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In the instant case, the capital asset having become the asset of the previous owner prior to 1-4-1981, the fair market value (FMV) of the same as on 1-4-1981 has been adopted as the deemed cost of acquisition in the hands of the assessee as well, and on which aspect of the matter there is no dispute. How could then, that being the case, the assessee claim further deduction toward the claimed cost in removing the encumbrance or satisfying the condition precedent, i.e., assuming so, subject to which the property stands bequeathed to her? It is, thus, only the cost, where so, as incurred by the previous owner, or that which would stand to have been incurred by him, that would qualify for deduction under section 48(ii).
Revenue submitted that any research and development activity carried out by the head office would automatically ensure to the benefit of the units/industrial undertakings. He submitted that the head office itself does not manufacture any medicines, the benefit of the research and development would be utilized for manufacturing the products and the products would obviously be manufactured by the units.
As regards the data used by the TPO while determining the ALP, we find that it is to be as per the provisions of section 92D of the Act that every person who has entered into international transactions is required to maintain information and documentation thereof. Rule 10B(4) provides that the information and documents as specified under Rule 10B(1) and 10B(2) should as far as possible be contemporaneous and should exist latest by the “specified date” referred to in section 92F(4) which has the same meaning as ‘due date’ in Explanation 2 to section 139(1) of the Act. In the assessee’s case, this would be ’30th day of September’ as it is a company.
Read about the ITAT Mumbai Bench ‘B’ ruling in the case of Ms. Noella P. Perry regarding the cost of acquisition and cost inflation index for properties acquired before 1st April 1981. The ruling clarifies the calculation of long-term capital gains and provides guidance on the applicable dates and values.
The assessee is a cellular company selling SIM cards and recharge coupons. The assessee has deducted TDS on both the sale, i.e. SIM cards as well as recharge coupons upto the financial year 2007-08. Thereafter TDS was deducted only on SIM cards and no TDS was deducted insofar as the recharge coupons are concerned. It was explained before the Assessing Officer that because of change of policy decision TDS was not deducted. The amount paid on selling of recharge coupons was not commission but only a discount.
Bare perusal of provision shows that the sine qua non for resorting to s. 260A is the satisfaction of the Court that the appeal involves more/additional substantial question of law other than the one on which appeal was admitted for hearing. The scheme of the Act is quite clear. Decisions on factual issues are within the domain of authorities and should be sorted out before the matter reaches the High Court in appeal.
The Tribunal in the case of 24/7 Customer Com (P.) Ltd. (supra) had held that if the related party transaction exceeded 15% of the total sales/revenue, the same cannot be taken as a comparable. Following the Coordinate Bench order of the Tribunal in the case cited supra, we direct the Assessing Officer/TPO to exclude, after due verification, those comparables from the list with the related party transactions or controlled transactions in excess of 15% of the total revenue for the financial year 2006-07.
The ground raised by the Revenue relates to exclusion of foreign currency expenses not related to onsite software development from the export turnover for the purpose of computing deduction u/s 10A and 80HHE of the Act. The case of the assessee is that foreign expenditure which has been incurred on on-site software development activity should not be excluded from the export turnover.
Section 271 (1)(c) of the Act authorizes the A.O. or the CIT (A) to levy penalty in case of concealment of particulars of income or for furnishing inaccurate particulars of income. Explanation 1 to A sec.271(1)(c) of the Act specifies as to when the assessee fails to offer an explanation or the explanation so offered is found to be false or the explanation is not proved and when the explanation is not bona fide to treat the same as deemed concealment of income.
From a plain reading of sub-section (2) of Section 54 of the Income-tax Act, 1961, it is clear that only section 139 of the Income-tax Act, 1961, is mentioned in section 54(2) in the context that the unutilized portion of the capital gain on the sale of property used for residence should be deposited before the date of furnishing the return of the Income-tax under section 139 of the Income-tax Act. Section 139 of the Income- tax Act, 1961, cannot be meant only section 139(1), but it means all sub-sections of section 139 of the Income-tax Act, 1961. Under sub-section (4) of section 139 of the Income-tax Act any person who has not furnished a return within the time allowed to him under sub-section (1) of Section 142 may furnish the return for any previous year at any time before the expiry of one year from the end of the relevant assessment year or before the completion of the assessment year whichever is earlier.
