Tata Sky Limited Vs ACIT (ITAT Mumbai) Assessee made year-end provisions in respect of sale promotion, legal and professional fees, interest and programming costs. Further, these provisions were debited to the profit and loss account and not added back to the computation of total income by the assessee. Once, the assessee has claimed these expenses […]
DCIT Vs Maharashtra State Power Generation Co. Ltd. (ITAT Mumbai) When the assessee had came forth with the full disclosure of all the particulars in respect of its aforesaid claim of expense, which as observed by us hereinabove had not been proved to be incorrect by the lower authorities, therefore, merely for the reason that […]
DCIT Vs. Edgeverse Systems Ltd. (ITAT Bangalore) The question before the special bench was whether the provisions of section 206AA had overriding effect for all other provisions of the Act, whether the assesse has to deduct tax at source at the rates prescribed in section 206AA in case the payees are unable to furnish their […]
Karmic Labs Pvt. Ltd. Vs ITO (ITAT Mumbai) We note that the assessee has issued shares at a premium. In order to ascertain the market value of the shares, the assessee adopted DCF method, as prescribed under Rule 11UA r.w.s 56(2) of the Act and accordingly, the shares were issued at a premium. According to […]
Sri Sandeep Patil Vs. ITO (ITAT Banglore) ITAT held that difference between the value adopted by stamp valuation authority and actual consideration is to be ignored if the same is less than 10%. We also notice that the Parliament has introduced third proviso in section 50C(1) of the Act, as per which the difference in […]
Addition made merely and solely on the basis of search statement recorded under section 132(4) without any corroborative evidence was not sustainable in law, moreover when confession made was subsequently retracted.
In the instant case, ITAT allows the assessee to withdrawn the appeal filed for challenging the transfer pricing adjustment due to Advance pricing agreement filed u/s 92CC of the Income tax Act.
Ashokbhai Chinubhai Bharwad Vs ITO (ITAT Ahmedabad) The assessee has shown his share of sale consideration at Rs.81.00 lakhs being 25% share. The AO further found that sub-Registrar, Ahmedabad City Taluka had valued the property for the purpose of stamp duty payment at Rs.5,24,83,000/- as against sale consideration shown by the assessee at Rs.3,24,00,000/-. Therefore, […]
Vijay Kumar Jain Vs ITO (ITAT Jaipur) At the outset, we note that this Tribunal has taken a consistent view that the turnover in respect of derivative transactions has to be computed by taking the total sum of positive and negative outcome of the transactions instead of the total amount of transaction. Accordingly, when the […]
ITAT has noted that intimation u/s 143(1) does not contain reasons for denial of TDS credit and it is nothing, but information generated in pro forma by CPC. ITAT has made observation that Intimation not only does not provide reasons but also it does not appear to be result of due examination of the issue by AO.
