ITAT Pune

Depreciation allowable on WDV without reducing loan waiver

Shapers India Private Limited Vs DCIT (ITAT Pune)

Waiver of loan in the earlier year has no impact either on the actual cost u/s 43(1) or the w.d.v. u/s 43(6) for the year under consideration and further section 2(24)(xviii) also does not envelope such waiver within the ambit of `income‘ for the extant year. In that view of the matter, depreciation has to be allowed on the w.d.v. of th...

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ITAT explains basic conditions for Satisfaction of reimbursement Claim

Rieter Machine Works Limited Vs ACIT (ITAT Pune)

To categorize a particular amount as reimbursement, it is sine-qua-non that the expenditure should be incurred for and on behalf of the other. It envisages two cumulative conditions, viz., first that undiluted benefit flowing from the incurring of the expenditure is passed on, as such, to the other and the second, that the amount incurred...

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ITAT sustains addition of 10% of amount of bogus purchases

Ashoka Buildcon Limited Vs ACIT (ITAT Pune)

Ashoka Buildcon Limited Vs ACIT (ITAT Pune) It is observed that the assessee allegedly purchased raw materials through the Hawala purchase bills and thereafter consumed the same in the power project In such a situation, it cannot be said that the entire amount of hawala purchase bills requires addition. The Hon‟ble jurisdictional High C...

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Sale of Software Licenses not constitutes Royalty

BMC Software Asia Pacific Pte Ltd. Vs ACIT (International Tax) (ITAT Pune)

BMC Software Asia Pacific Pte Ltd. Vs ACIT (International Tax) (ITAT Pune) Facts of the case: ♦ The assessee is a Singapore based company, which has not filed its Income Tax Return for the AY 2010-11. However, the assessee company has earned income from sale of Software Licenses and income from Support, Maintenance and Training [&hellip...

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Irrecoverable Loss due to Technical Snags & Bad Weather Conditions allowable

ITO Vs Roj Enterprises Pvt. Ltd. (ITAT Pune)

Fact that the business of Alliance Agro could not take off properly due to technical snags and the bad weather conditions reinforces the assessee’s claim of having genuinely incurred loss of Rs.1.43 core for its business purpose which became irrecoverable loss....

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Profits on sale of land held as Investment for 6 years assessable as Capital Gains

JCIT (OSD) Vs Adrus Estate and Properties LLP (ITAT Pune)

JCIT (OSD) Vs Adrus Estate and Properties LLP (ITAT Pune) It is an undisputed fact that the land was recorded in the books of account as part of investment. It is settled position that the treatment given in the books of account gives an indication as to the intention of the assessee to hold asset […]...

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No disallowance under rule 8D(2)(ii) RW section 14A if interest free funds exceeds investment

Nashik Road Deolali Vyapari Sahakari Bank Ltd. Vs ACIT (ITAT Pune)

When the funds available to the assessee both interest free and interest bearing loans, there shall be a presumption that the investments made would be out of the interest free funds available with the assessee, provided the interest free funds were sufficient to meet the investments which means that when the interest free funds are avail...

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Payment for mere right to use copyrighted software cannot be treated as Royalty

Trigo SAS Vs DCIT (ITAT Pune)

Trigo SAS Vs DCIT (ITAT Pune) Assessee has merely transferred the right to use copyrighted software ANTIFOG and that it had not transferred the copyright itself to Trigo India. TRIGO India was authorized to have access to and make use of the copyrighted software ANTIFOG. In the Software License Agreement entered into, it is evident [&hell...

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Comparable having extraordinary financial event of M&A cannot be considered for TP analysis

Optiva India Technologies Private Limited Vs DCIT (ITAT Pune)

ITAT held that in case A comparable having an extraordinary financial event of Merger and Acquisition (M& A) during the year the same cannot be considered as functionally comparable for transfer pricing (TP) comparability analysis....

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No requirement of approval by DSIR authority in form No. 3CL prior to 01.07.2016

DCIT Vs Force Motors Limited (ITAT Pune)

DCIT Vs Force Motors Limited (ITAT Pune) The sole grievance of the Revenue in this appeal is with regard to deletion of the disallowance made by the Assessing Officer on account of excess deduction claimed by the assessee over and above the amount approved by the DSIR by holding that before Tenth Amendment Rule, 2010, […]...

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