ITAT Mumbai held that receipts from maintenance and support services and additional services, without transfer of any technical knowledge, know-how, skill, etc., are not in the nature of Fee for Technical Services (FTS) and hence not taxable in India.
The assessee is engaged in the business of Manufacturing & Trading of Sarees, Salwar Suites and Dress Materials. A survey u/s 133A of the Act was carried out on the business premises of the assessee on 26.11.2014.
AO in the final order passed on 19.01.2017 however, made disallowance of weighted deduction u/s 35(2AB) to the extent of 3,38,82,341/-. Aggrieved with such order of the Assessing Officer / TPO / DRP, the assessee is in appeal before the Tribunal.
ITAT Hyderabad held that resorting to estimation of profit in case of best judgement assessment without rejection of books of accounts is unjustifiable. Accordingly, matter set aside to the file of the lower authorities for reconsideration of the issue.
ITAT Chennai held that provisions of section 69A of the Income Tax Act could not be invoked when cash is sourced out of recorded sales. Accordingly, appeal allowed and addition u/s. 69A is liable to be deleted.
ITAT Hyderabad rejects Papaiah Pulipati’s appeal due to an inordinate 10+ year delay, citing lack of justification and Supreme Court precedent on condonation of delay.
ITAT Mumbai upheld the disallowance of deductions claimed by Navbharat Urban Co-operative Credit Society under Section 80P(2)(d), treating income as taxable.
ITAT Pune held that when no addition has been made on account of which the case was reopened, the Assessing Officer cannot make any other addition without issuing a fresh notice u/s 148 of the Act.
ITAT Jodhpur ruled in favor of Arun Agarwal, allowing exemption under Section 54B for agricultural land sale, emphasizing that partial agricultural use is sufficient.
ITAT Delhi rules in favor of the assessee, allowing Section 54F deduction despite builder delays. Revenue’s appeal dismissed citing judicial precedents.
