Held that the transaction has not been concluded in the AY under consideration when the assessee received nomination fee. Thus, the transaction was not complete so as to assess the income under complete contract method.
Held that assessee leverages on the use of technology from the AE and does not contribute any unique intangibles to the transaction. PSM cannot be applied. TNM Method is Most Appropriate Method.
Rameshkumar H. Jain Vs DCIT (ITAT Mumbai) It is not in dispute that during the search of locker the jewellery and ornament worth Rs.70,10,799/- was found. The details are mentioned below: Sr. no. 1. Gold & Jewellery belonging to third parties on account of sale on approval basis or labour work. Rs.39,85,761/- 2. Gold & […]
Daeseung Autoparts India Pvt.Ltd Vs ACIT (OSD) (ITAT Chennai) We have gone through reasons given by the Assessing Officer to reject additional depreciation on capitalization of forex loss in light of provisions of section 32(1)(iia) of the Act, and we ourselves do not subscribe to the arguments advanced by the learned counsel for the assessee […]
ACIT Vs Dharmapuri District Central Co-operative Bank Ltd. (ITAT Chennai) The material facts are that during assessment proceedings, the assessee’s claim of deduction u/s 36(1)(viia) was examined by Ld. AO. As per the statutory provisions, the assessee was entitled to claim deduction for an amount not exceeding 7.5% of total income and an amount not […]
Tangar Exports LLP Vs ACIT (ITAT Chennai) The Assessing Officer has made adjustment of total income computed in the intimation received u/s.143(1) of the Act, towards deduction claimed u/s.80JJAA of the Act, in respect of employment of new employees on the ground that the assessee has not satisfied conditions prescribed therein, including filing of audit […]
Dhanalakshmi Mills Ltd. Vs DCIT (ITAT Chennai) Admittedly, the Assessing Officer has caused necessary inquiries with regard to computation of long term capital gain derived transfer of property and has computed capital gain by taking into account cost of acquisition claimed by the assessee without disturbing consideration received from transfer of property, even though, there […]
In the present case the claim of deduction under section 54 of the Act is for a residential house built up on three adjacent contiguous plots. He further observed that the principle of multiple residential houses/units holds good till these units are in same physical location and contiguous to each other.
Srijal Gupta Vs ITO (ITAT Amritsar) After a thoughtful observation of the fact of the case we decided that the reopening was made u/s. 148 related to purchase of property amount to Rs.9,53,750/-. But after completion of assessment, the ld. AO had accepted the assessee’s investment and had not added any amount related to source […]
Orchid Foundations Pvt. Ltd Vs ITO (ITAT Chennai) The intended purchaser i.e., M/s SVC made efforts for clearing the encroachments and incurred expenditure of Rs.811.75 Lacs which were paid through banking channels. The details of payment as well as the bank statement and acknowledgement / receipts were already furnished to Ld. AO during the course […]
