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Delay in TDS return filing due to switchover to CBS system – ITAT deletes penalty

January 20, 2023 573 Views 0 comment Print

Where delay in filing TDS statements occurred as employees of assessee-bank were not well acquainted with procedure of e-filing of TDS return and also the bank in near past switched over itself from old system to CBS system and the employees were getting acquainted with the new banking software; it constituted a reasonable explanation under section 273B and hence, penalty levied under section 272A(2)(k) was liable to be deleted.

No addition based on Loose papers on mere suspicion without any corroborative evidence

January 20, 2023 3642 Views 0 comment Print

Mansukh Timbadia Vs ACIT (ITAT Pune) In this case scrutiny of entries of seized loose papers reveals that the transactions noted thereon were not genuine and have no evidentiary value for the reason no clear details concerning the AY consideration are ascertainable as rightly pointed by the ld. AR as it establishes estimations only. This […]

In absence of PE Royalty Income of Warner Bros., USA arising outside India cannot be taxed

January 19, 2023 591 Views 0 comment Print

As the assessee does not have any permanent establishment in  India, the incomes arising outside Indian Territories cannot be brought  to tax.

TDS not deductible on payment to non-resident having no PE in India for services rendered outside India

January 19, 2023 4092 Views 0 comment Print

ITAT held that payment made to non-resident without deducting the tax at source u/s. 195 of the Act, does not come under the provisions of section 9(1)(vii) of the Act and consequently, assessee need not to deduct TDS u/s. 195 of the Act and thus, question of disallowance of said payment u/s. 40(a)(i) of the Act does not arise.

Business support services cannot be treated as Technical Services in absence of transfer of technology

January 19, 2023 735 Views 0 comment Print

Michael Page International Pte Limited Vs DCIT (ITAT Mumbai) ITAT held that unless the recipient of the services, by virtue of rendition of services by the assessee, is enabled to provide the same services without recourse to the service provider, the services cannot be said to have made available the recipient of services. A mere […]

ITAT deletes addition under section 50C as difference was less than 10%

January 19, 2023 1521 Views 0 comment Print

Difference between stated consideration and guideline value is less than 10% as prescribed under 3rd proviso to section 50C(1), then there cannot be any addition by substituting full value of consideration.

Income of Company cannot be assessed under the head ‘salary’

January 19, 2023 840 Views 0 comment Print

Since the assessee is a company as is established by the 143(1) intimation, question of assessing its income under the head ‘salary’ does not arise. Impugned order is, therefore, liable to be set aside.

Re-opening of assessment merely based on information from DGIT(Inv.) is untenable

January 19, 2023 1296 Views 0 comment Print

ITAT Mumbai held that re-opening of assessment without ‘reason to believe’ simply based on the information from DGIT(Inv.) is untenable in law.

Conditional approval under section 80G by PCIT is unsustainable

January 19, 2023 1194 Views 0 comment Print

ITAT Mumbai held that granting of conditional approval under section 80G of the Income Tax Act by PCIT/CIT is unsustainable in the eyes of law.

Transaction cannot be doubted for mere non-reply to section 133(6) notice

January 19, 2023 13626 Views 0 comment Print

Merely because entity has not responded to section 133 (6) notice the transaction cannot be doubted and be treated as non-genuine

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