ITAT Visakhapatnam

Transfer Pricing: For outbound loans LIBOR rate should be adopted but not PLR of Indian Banks

3F Industries Limited Vs ACIT (ITAT Visakhapatnam)

3F Industries Limited Vs ACIT (ITAT Visakhapatnam) The ALP is to be determined on an international transaction ie., on the international loan and not for the domestic loan. Therefore, the comparable in respect of foreign currency loan in international market is LIBOR based and which is internationally recognized and adopted. In the assess...

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Conversion of share application money by allotting shares at subsequent date without change in shareholding pattern doesn’t attract section 56(2)(viia)

ATR Warehousing Private Limited Vs DCIT (ITAT Visakhapatnam)

ITAT Visakhapatnam held that merely by converting the share application money by allotting shares at a subsequent date cannot attract the provisions of section 56(2)(viia) of the Income Tax Act 1961 as there is no change in the shareholding pattern subsequent to the allotment of shares by the subsidiary company....

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Invoking provisions of section 56(2)(vii)(b) unsustainable as civil suit filed before District Judge

D.S.N. Malleswara Rao Vs ITO (ITAT Visakhapatnam)

ITAT Visakhapatnam held that civil suit is filed before the Hon’ble District Judge accordingly the matter is squarely covered as exception as per proviso to section 56(2)(vii)(b) of the act and accordingly we hold that there is no case for invoking the provisions of section 56(2)(vii)(b)....

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Liquidated damages not fall under the purview of Tonnage Tax

Dredging Corporation of India Ltd. Vs ACIT (ITAT Visakhapatnam)

ITAT Visakhapatnam held that liquidated damages are incidental business income but cannot be said to be profit from core or incidental activity. As there are not directly received from the core activity, they doesnt form part of computation in tonnage tax....

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ITAT direct AO to estimate net profit at 3% on gross contract receipts of transport operator

Raghavendra Lorry Services Vs DCIT (ITAT Visakhapatnam)

Raghavendra Lorry Services Vs DCIT (ITAT Visakhapatnam) We find from the order of the Ld. AO, the Ld.AO has followed the directions of the CIT and has estimated the income @ 15% on the gross receipts without allowing the depreciation. It was also found from the submissions of the Ld. AR that the  assessee a partnership […]...

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Section 11 exemption claimable on restoration of section 12A registration

DCIT Vs Visakhapatnam Urban Development Authority (VUDA) (ITAT Visakhapatnam)

ITAT find that since registration is restored by ITAT, the assessee is entitled for claiming deduction U/s. 11 in impugned assessment year...

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Order Passed By AO not Erroneous if passed After Duly Examining Claim of Assessee

Karumanchi Nalini Vs ITO (ITAT Visakhapatnam)

Where Assessing Officer, after following directions of Principal Commissioner regarding examining of claim made by assessee for exemption under section 54F, passed an assessment order under section 143(3) read with section 263 holding that assessee was eligible for exemption as it held only one residential property during year, subsequen...

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Addition for excess Gold – ITAT extends benefit of CBDT Instruction to mother of married female assessee

Muppavarapu Kavitha Vs ACIT (ITAT Visakhapatnam)

Mother of assessee is staying with her and hence benefit of CBDT Instruction No. 1916 should also be extended to the mother of assessee...

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Section 153C satisfaction needs to be recorded even if AO of searched & other person is same

Palla Simhachalam (HUF) Vs ACIT (ITAT Visakhapatnam)

Palla Simhachalam (HUF) Vs ACIT (ITAT Visakhapatnam) AO of the searched person and the other person is one and the same, then also AO is required to record the satisfaction, as held by the various In the instant case, no such material has been brought before us by the ld. DR. In view of the […]...

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Section 54: Land value includible in cost of new residential house

Dattatreya Varma Penmatsa Vs ITO (ITAT Visakhapatnam)

Section 54 Cost of new residential house includes cost of land construction materials labour & other cost of construction of residential house...

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March 2023