ITAT Delhi held In the case of GE Capital Business Process Management Serves Pvt. Ltd. vs. ACIT that M/s. GECC (USA), to whom payment has been made, itself has received the right to use the software internally including its group entities for its business and it does not have any right to commercially exploit the software.
ITAT Mumbai held In the case of ACIT vs. Reliance Industrial Infrastructure Ltd. that on perusal of the reasons recorded by AO for initiating the re-assessment proceedings, it is clear that the said details were available while completing the assessment u/s 143(3). Further, the AO has reopened the assessment after expiry of four years from the end of the relevant assessment year.
ITAT Mumbai held In the case of Shri Vimal Kumar Rathi vs. DCIT that it is settled legal position that in the absence of any incriminating material found during search, additions made on the assessed income are unsustainable in law.
Samta Kamal Drolia Vs ITO (ITAT Ahmedabad) Assessee has received Rs. 2.20 Lakh from His Step Father and contended that he received the amounts in gift. The ld.AR has rejected the explanation of the assessee on the ground that the assessee is step-son of Donor, therefore, their relationship does not fall within the ambit of […]
What is apparent is not always real. To reach out to the real story, one has to undertake the scavenging exercise. This daunting task undertaken by ITAT Amritsar in a recent case pronounced on 05-02-2016 to resolve the mayhem when survey documents along with auditors qualifications had apparently almost maimed the assessee.
ITAT Delhi held In the case of G.R. Commercial Pvt. Ltd. vs. ITO that the Supreme Court in the case of Chennai Properties and Investments Ltd. vs CIT (2015) 373 ITR 673 (SC) after considering all previous judgments of Supreme Court
ITAT Lucknow held In the case of ACIT vs. M/s J. K. Synthetics Ltd. that CIT (A) correctly observed that there are many judgments in which, it was held that if there is change in the method of valuation of closing stock due to mandatory requirement and that change has been consistently followed by the assessee, no addition is called for.
ITAT Delhi held In the case of ACIT vs. M/s Citi Financial Consumer Finance India Ltd. that this issue is squarely covered by assessee’s own case in ITA No. 4776/Del/2010 vide order dated 20.02.2015, for the assessment year 2006-07 passed by this Bench of the Tribunal in which it was held that
ITAT Mumbai held In the case of M/s. UniDeritend Limited vs. ACIT that the subsidy being provided to the assessee to encourage the setting up of wind mill to promote generation of energy through non conventional sources, thus, is to be treated as capital receipt.
M/s NRB Bearing Ltd vs. Addl. Commissioner of Income Tax (ITAT Mumbai) Municipal rateable value cannot be rejected straightway.To reject the same, there must be reliable material on record.The market rate in the locality is an approved method for determining the fair rental value but it is only when the AO is convinced that the case before him is suspicious.
