Ms CLSA India Private Limited Vs DCIT (ITAT Mumbai) ITAT Mumbai held that AD-Hoc Determination of Arm’s Length ALP) Price By Transfer Pricing Officer (TPO) Not Sustainable in Law. FACTS – Assessee is a subsidiary of Credit Lyonnais Securities Asia, Netherland. Return of assessee was selected for scrutiny and international transaction with its associated enterprise […]
RBM Pati Joint Venture Vs DDIT (ITAT Delhi) An insight over the penalty order, we find that the penalty was initiated on account of loss claimed by the appellant on sale of assets, even though, that particular block of assets had not been exhausted. We do not find any justification to discard the findings reached […]
Merely because liability was outstanding, it could not be presumed that the said liabilities had ceased to exist. Since the liability did not cease to exist and the assessee had acknowledged debt in his books, the same could not be taxed under section 41(1).
Lakme Lever Private Limited Vs CIT (ITAT Mumbai) As regards the depreciation on non compute fee is concerned, we find that the claim was duly made by the assessee in the computation of income. Hence, it cannot be said that the A.O. has not applied his mind on this issue. In this regard, we place […]
Ms. Ashte Logistics Pvt. Ltd Vs Pr. CIT (ITAT Mumbai) ITAT held that Upon careful consideration, we find that the delay in filing the appeal is solely attributable to the wrong advice of the consultant. In our considered opinion, the assessee should not suffer on account of the wrong advice of the consultant, hence, in […]
Sanjeev Sarin Vs ITO (ITAT Delhi) In this case assessee has within stipulated period, made substantial investment towards purchase of new property and just because builder could not complete construction of residential house, claim of exemption under section 54F of Income Tax Act, 1961 cannot be denied. FULL TEXT OF THE ITAT JUDGMENT This appeal […]
ITO Vs M/s. United White Metal Ltd. (ITAT Mumbai) We noticed that the rental income of the assessee was to the tune of Rs.2,16,00,000/- which has been shown as income from business. However, the AO declined the claim of the assessee on the basis of this fact that the no activity of business was going […]
Jaikishan Shyamsunder Vaswani Vs ACIT (ITAT Mumbai) It is noted that property situated at Flat No.72, L Block, Maker Tower, Cuffe Parade, Mumbai was actually let out to Bank of America during AY 2007-08 @ Rs.2 Lacs per month. However, this rent has drastically been reduced to Rs.25,000/- per month upon receipt of interest-free security […]
Penalty u/s 271D could not be imposed on assessee for advances against sale of flats and cash receipts received from the promoters through their respective current accounts as nothing had been brought on record by Revenue to show that the receipts were superfluous in nature and not for the business of assessee.
Fateh Chand Trust & College Committee Vs CIT (Exemption) (ITAT Agra) Department Can Examine Only Object of the Trust and Not Application of Income at the Time of Granting of Registration of Trust FACTS – Assessee is society, engaged in running and maintenance of Fateh Chand Inter College. College is fully aided by UP Government […]
