It is now fairly well settled that goodwill being an intangible asset, depreciation has to be allowed. In view of the aforesaid, we direct the Assessing Officer to allow assessee’s claim of depreciation of on goodwill.
Non-appearance or non-response of creditors could not be sole ground to draw an adverse inference against assessee, when assessee had filed necessary evidence to prove that liability was genuine in nature, which was subsequently paid back by converting said liability into share application money.
Whether notional interest income on the loan (interest-free) that was advanced by the assessee to its AE would be assessable as the income of the assessee which has a business connection or Permanent Establishment (PE) in India?
As per the prevailing legal position, the AMP expenditure incurred by the assessee in India cannot come within the purview of international transaction. That being the case, the adjustment made by the Transfer Pricing Officer cannot survive. Therefore, we do not find any necessity to restore the issue to the Assessing Officer.
ITAT Mumbai: Anjana Sandeep Rathi vs. ACIT – Disputed LTCG on share sale. Violation of natural justice. Detailed analysis of the judgment and impact.
Bharat Chimanlal Parekh Vs ITO (ITAT Mumbai) Undisputedly, the assessee has voluntarily filed his return of income within the time prescribed under section 139(1) of the Act and the assessment was completed under section 143(3) of the Act. On a perusal of the documents placed in the paper book, it is very much evident, in […]
Sugota Industries Pvt. Ltd Vs ITO (ITAT Mumbai) The AO in this case has only disallowed expenses u/s 14A of the Act r.w. Rule 8D of the Income Tax Rules. No other aspect or issue has been touched by the AO in the assessment order. The ld. CIT(A) enhanced the assessment by disallowing the claims […]
Renu T Tharani Vs DCIT (ITAT Mumbai) The assessee is not a public personality like Mother Terresa that some unknown person, with complete anonymity, will settle a trust to give her US $ 4 million, and in any case, Cayman Islands is not known for philanthropists operating from there; if Cayman Islands is known for […]
The issue under consideration is whether the disallowance made on account of depreciation on payment of brand license fees is justified in law?
The issue under consideration is whether CIT(A) is correct in enhancing the disallowance on account of bogus purchases to 100% as against 12.5% disallowance done by AO?
