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All ITAT

Conversion of share application money by allotting shares at subsequent date without change in shareholding pattern doesn’t attract section 56(2)(viia)

ATR Warehousing Private Limited Vs DCIT (ITAT Visakhapatnam)

ITAT Visakhapatnam held that merely by converting the share application money by allotting shares at a subsequent date cannot attract the provisions of section 56(2)(viia) of the Income Tax Act 1961 as there is no change in the shareholding pattern subsequent to the allotment of shares by the subsidiary company....

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Deduction u/s 37 allowable towards gifts given to business associates and executives

R. K. Trading Company Vs DCIT (ITAT Ahmedabad)

ITAT Ahmedabad held that gift items given to business associates and executives qualifies as sales promotion expenditure allowable under section 37 of the Income Tax Act....

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Generation of income not necessary for claiming business expenditure

Zhilmil Electronics Pvt. Ltd. Vs ITO (ITAT Delhi)

ITAT Delhi held that once the expenditure is allowable as business expenditure u/s 30 to 38 of the Income Tax Act there is no requirement of generation of income for claiming business expenditure....

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Invocation of section 263 justified as AO allowed deduction u/s 54B without necessary inquiry

Shri Ramanbhai Bholidas Patel Vs PCIT (ITAT Ahmedabad)

ITAT Ahmedabad held that invocation of provisions of section 263 of the Income Tax Act justified as AO allowed deduction u/s 54B without necessary inquiry about applicability of the same....

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Expense towards purchase of off-the-shelf software products doesn’t qualify as Royalty

Amec Foster Wheeler India Pvt. Ltd. Vs ACIT (OSD) (ITAT Chennai)

ITAT Chennai held that the expenditure incurred towards the purchase of the off-the-shelf software products is not in the nature of Royalty for use of copyright in the software and thus not liable for withholding of tax u/s.195 of the Act....

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Loss on sale of unusable old/ obsolete inventory allowable

Air India Ltd. Vs DCIT (ITAT Mumbai)

ITAT Mumbai held that loss on sale of unusable old/ obsolete inventory allowed as there is nothing on record to suggest that such inventories was part of the Fixed Assets of the appellant company and the appellant has claimed depreciation on such Inventories earlier....

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Consideration towards right to use of brand name/ trademark taxable as royalty

Soktas Tekstil Sanayi Ve Ticaret AS Vs ACIT (ITAT Delhi)

ITAT Delhi held that consideration for permitting the licensee the right to use of brand name or trademark has to be treated as Royalty in terms of section 9(1)(vi) of the Act read with Article 12 of the tax treaty. Accordingly, the same will be taxable....

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Tax audit mandatory as gross receipts above prescribed limit

Benchmarrk Realty LLP Vs DCIT (ITAT Pune)

ITAT Pune held that bonafide belief that as there is no sales there is no need of tax audit is not acceptable as Gross receipt of the assessee is more than INR 1 Crore. Accordingly, penalty u/s 271B imposable for default in not getting books audited....

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Mere passing off project specific architectural, drawings and design not taxable as Fee for Technical Services

Buro Happold Limited Vs DCIT (ITAT Mumbai)

ITAT Mumbai held that mere passing off project specific architectural, drawings and designs with measurements does not amount to making available technical knowledge, experience, skill, knowhow or processes. Accordingly, cannot be brought to tax as Fee for Technical Services....

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Denial of exemption u/s 10(23C) alleging bogus donation without evidence is unsustainable

DCIT Vs Podar Education Trusts (ITAT Mumbai)

ITAT Mumbai held that denial of exemption under section 10(23C) of the Income Tax Act on allegation of bogus donation unsustainable in absence of evidence that donation made by assessee to those trust are bogus....

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