Girish Aradhya - Page 3

Mere fact that an entity makes extremely high profits/losses does not lead to its exclusion from list of comparables for ALP determination

Chryscapital Investment Advisors (India) Pvt. Ltd. Vs DCIT (Delhi High Court)

, High Court inter-alia held that mere fact that an entity makes high/extremely high profits/losses does not, ipso facto, lead to its exclusion from the list of comparables for the purposes of determination of ALP. ...

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If provisions of section 14A is to be invoked, disallowance is to be computed as per rule 8D

Assistant Commissioner of Income Tax, Bareilly Vs M/s.Goel Investments Ltd., (ITAT Lucknow)

In the case of ACIT vs M/s.Goel Investments Ltd., ITAT Lucknow affirmed the earlier order of ITAT in a similar case of the same assessee that once provisions of section 14A of the IT Act are to be invoked, the disallowance is to be computed as per rule 8D of the IT rules....

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Monopoly, continuous functioning and large orders at hand are sufficient basis for valuation of goodwill

Commissioner of Income Tax Vs M/s. Motherson Auto P. Ltd. (Delhi High Court)

In the case of CIT vs M/s.Motherson Auto P. Ltd, Delhi High Court held that the monopoly enjoyed by the assessee in respect of the product manufactured, the continuous functioning, the large volume of orders at hand when the collaboration transaction took place, were sufficient basis for valuation....

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Rent cannot be increased for mere increase in prices of land

M/s Resinova Chemie Ltd vs Assistant Commissioner of Income Tax, (ITAT Lucknow)

In the cited case, ITAT inter-alia held that merely because prices of land has gone up, rent cannot be increased particularly to persons covered u/s 40A(2)(b) of the I.T Act without looking into agreement in respect of rent for the earlier years and for the present year...

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Bonds, that mature in future, issued against services provided for a project, does not convert them into capital assets

IRCON International Ltd. Vs Deputy Commissioner of Income Tax (Delhi High Court)

In the cited case, Delhi High Court held that the Iraqi Government’s inability to pay due to sanctions imposed by it and the subsequent Central Government’s negotiating an arrangement for its payment through bonds that were to mature in future with interest did not in any way alter their character ...

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Revenue from renting out the terrace is chargeable as income from house property

Niagara Hotels & Builders (P) Ltd Vs Commissioner of Income Tax (Delhi High Court)

In the cited case, Delhi High Court held that the building had been developed to be sold or let out with no possibility of the terrace floor being subjected to such utilization. As there is no other purpose to be served by the property held on the terrace floor...

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