Exclusion of comparables from the list of comparables on basis of turnover, functional difference for determination of Arms Length Price was valid.
Harina Developers Pvt. Ltd. Vs ITO (ITAT Bangalore) The issue under consideration is that whether the loan received from two directors can be considered as unexplained cash credit u/s 68 of the Act? In the given case, the assessee has received amount from two of its directors. The assessee could file only ledger account extract […]
Akshaya Souharda Credit Cooperative Limited Vs ITO (ITAT Bangalore) The issue under consideration is whether A.O. is correct in re-opening of assessment based on the same material on which he relied at the time of assessment u/s 143(3)? The assessee is a co-operative engaged in providing credit facilities to its members. The assessee filed its […]
The issue under consideration is whether the rental income earned by the assessee is taxable under the head “Income from House Property” as claimed by the assessee in the return of income or under the head “Income from Business” as held by the AO in the assessment order.
The Agreement refers to the US parent company of the Assessee having acquired license to use EDA tools from the vendors and the right of the Assessee to use the same and the fact that billing will be done on the Assessee on the basis of actual use of the software by the Assessee. It is thus clear that the Assessee had acquired no right or interest whatsoever in the EDA tools and had only a right to use the software. It is not the case of the revenue that the EDA tools was not connected to the business of the Assessee. In such circumstances, we are of the view that the deduction was rightly allowed by the CIT(A) as revenue expenditure.
Provision for warrant expenses was not contingent and had to be allowed as deduction while computing income under the head Income from Business & Profession. Thus, the addition made to the book profits under section 115JB was to be deleted because the liability could not be said to be contingent.
Provision for Gratuity was an ascertained liability eligible to be deducted from the net profit for the purpose of computing book profit u/s 115JB of the Income Tax Act.
State Bank of India Vs ACIT (ITAT Bangalore) The assessee is a banking institution. A survey u/s 133A of the Act was conducted in the hands of the assessee in order to verify compliance of TDS provisions. It was noticed that the assessee has provided LTC facility to its employees and some of the employees […]
The issue raised by the assessee that the HUF was not in existence when the assessment proceedings have been conducted and the Assessment Order has been passed on HUF and therefore, the entire proceedings are rendered null and void and it should be held that the Assessment Order is bad in law on the facts and circumstances of the present case.
Where a vehicle was provided by assessee to the concerned parties and assessee was to bear the vehicle expenses actually incurred by the cab owners which will be reimbursed by the parties concerned, reimbursement of actual expenses incurred by assessee could not be treated as payment subject to TDS under section 194C.
