All ITAT

TNMM method is most appropriate method to take care of all notional interest costs

Gimpex Pvt. Ltd. Vs ACIT (ITAT Chennai)

Gimpex Pvt. Ltd. Vs ACIT (ITAT Chennai) There is no dispute with regard to the fact that receivables is included under the definition of international transactions by amending section 92B by the Finance Act, 2012 w.e.f. 01.04.2002. Therefore, we are of the considered view that there is no merit in the arguments advanced by the […]...

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Section 14A disallowance not sustainable if AO fails to records satisfaction about correctness of claim of assessee

Ambuja Housing & Urban Infrastructure Co. Ltd Vs DCIT (ITAT Kolkata)

Ambuja Housing & Urban Infrastructure Co. Ltd Vs DCIT (ITAT Kolkata) It appears that while invoking Rule 8D of the I.T Rules, 1962 the AO has not pointed out/identified any specific infirmity in the disallowance so offered by the appellant/ assessee. A single sentence ‘explanation of the assessee was considered, but not acceptab...

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No income tax on receipt of reimbursement of software license fees from Indian subsidiary

SCA Hygiene Products AB Vs DCIT (ITAT Mumbai)

No income tax applicable on receipt of software license fees from an Indian subsidiary as it was reimbursement of software licence fees paid by assessee to a third party, and, therefore, it could not constitute income taxable in the hands of assessee. ...

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No revision on mere suspicion of likely escapement of income

Nitson & Amitsu Pvt. Ltd Vs ACIT (ITAT Kolkata)

Mere suspicion of likely escapement of income was not a ground for revision by invoking powers u/s 263 of the Act. Such an order was bad in law....

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Registration of Trust cannot be cancelled for non-filing of I.T. return due to misdeeds of ex-president

Wholesale Cloth Merchant Association Vs PCIT (ITAT Jaipur)

Wholesale Cloth Merchant Association Vs PCIT (ITAT Jaipur) ITAT observed that due to the negligence or cheating of past executive members and bad intention of misappropriation of funds by ex-president, they had not maintained the books of accounts and get their accounts audited by a chartered accountant. But after change of management and...

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Tax Payable on ESOP to Dubai Based taxpayer for services rendered in India

Unnikrishnan V S Vs ITO (ITAT Mumbai)

In case the assessee is to get ESOP benefits in respect of his service in U.A.E. and he exercises these options at a later point of time, say after returning to India and ceasing to be a non-resident, he will still have the treaty protection of that income under article 15(1). This principle, however, is not a one-way route. Conversely...

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Addition for LTCG merely based on 3rd Party statement without any corroborative material is not sustainable

Kalpana Mukesh Ruia Vs DCIT (ITAT Mumbai)

Kalpana Mukesh Ruia Vs DCIT (ITAT Mumbai) As regards the issue of additions on merits for the bogus long-term capital gain (LTCG), we note that the same is based upon the modus operandi of earning bogus long-term capital gain in general mentioned by the assessing officer. It is further more based upon the statements obtained […]...

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Section 153A Assessment: Addition without incriminating Seized Material is not sustainable

Dinesh Salecha Vs DCIT (ITAT Mumbai)

Dinesh Salecha Vs DCIT (ITAT Mumbai) It was expounded that in case of assessments which have attained finality no addition under section 153A can be done without seized incrementing material. We are aware that in these cases earlier assessments were not done u/s 143(3). In our considered opinion, the Hon’ble Jurisdictional High Cour...

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ITAT explains diversion of income by overriding title

ACIT Vs Emaar MGF Construction Pvt. Ltd (ITAT Delhi)

ACIT Vs Emaar MGF Construction Pvt. Ltd (ITAT Delhi) We find that the assessee is under the obligation to part away with the source of income to the holding company and it was not its volition alone, to give away the revenue that could have been otherwise accrued to them. An agreement entered into by […]...

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AO to examine section 79 only in year in which  assessee claims set off of losses

Orra Fine Jewellery Pvt. Ltd. Vs DCIT (ITAT Mumbai)

Orra Fine Jewellery Pvt. Ltd. Vs DCIT (ITAT Mumbai) The substantial issue for consideration now before us for the A.Y. 2012-13 is whether the provisions of section 79 of the Act can be invoked and examined in the assessment year in which the assessee claimed for carry forward of losses or in the assessment year […]...

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