ITAT Hyderabad

No Section 50C addition for variation of upto 10% of stamp duty value

Mamatha Divakar Shetty Vs ITO (ITAT Hyderabad)

Mamatha Divakar Shetty Vs ITO (ITAT Hyderabad) In the statement of LTCG, the assessee had not adopted the market value/SRO value as sale consideration as per section 50C of the Act. In AY 2012-13, the assessee computed LTCG by adopting market value of Rs. 9,44,98,000/- and the assessee being 1/4th share beneficiary of Rs. 2,09,62,515/-, [...

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Reopening based on Audit objection valid if cash payments above Rs. 20000 escaped scrutiny

ITO Vs Mayuri Constructions (ITAT Hyderabad)

ITO Vs Mayuri Constructions (ITAT Hyderabad) The brief facts of the case are that the assessee is a firm engaged in the business as civil contractor filed its return of income for the AY 2008-09 on 14/10/2008 declaring total income of Rs. 65,254/-. Initially, the return was processed U/s. 143(1) of the Act and thereafter […]...

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AE cannot be considered as comparable as it lacks independent nature of uncontrolled transaction

Corteva Agriscience Services India Private Limited Vs The ACIT (ITAT Hyderabad)

An associate enterprise itself would not to be taken as a comparable since lacking the independent nature of an uncontrolled transaction in forming hallmark of Chapter X of the Act. We thus delete the impugned arms length price adjustment on receivables for this precise reason alone....

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Transfer Pricing: Additions deleted in absence of comparable

Open Text Corporation India Private Limited vs. ACIT (ITAT Hyderabad)

The Hon’ble ITAT deleted the transfer pricing adjustment on account of interest on receivables due to failure of revenue authorities to find out even a single comparable in assessee’s segment charging interest in uncontrolled market conditions....

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An Assessment attracts Section 263 revision if AO has not taken one of two possible views

Sanctuary Television Pvt. Limited Vs DCIT (ITAT Hyderabad)

Sanctuary Television Pvt. Limited Vs DCIT (ITAT Hyderabad) The PCIT holds that in this case administrative expenses were in the nature of pre-operative expenditure which could not be set-off against the assessee’s foregoing interest income. And that the Assessing Officer’s action allowing the assessee’s claim in a very casual and me...

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Sponsorship fees for Lifetime Achievement Awards not treated as Business Expenditure

NCC Limited Vs ACIT (ITAT Hyderabad)

Appellant contended that such contribution is made for empowerment of women however, the CIT(A) in its order observed that although the expenditure was for a noble cause, it has no nexus contribution made and the income generated for the business of the Appellant company under Section 37 of the IT Ac...

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No penalty for delay in filing quarterly TDS statement if entire tax with interest deposited

Telangana State Medical Services Infrastructure Development Corporation Vs ACIT (ITAT Hyderabad)

Penalty under Section 272A(2)(k) could not be imposed merely for the delay in filing Quarterly TDS Statement as the entire tax along with interest thereon had been deposited in to Govt. account and later, assessee filed quarterly TDS returns for all the quarters and Revenue had not suffered any loss because tax deducted was already deposi...

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No section 69B addition solely based on data retrieved from Pen-drive

M/s. Asma Estates and Investments Private Limited Vs DCIT (ITAT Hyderabad)

No addition could be made under section 69B  because the two pieces of evidence relied on by Revenue Authorities viz., the data retrieved from the Pen-drive and the admission by the vendors of the property though might have a persuasive value but would  not have much substantive evidentiary value in order to make additions in the hands ...

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ROC expense for enhancement of share capital not allowable

Moldtek Packaging Ltd. Vs ACIT (ITAT Hyderabad)

AO was justified in treating the payment to ROC for increase in capital as capital expenditure as ROC expenses was fees for enhancement of capital....

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Income declared on proportional receipt basis cannot be questioned

DCIT Vs Monster.Com (India) Private Limited (ITAT Hyderabad)

DCIT Vs Monster.Com (India) Private Limited (ITAT Hyderabad)  In the assessee’s own case the Tribunal observed that the assessee followed appropriate revenue recognition method of accounting and thus the income declared on proportional receipt basis cannot be questioned. This order was followed by the ITAT in the assessee’s o...

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January 2022