Held that TP adjustment, relating to Advertisement, Marketing and Promotion expenditure incurred by the assessee, merely on the basis of presumption that expenses are incurred at the instance or on behalf of the AE is unsustainable
Held that interest paid on convertible debentures are allowable as expenditure u/s. 36(1)(iii) of the Act. Such interest cannot be treated as interest on equity.
Interest on late payment of TDS u/s. 201(1A) is interest on income tax & such interest cannot be claimed as a deduction.
ITAT Bangalore remits Amasebail’s Sec. 80P claim to AO based on delay condonation application. Key considerations for deduction eligibility discussed.
Assessee had given permissive possession and not legal possession, as contemplated within the meaning of section 53A of the Transfer of Property Act. Therefore, the provisions of section 53A of the Transfer of Property Act, were not applicable to the impugned Joint Development Agreement and the conditions laid down in section 2(47)(v), could not be invoked, so as to bring the capital gains into tax in the assessment year 2012-2013.
Held that assessee incurs monthly recurring charges for telecommunication lines and since such expenditure doesnt bring any benefit of enduring nature the same are revenue in nature.
Claim of assessee cannot be rejected on mere doubt without bringing any material on record to suggest that this is only accommodation entry.
ITAT Held that, since assessee ceased to be in existence as on the date when Ld. AO passed the impugned order of assessment, assessment so framed is not sustainable in the eye of law.
Held that there is no requirement for maintaining separate books of account for claiming deduction under section 10A/10AA of the Act, and books of account maintained by assessee is sufficient to enable computation of profits of various SEZ units.
Held that the transaction has not been concluded in the AY under consideration when the assessee received nomination fee. Thus, the transaction was not complete so as to assess the income under complete contract method.
