Income Tax Appellate Tribunal

Consistency, Uniformity & Equality in Filing of Appeals against Appellate Orders before Higher Forums

Income Tax - It is often seen that some Appellate orders in Vat/Income Tax/Excise/Service Tax are accepted by the Administrative Authorities while in other SIMILAR matters Appeals are  filed in the Higher Forums i.e. Tribunals/High Courts. Are these arbitrary actions of the Administrative Officials justifiable?...

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Payment made outside India taxable if deal has links with India

Income Tax - The Income-tax department can tax even a payment made to a foreign entity outside India, if the transaction has a business connection within the country, according to a verdict passed last week by the Income Tax Appellate Tribunal, Mumbai....

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SC to decide whether to treat interest on DoT dues as operating expenditure

Income Tax - The Supreme Court will decide whether the interest paid on overdues to the Department of Telecom (DoT) can be treated as operating expenditure by operators. A three-judge bench has admitted a petition filed by Vodafone Essar Gujarat and decided to adjudicate whether such interest could be treated as operating expenditure....

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Govt likely to challenge ITAT ruling on Bofors case

Income Tax - The government is likely to challenge the Income Tax Appellate Tribunal ruling on Bofors case in the Delhi High Court for its remarks against the Income Tax department. Though government was not a direct party in the case, based on the opinion of Attorney General Mr Ghoolam Vahanvati, the Law Ministry is understood to have asked the Finan...

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Transfer of Members of Income Tax Appellate Tribunal (Oct 2010)

Income Tax - the following Members of the Tribunal are hereby transferred in public interest, in the same capacity, to the Bench/es of the Income Tax Appellate Tribunal as shown against their names with effect from the afternoon of 25th October, 2010. Shri. G. S. Pannu, AM Shri. A. L. Ghelot, AM. Shri. R. C. Sharma, AM. Shri. D. K. Srivastava, AM...

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FM calls for concrete steps to recover Rs 38K cr tax arrears

Income Tax - Concerned over Rs 38,000 crore in tax revenue being locked up in legal disputes, Finance Minister Pranab Mukherjee today asked the authorities to step up efforts to realise the taxes. "Rs 28,046 crore is blocked in appeal before CIT (Appeal) and Rs 10,010 crore before Income Tax Appellate Tribunal (ITAT)," Mukherjee said after meeting Rev...

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Rs. 12,000 crore tax demands locked on account of disputes pending at various courts

Income Tax - Over Rs 12,000 crore in tax demands was locked on account of disputes, pending resolution at various courts, as on June 30, 2010, Parliament was informed on Friday. While cases involving tax demand of about Rs 7,635 crore are pending in Income Tax Appellate Tribunal (ITAT), around Rs 3,849 crore is locked up in cases with High Courts, Fi...

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AO cannot make changes in accounts certified under Companies Act for Computing book profit

M/s. Forever Diamonds Pvt. Ltd Vs Deputy Commissioner of Income Tax (ITAT Mumbai) - In the cited case, ITAT held that the Assessing Officer does not have power to embark upon the fresh enquiry with regard to the entries made in the books of accounts of the Company when the accounts of an assessee Company is prepared in terms of Part II Schedule VI...

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Disallowance of interest on presumption of use in capital work-in-progress not sustainable

JCIT Vs Riddhi Siddhi Gluco Biols Ltd (ITAT Ahmedabad) - In case of JCIT vs. Riddhi Siddhi Gluco Biols Ltd. The Ahmedabad tribunal has held that Interest free funds available with assessee was much more than the interest free loan given by the assessee. A.O made proportionate disallowance merely on the presumption that the proportionate borrowed money mu...

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Deduction U/s. 10A cannot be disallowed for mere belated receipt of export proceeds

ITO Vs M/s.Testree Solutions Pvt. Ltd. (ITAT Bangalore) - In case of ITO VS. M/s.Testree Solutions Pvt. Ltd, ITAT Bangalore held that the export proceeds received after the expiry of the period of six months from the end of the relevant previous year was to be allowed as a deduction u/s 10A ....

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No addition for expense shown in projected P&L A/c without showing corroborative evidences

DCIT Vs M/s. Vaghasia Associates (ITAT Ahmedabad) - In the case of DCIT vs. M/s. Vaghasia Associates, ITAT Ahmedabad held that merely because some estimated labour payment was written on the projected profit & loss account, the addition for unexplained expenditure cannot be made....

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Wealth Tax Exemption for Commercial property available if used for business by others

ACIT Vs M/s. Prasad Machinery Pvt. Ltd. (ITAT Ahmedabad) - In case of ACIT vs. M/s. Prasad Machinery Pvt. Ltd. (ITAT Ahmedabad) assessee was owner of factory building. It allotted certain space therein to its sister concern for enabling it to carry on their business in lieu of charging rent....

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Recent Posts in "Income Tax Appellate Tribunal"

AO cannot make changes in accounts certified under Companies Act for Computing book profit

M/s. Forever Diamonds Pvt. Ltd Vs Deputy Commissioner of Income Tax (ITAT Mumbai)

In the cited case, ITAT held that the Assessing Officer does not have power to embark upon the fresh enquiry with regard to the entries made in the books of accounts of the Company when the accounts of an assessee Company is prepared in terms of Part II Schedule VI...

Read More

Disallowance of interest on presumption of use in capital work-in-progress not sustainable

JCIT Vs Riddhi Siddhi Gluco Biols Ltd (ITAT Ahmedabad)

In case of JCIT vs. Riddhi Siddhi Gluco Biols Ltd. The Ahmedabad tribunal has held that Interest free funds available with assessee was much more than the interest free loan given by the assessee. A.O made proportionate disallowance merely on the presumption that the proportionate borrowed money must have been utilized for investment in ...

Read More

Deduction U/s. 10A cannot be disallowed for mere belated receipt of export proceeds

ITO Vs M/s.Testree Solutions Pvt. Ltd. (ITAT Bangalore)

In case of ITO VS. M/s.Testree Solutions Pvt. Ltd, ITAT Bangalore held that the export proceeds received after the expiry of the period of six months from the end of the relevant previous year was to be allowed as a deduction u/s 10A ....

Read More

No addition for expense shown in projected P&L A/c without showing corroborative evidences

DCIT Vs M/s. Vaghasia Associates (ITAT Ahmedabad)

In the case of DCIT vs. M/s. Vaghasia Associates, ITAT Ahmedabad held that merely because some estimated labour payment was written on the projected profit & loss account, the addition for unexplained expenditure cannot be made....

Read More

Wealth Tax Exemption for Commercial property available if used for business by others

ACIT Vs M/s. Prasad Machinery Pvt. Ltd. (ITAT Ahmedabad)

In case of ACIT vs. M/s. Prasad Machinery Pvt. Ltd. (ITAT Ahmedabad) assessee was owner of factory building. It allotted certain space therein to its sister concern for enabling it to carry on their business in lieu of charging rent....

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Functionally dissimilar company cannot be considered as comparable for computation of ALP

M/s. AT & T Global Business Services India Pvt.Ltd. Vs ITO (ITAT Bangalore)

In case of M/s. AT & T Global Business Services India Pvt.Ltd. VS. ITO , assessee-company, engaged in business of software development and providing application services to its AE. TPO on basis of mean margin earned by his own set of comparables...

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Consistency, Uniformity & Equality in Filing of Appeals against Appellate Orders before Higher Forums

It is often seen that some Appellate orders in Vat/Income Tax/Excise/Service Tax are accepted by the Administrative Authorities while in other SIMILAR matters Appeals are  filed in the Higher Forums i.e. Tribunals/High Courts. Are these arbitrary actions of the Administrative Officials justifiable?...

Read More
Posted Under: Income Tax |

Transfer Pricing – Scope of +/- 5% tolerance adjustment to ALP explained

IHG IT Services (India) Pvt. Ltd. Vs. ITO (ITAT Delhi)

From the above second proviso to Section 92C(2), it is evident that if the variation between the arm's length price and the price at which international transaction was actually undertaken does not exceed the specified percentage, then only the price at which the international transaction has actually been undertaken shall be deemed to be...

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SC to decide whether to treat interest on DoT dues as operating expenditure

The Supreme Court will decide whether the interest paid on overdues to the Department of Telecom (DoT) can be treated as operating expenditure by operators. A three-judge bench has admitted a petition filed by Vodafone Essar Gujarat and decided to adjudicate whether such interest could be treated as operating expenditure....

Read More
Posted Under: Income Tax |

Govt likely to challenge ITAT ruling on Bofors case

The government is likely to challenge the Income Tax Appellate Tribunal ruling on Bofors case in the Delhi High Court for its remarks against the Income Tax department. Though government was not a direct party in the case, based on the opinion of Attorney General Mr Ghoolam Vahanvati, the Law Ministry is understood to have asked the Finan...

Read More
Posted Under: Income Tax |
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