The two-member bench held that transformation of articles to bring new articles into existence amounts to manufacturing and allowed deduction under section 80IC of the Income Tax Act, 1961.
Plivo Communications Private Limited Vs ACIT (ITAT Bangalore) Hon’ble Supreme Court in the recent judgment in the case of M.M.Aqua Technologies Limited v. CIT reported in (2021) 436 ITR 582 (SC) had held that retrospective provision in a taxing Act which is ‘for the removal of doubts’ cannot be presumed to be retrospective, if it […]
ITAT held that lower interest received on loan given to related party for business purpose cannot be subjected to provisions of section 40A(2)(b) of the Act.
DCIT Vs Clarion Technologies Pvt. Ltd (ITAT Pune) ITAT held that stand of the Revenue that assessee cannot be allowed the benefits of section 10A of the Act merely because the prescribed Audit Report in Form No.56F was not filed in the return of income, is quite erroneous. ITAT note that the AO passed order […]
FCC Co. Ltd. Vs ACIT (ITAT Delhi) ITAT had directed the assessee to file the description of services rendered by the employees of the assessee on their visit to India and the corresponding clause under the Agreement for Dispatch of Engineers under which such services would fall. In response, the assessee furnished Annexure 1 for […]
Avijit Dewanjee Vs DCIT (ITAT Bangalore) ITAT held that as the assessee has not ascertained the loss on account of embezzlement of cash in the books of account and it is shown as sundry debtors suspense account without charging it to the P&L account. At this stage, it is not possible to hold that it […]
ITO Vs Sh. Subhash Chandra Narang (ITAT Delhi) Undisputedly, the Assessing Officer has added an amount of Rs.3,18,61,356/- as long term capital gain. The aforesaid addition is as a result of couple of disallowances, viz., disallowance of cost of improvement amounting to Rs.1,65,39,435/- and deduction claimed under section 54F of the Act towards investment in […]
Kamla Chandrasingh Kabali Vs ACIT (ITAT Mumbai) ITAT find that the claim of the assessee that she has declared income under the IDS 2016 cannot be a tenable explanation as the declaration was not supported by payment of due taxes on the income declared and, therefore, it was an invalid declaration. No other reasonable cause […]
ITAT held that when Indian A.E. is remunerated at arm’s length price (ALP) no further profit attribution is required and the issue of existence of P.E. becomes wholly tax neutral.
Dr. E.S. Krishnamoorthy Vs ITO (ITAT Chennai) The facts with regard to ownership of property by three co-owners and their respective share in right and interest in the property is not in dispute. As admitted by the assessee himself, he owned 42.5% share in the property. The land owners have received two flats measuring 4092 […]
