Taaq Music Pvt. Ltd Vs ITO (ITAT Bangalore) The law provides that, the fair market value may be determined with such method as may be prescribed or the fair market value can be determined to the satisfaction of the Assessing Officer. The provision provides an Assessee two choices of adopting either NAV method or DCF […]
Tata Sky Limited Vs. CIT (ITAT Mumbai) The issue under consideration is whether the disallowance of expenditure under section 14A is justified if there is no exempt income? In the instant case, the assessee has invested in various investments which, yield exempt income. Further, the assessee has not made suo moto disallowance of expenditure incurred […]
Ravjibhai L. Kakadia Vs. ACIT (ITAT Mumbai) The issue under consideration is whether the maturity value of the Keyman Insurance Policy is taxable under Income Tax Act and under which Head?
Sanjay Sharma Vs. ACIT (ITAT Delhi) Assessing Officer has accepted not only he sales figures but has also accepted that total purchases. Under accounting principles, a liability can only be brought into account by a credit entry in the books of account in favour of the person to whom the money is payable’ Thus, there […]
Vishal Constructions Vs. ITO (ITAT Pune) We note that in the present appeal the assessee claimed deduction Rs.18,80,000/- u/s. 80IB(10) of the Act. The AO held that the assessee has violated the provisions of section 80IB(10) of the Act as built up area of shops and commercial establishments exceeded 5000 sq. ft. For such violation […]
Midland Credit Management India Pvt. Ltd. Vs Addl. CIT (ITAT Delhi) Assessee by way of additional ground has claimed deduction of cess on the ground that the same is not covered under section 40(a)(ii) of the Act. The Hon’ble High Court of Bombay at Panaji bench in the case of Sesa Goa 423 ITR 426 […]
ACB [India] Power Ltd. Vs DCIT (ITAT Delhi) Assessing Officer observed that the borrowings of the assessee also has been invested in share capital of subsidiary companies and even the funds raised during the year under consideration have been invested in subsidiary shares of group companies and also repaying the loans. The Assessing Officer was […]
Orra Fine Jewellery Pvt. Ltd. Vs DCIT (ITAT Mumbai) The substantial issue for consideration now before us for the A.Y. 2012-13 is whether the provisions of section 79 of the Act can be invoked and examined in the assessment year in which the assessee claimed for carry forward of losses or in the assessment year […]
TRX Technologies India Pvt. Ltd. Vs DCIT (ITAT Bangalore) The assessee is contending to exclude from the list of comparables M/s. Acropetal Technologies Limited (Seg.), M/s. Accentia Technologies Limited, ICRA Online Ltd. and Jeevan Scientific Technology Limited. In similar circumstances and for the same assessment year, the jurisdictional Tribunal in the case of Aspect Technology […]
ITO Vs Abhay Kantilal Shah (ITAT Mumbai) In instant case, as mentioned earlier, the assessee has filed before the AO copies of (i) bank statements for the financial year 201011, evidencing the payments made to these parties; (ii) ledger account of all the parties; (iii) purchase invoices from these parties and (iv) sale invoices as […]
