When deduction u/s 80IA(4) had been granted in first year of claim the same could not be denied in subsequent years, unless assessee had changed the original terms and conditions in the first year while fulfilling for the granting deduction in the first year of operation.
ACIT Vs Sri Meka Srinivas (ITAT Hyderbad) This Revenue’s appeal for Asst. Year 2008-09 arises from the Commissioner of Income Tax (Appeals)-12, Hyderabad order dt.29.09.2016 passed in case No. 0132/2015-16 in proceedings under Section 143(3) r.w.s. 153A of Income Tax Act, 1961 (‘the Act’). Heard both the parties. Case file perused. 2. Coming to the […]
Ogene Systems India Limited Vs ITO (ITAT Hyderabad) Impugned encashment of bank guarantee is outcome of failure to perform its contractual obligation only without involving any offence or penal component u/s.37(1) of the Act. we find that a catena of case law holds that such an encashment of bank guarantee is incurred in the normal […]
The dominant object of assessee’s investment in group concerns was to exercise business control by way of acquiring shareholding and not to earn the dividend. Assessee’s activity of holding such investment constituted business activity and therefore, the interest would be fully deductible u/s 36(1)(iii).
Ocimum Bio Solutions India Ltd. Vs DCIT (ITAT Hyderabad) On perusal of the financial statements submitted by the assessee, we find that there is no doubt that the assessee has increased share capital. On perusal of the provisions of section 35D, we find substance in the written synopsis submitted by the ld. AR of the […]
Hamilton & Co. Ltd. Vs DCIT (ITAT Kolkata) We note that the payments in question was made to Mrs. Rekha Jalan and Mr. S.K. Jalan, who were directors of the assessee company. These payments were made pursuant to agreements for payment of bonus and commission copies of which were furnished to the Revenue. The payments […]
Airports Authority of India Vs ITO(TDS) (ITAT Delhi) Conclusion: TDS under section 195 was not applicable on payments made by company to the Federal Aviation Administration, USA (FAA), for providing technical assistance to AAI by way of providing its personnel and meeting on ATFM requirements and assisting AAI in connection with ATFM by development of […]
Naresh Sharma Vs AO (ITAT Chandigarh) 1. The AO needs to ascertain if the sale transaction was indeed genuine and whether the signatures on the Agreement to Sell ‘Ikrarnama’ has been disowned by the purchaser as a forgery. 2. When a document duly relied upon by one of the parties is allegedly signed by both parties, […]
Income from cloud hosting services is erroneously held as royalty within the meaning of explanation 2 to section 9(l)(vi) of the Income Tax Act, 1961 (the Act) as well as Article 12(3)(b) of the India – US tax treaty
Air India Limited Vs ITO (ITAT Delhi) Undisputedly, the dispute in the instant appeals is qua applying the TDS rate at 12% or 10% on transfer between ELFC and the assessee for taking an engine on lease under an Agreement. It is also not in dispute that ELFC, the lessor is a foreign company having […]
