While allowing deduction to pharma company, the free samples provided to doctors recognized under Uniform Code of Pharmaceutical Marketing Practices by The Department of Pharmaceuticals (UCPMP) guidelines were not violative of Indian Medical Council (MCI) Rules and distribution of free samples was directly related to business promotion activity of the pharmaceutical company. Thus it was wholly and exclusively for the purposes of the business of the company and could not be disallowed.
Oxford University Press Vs DCIT (ITAT Mumbai) a) The assessee had made payment of School support services to various schools / societies for the services rendered by them to the assessee by way of referring the students to the booksellers to purchase the textbooks published by the assessee. b) But for the reference made by […]
payment received by the owner from the charterer has to be reckoned as payment from operations of carriage of goods from one port in India to another port in India, which falls under the ambit of carrying out shipping business or shipping operators.
Mumbai ITAT rules in favor of ACS, subscription charges not treated as royalty. Get insights into the decision.
A.O. held that since the assessee is maintaining its books of accounts on accrual basis, the income in respect of bad and doubtful debt was required to be taxed on accrual basis except for the exceptions provided under rule 6EA of Income-Tax rules, 1962 read with Section 43D of the Act.
The LO does not constitute a fixed place through which business of assessee is carried out in India. Employees of the LO do not negotiate, finalise or discuss the mechanics of contracts including pricing with the assessee’s customers. As such the employees of LO merely act as a communication link between the assessee and the airline companies. The LO did not carry any activity, beyond that permitted by the RBI. The activities carried by the LO are thus, preparatory (auxiliary) in nature. The activities/operations of the assessee in connection with the contracts are carried from outside India.
Renu Ratnakar Bhattacharya Vs CIT (Appeals) (ITAT Mumbai) It is the case of the assessee that at the time of purchase of house property the assessee paid brokerage to the tune of Rs.2,50,000/- at the rate of 1% of the agreement cost of the new property to one Mr. Rajesh Mahendru. The assessee brought on […]
PMS performance fees cannot be estimated before hand for the purpose of calculation of advance tax payable during the year because of uncertainty about the equity market since the performance fees can be ascertained by the assessee only on the last day of the year based on the stock market position as at the end of that day. I
Since the revised return of income was filed on 19.03.2015 u/s 139(4) of the Act, it was a valid revised return as per the law in force at that time. In such a scenario, the AO ought to have considered the revised return of income for assessing the income of assessee.
ITAT Mumbai held that disallowance alleging that the hedging transactions in non-cleared securities are illegal are unsustainable in law
