ITAT Pune

Depreciation Eligible on Intangible asset namely Goodwill

KPIT Cummins Global Business Solutions Ltd. Vs Asstt. CIT (ITAT Pune)

Goodwill is an intangible asset under section 32(1)(ii) covered within the expression 'any other business or commercial rights of similar nature' and, therefore, assessee was entitled to claim depreciation on such goodwill....

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AO cannot set-off of brought forward loss before allowing remuneration to partner

Rajmal Lakhichand Vs JCIT (ITAT Pune)

Computation of book profit is as per section 40(b) and remuneration to partner is based on current year’s "Book Profits", while set-off of brought forward losses is to be granted in terms of section 72. Therefore, while arriving at business income, deduction of section 40(b) is to be given first and then if at all there remains positive...

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Assessment U/s. 153A: No incriminating material found, no addition can be made

Leelavati Vijaykumar Kotecha Vs ACIT (ITAT Pune)

As there was no incriminating material found during search, no addition could be made because on the date of search no regular assessment was pending....

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TDS not deductible on reimbursement of expenses under Income Tax Law

Klaus Multiparking System Pvt. Ltd. Vs ACIT (ITAT Pune)

Klaus Multiparking System Pvt. Ltd. Vs ACIT (ITAT Pune) As per bills raised by ‘S’ assessee had merely reimbursed octroi charges in addition to payment of transportation charges to said ‘S’. It was not requirement of law to deduct tax at source out of reimbursement of expenses, therefore, assessee could not be held to be […...

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Disallowance U/s. 40(a)(i) on commission to foreign agents paid outside India

Eaton Industrial Systems (P) Ltd. Vs Dy. CIT (ITAT Pune)

Eaton Industrial Systems (P) Ltd. Vs DCIT (ITAT Pune) Where assessee-company paid sales commission foreign of agents for securing export orders from the buyers abroad the services were not rendered by such foreign agents in India, and no part of the said income had arisen in India, therefore, TDS was not required to be deductible [&hellip...

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TDS U/s. 194C is not applicable to transactions of purchase of goods

Eshan Minerals Pvt. Ltd Eshan Minerals Pvt. Ltd Vs DCIT (ITAT Pune)

TDS requirement under section 194C is not applicable to transactions of purchase of goods, therefore, no disallowance under section 40(a)(ia) could be made....

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Corpus specific voluntary contributions received by trust not registered U/s. 12A/12AA not taxable

ITO Vs Serum Institute of India Research Foundation (ITAT Pune)

ITO (Exemptions) Vs Serum Institute of India Research Foundation (ITAT Pune) Corpus donations received by the Trusts, which is not registered u/s.12A/12AA of the Act, are not taxable as they assume the nature of ‘Capital receipt’ the moment the donations are given to the “Corpus of the Trust”. Provisions of section (24)(iia)/12(1)...

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Deduction U/s. 54F cannot be claimed on Capital gains arising in the hands of spouse

The Assistant Commissioner of Income Tax Vs Shri Ramakant Rajaram Bodke (ITAT Pune)

Deduction under section 54F was in respect of capital gain arising in the hands of wife of assessee, should have been claimed in the return of income filed by the wife of assessee, therefore, claim of assessee under section 54F was liable to be rejected....

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HUF is eligible for Exemption under section 54B only w.e.f. 1-4-2013

Ashok Kisan Bahirat (HUF) & Anr Vs ITO (ITAT Pune)

If intention of Parliament was to include HUF prior to the said date then the amendment would have been carried out in respect of section 54B as well along with section 54. Therefore, amended provisions of section 54B were not applicable retrospectively and assessee-HUF was not entitled to exemption for the year under consideration....

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Order U/s. 201(1) cannot be passed after expiry of limitation period

Vodafone Cellular Ltd. Vs DCIT (ITAT Pune)

Vodafone Cellular recent appeal: No order under section 201(1) of the Act shall be passed after expiry of the limitation period treating assessee-in-default for non-deduction of tax at source...

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