Section 92C(1) of Act, contemplates that arms length price in relation to an international transaction shall be determined by comparable uncontrolled price method; resale price method; cost plus method; profit split method; transactional net margin method or such other method as may be prescribed by Board.
ITAT Mumbai held that conducting or participating in exhibitions within India or overseas for promotion of Gem and Jewellery Industry couldn’t be regarded as commercial activity for the purpose of proviso to section 2(15) of the Income Tax Act.
ITAT Mumbai held that disallowance for deduction under section 80IB and 80IC of the Income Tax Act corresponding to the allocation of R&D expenditure is deleted.
ITAT Mumbai held that stamp duty valuation as on the date of allotment letters, and not the date of execution of agreement to sell, should be considered for the purpose of section 56(2)(x) of the Income Tax Act.
ITAT Mumbai held that mere presumption that plots are intended for further sale and hence plots were stock-in-trade does not make the claim satisfying as the assessee failed to prove the same by way of evidences.
ITAT Mumbai held that purchase of residential property within specified period of one year before the sale of capital asset (commercial property) is allowable as exemption under section 54F of the Income Tax Act 1961.
ITAT Mumbai held that that the interest paid by the Indian branch-PE to the head office-GE is not taxable in India in terms of India-France DTAA.
Held that education cess paid by the respondent-assessee is not allowable as an expenditure under Section 37 read with 40(a)(ii) of the Income Tax Act.
ITAT Mumbai held that there is no element of technical knowledge, experience, skill knowhow or process in the rendering of brokerage services. Therefore, the payment of brokerage by the assessee to the brokers not being covered as FTS-FIS is not taxable in India either pursuant to Sec. 9(1)(vii)
ITAT Mumbai held that the Department cannot swallow tax paid by the assessee and deny credit of tax deducted, which pertains to the assessee. AO cannot simply decline the credit of TDS. AO directed to allow the TDS credit after due verification.
