DCIT Vs KBC NV (ITAT Mumbai) The issue involved in this ground of appeal i.e., data processing cost paid to head office is in the nature of royalty as per Clause-3, Explanation 1 to Section 9(1)(vi) of the Income Tax Act, 1961 which is liable for withholding tax u/s.194J of the Income Tax Act, 1961 […]
ACIT Vs Mitsui & Co. Ltd. (ITAT Delhi) The facts in brief are that the assessee-company is incorporated in Japan and had a subsidiary in India, Mitsui India Pvt. Ltd. (MIPL). In India, assessee has undertaken several projects in connection with big natural installment and power projects during the relevant year through its project office. […]
Menarini india P.Ltd. Vs DCIT (ITAT Ahmedabad) In the assessment proceedings, it was noticed by the AO that the assessee has claimed expenses of Rs.1,96,630/- and Rs.3,37,080/- against Tax Consultancy with Transaction Tax as “preparation of Amalgamation of MRPL with MIP” and “Lawyer fees for Merger” respectively as revenue expenses. The ld.AO sought details of […]
Foreign exchange fluctuation gain/loss should be treated as operating profit/loss in nature while computing the profit margin of the assessee as well as of the comparable companies.
Rajesh Madanmohan Chaudhary Vs ITO (ITAT Pune) The assessee in the present case is an individual who is a partner in eight partnership firms. The return of income for the year under consideration was filed by him on 17.10.2016 declaring a loss of Rs.20,74,862/-. During the course of assessment proceedings it was noticed by the […]
Shares at premium were issued by assessee-company to other companies in lieu of shares held by those companies and since no cash was involved in these transactions and transactions were entered into in books of assessee-company by way of journal entries, AO was not, therefore, justified in making addition under section 68.
Kapil Dev Ranwan Vs DCIT (ITAT Delhi) It is pertinent to note that the assessee was working in UK for more than 183 days which was never disputed by the Revenue at any point of time. Besides this the Revenue authorities are very well aware that the assessee has paid taxes in UK for the […]
ACIT Vs Moon Beverages Ltd. (ITAT Delhi) Since the additions in the other appeals also are not based on any incriminating material found during the course of search and since we have already held that statements recorded u/s 132(4) are not incriminating in nature, therefore, the addition made by the AO being not based on […]
Gail (India) Ltd. Vs DCIT (ITAT Delhi) So far as the satisfaction of relevant conditions u/s 32 is concerned, the AO in the original order had expressed reservation on the grant of investment allowance during the current year as in his view, 75% of the reserves were not created in the current year. In terms […]
Shambala Properties Pvt. Ltd. Vs ACIT (ITAT Bangalore) The assessee is owning a building and is in the business of real estate development. The assessee declared income from house property and income from other sources. The Learned Assessing officer has completed the assessment at a total income of Rs. 1,16,64,440/- as against the declared income […]
