot be treated as deemed dividend and accordingly outside the purview of section 2(22)(e) of the Income Tax Act.
ITAT Raipur held that warehousing charges received by the assessee is taxable under the head Income from Business and not under the head Income from house property.
ITAT Chennai held that factoring charges could not be termed as Interest under section 2(28A) of Income Tax Act, 1961. Accordingly, disallowance of the same u/s 40(a)(ia) unsustainable.
