Tribunal upheld 20% addition instead of 25% on alleged bogus purchases due to unverified sellers agreeing that assessee failed to prove the genuineness of the transactions, and confirmed penalty proceedings.
Liability to capital gains had not arisen in the assessment year 2017-18 as occupancy certificate was received on 01/02/2017 for commercial portion and 17/03/2017 for residential portion but in the assessment year 2018-19 on receipt of possession.
Distribution revenue received by Turner Broadcasting System Asia Pacific, Inc. ( TBSAP ), a U.S.-based company, from its Indian affiliate was not taxable as “royalty” under the Income Tax Act, 1961, or the India-U.S.
ITAT Chennai held that failure to issue notice u/s. 143(2) of the Income Tax Act after issuing notice u/s. 147 and prior to finalizing the re-assessment vitiated the entire proceedings. Accordingly, order quashed.
ITAT Mumbai held that deduction under section 80P(2)(d) of the Income Tax Act admissible in respect of the interest on FDR and savings account earned by co-operating housing society from investment with the Co-operative Banks.
Jay Bhavani Mata Trust withdrew its appeal after successful registration under Section 12A. ITAT Ahmedabad dismissed the appeal as withdrawn.
When assessee had both trade receivables and trade payables, it would be unreasonable to calculate interest only on trade receivables for the purpose of determining the ALP of the transaction. AO/ TPO was directed to consider both trade payables and trade receivables for the purpose of notional interest to be charged for determining the ALP value of the transaction.
Assessee had claimed a tax exemption under Section 10(23C)(vi) which allowed tax exemptions for educational institutions provided certain conditions prescribed by the Chief Commissioner of Income Tax (CCIT) were met.
Assessee claimed to have receiving services in the fields of technology, Services, Risk Information Management, Head quarter, Technology Services/back office support services/treasury/regional headquarter services etc.
Alena Cyprus had also filed its return of income in India for the AY 2018-19 wherein LTCG of Rs. 80,86,75,225 arising from sale of shares to assessee were declared exemption claimed under Article 13 of the India-Cyprus DTAA.
