CA Geeti Grover

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Assessee making periodically RBI approved royalty payments to its AE, TPO not justified in determining ALP at Nil

Dy. Commissioner of Income Tax Vs M/s. Kirby Building Systems (ITAT Hyderabad) - The assessee-company was engaged in the business of manufacture of pre-engineered building system products. During relevant year, assessee entered into international transactions with its AE situated in Kuwait....

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TP: Temporary price differentials occurring due to fluctuation in treatment charges should be ignored

Hindalco Industries Ltd. Vs The Addl. CIT (ITAT Mumbai) - In the case of Hindalco Industries Ltd. -Vs- The Addl. Commissioner of Income tax, there were several grounds on which the appeal was made, both by the revenue as well as the assessee. The major ground being of transfer pricing has been discussed hereunder....

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Voluntary contributions towards corpus cannot be taxed, even if Trust is not registered u/s 12AA

ITO Vs M/s. Vokkaligara Sangha (ITAT Bangalore) - ITO Vs. M/s. Vokkaligara Sangha (ITAT Bangalore) It was held by ITAT that voluntary contributions received for a specific purpose cannot be regarded as income under Section 2(24)(iia) of the Act since they are capital receipts and tied up grants for specific purpose....

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Section 68 cannot be applied where Assessee discharges onus to prove receipt of share capital along with premium

DCIT Vs M/s Ansh Intermediate Services Pvt. Ltd. (ITAT Lucknow) - DCIT Vs M/s Ansh Intermediate Services Pvt. Ltd. (ITAT Lucknow) The addition cannot be sustained only for the simple reason that these shareholder companies have not responded in first round of commission....

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Flats to be constructed by vendee on behalf of co–owners does not constitute non–monetary consideration

ACIT Vs Late Gopal V. Gorwani (ITAT Mumbai) - CIT Vs Late Gopal V. Gorwani (ITAT Mumbai) The Assessing Officer, on perusing the aforesaid terms of the agreement was of the view that flats to be constructed by the vendee on behalf of the co–owners is the non–monetary consideration received by them on account of sale of the property....

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Recent Posts in "CA Geeti Grover"

Assessee making periodically RBI approved royalty payments to its AE, TPO not justified in determining ALP at Nil

Dy. Commissioner of Income Tax Vs M/s. Kirby Building Systems (ITAT Hyderabad)

The assessee-company was engaged in the business of manufacture of pre-engineered building system products. During relevant year, assessee entered into international transactions with its AE situated in Kuwait....

Read More

TP: Temporary price differentials occurring due to fluctuation in treatment charges should be ignored

Hindalco Industries Ltd. Vs The Addl. CIT (ITAT Mumbai)

In the case of Hindalco Industries Ltd. -Vs- The Addl. Commissioner of Income tax, there were several grounds on which the appeal was made, both by the revenue as well as the assessee. The major ground being of transfer pricing has been discussed hereunder....

Read More

Voluntary contributions towards corpus cannot be taxed, even if Trust is not registered u/s 12AA

ITO Vs M/s. Vokkaligara Sangha (ITAT Bangalore)

ITO Vs. M/s. Vokkaligara Sangha (ITAT Bangalore) It was held by ITAT that voluntary contributions received for a specific purpose cannot be regarded as income under Section 2(24)(iia) of the Act since they are capital receipts and tied up grants for specific purpose....

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Section 68 cannot be applied where Assessee discharges onus to prove receipt of share capital along with premium

DCIT Vs M/s Ansh Intermediate Services Pvt. Ltd. (ITAT Lucknow)

DCIT Vs M/s Ansh Intermediate Services Pvt. Ltd. (ITAT Lucknow) The addition cannot be sustained only for the simple reason that these shareholder companies have not responded in first round of commission....

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Flats to be constructed by vendee on behalf of co–owners does not constitute non–monetary consideration

ACIT Vs Late Gopal V. Gorwani (ITAT Mumbai)

CIT Vs Late Gopal V. Gorwani (ITAT Mumbai) The Assessing Officer, on perusing the aforesaid terms of the agreement was of the view that flats to be constructed by the vendee on behalf of the co–owners is the non–monetary consideration received by them on account of sale of the property....

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Reasons to reopen assessment must be tangible & should not merely be based on Investigation wing’s report

M/s. Raj Hans Towers Pvt. Ltd. Vs ITO (ITAT Delhi)

Raj Hans Towers Pvt. Ltd. -Vs- ITO (ITAT Delhi) There is no tangible material, which come to the possession of the AO to lead to the conclusion that there was an escapement of income from assessment....

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Exemption u/s 10A available on undisclosed income surrendered during survey proceeding u/s 133A

M/s Bridal Jewellery Mfg. Co. Vs ITO (ITAT Delhi)

M/s Bridal Jewellery Mfg. Co.Vs. ITO (ITAT Delhi) In the present case, it is an admitted fact that the assessee was engaged in the manufacturing of jewellery, during the process of manufacturing on behalf of the customers...

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Section 14A disallowance only for Expenses not directly relatable to exempt or taxable Income

Pr. CIT Vs Bharti Overseas Pvt. Ltd. (Delhi High Court)

. CIT Vs. Bharti Overseas Pvt. Ltd. (Delhi High Court) As far as Rule 8D (2) (i) is concerned, the AO has necessarily to record that he is not satisfied with the correctness of the claim of the expenditure made by the Assessee in relation to the income which does not form part of the total income....

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Mere Lien over payment due to pending dispute does not result in cessation of trading liability u/s 41(1)

The ITO Vs Shri Radhey Shyam Agarwal (ITAT Jaipur)

The ITO Vs Shri Radhey Shyam Agarwal (ITAT Jaipur) Once, there is an impending dispute between assessee and M/s. Laxmi Carpet Enterprises then it cannot be assumed that liability for payment has ceased...

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AO must give reason for rejecting books & estimating income by applying higher GP Ratio

Shri Hem Raj Vs The A.C.I.T (ITAT Chandigarh)

Shri Hem Raj, Vs. The A.C.I.T (ITAT Chandigarh) The appellant was running liquor, wine and beer shop and was authorized to operate the liquor shop for the period of one year from April, 2007 to March 2008....

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Tangible material required to reopen assessment u/s 148 of Income Tax Act,1961

M/s. Peacock Apparels (P) Ltd Vs The Income-Tax Officer (Madras High Court)

M/s.Peacock Apparels (P) Ltd vs. ITO (Madras High Court), Except to state that the EOU has not been approved by the Specific Authority, the first respondent has not assigned any other reason to reopen the assessment order....

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In Reopening AO cannot pass Composite Order for Assessment and for rejection of objection

JVS Export Vs DCIT (Madras High Court)

JVS Export vs. DCIT (Madras High Court) As per dictum laid by Hon'ble Supreme Court in GKN Driveshafts (India) Ltd. Vs. Income Tax Officer and Others, (2003) 259 ITR 19 that pursuant to the notice issued by the assessing officer, he is bound to consider the objections of the parties...

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Proviso to Section 2(15) as substituted by Finance Act, 2015 is effective from 01.04.2016

Hoshiarpur Improvement Trust Vs The Income Tax Officer (ITAT Amritsar)

In the case of Hoshiarpur Improvement Trust Vs The Income Tax Officer Ward 1, Hoshiarpur , the assessee being a trust was registered under the Punjab Towns Improvement Trusts Act, 1922. It was providing services under the control and supervision of State Government for development of cities and towns....

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Sec. 271(1)(c) No Penalty for addition U/s. 50C if Assessee furnishes all details

Bhavya Anant Udeshi Vs The Income Tax Officer (International Taxation) (ITAT Hyderabad)

In the case of Bhavya Anant Udeshi Vs ITO (International Taxation) it was held by ITAT Hyderabad that provision of section 50C being a deeming provision, it cannot be used for the purpose of imposition of penalty under section 271(1)(c) unless it is proved that Assessee has received any amount over...

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Assessee & Revenue have right to File cross objection before ITAT

Fast Booking (I) Pvt. Ltd. Vs Dy. Commissioner Of Income Tax (Delhi High Court)

The Delhi High Court Has Held In the case of Fast Booking (I) Pvt. Ltd. Vs Dy. Commissioner Of Income Tax that both the assessee as well as the department have a right to file an appeal/cross-objections before the Tribunal. ...

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Section 54F cannot be denied if Assessee was not exclusive owner of more than one property at the time of Transfer

CIT Vs Kapil Nagpal (Delhi High Court)

In the case of CIT vs Kapil Nagpal, it was held by the Delhi High Court that purchase of an agricultural land used for agricultural purposes did not violate 54F conditions. Further the exclusive ownership of the residential house on the date of transfer is required to prove violation of Section 54F....

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Deduction u/s 54EC allowable on investment after six months if bonds were not available

ACIT Nagpur Vs Shri Kamlakar Moghe (Bombay High Court, Nagpur)

In the case of ACIT Vs Shri Kamlakar Moghe it was held by Nagpur Bench of Bombay HC that deduction u/s 54EC can be claimed by the assessee despite making the investment in REC bonds beyond six months if the delay was due to non-availability of the REC Bonds....

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Whether Section 153C enables AO to issue notice to third parties on the basis of entries in some documents

The Commissioner Of Income Tax (Central) Vs Mohan Meakins Limited & Ors. (Delhi High Court)

A search took place on 14.02.2006 in the premises of M/s Radico Khaitan.In the course of these search proceedings, various documents including reports narrating amounts alleged to have been received or receivable from various members of the UPDA and the basis thereof were recovered. ...

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Income from shares – whether capital gains or income from business or profession

Sanjeev Mittal Vs CIT (Delhi High Court)

Sanjeev Mittal Vs CIT (Delhi High Court) The assessee was a medical practitioner with professional income and income from capital gains as returned income. The A.O. contended the income from capital gains to be the income from business or profession as he noticed that the professional receipts ...

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Additions made of amount surrendered after adjusting expenditure was justified

Raj Hans Towers Pvt. Ltd. Vs Commissioner of Income Tax (Delhi High Court)

HC held that where assessee had not offered any satisfactory explanation regarding surrendered amount not being bona fide and it was also not borne out in any contentions raised before lower authorities, additions so made after adjusting expenditure were justified....

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No exemption u/s 10(23C) if institution exists apparently for philanthropic purpose and in reality for profits

M/s Yash Society Vs Chief Commissioner of Income Tax (Bombay High Court)

The contention of the revenue was that the intention of the Legislature is to benefit those institutions which cater to variety of illness and suffering as a service to the society and solely for philanthropic purpose and not for the purpose of profit. ...

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Reassessment on the basis of change of opinion is forbidden by law

Plus Paper Food Pac Ltd. Vs Income Tax Officer & Anr (Bombay High Court)

The Assessing Officer had issued notice u/s 148 of IT act to reopen the assessment giving reasons to believe that assessee's claim for set off of brought forward unabsorbed depreciation against long term capital gain was not allowable as it was being set off after a lapse of 8 years....

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Reimbursement from agents abroad for global telecommunication facility is not fees for technical service

Director of Income Tax Vs A.P. Moller Maersk A/S (Bombay High Court)

Due to the absence of any profit element in the amount paid by the agents it was held that it was purely in the nature of reimbursement of cost of MaerskNet. Further, MaerskNet was part of the shipping business and therefore subject to DTAA. ...

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Reopening despite submission of all facts in relation to deduction claimed by assessee during original assessment is impermissible

Capgemini India Pvt. Ltd. Vs Asst. Commissioner of Income Tax (Bombay High Court)

The Assessing Officer had issued notice u/s 148 of IT act to reopen the assessment of the AY 2007-08 giving reasons to believe that there was non-disclosure of all facts with respect to deduction u/s 10A by the assessee and the assessee had taken the deduction without setting off the loss of one unit....

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