ITAT Panaji

Interest U/s. 201(1A) payable till date of filing of Return by Deductee

State Bank of Mysore Vs Income-tax Officer (TDS) (ITAT Panaji)

In respect of levy of interest under Section 201(1A) of the Act the interest is to be computed for the period from the date from which the tax was deductable to the date of filing of the return by the deductee (VTU). ...

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Capital Gain cannot be taxed in absence of Transfer in Relevant Assessment Year

Zuari Estate Development and Investment Company Pvt. Ltd. Vs JCIT (ITAT Panaji)

A perusal of the agreement and the above undisputed facts shows that till date no transfer of the property in question has been completed under the Transfer of Property Act, 1882. Still further, the registered sale deed has not been executed by the assessee in favour of the Bank and consequently, sale is not yet completed....

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No TDS on commission paid outside India for services received outside India by Non-Residents

DCIT Vs M/s Sess Resources Ltd. (ITAT Panaji)

The commission earned by the non-resident agent who carried on the business of selling Indian goods outside India, cannot be said have deemed to be, income which has accrued and/or arisen in India & therefore no occasion to deduct tax at source in respect of the payment made to the non-resident agent arise & thus there is no liability to ...

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Only Investments in respect of which income is exempt to be considered in working of disallowance U/s. 14A

Sesa Resources Ltd. Vs ACIT (ITAT Panaji)

The ITAT bench of Panaji in the case of Sesa Resources Limited held that the disallowance under Sec 14A read with rule 8D can be made only in respect of investments which are earning income exempt from tax and not the total investments....

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Sale proceeds of Flags on Women’s Day Pursuant to govt. order are capital receipts

Kittur Rani Channamma Vs ACIT (ITAT Panaji)

Assessing Officer found that the assessee has received a sum of Rs. 29,03,109/- on account of sale of Women’s Day Flags and the same has been credited to the capital fund and he treated the same as revenue receipt. On Appeal Honourable ITAT has held that sale proceeds of flags on Women’s Day are in the nature of capital receipts. ...

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Sales commission paid to foreign company is not taxable in India in absence of PE in India

Asst. Commissioner of Income Tax Vs Karishma Global Mineral Pvt. Ltd. (ITAT Panaji)

The ITAT Panaji in the case of ACIT Vs. Karishma Global Mineral Pvt. Ltd. held that the sales commission paid by assessee to Singapore based entity is not taxable in India as the same is business profits which cannot be taxed in the hands of foreign company under India...

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S. 80P Co-Operative Credit Society is a Bank if it Satisfies the conditions of a Primary Bank

Renuka Co-op Cedit Society Ltd. Vs ITO (ITAT Panji)

From the reading of Sec. 80P(4) it is apparent that this section denies deduction to a co-operative bank other than a primary agricultural credit society or primary co- operative agricultural and rural development bank....

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S. 54EC Investment Limit is per Financial year not per Transaction – ITAT Panaji

ITO Vs Ms. Rania Faleiro (ITAT Panaji)

Government only intended to restrict the investment in a particular financial year and accordingly has fixed the limit of Rs. 50,00,000/- as permissible limit in a particular financial year. The Government did not intend to restrict the maximum amount of exemption permissible under Section 54EC. ...

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S. 80P – Co-Operative Societies providing loan only to member eligible for deduction

Deputy Commissioner of Income-tax V/s. Jayalakshmi Mahila Vividodeshagala Souharda Sahakari Ltd. (ITAT Panaji)

The question arises is whether the assessee is entitled for the deduction under section 80P(2)(a)(i). Section 80P(2)(a)(i) is explicitly clear that if the co-operative society is engaged in the business of banking or providing credit facilities to its members the co-operative society is entitled for the deduction. There is an embargo put ...

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December 2022